opinion parliamentary committee draft, 9 September 2026

On the proposal for a Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union

Document BUDG-PA-788811 · (COM(2025)0943 – C100328/2025 – 2025/0383(COD))

Committee on Budgets · Rapporteur: Hélder Sousa Silva

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AI:In short

The Committee on Budgets gives its budgetary assessment of the Market Infrastructure and Supervision Package, which strengthens the European Securities and Markets Authority's (ESMA) supervisory role. It welcomes the package's objectives but says ESMA's new tasks need adequate money and staff, and that supervisory fees should reflect real costs without duplicating national fees. It wants a single framework for ESMA's supervisory fees, a single 50/50 Union/national competent authority ratio for non-fee-funded activities, and a market-size-based key for national contributions. It proposes single non-renewable eight-year mandates for ESMA's Chair, Executive Director and Executive Board members, with staggered first terms. It asks the Commission to revise the financial statement if new tasks are added, and concludes the proposal is compatible with the multiannual financial framework and budget rules, subject to its amendments.

Position. The Committee on Budgets concludes that, subject to its amendments, the proposal is compatible with the multiannual financial framework and budget rules. It proposes a single fee framework, a single 50/50 financing ratio, a market-size-based contribution key and eight-year non-renewable mandates for ESMA's leadership.

Key points

Welcomes the Market Infrastructure and Supervision Package, which strengthens supervisory integration and gives ESMA important new responsibilities, and says these need adequate financial and human resources.
Says the transfer of supervisory responsibilities must be proportionate and cost-efficient, that supervisory fees should reflect actual costs and avoid duplication with national fees, and that ESMA and national authorities should keep close dialogue.
Underlines the importance of regularly assessing fee levels against cost developments under Delegated Regulation (EU) 2019/715.
Notes ESMA will need significant additional staff as some national responsibilities are centralised at Union level, and stresses recruiting and retaining highly qualified staff with an appropriate distribution of posts and grades.
Notes the Union budget will finance upfront IT development, with part recovered through supervisory fees, and says the recovery period should be long enough to avoid a disproportionate burden on the first directly supervised entities.
Supports a single horizontal framework for supervisory fees under the ESMA Regulation, and says the Commission's power to adopt one delegated act setting the fee methodology should be mandatory and subject to a clear deadline before the new mandates start.
Considers non-fee-funded activities should be financed by a single 50/50 Union/national competent authority ratio, for transparency, sustainability and better budgetary control.
Proposes single non-renewable eight-year mandates for ESMA's Chair, Executive Director and Executive Board members, staggered first terms of six, seven and eight years, and transitional arrangements for the current Chair and Executive Director.
Says mandatory national competent authority contributions should be allocated by the actual size and structure of national financial markets, not vote weighting under Protocol No 36, through a market-size-based key set by delegated act.
Stresses that any additional supervisory responsibilities, tasks or IT tools added in negotiations should be assessed financially and the Legislative Financial and Digital Statement revised, and invites the Commission to help the budgetary authority assess amendments.
Concludes that, subject to its amendments, the proposal is compatible with the Multiannual Financial Framework, the own resources system, the Interinstitutional Agreement and the Financial Regulation's budgetary principles.

Who is affected

ESMA: would gain new supervisory responsibilities, more staff and a changed funding and governance framework.
National competent authorities: would contribute under a new market-size-based key and a single 50/50 financing ratio.
Supervised entities: would pay supervisory fees reflecting actual costs, without duplication of national fees.
The Union budget: would finance upfront IT development and part of ESMA's non-fee-funded activities.

Figures and deadlines

approximately EUR 612 million: estimated financial impact of the Package over 2028-2034
EUR 53 million: part of the impact covered by the Union budget
approximately EUR 21 million in staff expenditure, EUR 4 million in infrastructure and operating expenditure and EUR 27 million in operational expenditure
EUR 26 million: financed through contributions from national competent authorities
EUR 533 million: financed through supervisory fees
around 480 additional full-time equivalent (FTE) staff, of which 26 funded by the Union and NCAs contributions and 454 covered by supervisory fees
almost 900 staff: ESMA's establishment plan by 2034
around 65 % of its budget by 2034: supervisory fees as ESMA's main revenue source

Written by AI from the full text · every figure comes from the text · ¶ opens the paragraph · 25 Sept 2026 · Report a problem

