Subsidiarity review of the EU capital markets regulation, COM(2025) 943

The EU-Kommission proposes strengthening European financial market supervision and further harmonising capital markets in the EU. This would give the EU authority ESMA more powers and expand it, which would cost around 612 Millionen Euro by 2034. The Bundestag is asked to decide that this proposal breaches the subsidiarity principle, the rule that the EU should act only when objectives cannot be achieved just as well by the member states themselves. The existing national supervisory authorities and the European supervisory system already in place are described as sufficient.