On 5 May 2026, European Securities and Markets Authority (ESMA) Chair Verena Ross delivered an opening statement to the European Parliament's Economic and Monetary Affairs Committee (ECON) on the Markets in Securities and Securitisation Package (MISP), outlining the agency's priorities for the legislative file. Ross stressed the need to reduce market fragmentation, enhance investor protection, and strengthen supervisory convergence across EU capital markets.
Ross highlighted that the MISP aims to simplify and harmonise rules for securities markets, including securitisation, to support the Capital Markets Union. She noted that ESMA supports the overall objectives but cautioned against overly complex provisions that could stifle market development. The Chair specifically called for a balanced approach to transparency requirements and for clear rules on supervisory cooperation between national authorities and ESMA.
Trade-offs and stakeholder impacts Ross acknowledged trade-offs between market efficiency and regulatory safeguards. For EU issuers and investors, the MISP could lower compliance costs and improve access to funding, but may also increase reporting obligations for smaller market participants. National competent authorities face a shift in supervisory responsibilities, with ESMA gaining a stronger coordination role. The securitisation market, a key stakeholder, could benefit from revived activity if the package reduces regulatory burdens, but may face tighter due diligence rules.
Institutional follow-up Ross's statement sets the stage for upcoming trilogue negotiations between the European Parliament, Council, and Commission. ESMA will continue to provide technical advice and impact assessments to support the legislative process. The ECON hearing is part of the Parliament's scrutiny of the MISP, with amendments expected in the coming months.
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