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Amendment 1
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Amendment 8
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Amendment 10

Budgetary assessment 25 paragraphs

for the Committee on Economic and Monetary Affairs on the proposal for a Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union

(COM(2025)0943 – C100328/2025 – 2025/0383(COD))

The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

The Committee on Budgets,

–having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union,

–having regard to Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027,

–having regard to the Commission Delegated Regulation (EU) 2019/715 of 18 December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article 70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council,

–having regard to the Joint Statement of the European Parliament, the Council of the EU and the European Commission on decentralised agencies of 19 July 2012,

A.whereas the Market Infrastructure and Supervision Package aims to strengthen the functioning of the Savings and Investments Union, including through a significant reinforcement of the European Securities and Markets Authority's (ESMA) direct supervisory responsibilities and supervisory convergence tools, with a view to reducing supervisory fragmentation, facilitating cross-border activities and strengthening confidence in Union capital markets;

B.whereas, according to the Legislative Financial and Digital Statement accompanying the proposal, the implementation of the Package would have an estimated financial impact of approximately EUR 612 million over the period 2028-2034; of which EUR 53 million covered by the Union budget, including approximately EUR 21 million in staff expenditure, EUR 4 million in infrastructure and operating expenditure and EUR 27 million in operational expenditure; EUR 26 million financed through contributions from national competent authorities (NCAs) and EUR 533 million through supervisory fees;

C.whereas, according to the Legislative Financial and Digital Statement accompanying the proposal, the implementation of the Package would require the recruitment of around 480 additional full-time equivalent (FTE) staff, of which 26 funded by the Union and NCAs contributions, and 454 covered by supervisory fees; whereas ESMA's establishment plan would increase to almost 900 staff by 2034;

D.whereas ESMA currently operates under a universal funding model financed mostly through contributions from national competent authorities, a subsidy from the Union budget and supervisory fees ; whereas, according to the Commission proposal, supervisory fees would progressively become ESMA's main source of revenue, accounting for around 65 % of its budget by 2034, while new non-fee-funded activities would be financed jointly by the Union budget and national competent authorities on a 50/50 basis and existing non-fee-funded activities would continue to be financed under the current 40/60 Union/NCA ratio;

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E.whereas the proposal provides that the Union budget should finance the preparatory phase and the upfront development of the IT systems necessary for the implementation of ESMA's new supervisory responsibilities, while the share of those investment costs attributable to fee-funded activities would subsequently be recovered through supervisory fees;

F.whereas the significant expansion of ESMA's mandate requires a funding and governance framework that is transparent, sustainable and proportionate, ensuring that the Authority is equipped with adequate financial and human resources while ensuring a fair distribution of financing responsibilities between the Union budget, national competent authorities and market participants;

1.Welcomes the objectives of the Market Infrastructure and Supervision Package, which strengthens supervisory integration within the Union and entrusts ESMA with important new responsibilities; considers that the reinforcement of ESMA's mandate should be accompanied by adequate financial and human resources;

2.Underlines the importance of implementing the transfer of supervisory responsibilities in a proportionate and cost-efficient manner; stresses that supervisory fees should reflect the actual costs of supervision, avoid unnecessary duplication with national fees and provide legal certainty for supervised entities during the transition to the new framework; encourages a close dialogue between ESMA and national competent authorities throughout the implementation of the new supervisory framework in order to avoid overlaps in supervisory activities and fees, and facilitate a smooth transition of responsibilities;

3.Underlines the importance of regularly assessing the fees level taking into account evolution of the costs in line with Commission Delegated Regulation (EU) 2019/715 of 18 December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty;

4.Notes that ESMA will require significant additional staff to perform its new supervisory tasks, while certain responsibilities currently exercised by national competent authorities will be centralised at Union level; emphasises the importance of recruiting and retaining highly qualified staff and ensuring an appropriate distribution of posts and grades to enable the effective implementation of the new mandate;

5.Notes that the Union budget will finance the upfront development of the IT systems required for the implementation of the proposal, with part of those costs to be recovered through supervisory fees; considers that the recovery period should be sufficiently long to avoid placing a disproportionate financial burden on the first entities falling under ESMA's direct supervision;

