QuickTake
On 11 June 2026, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published two draft reports on the Market Integration and Supervision Package (MIP or MISP), marking the Parliament’s first substantive legislative engagement with the Commission’s proposals published in December 2025. These draft reports represent the most far-reaching legislative repositioning of EU capital market supervision since the original Commission proposals assessed in our December 2025 Client Alert.1
The two draft reports are: (1) Rapporteur Markus Ferber’s draft report (PE 789.866) on the proposed Master Regulation (procedure 2025/0383(COD)), amending the ESMA Regulation, EMIR, MiFIR, CSDR, MiCAR and other regulations; and (2) Rapporteur Eero Heinäluoma’s draft report (PE 789.867) on the proposed Master Directive (procedure 2025/0382(COD)), amending the UCITS Directive, AIFMD and MiFID II. Both are first-reading positions under the ordinary legislative procedure. The
