20 March 2026

ECSDA’s feedback to the European Commission’s better legislation consultation on the Savings and Investments Union/Market Integration and supervision package: ECSDA welcomes the European Commission’s intention further to develop capital markets integration and supervision within the Union. 

For decades, ECSDA and its Members have worked on advancing the following points, which we believe are relevant within the SIU context:

– Boosted liquidity – continuing to pursue the removal of barriers through efficient market interconnection and attracting the attention of States to take action, where still needed.
– Innovative and competitive markets supported by resiliency & safety, financial stability and investor protection with clear accountability.
– Support for European companies’ growth journey and their enhanced access to capital.

Central Securities Depositories (CSDs) are at the core of major parts of the proposal, which makes it particularly important for the association to provide its perspective in support of the SIU objectives and the legislative process. We see the Market Integration and Supervision Package (MISP) as a unique opportunity to continue driving growth, enhancing the EU’s global competitiveness, and shaping the future of its financial markets.

It is with these objectives in mind that we comment on the major considerations in relation to settlement and central (including DLT-based) securities depositories in the MISP proposal. However, essential elements require fine-tuning to ensure that the Proposal achieves its goals.

Read the full answer.