EU finance ministers on 12 June 2026 debated the Market Integration and Supervision (MISP) package, revealing persistent divergences on the scope of ESMA’s direct supervision, the use of group-level criteria, and the role of national competent authorities (NCAs). Commissioner Maria Luís Albuquerque urged ambitious progress, warning that joint supervisory teams could raise costs by at least 40%. ECB’s Boris Vujčić backed the Commission proposal, supporting group criteria and direct supervision of all central securities depositories (CSDs) and significant crypto-asset service providers (CASPs). Austria’s Harald Waiglein agreed on scope but pushed for stronger NCA involvement and opposed changes to the consolidated tape. France’s Roland Lescure endorsed the E6 initiative, preserving group criteria and a short transition. Italy’s Giancarlo Giorgetti called for proportionate, data-driven criteria and joint supervision with NCAs, stressing crisis management balance. Czechia’s Alena Schillerová preferred removing group criteria for CASPs, setting a 15-million-user threshold, and supported joint supervisory teams. Malta’s Clyde Caruana argued significance should be entity-level, not group-based, and CASPs should stay national unless truly systemic. Chair Makis Keravnos noted broad support for ESMA direct supervision of significant market participants and an executive board, but divergences persist on criteria, NCA roles, and transition length. Next steps: a progress report and Council position by autumn 2026. Affected stakeholders include trading venues, CSDs, CASPs, NCAs, and retail investors.
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