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Capital Market Harmonization: The EU's Market Integration and Supervision Package
KEY HIGHLIGHTS
- The EU's Market Integration and Supervision Package (EU MISP) is a landmark legislative reform package launched in December 2025 as a core component of the Savings and Investment Union (SIU), designed to dismantle cross-border barriers in EU capital markets through automatic passporting, a central ESMA data platform, a depositary passport and simplified intra-group rules for UCITS and AIFs
- EU MISP is the most significant capital market integration initiative since MiFID II and MiFIR, directly addressing the fragmented regulatory landscape that increases compliance costs, delays market access and limits the ability of asset managers to scale cross-border fund distribution across EU Member States
- Following the EU Parliament ECON Committee's publication of draft reports in June 2026 and a political commitment to the "One Europe, One Market" Roadmap, the European Parliament and Council are targeting a political agreement by end-2026 with phased implementation running from mid-2027 to mid-2029
Over a decade in the making, the journey toward fully integrated EU capital markets began with the Capital Markets Union Action Plan in 2015. Despite significant legislative progress, fragmentation, regulatory divergence, and cross-border barriers have persisted. Renewed calls for action followed in 2019, 2020, 2023, and 2024 — culminating in the launch of the Savings and Investments Union (SIU) in March 2025 and the EU’s Market Integration and Supervision Package (EU MISP) in December 2025 (which is a cornerstone of the SIU).
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