Amending certain Regulations as regards the further development of capital market integration and supervision within the Union

This initiative follows up on the measures announced in the Savings and Investments Union strategy. It aims to foster more integrated, deeper and efficient EU capital markets by removing regulatory, supervisory and operational barriers that hold back key players and market infrastructures.

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BNY welcomes the Market Integration Package (MIP) and its policy objectives of deepening the single market, reducing fragmentation, and unlocking cross-border efficiencies for savers, issuers and intermediaries.

The European Crypto Initiative (EUCI) welcomes the Commission's amendments to Regulation (EU) 2022/858 (the DLT Pilot Regime) as part of the Market Integration Package. The Commission's review correctly identifies that, although the Pilot has been applicable since March 2023, uptake has remained moderate and the current framework has not yet enabled meaningful scale or breadth of business models.

We welcome the European Commissions Market Integration and Supervision Package proposal and support efforts to increase legal certainty, harmonisation, and efficient supervision in the EU. In our comprehensive response which we attached as pdf, we highlight key areas for improvement and suggest targeted simplifications to reduce regulatory burdens and foster better market integration.

ECSDA welcomes the intention of the European Commission to further develop the capital markets integration and supervision within the Union. We see the Market Integration and Supervision Package (MISP) as a unique opportunity to continue driving growth, enhancing the EUs global competitiveness, and shaping the future of its financial markets.

We represent a European asset-backed energy trading firm, active on the wholesale energy markets predominantly to hedge our risks arising from our commercial business (e.g. power generation, retail business). We are therefore an active participant also in the commodity derivatives markets and thus subject to a wide range of financial market laws and regulations, including MIFID and EMIR among others.

To Whom It May Concern, Business & Science Poland (BSP) very much welcomes the possibility to provide feedback on the Master Regulation part of the Market Integration Package. The attached document constitutes the second part of BSP's feedback, the first one being the position paper provided in the consultation process regarding the Master Directive.

As the largest European home-grown MiCA authorised CASP and financial firm, Bitpanda welcomes the MISP package and its goal of elevating European financial integration and boosting competitiveness. We support any solution that establishes a level playing field, regulatory convergence, and effective supervision and enforcement.

Feedback regarding Market Integration and Supervision Package 21X welcomes the Market Integration and Supervision Package (MISP) as an important step towards more integrated, efficient, and globally competitive EU capital markets. We support the objective of facilitating cross-border activity and recognize Distributed Ledger Technology (DLT) as a key enabler of next-generation market infrastructure.

The EBF welcomes the publication of the Market Infrastructure Package (MIP). By addressing key sources of persisting fragmentation, the Package creates an opportunity to develop even better conditions for markets to operate on a greater scale and efficiency. In doing so, the MIP prepares the ground for ambitious, demand-oriented reforms to maximize their potential to the markets.

WSE welcomes the opportunity to comment on the Market Integration and Supervision Package (MISP), recognising its potential to strengthen integration, competitiveness, and efficiency of the Single Market. At the same time, EU reforms must maintain the balance between deeper integration and a well functioning trading environment.

BETTER FINANCE supports the direction of the Master Regulation to integrate EU capital markets, with less cross-border friction and a stronger supervisory architecture. From our perspective, its value should lie in lowering costs through less intermediation, more efficient post-trade/trading structures, and better access to products and markets across borders.

BlackRock welcomes the MISP as an important step toward deepening EU capital markets, strengthening the SIU for European investors, and supporting growth and competition. A well-calibrated framework can enhance competitiveness and facilitate cross-border investment while maintaining strong investor protection. Passporting upon authorisation is a very welcome step toward a more seamless fund passport.

The association Digital Invest Germany represents providers of digital financing and investment platforms in Germany, particularly in the areas of crowdfunding, crowdinvesting, and digital capital market infrastructure. The development of a modern, innovation-friendly, and legally secure framework for electronic securities is of central importance to our members.

Fleap S.p.A. welcomes the opportunity to contribute to the European Commissions consultation on the Market Integration and Supervision Package (MISP) and to support the ongoing policy dialogue on the development of the Savings and Investments Union.

