The Working Party on Financial Services and the Banking Union (Financial Services) – Market Integration and Supervision Package (MISP) is scheduled to meet on 15 July 2026 at 09:30 in Brussels to discuss three legislative proposals aimed at deepening capital market integration and supervision. The meeting, set to take place in the Justus Lipsius Building, will cover a Master Regulation, a Master Directive, and a Settlement Finality Regulation, according to a notice of meeting and provisional agenda published by the Council.
The Master Regulation (Doc. ST 16345/25 + ADD 1) proposes amendments to 14 EU regulations, including those on European Supervisory Authorities (1095/2010), over-the-counter derivatives (648/2012), markets in financial instruments (600/2014), central securities depositories (909/2014), securities financing transactions (2015/2365), cross-border distribution of investment funds (2019/1156), recovery and resolution of central counterparties (2021/23), distributed ledger technology market infrastructure (2022/858), markets in crypto-assets (2023/1114), credit rating agencies (1060/2009), benchmarks (2016/1011), securitisation (2017/2402), European green bonds (2023/2631), and digital operational resilience (2024/3005). The Master Directive (Doc. ST 16347/25 + ADD 1) would amend Directives 2009/65/EC (UCITS), 2011/61/EU (AIFMD), and 2014/65/EU (MiFID II) on the same topic. The Settlement Finality Regulation (Doc. ST 16348/25 + ADD 1) proposes to replace Directive 98/26/EC on settlement finality and amend Directive 2002/47/EC on financial collateral arrangements.
The meeting, which will be held in a 1+2 format (half day), is expected to advance these files within the Council's preparatory bodies. The agenda and documents are accessible via the Delegates Portal. This session follows the European Commission's broader Capital Markets Union (CMU) agenda, which aims to reduce fragmentation and enhance cross-border investment. The proposals, if adopted, would harmonise rules across multiple financial sectors, potentially lowering compliance costs for firms operating across EU borders but also imposing new requirements on market participants. National authorities would need to transpose the directive amendments into domestic law, while the regulations would apply directly. The European Parliament will also need to approve the final texts under the ordinary legislative procedure. The meeting is a technical step in the legislative process, with no immediate impact on consumers or investors until the measures are formally adopted and implemented.