6.Notes that the legal basis governing ESMA's supervisory fees is currently dispersed across nine different sectoral Regulations, each establishing distinct fee arrangements; supports, therefore, the establishment of a single horizontal framework governing supervisory fees under the ESMA Regulation; considers, however, that the empowerment for the Commission to adopt a single delegated act establishing the methodology to calculate fees should be mandatory and subject to a clear deadline before the new supervisory mandates become operational, to improve legal certainty and avoid the unnecessary adoption of new sector-specific fee regimes that would subsequently need to be repealed;

7.Considers that the financing arrangements for ESMA's non-fee-funded activities should be simplified by applying a single 50/50 Union/NCA financing ratio; is of the opinion that a uniform funding model would better reflect the Union-wide nature of ESMA's activities, respond to the sustainability concerns expressed by national competent authorities and improve the transparency and budgetary control of the Authority's budget; notes that, as ESMA's mandate evolves over time and existing tasks are amended or expanded, maintaining different financing ratios for different categories of activities would make the establishment, implementation and discharge of the budget unnecessarily complex;

8.Takes note of the proposed changes to ESMA's governance framework; points out that a longer, non-renewable term would provide greater stability and independence for ESMA’s Chair, Executive Director and Executive Board and allow members to focus on long-term objectives without concerns about reappointment, therefore considers that the duration of the mandates of the Chair, the Executive Director and the Executive Board Members should be a single non-renewable mandate of eight years, thereby reinforcing their independence while ensuring stability; in order to ensure institutional continuity, highlights that staggered terms would help preserve experience and continuity within the Board; recommends, therefore, that the term of office for the first Executive Board members, after the entry into application of this Regulation, be of six years for one member, seven years for two members and eight years for two members; suggests, furthermore, that the decision on the duration of the term of office for the first Executive Board members be made during the selection process; recommends that the current Executive director be able to fulfil its term until the end of the current contract, and that the current Chair’s term may be extended once for three years, following its ongoing five-year term;

9.Points out that the current methodology for calculating national competent authorities' contributions does not adequately reflect the distribution of supervisory responsibilities and the relative size of national financial markets; considers that, in order to ensure a sustainable reform and safeguard the Authority’s long-term financial stability without creating distortions in the internal market, mandatory contributions from national competent authorities should be allocated on the basis of the actual size and structure of national financial markets, rather than the weighting of votes under Protocol No 36 on transitional provisions; recommends the establishment of a market-size-based contribution key to be developed by the Commission through a delegated act, based on objective, transparent and verifiable indicators, which would better align the financial burden with the benefits that Member States derive from the Authority’s activities and with the capacity of their competent authorities to contribute;

10.Stresses the need, should additional supervisory responsibilities, tasks and IT tools be entrusted to the Agency in the course of the negotiations, to assess the financial implications thereof and to revise the Legislative Financial and Digital Statement accompanying the proposal accordingly; invites the Commission to assist the budgetary authority in assessing the financial implications of amendments proposed by the co-legislators so that they can be fully taken into account during the legislative process, with a view to ensuring that the Agency’s financial and human resources match the tasks entrusted to it;

11.Concludes that, subject to the amendments proposed in this opinion, the proposal is compatible with the Multiannual Financial Framework, the system of own resources, the Interinstitutional Agreement and the budgetary principles laid down in the Financial Regulation.

Amendments 63 paragraphs

As part of its budgetary assessment, the Committee on Budgets also submits the following amendments to the proposal:

Amendment 1

Proposal for a regulation

Recital 10

Text proposed by the Commission	Amendment
Text proposed by the Commission(18) To ensure a consistent and transparent approach to the financing of ESMA’s supervisory activities, it is necessary to harmonise and consolidate the principles governing the levying of fees on entities under ESMA’s competence, which are currently set out separately in sectoral legislation conferring direct supervisory powers on ESMA. Establishing common principles on the scope, calculation, and transparency of such fees should promote a level playing field among entities across sectors, ensure the proportional application of supervisory costs, and provide legal certainty for both existing and new entities falling under ESMA’s competence. Those fees should cover all costs incurred by ESMA in the performance of its supervisory tasks, including, but not limited to, the costs of supervisory convergence work in the relevant sector, the development, operation and maintenance of IT tools and systems necessary for direct supervision, as well as the depreciated cost of such systems and related infrastructure. ESMA should be appropriately financed. It is therefore necessary to lay down that ESMA should be financed 50 % from Union funds and 50 % through contributions from Member States, made in accordance with the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transitional provisions for the new tasks envisaged for ESMA by this Regulation that are not fee funded.	Amendment(18) To ensure a consistent and transparent approach to the financing of ESMA’s supervisory activities, it is necessary to harmonise and consolidate the principles governing the levying of fees on entities under ESMA’s competence, which are currently set out separately in sectoral legislation conferring direct supervisory powers on ESMA. Establishing common principles on the scope, calculation, and transparency of such fees should promote a level playing field among entities across sectors, ensure the proportional application of supervisory costs, and provide legal certainty for both existing and new entities falling under ESMA’s competence. Those fees should cover all costs incurred by ESMA in the performance of its supervisory tasks, including, but not limited to, the costs of supervisory convergence work in the relevant sector, the development, operation and maintenance of IT tools and systems necessary for direct supervision, as well as the depreciated cost of such systems and related infrastructure. That common framework should be established before the new supervisory mandates become applicable, in order to provide legal certainty for supervised entities, ensure a more uniform application of supervisory fee principles across all sectors under ESMA's direct supervision and contribute to the transparent and efficient financing of ESMA.

