European Commission launch of a public consultation on its proposal for a Master Regulation 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 Regulation as regards the further development of capital market integration and supervision within the EU (Master Regulation). This Regulation amends the Regulation on markets in crypto-assets (MiCAR, 2023/1114/EU) and the Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT Pilot Regime, 2022/858/EU).

It also amends a number of other legislative acts, namely: the Regulation on credit rating agencies (CRA Regulation, 2009/1060/EU), the Regulation establishing a European Supervisory Authority (European Securities and Markets Authority) (ESMA Regulation, 2010/1095/EU), the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR, 2012/648/EU), the Regulation on markets in financial instruments (MiFIR, 2014/600/EU), the Regulation on improving securities settlement in the European Union and on central securities depositories (CSDR, 2014/909/EU), the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation, 2016/1011/EU), the Regulation on transparency of securities financing transactions and of reuse (SFTR, 2015/2365/EU), the Regulation laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (Securitisation Regulation, 2017/2402/EU), the Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR, 2021/23/EU), the Regulation on facilitating cross-border distribution of collective investment undertakings (CBFDR, 2019/1156/EU), the Regulation on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (EuGB Regulation, 2023/2631/EU), and the Regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities (ESG Rating Activities Regulation, 2024/3005/EU).

Interested stakeholders must submit their feedback at the following link by the 6^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.