On 4 December 2025, the European Commission introduced the Market Integration & Supervision (MIS) Package to strengthen EU financial market integration.
Key points:
• Direct ESMA oversight of major financial entities and cryptoasset service providers.
• Harmonized rules by converting key directives into regulations for consistent application.
• Goal: Improve market integrity, investor protection, and reduce fragmentation.
Implementation will take several years, with no immediate changes expected.

In brief This marks an important, substantial step towards a new harmonized and more restrictive regime for branches of non-EU/EEA firms, e.g., from the US, UK and Asia, which provide “core banking services” of deposit-taking, lending, and providing guarantees and commitments to German clients, so-called third-country branches (“TCB”) under Art.…

The new EU Capital Requirements Directive establishes a new harmonized and more restrictive framework for cross-border banking and lending into the EU. The new third country branch rules will prohibit the provision of certain banking services into the EU on a cross-border basis by firms outside the EU, unless done in accordance with limited exemptions.