Proposal for a Directive amending • Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Direc...

CALL FOR EVIDENCE FOR AN IMPACT ASSESSMENT Ref. Ares(2025)3754802 - 08/05/2025 This document aims to inform the public and stakeholders on the Commission’s future legislative work so they can provide feedback on the Commission’s understanding of the problem and possible solutions, and give us any relevant information that they may have, including on possible impacts of the different options. TITLE OF THE INITIATIVE Savings and Investments Union Fostering integration, scale and efficient supervision in the single market LEAD DG (RESPONSIBLE UNIT) The Directorate‑General for Financial Stability, Financial Services and Capital Markets Union, Unit B1 Capital Market Union; Unit A1 - Policy definition and coordination LIKELY TYPE OF INITIATIVE Legislative initiative INDICATIVE TIMETABLE Q4 2025 ADDITIONAL INFORMATION -A. Political context, problem definition and subsidiarity check Political context The need to further integrate European capital markets and assess ways to improve supervision in the EU, deepen capital markets and create a ‘Savings and Investments Union’, has been highlighted in a number of key political statements. Of particular note in this respect are the Eurogroup statement of 11 March 2024, the European Council conclusions of 18 April 2024, the European Council conclusions of 20 March 2025 and the reports by Enrico Letta and Mario Draghi. Creating a Savings and Investments Union (SIU) is also one of the tasks of Commissioner Albuquerque,...