Commissioner Maria Luís Albuquerque has distanced the European Commission from a leaked proposal by six large EU member states to centralise financial market supervision at European level, while defending the Commission's own more limited reform package. In a written answer to a parliamentary question from Luxembourg MEP Fernand Kartheiser (NI), Albuquerque stated that the Commission was not involved in drafting the so-called E6 working paper and only received it upon its publication on 29 May 2026. The E6 group — comprising Germany, France, Italy, Spain, the Netherlands and Poland — had reportedly called for a significantly strengthened role for the European Securities and Markets Authority (ESMA), including direct supervision of major trading venues, central securities depositories and clearing houses, a move that could shift power away from national authorities in financial hubs such as Luxembourg and Ireland.
The answer, published on 23 July 2026, clarifies that the Commission's own market integration and supervision package, tabled in December 2025, does not seek to make ESMA the sole supervisor of EU capital markets. Instead, it proposes direct ESMA supervision only for certain market infrastructures — significant central counterparties, central securities depositories, trading venues, and all crypto asset service providers — while leaving asset management under national oversight. Albuquerque emphasised that avoiding duplication and streamlining supervisory arrangements is a core objective, with a clear allocation of responsibilities between ESMA and national authorities, supported by cooperation arrangements and the principle of proportionality. The Commission's impact assessment accompanying the December 2025 package concluded that a more integrated supervisory framework would support cross-border activity, reduce fragmentation and strengthen competitiveness.
The answer contains no concrete new proposals or numerical targets, instead reiterating the Commission's existing position and committing to work with co-legislators on the final framework. For stakeholders, the Commission's approach represents a moderate step towards centralisation that balances efficiency gains with preserving national expertise. Luxembourg and Ireland, home to major financial centres, may see limited direct impact on their asset management sectors, but the extension of ESMA's role in trading and post-trading infrastructure could reduce the influence of national authorities. EU capital markets overall stand to benefit from reduced fragmentation, though smaller member states may worry about proportionality and the loss of fiscal oversight. The co-legislators — the European Parliament and the Council — will now negotiate the final text, with the E6 proposal likely to resurface as a more ambitious alternative.