Text proposed by the Commission

Amendment

(18) To ensure a consistent and transparent approach to the financing of ESMA’s supervisory activities, it is necessary to harmonise and consolidate the principles governing the levying of fees on entities under ESMA’s competence, which are currently set out separately in sectoral legislation conferring direct supervisory powers on ESMA. Establishing common principles on the scope, calculation, and transparency of such fees should promote a level playing field among entities across sectors, ensure the proportional application of supervisory costs, and provide legal certainty for both existing and new entities falling under ESMA’s competence. Those fees should cover all costs incurred by ESMA in the performance of its supervisory tasks, including, but not limited to, the costs of supervisory convergence work in the relevant sector, the development, operation and maintenance of IT tools and systems necessary for direct supervision, as well as the depreciated cost of such systems and related infrastructure. ESMA should be appropriately financed. It is therefore necessary to lay down that ESMA should be financed 50 % from Union funds and 50 % through contributions from Member States, made in accordance with the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transitional provisions for the new tasks envisaged for ESMA by this Regulation that are not fee funded.

(18) To ensure a consistent and transparent approach to the financing of ESMA’s supervisory activities, it is necessary to harmonise and consolidate the principles governing the levying of fees on entities under ESMA’s competence, which are currently set out separately in sectoral legislation conferring direct supervisory powers on ESMA. Establishing common principles on the scope, calculation, and transparency of such fees should promote a level playing field among entities across sectors, ensure the proportional application of supervisory costs, and provide legal certainty for both existing and new entities falling under ESMA’s competence. Those fees should cover all costs incurred by ESMA in the performance of its supervisory tasks, including, but not limited to, the costs of supervisory convergence work in the relevant sector, the development, operation and maintenance of IT tools and systems necessary for direct supervision, as well as the depreciated cost of such systems and related infrastructure. That common framework should be established before the new supervisory mandates become applicable, in order to provide legal certainty for supervised entities, ensure a more uniform application of supervisory fee principles across all sectors under ESMA's direct supervision and contribute to the transparent and efficient financing of ESMA.

Or. en

Amendment 2

Proposal for a regulation

Recital 18 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(18a) In the light of the significant expansion of ESMA's mandate and the growing Union interest served by ESMA's activities, its funding framework should be transparent, sustainable and simple. The coexistence of different financing ratios for existing and newly assigned non-fee-funded activities would unnecessarily complicate the establishment, implementation and control of ESMA's budget, in particular as existing activities can be amended and evolve over time. It is therefore necessary to lay down that ESMA should be financed 50 % from Union funds and 50 % through contributions from Member States, for all tasks that are not fee-funded.

Text proposed by the Commission

Amendment

(18a) In the light of the significant expansion of ESMA's mandate and the growing Union interest served by ESMA's activities, its funding framework should be transparent, sustainable and simple. The coexistence of different financing ratios for existing and newly assigned non-fee-funded activities would unnecessarily complicate the establishment, implementation and control of ESMA's budget, in particular as existing activities can be amended and evolve over time. It is therefore necessary to lay down that ESMA should be financed 50 % from Union funds and 50 % through contributions from Member States, for all tasks that are not fee-funded.

