EU finance ministers formally agreed the Market Integration and Supervision Package (MISP) on Friday, moving significant trading venues, central custodians and crypto-asset service providers under direct supervision of Paris-based ESMA, but the Commission immediately said the compromise falls short after Germany secured a carve-out exempting Deutsche Boerse Group from ESMA oversight and Spain won similar exemptions. Finance Commissioner Maria Luis Albuquerque said she “deeply regret[s] that the compromise now on the table falls significantly short of the level of ambition needed,” ECB President Christine Lagarde shared the concerns on scope and governance, and Belgian Finance Minister Jan Jambon said Prime Minister Bart De Wever would challenge the exemptions at next week’s EU summit in Brussels. Ireland’s Simon Harris, holding the rotating Council presidency, called the package a deal that “will fundamentally change ESMA,” while France’s Roland Lescure praised it as an important step toward a real Savings and Investment Union.
EU ministers agree diluted capital-markets supervision deal
EU finance ministers formally agreed the Market Integration and Supervision Package on Friday, extending ESMA's remit over significant market infrastructure, but the Commission immediately attacked the deal as watered down after Germany and others won exemptions.
Why it matters: The diluted compromise, with Deutsche Boerse carved out of ESMA oversight and governance changes weakened, sets up a fight with the European Parliament and next week's EU summit over whether Europe's capital-markets union gets real teeth.
Data as of Agreed Friday October 9, 2026. Account of the ministerial outcome and remarks is single-sourced to Rapporteur; the FT and Agence Europe covered the negotiation buildup but not the final agreement text. The European Parliament must still approve the package.
Sources
- Brussels slams EU countries' capital market compromise · Rapporteur · 2026-10-09