European Commission 4 December 2025, Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union

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This European Commission proposal (COM(2025) 943 final) is a draft omnibus Regulation amending fourteen existing EU financial services Regulations—including the ESMA Regulation, EMIR, MiFIR, CSDR, the DLT Pilot Regime Regulation, and MiCA—with the legal basis of Article 114 TFEU and the overarching objective of deepening capital market integration within the Savings and Investments Union framework. Key provisions transfer direct supervisory authority over significant CCPs, significant CSDs, significant trading venues, Pan-European Market Operators (PEMOs), and all crypto-asset service providers (CASPs) to ESMA, while restructuring ESMA's governance by replacing the Management Board with an independent Executive Board and consolidating procedural supervisory powers into a single horizontal framework. The proposal further harmonises trading venue rules by transferring provisions from Directive 2014/65/EU into MiFIR, expands and increases flexibility of the DLT Pilot Regime, streamlines cross-border marketing notification procedures for UCITS and AIFs, and introduces mechanisms for mutual recognition of administrative fines across Member States.AI