EU Finance Ministers Reach Compromise on Markets Supervision, Leaving Commission Unhappy

On Friday, EU finance ministers agreed a compromise on the Markets in Securities and Investment Products (MISP) package, aiming to strengthen the European Securities and Markets Authority (ESMA) while preserving national control. The deal grants ESMA limited executive powers but stops short of full autonomy, prompting a rebuke from Finance Commissioner Maria Luís Albuquerque and ECB President Christine Lagarde. France pushed for stronger supervisory authority, while Ireland trimmed a rule that would let national supervisors delay ESMA decisions. Germany secured carve‑outs that exempt its stock exchange, Deutsche Börse, and Spain’s BME from direct EU oversight, sparking criticism from smaller members. Belgium warned that Euroclear could face new supervisory fees. The compromise also sets the EU budget to cover 60% of ESMA costs not covered by industry fees, a figure the Commission says is too high. The deal now awaits European Parliament approval before final legislative negotiations can begin.