We represent a European asset-backed energy trading firm, active on the wholesale electricity and natural gas markets. Like many firms with a similar business profile, we are an active participant in the commodity derivatives market, which are instrumental in reducing the risks associated with our business.

Transparency is generally considered to be beneficial, as it reduces information asymmetries, fosters competition, and supports more efficient price formation in financial markets. However, new evidence from the German sovereign bond market shows that the effects of transparency are not uniform and depend critically on market structure and trading venue.

Axiology is a DLT TSS market infrastructure, that facilitates the custody, trading, and settlement of DLT financial instruments. Axiology operates under the DLT Pilot regulation. Axiology DLT TSS leverages tokenization, which enables the emergence of new solutions to make capital markets more resilient, efficient, and accessible for a broader range of investors.

Circle welcomes the European Commissions proposals in the Market Integration Package (MIP) to advance capital market integration and digital finance as part of the Savings and Investments Union initiative. As a regulated issuer of e-money tokens (EMTs) under MiCA (i.e., USDC and EURC), Circle supports reforms to EU legislation that foster clarity, proportionality, and global competitiveness.

The International Securities Lending Association (ISLA), representing 220 firms in the securities financing sector, welcomes the Commissions proposal for a Master Regulation amending several key pieces of EU financial services legislation.

State Street welcomes the opportunity to provide comments on the EU Commissions proposals on Market Integration and Supervision (MISP). We believe in a strong Single Market with deeply integrated capital markets at its core, 13 of which being key to European prosperity.

The KDPW Group broadly welcomes the proposals contained in the legislative package. It recognises the need to strengthen the European Union’s competitiveness and improve its position in the face of ongoing changes facing international financial markets.

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Europes strategic autonomy requires deeper EU capital markets. The FBF therefore supports the MISP and urges a swift, ambitious agreement. Competitiveness should be embedded as a core objective. The Lamfalussy process should be respected: Level 1 principle based; Level 2 specifying implementation modalities and minimum parameters; Level 3 setting parameter levels and remaining optional.

In the attached document EACH Members put forward certain suggestions concerning the proposals included in the Master Regulation, published as part of the Market Integration and Supervision Package (MISP). EACH Members fully support the MISP objectives of removing barriers and unlocking the full potential of the EU single market for financial services.

Deutsches Aktienintitut welcomes that the European Commission has presented a comprehensive legislative package aimed at improving the integration of existing capital pools in the EU and thereby making more efficient use of them. This strengthens the opportunities for companies to finance innovation, growth and employment via the capital markets.

Payward, doing business as Kraken, is one of the world's oldest and most trusted digital asset businesses, founded in 2011. We are authorised and supervised by the Central Bank of Ireland (CBI) as a crypto-asset service provider under MiCA, as well as E-Money Institution/Payment Institution, and by the Cyprus Securities and Exchange Commission (CySEC) as a MiFID investment firm, serving over 15 million clients…

Overall support for the Market Integration Package Euroclear is committed to providing a truly pan- European infrastructure for users seeking deep liquidity and cost-effective services. The Market Integration Package is an opportunity to create conditions for market-driven solutions that advance efficiency and integration.

Please find attached the Federation of European Securities Exchanges (FESE)s submission to this Commissions Have Your Say. It outlines FESEs key considerations on the trading and digital elements of the Commissions proposal on the Market Integration & Supervision Package (MISP), while FESE continues its work on other aspects of the proposal.

The European Digital Finance Association (EDFA) thanks the European Commission for the opportunity to submit feedback. EDFA broadly welcomes the Market Integration Package, viewing the proposed updates to both the DLT Pilot Regime and MiCA as meaningful steps towards a more consistent and innovation-friendly regulatory environment across the EU. Our detailed comments are set out in the attached open letter.

ASPIM is the professional association that brings together the players involved in collective real estate investment in France. Founded 50 years ago, it brings together 143 members, including 112 management companies approved by the AMF, managing almost EUR 300 billion invested by, inter alia, 4 million French savers. It represents its members vis-à-vis the French public authorities and the European institutions.

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We appreciate the opportunity to share our members views on the European Commissions Proposal for the MISP Regulation. Given the broad scope and variety of topics addressed, we have prepared the attached position paper commenting in detail the MISP Regulations proposal.

