Market Integration and Supervision Package

The Market Integration and Supervision Package (MISP) published by the European Commission in December 2025 is a substantial step toward enhancing and integrating EU capital markets. 

The statement by the Association of German Banks outlines the following key messages: 

• The MISP should create conditions that promote competition and attract investment, but should not dictate product specifications or consolidation orders. 
• Banks are not market infrastructures; therefore, transparency and reporting requirements in particular must be applied in a differentiated manner.
• A pan-European post-trade architecture with uniform rules is crucial; supervisory structures should be built on this, not the other way around. 
• Competitiveness should be defined as a supervisory mandate, with a focus on market efficiency rather than increased complexity and costs. 
• When harmonizing EU rules, targeted capital market relevance is more important than complete standardization.