Summary
A proposal to integrate EU capital markets by strengthening ESMA's supervisory role over large asset managers and introducing a cross-border depositary passport. 10 11.06.2026
Other
economy
finance
taxation
social policy
administrative reform
public administration
business and competition
financial institutions and credit
information technology and data processing
Key points
- The proposal aims to create a more integrated European capital market by reducing regulatory fragmentation across Member States.
- ESMA would be granted direct authority to supervise and authorize large asset management groups that are systemically important to the Union.
- A new 'depositary passport' is proposed to allow depositary services to operate across the EU without being restricted to the same Member State as the fund.
- National authorities must remove discrepancies in how they implement rules by the end of 2028 to ensure a level playing field.
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