AFME welcomes the opportunity to give feedback on the Market Integration and Supervision Package (MISP). Our detailed position paper is attached. AFME believes that this package is a pivotal step toward strengthening competition across the entire capital markets ecosystem, increasing investor choice, improving market efficiency, and mobilising capital at scale to support long-term growth.

The French asset management association (AFG) welcomes the initiative of the Market Integration and Supervision Package aiming at promoting simplification, tackling barriers to cross-border activities and contributing to shape a more integrated European Union. AFG takes the opportunity to develop its views on the various topics developed in this initiative in the attached document. 1.

Blockchain for Europe supports the development of DLT-based capital markets as a strategic priority for modernising Europes financial system and strengthening its global competitiveness. Our members provide technology services to DLT market infrastructure providers and may also become DLT market infrastructure operators in their own right.

The IOTA Foundation supports the Commissions initiative to advance capital market integration and supervisory convergence across the European Union. The proposal correctly identifies that fragmented supervisory practices and diverging national implementation of EU rules continue to create unnecessary barriers to cross-border financial services and limit the scale of the EU capital market.

INVERCO is the Spanish Association of Collective Investment Schemes and Pension Funds. It is a non-profit organization representing more than 980.7 billion in assets under management, channelling savings from nearly 27 million unit-holder accounts in Investment Funds and Investment Companies and 10.4 million in Pension Funds.

The Association of International Banks in Germany e.V. (VIB) welcomes the opportunity to comment on the Market Integration Package (MIP) presented by the European Commission on 4 December 2025. The MIP forms part of the Savings and Investments Union (SIU), through which the European Commission aims to remove barriers to cross-border capital market activities and further deepen the integration of the Single Market.

INREV welcomes the opportunity to provide feedback on the European Commission's Regulation fostering EU market integration and efficient supervision, part of the broader Savings and Investments Union initiative. As the European association for the non-listed real estate investment industry, INREV represents a sector that relies structurally on cross-border capital formation and long-term institutional investment.

Well functioning capital markets are essential for mobilising savings, financing innovation, and supporting long term economic growth. As the European Union advances the Savings and Investments Union (SIU) and the Market Integration and Supervision Package (MISP), it is important that regulatory and supervisory reforms strengthen, rather than dilute, the role of transparent, regulated markets that have a critical…

ICMA response summary: ICMA promotes well-functioning cross-border capital markets, which are essential to fund sustainable economic growth. ICMA contributes to overcoming fragmentation, to harmonising rules and bringing market operators together. ICMA strongly supports conducive measures that lead to the true and effective single capital market in the European Union and beyond.

The German Alternative Investments Association (Bundesverband Alternative Investments e.V. - BAI) welcomes the opportunity to give feedback on the proposals to foster market integration and efficient supervision. As an industry association we represent more than 300 national and international members active in the institutional alternative investments sector (i.e.

The Market Integration Package (MIP) is an important step for the EU towards integrating fragmented markets, improving scaling opportunities for EU financial market infrastructures and reducing cross-border barriers. Overall, Euronext supports proposals aiming at increasing liquidity, fair competition, investor choice and consolidation of markets.

MEDEF welcomed the draft European MISP text. It is an important step in enhancing the integration and competitiveness of European financial markets to the benefit of businesses. In the current context, a high level of ambition is essential. The US and several Asian squares are making rapid progress in adapting their regulatory framework to financial and technological transformations.

Filed in French · English published by the European Commission

ISDA welcomes the opportunity to comment on the European Commissions (EC) Market Integration and Supervision Package (MISP) proposal. This paper discusses the review of the ESMA regulation, addressing issues such as a) appropriate sequencing of the effective dates in Level 1 (primary) legislation and of the technical standards adopted at Level 2 that are meant to provide detail supporting consistent, definitive…

CECA (Spanish Association of Savings and Retail Banks) welcomes the opportunity to comment on the proposal for a Regulation regarding the further development of capital market integration and supervision within the Union. Please find attached our considerations.

