The EU Council Presidency, in a steering note dated 3 July 2026, is calling on ministers to commit to securing a General Approach on the Market Integration and Supervision Package (MISP) by October 2026, with final agreement targeted by end-2026. The Presidency asks member states to confirm their national priorities on a wide set of open issues, from trading and post-trading to asset management, digital assets, and ESMA's supervisory role, to shift from technical work to intensive negotiations with the European Parliament later this year.
The MISP is a cornerstone of the Savings and Investments Union (SIU), aiming to deepen capital markets and mobilise private investment. The note outlines key open issues requiring Council decisions. On trading, ministers must decide the perimeter of the Pan-European Market Operator (PEMO) regime and the scope of the revamped Equity Consolidated Tape pre-trade framework, including venue attribution, depth of bids/offers, and information from systematic internalisers. On post-trading, the Council must address mandatory interoperable links between Central Securities Depositaries (CSDs), the implementation timeframe, scope of covered instruments, and whether to introduce EU crisis management rules for CSDs and examine existing rules for Central Counterparties.
In asset management, the Presidency presents options for the full depositary passport or alternatives such as an expanded threshold, opt-in approach, or harmonised EU requirements. Intra-group delegation rules could retain the Commission proposal, add safeguards, or develop a risk-based approach. ESMA's annual review for large asset management groups may be retained, adjusted in scope or frequency, or replaced by coordination colleges. For the DLT Pilot Regime, options include an indefinite extension or a fixed timeline, and increasing the total activity cap from EUR 6 billion to EUR 100 billion, with Commission power to adjust via Delegated Acts.
On supervision, the scope of direct ESMA supervision for Crypto-Asset Service Providers (CASPs), Trading Venues, CSDs, and Central Counterparties must be defined based on significance criteria. ESMA governance and powers are also under review, including the balance between the Board of Supervisors and Executive Board, the operational model for day-to-day direct supervision, new intervention and convergence tools (Articles 17aa, 17aaa), and budgetary oversight and cost control.
The Presidency aims for a Council mandate by October 2026, building on technical progress under the Cyprus Presidency. The steering note sets the stage for a policy debate at the 8 July 2026 Council meeting, where ministers are expected to provide political direction on these structural and institutional issues.