Or. en

Amendment 3

Proposal for a regulation

Recital 18 b (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(18b) In order to ensure a sustainable reform and safeguard the Authority’s long-term financial stability without creating distortions in the internal market, the current contribution key, based on the weighting of votes laid down in Article 3(3) of Protocol (No 36) on transitional provisions, should be replaced by a new key reflecting the size and structure of national financial markets combined with a minimum contribution threshold. A market-size-based contribution key, drawing on objective and verifiable indicators such as market capitalisation, trading volumes, net asset value of funds or the number of supervised entities amongst others, would better align the financial burden with the benefit each Member State derives from the Authority’s activities and with the capacity of its competent authority to contribute. The contribution key should be established by the Commission by means of a delegated act, based on an objective composite indicator.

Text proposed by the Commission

Amendment

(18b) In order to ensure a sustainable reform and safeguard the Authority’s long-term financial stability without creating distortions in the internal market, the current contribution key, based on the weighting of votes laid down in Article 3(3) of Protocol (No 36) on transitional provisions, should be replaced by a new key reflecting the size and structure of national financial markets combined with a minimum contribution threshold. A market-size-based contribution key, drawing on objective and verifiable indicators such as market capitalisation, trading volumes, net asset value of funds or the number of supervised entities amongst others, would better align the financial burden with the benefit each Member State derives from the Authority’s activities and with the capacity of its competent authority to contribute. The contribution key should be established by the Commission by means of a delegated act, based on an objective composite indicator.

Or. en

Amendment 4

Proposal for a regulation

Recital 100

Text proposed by the Commission	Amendment
Text proposed by the Commission(100) In order to fulfil the objectives of Regulation (EU) No 1095/2010, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the adoption of rules of procedures for the exercise of ESMA’s power to charge fees, for the imposition of fines and a settlement procedure, including the rights of defence, disclosure and effects of settlements. In addition, in order to ensure the effectiveness of Regulation (EU) No 648/2012, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the fees to be paid to ESMA for the supervision of significant CCPs, the matters for which those fees are due, the calculation of the amount of those fees, and the manner in which those fees are to be paid , and in respect of amending the list of infringements for which ESMA can impose supervisory measures on significant CCPs. Furthermore, to ensure the effectiveness and the consistent application of Regulation (EU) No 600/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the fees to be paid by operators of the trading venues that are subject to supervision by ESMA, in respect of the conditions and methodologies used to determine whether a trading venue should be deemed significant, and in respect of the conditions under which a trading venue or a CCP should grant access to its services. In parallel, in order to ensure the effectiveness of Regulation (EU) No 909/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the type of fees to be paid to ESMA for the supervision of significant CSDs, the matters for which those fees are due, the calculation of the amount of those fees and the manner in which they are to be paid; amending the list of infringements for which ESMA can impose supervisory measures; the further specification of the requirements applicable to the participation in a CSD, and the amendment of the conditions under which a CSD shall be subject to the obligation to establish bilateral links. In addition, in order to ensure that the activity thresholds laid down in Regulation (EU) 2022/858 can be modified in light of market developments and policy learnings from the pilot regime established by that act, the power to adopt delegated acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the adaptation of those thresholds to, among others, market conditions and possible risks to financial stability. Furthermore, in order to ensure the effectiveness of Regulation (EU) 2023/1114, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of further specifying the type and the calculation of the amount of supervisory fees that ESMA can charge to the crypto asset service providers. Lastly, to ensure an orderly application of provisions transferred from Directive 2014/65/EU to Regulation (EU) No 600/2014, it is appropriate to ensure that delegated acts and implementing acts that have been adopted on the basis of empowerments laid down in Directive 2014/65/EU that are to be transferred to Regulation (EU) No 600/2014, continue to apply. The Commission should be empowered to amend those delegated and implementing act in accordance with the procedures set out in Article 10(4a) or 15(4a) of Regulation (EU) No 1095/1010. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making27. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.	Amendment(100) In order to fulfil the objectives of Regulation (EU) No 1095/2010, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the adoption of rules of procedures for the exercise of ESMA’s power to charge fees and the specification of the fees to be paid by the financial market participants that are subject to supervision by ESMA, the matters for which those fees are due, the calculation of the amount of those fees, and the manner in which those fees are to be paid, for the imposition of fines and a settlement procedure, including the rights of defence, disclosure and effects of settlements. In addition, in order to ensure the effectiveness of Regulation (EU) No 648/2012, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amending the list of infringements for which ESMA can impose supervisory measures on significant CCPs. Furthermore, to ensure the effectiveness and the consistent application of Regulation (EU) No 600/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the conditions and methodologies used to determine whether a trading venue should be deemed significant, and in respect of the conditions under which a trading venue or a CCP should grant access to its services. In parallel, in order to ensure the effectiveness of Regulation (EU) No 909/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amending the list of infringements for which ESMA can impose supervisory measures; the further specification of the requirements applicable to the participation in a CSD, and the amendment of the conditions under which a CSD shall be subject to the obligation to establish bilateral links. In addition, in order to ensure that the activity thresholds laid down in Regulation (EU) 2022/858 can be modified in light of market developments and policy learnings from the pilot regime established by that act, the power to adopt delegated acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the adaptation of those thresholds to, among others, market conditions and possible risks to financial stability. Lastly, to ensure an orderly application of provisions transferred from Directive 2014/65/EU to Regulation (EU) No 600/2014, it is appropriate to ensure that delegated acts and implementing acts that have been adopted on the basis of empowerments laid down in Directive 2014/65/EU that are to be transferred to Regulation (EU) No 600/2014, continue to apply. The Commission should be empowered to amend those delegated and implementing act in accordance with the procedures set out in Article 10(4a) or 15(4a) of Regulation (EU) No 1095/1010. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making27. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.

