Market Intelligence

The Markets in Crypto-Assets Regulation (MiCAR) was designed to bring crypto-assets within a common EU regulatory perimeter, but recent developments reveal a more complex picture. Three decisive developments in October 2026—the Council's position on the Market Integration and Supervision Package, the MiCAR review consultation responses, and ESMA's supervisory action—expose critical gaps in how digital money, tokenised financial instruments, and market infrastructure fit together.

The Joint Committee of European Supervisory Authorities has released its 2027 work programme, outlining concrete steps for digital resilience, investor protection, sustainable finance, and supervision of financial conglomerates. Financial institutions must now prepare for enhanced oversight of critical technology service providers, revised capital reporting requirements, and updated product information standards, while distinguishing between existing obligations and reforms still pending legislative approva

The European Banking Authority has released its 2027 Annual Work Programme, marking a strategic pivot from rule design to implementation assessment. With 251 deliverables organized around resilience, efficiency and transformation, the programme integrates geopolitical risk into prudential supervision and expects authorities to assess stress assumptions, credit-loss models and business-model resilience as interconnected elements rather than isolated metrics.

The European Banking Authority's 2027 work programme signals a fundamental shift in regulatory approach, moving from prescriptive rule-making toward data-driven, comparative, and results-oriented supervision. With implementation of the Banking Package, PSD3/PSR, CMDI, DORA, MiCAR, and EMIR on the agenda, the EBA introduces a new supervisory convergence framework that emphasizes actual implementation effectiveness over mere formal compliance.

Die Tokenisierung von Anleihen markiert nur den Beginn einer umfassenderen digitalen Transformation im Verbriefungsprozess. Während technische Lösungen bereits existieren, bleiben fundamentale rechtliche Fragen zu Forderungsübertragung, Insolvenzfestigkeit und Anlegerrechten ungeklärt. Wie greifen das deutsche eWpG, Pontes und die vorgeschlagenen EU-Reformen ineinander, und welche Schritte können Originatoren, Arrangeure und Investoren bereits heute digital umsetzen?

Die Europäische Union steht vor grundlegenden Entscheidungen zur Neugestaltung ihrer Kapitalmarktaufsicht.