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Capital markets integration package - Master Regulation

COD - Ordinary legislative procedure (ex-codecision procedure)2025/0383(COD)Committee: Economic and Monetary AffairsDG: [FISMA] Financial Stability, Financial Services and Capital Markets Union

Policy topics

EU digital & tech sovereigntyElectronic identityEU Single Market harmonisationFinancial regulationEU antitrust & merger enforcement: strict vs scaleEU payment-systems sovereignty

What this file does

Overview

The legislative file 2025/0383(COD), titled "Further development of capital market integration and supervision within the Union," is a Commission proposal forming part of the broader Market Integration and Supervision Package (MISP). The analysed Council document (WK 2365 2026 REV 1) is a Presidency discussion paper focusing on a specific component of this package: proposed amendments to the EU's Distributed Ledger Technology (DLT) Pilot Regime, established under Regulation (EU) 2022/858. The core objective is to review and enhance this pilot regime to make it more flexible, proportional, and viable by broadening its scope and removing its time limit. The policy area is financial services, specifically targeting financial market infrastructures, digital finance, and the integration of innovative technologies like DLT into the EU's capital markets framework.

Legislative timeline

The file is currently at the first reading stage in the European Parliament, awaiting a committee decision. It was formally referred to the responsible EP committee on 27 January 2026. A key upcoming legislative milestone is the preparation of the EP committee report. On the Council side, recent activity includes a working-level discussion on 20 February 2026 based on the Presidency discussion paper concerning the DLT Pilot Regime review. A policy debate on the broader Market Integration and Supervision Package is scheduled in the Council for 3 April 2026.

Institutional handling

The lead committee in the European Parliament is the Committee on Economic and Monetary Affairs (ECON). Within the European Commission, the responsible Directorate-General is Taxation and Customs Union (TAXUD), under the authority of Commissioner Maroš Šefčovič. In the Council of the EU, the dossier is handled by the Economic and Financial Affairs Council configuration (ECOFIN).

Stakeholder reactions

There has been significant stakeholder engagement on this file, with 115 documented meetings held between stakeholders and EU policymakers. Of these, 29 were with Members of the European Parliament, 10 with Commissioners, and 76 with European Commission staff. The outreach involved 76 distinct organisations, with the most active entities including Euronext, Deutsche Börse AG, NASDAQ, London Stock Exchange Group, and The Goldman Sachs Group, Inc. While the provided stakeholder position data pertains to topics such as 'EU funding for transportation' and 'Decarbonisation of the aviation sector'—which appear tangential to the core capital markets and DLT focus of the file—it indicates active stakeholder advocacy on related policy areas. For instance, organisations like SkyNRG B.V. and Eurocities have expressed positions opposing current levels of EU funding for transportation, while various entities in the aviation sector have engaged on decarbonisation policies.

Institutional status

ParliamentAwaiting committee decision
CouncilFirst reading

Official documents (14)

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