Text proposed by the Commission

Amendment

(100) In order to fulfil the objectives of Regulation (EU) No 1095/2010, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the adoption of rules of procedures for the exercise of ESMA’s power to charge fees, for the imposition of fines and a settlement procedure, including the rights of defence, disclosure and effects of settlements. In addition, in order to ensure the effectiveness of Regulation (EU) No 648/2012, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the fees to be paid to ESMA for the supervision of significant CCPs, the matters for which those fees are due, the calculation of the amount of those fees, and the manner in which those fees are to be paid , and in respect of amending the list of infringements for which ESMA can impose supervisory measures on significant CCPs. Furthermore, to ensure the effectiveness and the consistent application of Regulation (EU) No 600/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the fees to be paid by operators of the trading venues that are subject to supervision by ESMA, in respect of the conditions and methodologies used to determine whether a trading venue should be deemed significant, and in respect of the conditions under which a trading venue or a CCP should grant access to its services. In parallel, in order to ensure the effectiveness of Regulation (EU) No 909/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of the type of fees to be paid to ESMA for the supervision of significant CSDs, the matters for which those fees are due, the calculation of the amount of those fees and the manner in which they are to be paid; amending the list of infringements for which ESMA can impose supervisory measures; the further specification of the requirements applicable to the participation in a CSD, and the amendment of the conditions under which a CSD shall be subject to the obligation to establish bilateral links. In addition, in order to ensure that the activity thresholds laid down in Regulation (EU) 2022/858 can be modified in light of market developments and policy learnings from the pilot regime established by that act, the power to adopt delegated acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the adaptation of those thresholds to, among others, market conditions and possible risks to financial stability. Furthermore, in order to ensure the effectiveness of Regulation (EU) 2023/1114, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of further specifying the type and the calculation of the amount of supervisory fees that ESMA can charge to the crypto asset service providers. Lastly, to ensure an orderly application of provisions transferred from Directive 2014/65/EU to Regulation (EU) No 600/2014, it is appropriate to ensure that delegated acts and implementing acts that have been adopted on the basis of empowerments laid down in Directive 2014/65/EU that are to be transferred to Regulation (EU) No 600/2014, continue to apply. The Commission should be empowered to amend those delegated and implementing act in accordance with the procedures set out in Article 10(4a) or 15(4a) of Regulation (EU) No 1095/1010. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making27. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.

