On Wednesday 29 April, the Member States’ ambassadors to the European Union (Coreper) held a brief exchange of views on three aspects of the capital market integration and supervision legislative package (MISP), ahead of a new political debate scheduled for Tuesday 5 May between the European Finance Ministers (see EUROPE 13825/24).
The ambassadors discussed the package’s key texts, as well as the proposed transposition of the Settlement Finality Directive into a new European Regulation.
After more than a dozen meetings of experts in the EU Council, the Cyprus Presidency wishes to reach a political agreement on two key institutional elements of the package where divisions persist between EU countries: the scope of direct supervision by ESMA and the arrangements for its governance (see EUROPE 13857/8).
The revision of the settlement finality framework would aim to standardise the rules guaranteeing the irrevocability of payment and settlement orders, notably by broadening the scope of the entities and systems covered and adapting the framework to technological developments, in particular distributed ledger technologies. (Original version in French by Bernard Denuit)