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DRAFT REPORT (COM(2025)0943 – C100328/2025 – 2025/0383(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union

ECON-PR-789866

Committee on Economic and Monetary Affairs · Rapporteur: Markus Ferber

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This is the rapporteur's draft report on the Commission proposal to amend many EU financial services regulations to further integrate and centralise capital market supervision. It proposes giving ESMA a competitiveness mandate, direct supervision of all EU CCPs and CSDs, and a data platform. It backs ESMA supervision of significant crypto-asset service providers only, with national authorities keeping the rest, and adds rules for multi-issuance e-money tokens. It also changes EMIR reporting, DLT pilot thresholds and the consolidated tape. It strengthens ESMA governance, adds a secondment programme, limits national fee double-charging, and requires ESMA to report on competitiveness and fees. It also tightens authorisation deadlines and adds silence-equals-consent rules for fund changes.

Committee position. The rapporteur proposes to amend the Commission proposal: add a competitiveness mandate, extend ESMA supervision to all CCPs and CSDs, limit it to significant crypto-asset service providers, raise DLT thresholds, simplify reporting and strengthen ESMA governance and accountability.

Key points

  1. Adds a secondary competitiveness objective for ESMA, requiring it to consider the international attractiveness of EU capital markets and the ability of EU firms to compete globally.
  2. Broadens ESMA's no-action letter power to cover significant issues, disproportionate implementation burdens and material competitive disadvantage relative to third-country firms.
  3. Creates a single ESMA data platform integrating the EMIR, MiFIR and CSDR databases as modules, with a general cross-module access rule and an 'only report once' principle.
  4. Establishes a supervisory secondment programme for national officials to work at ESMA on convergence, on-site inspections and peer reviews, remaining paid by their sending authority.
  5. Requires national authorities to cut supervisory fees when tasks transfer to ESMA, and requires ESMA fees to be proportionate, benchmarked against third countries and not double-charged.
  6. Extends ESMA direct supervision to all EU CCPs and all EU CSDs, deleting the significance thresholds, and gives ESMA powers to charge fees and impose fines on them.
  7. Extends single-sided derivative reporting to all contracts, with ESMA setting the reporting counterparty hierarchy, and allows a single parent-level notification for intra-group exemptions.
  8. Makes DLT financial instruments and tokenised central bank money eligible as CCP collateral and recognises DLT notaries and account keepers as eligible custodians.
  9. Raises the DLT pilot aggregate cap to EUR 1000 billion and the simplified regime cap to EUR 25 billion, removes asset-specific caps and renames the pilot a DLT regime.
  10. Limits ESMA direct supervision to significant crypto-asset service providers, leaving non-significant ones with national authorities, and sets significance criteria.
  11. Creates a framework for multi-issuance e-money tokens, allowing the Commission to permit arrangements that meet prudential conditions on reserve, governance and redemption.
  12. Deletes the expansion of the consolidated tape's scope and the closing price requirement, extending ESMA's review deadline to 30 June 2029.

Who is affected

  • ESMA gains direct supervision of all EU CCPs and CSDs, a competitiveness mandate, new data platform duties and fee powers.
  • National competent authorities lose CCP and CSD supervision, must cut fees and share data, and keep non-significant crypto-asset service providers.
  • CCPs and CSDs face ESMA supervision, ESMA fees, new collateral and settlement rules, and DLT recording options.
  • Crypto-asset service providers: significant ones face ESMA supervision and fees; non-significant ones stay with national authorities.
  • Fund managers benefit from single notification, silence-equals-consent and limits on host authority fees.

Figures and deadlines

  • Aggregate cap for DLT market infrastructures raised to EUR 1000 billion.
  • Simplified regime cap raised to EUR 25 billion.
  • Significant crypto-asset service provider criteria: over 10 000 000 clients; EUR 15 000 000 000 in custody; services in five or more Member States.
  • ESMA review of consolidated tape by 30 June 2029.
  • National authorities must reduce fees within 12 months of ESMA taking over and notify ESMA within 6 months.
  • Secondment periods: not less than six months, not more than two years, renewable once, total not exceeding four years.
  • ESMA breach-of-Union-law recommendation deadline cut from 4 months to 2 months.
  • Board of Supervisors objection period cut from ten to five working days, 48 hours in emergencies.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.