(100) In order to fulfil the objectives of Regulation (EU) No 1095/2010, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the adoption of rules of procedures for the exercise of ESMA’s power to charge fees and the specification of the fees to be paid by the financial market participants that are subject to supervision by ESMA, the matters for which those fees are due, the calculation of the amount of those fees, and the manner in which those fees are to be paid, for the imposition of fines and a settlement procedure, including the rights of defence, disclosure and effects of settlements. In addition, in order to ensure the effectiveness of Regulation (EU) No 648/2012, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amending the list of infringements for which ESMA can impose supervisory measures on significant CCPs. Furthermore, to ensure the effectiveness and the consistent application of Regulation (EU) No 600/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the conditions and methodologies used to determine whether a trading venue should be deemed significant, and in respect of the conditions under which a trading venue or a CCP should grant access to its services. In parallel, in order to ensure the effectiveness of Regulation (EU) No 909/2014, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amending the list of infringements for which ESMA can impose supervisory measures; the further specification of the requirements applicable to the participation in a CSD, and the amendment of the conditions under which a CSD shall be subject to the obligation to establish bilateral links. In addition, in order to ensure that the activity thresholds laid down in Regulation (EU) 2022/858 can be modified in light of market developments and policy learnings from the pilot regime established by that act, the power to adopt delegated acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the adaptation of those thresholds to, among others, market conditions and possible risks to financial stability. Lastly, to ensure an orderly application of provisions transferred from Directive 2014/65/EU to Regulation (EU) No 600/2014, it is appropriate to ensure that delegated acts and implementing acts that have been adopted on the basis of empowerments laid down in Directive 2014/65/EU that are to be transferred to Regulation (EU) No 600/2014, continue to apply. The Commission should be empowered to amend those delegated and implementing act in accordance with the procedures set out in Article 10(4a) or 15(4a) of Regulation (EU) No 1095/1010. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making27. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.

Or. en

Justification

Since the DA establishing the common framework for ESMA's supervisory fees under Article 39n of Regulation (EU) No 1095/2010 is required to be adopted before the new supervisory mandates become applicable, there is no need to maintain separate empowerments in sectoral legislation for the adoption of supervisory fee DA. Those empowerments should therefore be replaced by a cross-reference to Article 39n.

Amendment 5

Proposal for a regulation

Recital 108 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(108a) The implications of this Regulation for the Union budget have been assessed⁺ pursuant to Article 310(4) of the Treaty on the Functioning of the European Union. Sufficient financial and human resources should be provided for its implementation, while considering the impact of the financing on other Union programmes or policies and ensuring its compatibility with the multiannual financial framework as well as with the budgetary principles laid down in Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council¹.
Text proposed by the Commission	Amendment⁺ Pro memoria: Budgetary assessment of the European Parliament’s Committee on Budgets of 7 May 2026 on the on the proposal for a Amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union (COM(2025)0943).
Text proposed by the Commission	Amendment¹ Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

Or. en

Amendment 6

Proposal for a regulation

Article 1 – paragraph 1 – point 27

Regulation (EU) No 1095/2010

Article 39n – paragraph 8

Text proposed by the Commission	Amendment
Text proposed by the Commission8. The Commission is empowered to adopt a delegated act in accordance with Article 75a by further specifying the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid	Amendment8. The Commission shall adopt a delegated act by [OP: insert date = 6 months after the date of entry into force of this Regulation] in accordance with Article 75a to further specify the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.

Or. en

Amendment 7

Proposal for a regulation

Article 1 – paragraph 1 – point 31 – point a – point -1

Regulation (EU) No 1095/2010

Article 44 – paragraph 1 – second subparagraph

Present text	Amendment
Present text	Amendment(-1) the second subparagraph is replaced by the following:
Present text‘With regard to the acts specified in Articles 10 to 16 of this Regulation and measures and decisions adopted under the third subparagraph of Article 9(5) of this Regulation, and Chapter VI of this Regulation and, by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) TEU and in Article 3 of the Protocol No 36 on transitional provisions’	Amendment‘With regard to the acts specified in Articles 10 to 16 of this Regulation and measures and decisions adopted under the third subparagraph of Article 9(5) of this Regulation, and Chapter VI of this Regulation and, by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members representing at least 55 % of the Union financial market size calculated in accordance with the formula as referred to in Article 62(1), point (a)’

Present text

Amendment

(-1) the second subparagraph is replaced by the following:

‘With regard to the acts specified in Articles 10 to 16 of this Regulation and measures and decisions adopted under the third subparagraph of Article 9(5) of this Regulation, and Chapter VI of this Regulation and, by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) TEU and in Article 3 of the Protocol No 36 on transitional provisions’

‘With regard to the acts specified in Articles 10 to 16 of this Regulation and measures and decisions adopted under the third subparagraph of Article 9(5) of this Regulation, and Chapter VI of this Regulation and, by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members representing at least 55 % of the Union financial market size calculated in accordance with the formula as referred to in Article 62(1), point (a)’

