Subsidiarity review of the EU capital markets directive, COM(2025) 942

The Bundestag issues an objection to an EU-Kommission proposal to reform financial markets, arguing that it breaches the subsidiarity principle. The proposal would give the European securities authority ESMA significantly more powers and shift supervision of trading venues, market infrastructures and crypto services from the member states to EU level. The staff expansion required for ESMA would cost around 612 Millionen Euro by 2034, of which about 560 Millionen is to be financed through fees paid by the affected companies. Existing national structures such as BaFin are described as sufficient; improved cooperation between national authorities is presented as preferable to centralisation.