AMAFI overall supports the proposals and the level of ambition of the Market Integration and Supervision package, our priorities are the following (further details are provided in the attached document): Trading Extraterritoriality of EU law: post-trade transparency for MiFIR instruments - Remove the duplication of reporting for all MiFIR instruments across UK and EU transparency regimes and across UK and EU…

The Bundesverband der Wertpapierfirmen (bwf) is a trade association representing the common professional interests of investment firms and brokerage houses in Germany. The bwf is in full support of the aim of the European Commission's market infrastructure package to foster greater integration of the European capital market.

EFPA welcomes the Commissions Market Integration and Supervision Package as a key pillar of the Savings and Investments Union (SIU), while emphasising that its success will depend not only on regulatory alignment but also on the human capital dimension.

In December 2025 the European Commission published the Market Integration and Supervision Package (MISP). The Swedish Securities Markets Association (SSMA) welcomes the European Commissions ambition to strengthen EU capital markets and supports the overarching goals of market integration and increased competitiveness but would like to emphasise that well-functioning local ecosystems remain crucial.

The Association of German Public Banks welcomes the European Commissions proposal for a Market Integration and Supervision Package (MISP). It is the first step in the right direction Our main focus of interest lies on the proposals regarding the CSDR and the DLT Pilot Regime. Compared to the US market, infrastructure providers in Europe are too complex and costly.

Nasdaq strongly supports the Commissions ambition to deepen market integration, strengthen supervisory convergence, and modernise Europes capital markets. A well-integrated, competitive, and transparent market structure is essential to support the Savings and Investment Union (SIU), stimulate investment, and enhance Europes global competitiveness.

As was highlighted in the Draghi and Letta reports, the key objectives of the Savings and Investment Union (SIU) should be the mobilization of European retail savings into productive investments and the development of supplementary (funded) pensions as the two most important levers to create deeper capital markets.

The German Banking Industry Committee (GBIC) welcomes the European Commissions proposal for a Market Integration and Supervision Package (MISP). It is the first step in the right direction. GBIC is particularly interested in the proposals that affect post-trade infrastructure and its offerings. Comparison with the US market shows that infrastructure providers in Europe are too complex and costly.

The Bundesverband für Elektronische Wertpapiere e.V. represents entities licensed under Germany's Electronic Securities Act (eWpG) as Kryptowertpapierregisterführer operators of distributed ledger-based securities registers for tokenised financial instruments.

The Swedish Investment Fund Association (SIFA) support the objective of strengthening cross-border activity within the internal market. Linking the marketing passport to the authorisation process is a constructive step, as it may increase legal certainty and reduce fragmentation.

Boerse Stuttgart Group welcomes the Market Integration & Supervision Package (MISP) as an important step towards more integrated and competitive EU capital markets. We believe that the proposed measures can facilitate cross-border activities of companies, and we strongly support the innovationfriendly upgrade of the DLT Pilot Regime (DLTPR).

France Post-Marché (FPM), the association representing post-trade stakeholders in France and playing a significant role in the overall competitiveness of the European market, welcomes the ECs initiatives aimed at strengthening the integration, competitiveness and efficiency of the Single Market for capital, while making several recommendations to ensure the operational consistency of the reforms, regulatory…

1. Article 1 Amendments to ESMA Regulation The proposed amendments to Regulation 1095/2010/EU (the ESMA Regulation) adopt a twofold approach: 1. a proposal to transfer supervisory powers to ESMA for significant market infrastructure entities and all CASPs, and 2. amendments to increase the use and effectiveness of supervisory convergence tools.

BME, as part of SIX Group, welcomes the publication of the Market Integration and Supervision Package (MISP) as part of the broader strategy on the Savings and Investment Union (SIU). BME supports the European Commissions efforts to foster more integrated and efficient EU capital markets by removing regulatory and operational barriers that hinder market players and infrastructures.

SIX welcomes the publication of the Market Integration and Supervision Package (MISP) as part of the broader strategy on the Savings and Investment Union (SIU). SIX supports the European Commissions efforts to foster more integrated and efficient EU capital markets by removing regulatory and operational barriers that hinder market players and infrastructures.