Or. en

Amendment 8

Proposal for a regulation

Article 1 – paragraph 1 – point 34

Regulation (EU) No 1095/2010

Article 44b – paragraph 3

Present text	Amendment
Present text3. The representative of the Commission shall have the right to vote on matters referred to in Article 63. In the event that the Commission raises serious concerns on a decision proposal presented to the Executive Board on matters related to the Financial Framework Regulation and the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Union, the Executive Board shall postpone the adoption of the decision. Within 15 days, the Executive Board shall re-examine and adopt it, possibly amended, in second reading with a two-thirds majority, including the Commission representative where applicable. The Executive Board shall adopt and make public its rules of procedure.	Amendment3. The representative of the Commission shall have the right to vote on matters referred to in Article 63. In the event that the Commission raises serious concerns on a decision proposal presented to the Executive Board on matters related to the Commission Delegated Regulation (EU) 2019/715 on the Framework Financial Regulation for decentralised regulatory agencies1 and the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Union, the Executive Board shall postpone the adoption of the decision. Within 15 days, the Executive Board shall re-examine and adopt it, possibly amended, in second reading, with either a majority of its members, including the Commission representative where applicable, or a five-sixths majority. The Executive Board shall adopt and make public its rules of procedure..
Present text	Amendment1 OJ 122, 10.5.2019, p. 1, ELI: http://data.europa.eu/eli/reg_del/2019/715/oj

Present text

Amendment

3. The representative of the Commission shall have the right to vote on matters referred to in Article 63. In the event that the Commission raises serious concerns on a decision proposal presented to the Executive Board on matters related to the Financial Framework Regulation and the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Union, the Executive Board shall postpone the adoption of the decision. Within 15 days, the Executive Board shall re-examine and adopt it, possibly amended, in second reading with a two-thirds majority, including the Commission representative where applicable. The Executive Board shall adopt and make public its rules of procedure.

3. The representative of the Commission shall have the right to vote on matters referred to in Article 63. In the event that the Commission raises serious concerns on a decision proposal presented to the Executive Board on matters related to the Commission Delegated Regulation (EU) 2019/715 on the Framework Financial Regulation for decentralised regulatory agencies1 and the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Union, the Executive Board shall postpone the adoption of the decision. Within 15 days, the Executive Board shall re-examine and adopt it, possibly amended, in second reading, with either a majority of its members, including the Commission representative where applicable, or a five-sixths majority. The Executive Board shall adopt and make public its rules of procedure..

1 OJ 122, 10.5.2019, p. 1, ELI: http://data.europa.eu/eli/reg_del/2019/715/oj

Or. en

Amendment 9

Proposal for a regulation

Article 1 – paragraph 1 – point 49 – point -a

Regulation (EU) No 1095/2010

Article 62 – paragraph 1 – point a

Present text	Amendment
Present text	Amendment(-a) point (a) is replaced by the following:
Present text‘(a) obligatory contributions from the national public authorities competent for the supervision of financial market participants which shall be made in accordance with a formula based on the weighting of votes set out in Article 3(3) of Protocol (No 36) on transitional provisions. For the purposes of this Article, Article 3(3) of Protocol (No 36) on transitional provisions shall continue to apply beyond the deadline of 31 October 2014 therein established;’;	Amendment‘(a) obligatory contributions from the national public authorities competent for the supervision of financial market participants which shall be made in accordance with a formula based on the relative size and structure of the national financial market of each Member State.
Present text	AmendmentThe Commission shall adopt a delegated act by [OP: insert date = 6 months after the date of entry into force of this Regulation] in accordance with Article 75a specifying the methodology for calculating the formula, based on a combination of indicators with different weightings to reflect the size and structure of national financial markets, and a minimum contribution threshold. Until the delegated act applies, contributions shall be provided in accordance with a formula based on the weighting of votes provided for in Article 3(3) of Protocol (No 36) on transitional provisions.

Or. en

Amendment 10

Proposal for a regulation

Article 1 – paragraph 1 – point 49 – point b a (new)

Regulation (EU) No 1095/2010

Article 62 – paragraph 1 – third subparagraph

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(ba) the following subparagraph is added:
Text proposed by the Commission	Amendment‘Expenditure not funded by fees shall be financed 50 % from the Union subsidy as referred to in point (b) of the first subparagraph and 50 % from contributions from the national public authorities as referred to in point (a) of the first subparagraph.’

Or. en

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