European Commission launch of a public consultation on its proposal for a Master Directive under its Market Integration Package within the SIU Strategy, 15 December 2025

On the 15^th of December 2025, the European Commission launched a public consultation on its proposal for a Directive as regards the further development of capital market integration and supervision within the EU (Master Directive). This Directive amends the following legislative acts: the Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS 4, 2009/65/EU), the Directive on Alternative Investment Fund Managers (AIFMD, 2011/61/EU), and the Directive on markets in financial instruments (MiFID II, 2014/65/EU).

Interested stakeholders must submit their feedback at the following link by the 5^th of March 2026 (midnight Brussels time). The 8-week feedback period is being extended every day until the proposal is available in all EU official languages.