Assonime welcomes and supports the significant efforts by European Commissions behind the Market Integration Package (composed by a Master Regulation amending different pieces of legislation and a Master Directive ) under consultation, which is a fundamental step in the implementation of the Savings and Investments Union (SIU) project.

We support the Market Integration and Supervision Package (MISP) and its objective of creating an integrated, competitive EU capital market. We specifically welcome the introduction of DLT Notary and DLT Central Maintenance services as a permanent framework replacing the DLT Pilot Regime sandbox.

Assogestioni expresses its appreciation for the initiative of the European Commission aimed at simplifying and streamlining key aspects of the Union legislative framework governing asset management within the Market Integration and Supervision Package (MISP).

BETTER FINANCE supports the objectives of the MISP package and broadly welcomes the effort to remove barriers to cross-border activity and liquidity, streamline distribution, and reduce unnecessary intermediation, while preserving competitive markets. We also support the EC goal of widening access to investment opportunities and improving capital raising across the EU.

The Luxembourg Bankers Association (ABBL) welcomes the opportunity to comment on the European Commissions Market Integration and Supervision Package (MISP). As the representative voice of Luxembourgs banking and financial services industry, the ABBL brings together a broad membership spanning banks, investment firms, assetservicing providers and other financial intermediaries, many of which operate crossborder and…

France Invest broadly supports the European Commissions proposals to revise the AIFMD and the CBDF Regulation and calls for their swift adoption. AIFMD review France Invest supports the Commissions objective of further harmonising the regulatory framework governing AIFMs across Member States. In particular, we welcome the proposed harmonisation of authorisation procedures.

LSEG supports the Commissions proposal to grant ESMA direct supervisory authority over significant CCPs. We have long advocated for a more centralised and harmonised supervisory framework for EU CCPs and therefore strongly welcome this initiative. Fragmented and multi layered supervision continues to hinder EU market competitiveness.

DUFAS welcomes the European Commissions ambition to take further steps towards creating a well-functioning, integrated, and internationally competitive European capital market through the Market Integration Package (MIP).

The Market Integration and Supervisory Package (MISP) forms a central component of the European Commissions (EC) broader strategy to strengthen the efficiency, competitiveness, and integration of the European Unions (EU) capital markets.

The Confederation of Swedish Enterprise welcomes the opportunity to contribute to this consultation on the Market Integration Package under the Savings and Investments Union. We support the overall objective of strengthening Europes capital markets and improving the mobilisation and allocation of capital across the EU.

The CNMV supports the objectives pursued by the Market Integration Package, in particular the reduction of fragmentation, the strengthening of market integration and supervisory convergence, and the enhancement of the Unions competitiveness.

The Association of German Banks welcomes the European Commissions plan to ensure that Europe can continue to compete on the global stage with a powerful, deep capital market. The Market Integration and Supervision Package (MISP) presented in December 2025 can move the EU substantially in the right direction.

We welcome the approach aimed at promoting greater regulatory uniformity in the European market through the transition from a directive to a regulation. This choice appears consistent with the objective of ensuring more effective harmonisation of regulated activities throughout the Union, reducing differences in interpretation and application between Member States.

The CNMV's Advisory Committee has been set by the Spanish Securities Markets Law as the consultative body of the CNMV. It is composed by market participants, and its opinions are independent from those of the CNMV.

BVI and its members are committed to shaping a competitive EU Single Market for financial services and dismantling the remaining obstacles to effective cross-border operations. Hence, while supporting the political objectives of the Market Integration Package, it is important that the specific policy measures remain targeted and proportionate, addressing genuine obstacles without introducing additional complexity or…

While we have no opinion on the proposed technical simplifications for market operators, we note that, as with MiFID I, some of the proposals could weaken large European players, without it being clear that smaller ones will be placed in a position to grow. This was one of the strategic shortcomings of MiFID I, which MiFID II attempted to rectify without truly succeeding.

Europex supports reforms aimed at reinforcing the effectiveness, governance and strategic role of ESMA, while we believe it is crucial to ensure that the supervisory and regulatory framework remains proportionate, efficient and avoids duplication, and upholds the principle of subsidiarity. Within this context, we support the proposed reforms to ESMAs governance and mandate.