In brief
On 4 December 2025 the European Commission published the Market Integration & Supervision (MIS) Package, a comprehensive suite of proposals aimed at deepening EU financial services integration as part of the Savings and Investments Union (SIU) strategy. The package includes two proposed regulations and one proposed directive, collectively amending 19 pieces of EU legislation. Most notably, the Commission proposes to establish direct European Securities and Markets Authority (ESMA) supervision for certain significant financial entities and all cryptoasset service providers (CASPs), and to introduce further harmonization through the transfer of provisions from directive into regulation, including in relation to the authorization and operation of trading venues, the Alternative Investment Fund Managers Directive (AIFMD) professional investor and UCITS Directive marketing regimes, and through the transformation of the Settlement Finality Directive (SFD) into the Settlement Finality Regulation (SFR).
We are unlikely to see any changes in the near term — negotiations on the package are expected to continue until at least 2027.
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Author
Iris Barsan
Iris Barsan joined Baker McKenzie in October 2019 after practicing as a lawyer in a Franco-German law firm. Prior to that, Iris worked for several years in the legal department of the Prudential Control and Resolution Authority and as a financial lawyer in a French banking group (insurance and investment banking).
Iris holds a doctorate in French and German law, an LL.M. from the University of Cologne and is a former student of the ENA (Willy Brandt promotion). In addition to her practice as a lawyer, Iris is an assistant professor at the University of Paris XII. She teaches company law (French, European and comparative), European business law, financial regulation and personal data and new technologies law.
Author
Paula De Biase
Paula De Biase heads the Fintech and Financial Services Regulation (FSR) Group in Spain, including also the Funds practice. She also sits in the Global FSR Steering Committee of the Firm and acts as co-lead of the FSR practice for the EMEA region.
With more than 15 years' experience in financial regulation, she has advised national and international clients in various areas of the financial services sector: payment services, fund management, investment services, consumer credit and other banking and insurance services, including Fintech initiatives and other online and mobile solutions.
Paula has taught Banking Law in the Master's programmes of several universities: the International Legal Consultancy degree at IE; the International Law, Foreign Trade and International Relations degree at ISDE; the Business Law degree at the Universidad de Navarra, and the Venture Capital and Entrepreneurship degree at INCARI/Rafael del Pino Foundation.
She is individually ranked in Chambers 2023 for FinTech and Financial Regulation. She is described in these publications as "an excellent lawyer: she is expert in all things FinTech, regulatory and payments. She has a deep understanding of financial regulation in Spain and has considerable experience dealing with regulatory authorities there. Her advice is always considered, comprehensive and most importantly practical and commercially focused."
Author
Caitlin McErlane
Caitlin is a partner in Baker McKenzie’s Financial Services Regulatory practice group, based in the London office.
Caitlin's practice focuses on advising a range of global financial institutions on complex and high value regulatory matters. She advises banks, asset managers, major corporates and payment institutions on navigating UK and EU financial services regulation. She has particular experience in advising clients on regulatory implementation projects, day-to-day compliance issues, and regulatory issues arising in the context of acquisitions, restructurings, and divestments within the financial services sector. Caitlin also advises market infrastructure providers on markets regulation and the provision of cross-border trading solutions.
Caitlin leads our London office’s ESG regulatory work for financial institutions, and advises a range of clients on the drafting and implementation of ESG policies and structuring ESG-focused investment products. Caitlin is an authority on regulatory reforms in the sustainability space and sits on a number of trade association working groups.
Caitlin has been recognised as a "Leading Partner" by The Legal 500 UK, where she is cited by clients as "a great lawyer [who] has a photographic recollection of regulations which makes her an amazing resource for any tricky topic." She is ranked by Chambers for financial services regulation, where clients describe her as "an expert in her field", a "phenomenal regulatory lawyer" and "a highly responsive and excellent communicator" who "consistently provides pragmatic solutions that are within the regulatory framework". Caitlin is also acknowledged by Legal 500 as a Next Generation Partner in Real Estate Funds.
