The Basel Committee on Banking Supervision (hereinafter referred to as the "Basel Committee") recently officially released the "Framework for the Voluntary Disclosure of Climate-Related Financial Risks" (hereinafter referred to as the "Climate Risk Disclosure Framework"). Following in-depth consultations with global stakeholders, the Framework shifts from mandatory disclosure requirements envisioned in the 2023 draft to voluntary disclosure standards. This fundamental shift reflects the multiple challenges facing global regulators and the banking industry in addressing ESG issues: geopolitical forces, economic realities, and practical difficulties.

Recently, capital markets have generally rebounded, and the prices of emerging digital assets have also shown an upward trend, creating a favorable environment for high-net-worth families to grow their wealth. While the economy and asset values ​​are rising, uncertainties such as Sino-US trade frictions and tightening cross-border regulations have also posed new challenges to asset security and long-term succession. This has significantly heightened interest among Chinese families in cross-border wealth management and stable inheritance. A recent offshore trust inheritance dispute involving the family of the founder of a well-known beverage company has brought the legal and practical issues of family trusts to the forefront, highlighting the importance of institutional arrangements in complex markets and cross-border environments. Following our previous overview of family trusts (see "Family Trusts: An Effective Tool for Entrepreneurs to Plan Family Wealth Succession and Avoid Disputes