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10 December 2025
On 4 December 2025 the European Commission published the Market Integration & Supervision (MIS) Package, a comprehensive suite of proposals aimed at deepening EU financial services integration as part of the Savings and Investments Union (SIU) strategy. The package includes two proposed regulations and one proposed directive, collectively amending 19 pieces of EU legislation. Most notably, the Commission proposes to establish direct European Securities and Markets Authority (ESMA) supervision for certain significant financial entities and all cryptoasset service providers (CASPs), and to introduce further harmonization through the transfer of provisions from directive into regulation, including in relation to the authorization and operation of trading venues, the Alternative Investment Fund Managers Directive (AIFMD) professional investor and UCITS Directive marketing regimes, and through the transformation of the Settlement Finality Directive (SFD) into the Settlement Finality Regulation (SFR).
We are unlikely to see any changes in the near term — negotiations on the package are expected to continue until at least 2027.