Amending certain Directives as regards the further development of capital market integration and supervision within the Union
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With the Council of the EU, which is preparing its first-reading position.
Last active 12 Jun 2026
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What this bill does
In plain terms: what it changes and who it affects.
This proposal harmonises EU investment fund and trading venue rules to ease cross-border capital market activity and strengthen ESMA’s supervisory role.
Who it affects
It affects investment funds, asset managers, depositaries, trading venues, investment firms, issuers and investors using EU capital markets. It particularly targets cross-border financial market activity within the EU.
Core of the proposal
- Creates EU-wide depositary passport for UCITS and AIFs using authorised credit institutions or investment firms.
- Allows asset management groups to share EU group resources without full delegation requirements.
- Transfers and harmonises cross-border fund marketing and trading venue rules into directly applicable regulations.
- Gives ESMA review, coordination and intervention powers over large asset management groups and cross-border supervisory disputes.
Articles changed · 60 across 2 laws
- Directive 2009/65/EC (32009L0065)
- art. 1: replaces paragraph 6
- art. 2: replaces points (n) and (r); adds points (v) to (x)
- art. 5: replaces paragraphs 6 and 8
- art. 6: amends paragraph 3 introductory wording
- art. 7: amends paragraph 1; inserts paragraph 1a; replaces paragraph 6; adds subparagraph to paragraph 7
- art. 8: amends paragraph 3 introductory wording
- art. 12: replaces paragraph 1 first subparagraph and paragraph 3
- art. 13: amends paragraph 2 and adds subparagraph to paragraph 3
- art. 14: amends paragraph 1; adds subparagraph to paragraph 2; replaces paragraph 2a
- art. 15: replaces first subparagraph
- art. 16: replaces paragraph 1 second subparagraph
- art. 17: amends paragraphs 3, 4 and 6; inserts paragraph 7a
- art. 18: replaces paragraphs 2 and 3; inserts paragraph 2a
- art. 19: replaces paragraph 3 point (h)
- art. 20a: amends paragraph 3 first and third subparagraphs
- art. 23: adds subparagraph to paragraph 1
- art. 29: amends paragraph 1 and deletes paragraphs 5 and 6
- art. 31: replaces first subparagraph and adds paragraph 2
- art. 39: replaces paragraph 2 point (b), paragraph 4 point (b), and paragraph 6
- art. 43: deletes paragraph 3 point (e); replaces paragraph 4
- art. 45: amends paragraph 2
- art. 51: replaces paragraph 2 and paragraph 3 third subparagraph
- art. 52: amends paragraphs 2, 3, 4 and 5 fourth subparagraph
- art. 53: replaces paragraph 1 introductory wording; adds subparagraph
- art. 54: replaces paragraph 1
- art. 55: replaces paragraph 1 and paragraph 2 second subparagraph
- art. 56: adds subparagraph to paragraph 2; amends paragraph 3 introductory wording
- art. 57: replaces paragraph 1 second subparagraph
- art. 58: replaces paragraph 4 point (b)
- art. 59: replaces paragraph 3 point (b)
- art. 63: replaces paragraph 3
- art. 64: deletes paragraph 1 point (b); replaces paragraph 2
- art. 69: replaces paragraphs 2 and 4
- art. 70: replaces paragraph 2
- art. 75: replaces paragraph 3
- art. Chapter IX, Section 3: deletes section on key investor information
- art. 82b: replaces paragraph 1 first subparagraph
- art. 83: amends paragraph 2 introductory wording
- art. 84: replaces paragraphs 3b, 3d and 3f
- art. Chapter XI: deletes chapter on marketing UCITS in other Member States
- art. 97: replaces paragraph 3
- art. 98: deletes paragraphs 3 and 4
- art. 99a: replaces point (s)
- art. 101: deletes paragraph 9
- art. 106: replaces paragraph 1 second subparagraph
- art. 108: amends paragraphs 1, 2 and 6; deletes paragraphs 4 and 5
- art. 110b: inserts ESMA review of large EU management-company and AIFM groups
- art. 110c: inserts ESMA powers to address cross-border issues
- art. 110d: inserts dispute settlement provision
- art. 117: deletes third subparagraph
- art. 118: deletes paragraph 2
- art. Annex II: replaces Annex II
- Directive 2011/61/EU (32011L0061)
- art. 4: deletes point (aea); adds points (av) and (aw)
- art. 6: amends paragraph 4 introductory wording
- art. 7: inserts paragraph 2a and paragraph 6
- art. 8: amends paragraph 2 introductory wording
- art. 9: replaces paragraph 6
- art. 12: amends paragraph 1 introductory wording and adds subparagraph to paragraph 3
- art. 14: replaces paragraph 2a
- art. 16: replaces paragraph 2i concerning technical standards deadlines and empowerment transition rules by December 31, 2025.
Latest update
16 Jun 2026The most recent development in this bill's progress.
1st reading – Council of the EU → 1st reading – European Parliament
1st reading – Council of the EU → 1st reading – European Parliament
Documents
1 recentSourcesOEILEUR-LexEU Law Tracker