Aktieninstitut Welcomes the European Commission’s Market Integration Package

As part of its work on the Savings and Investment Union, the European Commission presented a comprehensive legislative package in December 2025 aimed at strengthening the powers of the European Securities and Markets Authority (ESMA), facilitating the use of new technologies in the capital markets, and enhancing the integration of the European capital markets. We have commented on this market integration package in a submission to the Federal Ministry of Finance. Among other things, we welcome the planned increase in investment limits for individual shares in actively managed investment funds, as well as the significantly more flexible DLT pilot regime, but we also draw attention to a number of critical points. These include, for example, the planned switch to a system whereby ESMA is funded entirely through contributions from market participants directly supervised by ESMA.