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 role of national competent authorities (NCAs), and transition timelines. Chair Makis Keravnos noted broad support for direct supervision of significant market participants and an executive board, but disagreements remain on criteria for significance, NCA involvement, and transition length. A progress report and Council position are expected by autumn 2026.
Commissioner Maria Luís Albuquerque urged ambitious progress, warning that joint supervisory teams (JSTs) could raise costs by at least 40%. ECB's Boris Vujčić backed the Commission proposal, supporting group-level criteria and direct supervision of all central securities depositories (CSDs) and significant crypto-asset service providers (CASPs). Austria (Harald Waiglein) agreed on scope but pushed for stronger NCA involvement and opposed changes to the consolidated tape. France (Roland Lescure) endorsed the E6 initiative, preserving group criteria and a short transition. Italy (Giancarlo Giorgetti) called for proportionate, data-driven criteria and joint supervision with NCAs, stressing crisis management balance. Czechia (Alena Schillerová) preferred removing group criteria for CASPs, setting a 15-million-user threshold, and supported JSTs. Malta (Clyde Caruana) argued significance should be entity-level, not group-based, and CASPs should stay national unless truly systemic.
The debate exposed a core cleavage between centralisation and subsidiarity. Proponents of stronger ESMA powers (ECB, France) argue that group-level oversight reduces fragmentation and enhances market stability, benefiting large cross-border trading venues and CSDs. Opponents (Austria, Malta, Czechia) warn that direct supervision could overburden smaller CASPs and NCAs, increasing compliance costs and potentially stifling innovation. Retail investors may gain from more consistent supervision but could face higher costs if JSTs raise fees. The outcome will shape the balance of power between ESMA and NCAs, with significant implications for market participants' regulatory burden.
Next steps include a progress report and a Council position by autumn 2026, followed by trilogues with the European Parliament.
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