ICI Statement on the EU Market Integration and Supervision Package (MISP)

Brussels, Belgium; 14 April, 2026 - Today, the Investment Company Institute (ICI) published its position paper on the European Commission’s Market Integration and Supervision Package (MISP), setting out targeted recommendations to strengthen the practical functioning of the EU’s cross‑border fund market and support the success of the Savings and Investments Union (SIU).

“The MISP can strengthen Europe’s capital markets if it reduces fragmentation and enables European savings to flow efficiently and at scale across borders through regulated funds. Addressing supervisory divergence, national gold-plating, and unnecessary complexity is essential to making the Single Market work in practice,” said Tracey Wingate, Chief Global Affairs Officer at ICI.

ICI emphasizes that while frameworks like the Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund Managers Directive (AIFMD) are strong, inconsistent national implementation continues to undermine the effectiveness of the fund passport, raising costs and limiting scale. The paper highlights the importance of curbing divergent supervisory practices and reducing national add-ons to improve predictability, scale, and investor outcomes.

The paper cautions against approaches that would introduce new complexity or disrupt well‑functioning structures without clear supervisory benefit. It calls for recalibrating the proposed annual review of large cross-border asset managers into a structured supervisory convergence mechanism, strengthening ESMA’s coordinating role while preserving clear national supervisory responsibility, and removing the proposed “EU group” concept to maintain a proportionate, evidence‑based approach to delegation.

“Supervisory convergence does not require centralising day‑to‑day supervision at the EU level,” Wingate continued. “What Europe needs is a credible, operational framework that delivers more consistent supervisory outcomes, grounded in evidence and cooperation, while preserving the essential role of national authorities. Getting that balance right will be critical to the MISP’s success.”

ICI looks forward to working with EU institutions and national authorities as the legislative process advances, to help ensure that the MISP delivers tangible improvements in market integration, competitiveness, and investor outcomes.