The Market Integration and Supervision Package (MISP), set out by the European Commission in December 2025, constitutes a central component of the SIU initiative, aiming to remove barriers to the integration of EU capital markets, in particular by facilitating cross-border activities in key capital market segments, improving supervisory convergence, simplifying the regulatory framework and supporting the use of digital solutions. It addresses persistent fragmentation issues and structural barriers that continue to hinder the integration of EU capital markets despite successive CMU initiatives.

The MISP includes a broad set of legislative proposals covering trading, post-trading and asset management. Key measures include enhanced passporting regimes for trading venues, central securities depositories (CSDs) and investment funds, the introduction of a “Pan-European Market Operator” (PEMO) licence enabling the operation of multiple trading venues under a single authorisation, and measures to facilitate cross-border issuance and investment, notably through strengthened passporting frameworks and the removal of barriers to cross-border issuance. The package also strengthens the interconnection of market infrastructures, notably through improved links between CSDs and mandatory access to TARGET2Securities (T2S), and introduces targeted changes to trading transparency and market structure measures. In parallel, it reinforces the supervisory framework by expanding ESMA’s role, including through direct supervision of certain significant cross-border entities and strengthened supervisory convergence tools.

The package also includes targeted measures to support innovation and digitalisation, notably through a revision of the DLT Pilot Regime aimed at expanding the scope of financial instruments and participants covered, increasing activity thresholds and providing a more flexible and durable framework. It is complemented by adjustments to existing capital market legislation to ensure greater technological neutrality of the capital market framework.