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 the length of the transition period. The discussion at the Ecofin Council, chaired by Makis Keravnos, showed broad support for ESMA directly supervising significant market participants and for establishing an executive board, but ministers pulled in different directions on the criteria for significance, the involvement of NCAs, and the pace of implementation.
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-level criteria and direct supervision of all central securities depositories (CSDs) and significant crypto-asset service providers (CASPs). Austria (Harald Waiglein) agreed on the 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 the need for crisis management balance. Czechia (Alena Schillerová) preferred removing group criteria for CASPs, setting a 15-million-user threshold, and supported joint supervisory teams. Malta (Clyde Caruana) argued that significance should be assessed at the entity level, not group-based, and that CASPs should remain under national supervision unless truly systemic.
Trading venues and CSDs face potential cost increases from direct ESMA oversight, while CASPs could see a split between those deemed significant (EU-supervised) and others (national). NCAs would see their roles reduced for significant entities but could retain influence through joint teams. Retail investors may benefit from more consistent supervision but could face higher compliance costs passed on by firms. The Council aims to agree a progress report and a position by autumn 2026, with the file then moving to negotiations with the European Parliament.