Stock Market Gets a Boost: Stronger Rules, Better Digital Money and Crypto Oversight

Based on this document:

What's the problem that is being addressed.
EU capital markets are still too fragmented, and supervision is not fully consistent across the Union. This makes cross-border investment, settlement, and market access harder and slower. Rules are spread across many acts, and supervisory powers and enforcement are not always aligned. The document also points to risks in key market infrastructures, especially central securities depositories (CSDs), including weak controls, poor risk management, and barriers to fair access.

How that problem is being solved here.
The proposal updates and aligns a wide set of EU financial rules to strengthen integration and supervision. It amends these 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 (COM/2025/943 final). It sets clearer obligations, deadlines, access conditions, and enforcement tools, especially for significant CSDs. It defines specific infringements and links them to penalties, with aggravating and mitigating coefficients.

What changes as a result of this document.
Supervision becomes more harmonized and stricter, with clearer duties and timelines. Examples in the text include:

• Responses to some access requests must be given within 3 months.
• If access is accepted, a CSD link should be implemented within a reasonable period, no longer than 12 months.
• Some risk-mitigation measures after refusal must be provided to ESMA within 30 working days.
• Additional requirements are set for links between CSDs, including links with third-country CSDs and interoperable links.
• Rules are tightened for banking-type ancillary services, including prior authorization and conditions for using own accounts, another CSD, or a credit institution, including for settlement in e-money tokens.

The enforcement framework is also made more explicit by applying coefficients to base penalty amounts:

• Aggravating factors: repeated breach 1.1 per repetition; duration over 6 months 1.5; systemic weaknesses 2.2; negative impact on service quality 1.5; intentional breach 2; no remedial action 1.7; no senior-management cooperation with ESMA 1.5.
• Mitigating factors: duration under 10 working days 0.9; necessary preventive measures by senior management 0.7; quick/effective/full self-reporting to ESMA 0.4; voluntary action to prevent recurrence 0.6.

Overall, the proposal aims to make EU capital markets more integrated, safer, and easier to access across borders, while giving supervisors clearer and stronger tools.