Shaping the future of MiCAR: New consultation package from the EBA and ESMA
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On 20 October 2023, the European Banking Authority (EBA) launched five new public consultations with respect to draft Guidelines and draft Regulatory Technical Standards (RTS) under the Regulation on Markets in Crypto-assets (MiCAR)1.
Although the draft Guidelines and RTS are relevant for crypto-asset service providers (CASPs), issuers of asset-referenced tokens (ARTs) and competent authorities, all interested stakeholders are invited to submit their comments by 22 January 2024.
Draft Guidelines on the minimum content of the governance arrangements for issuers of ARTs
These Guidelines clarify certain governance provisions applicable to issuers of ARTs under MiCAR, including with respect to the tasks and responsibilities of the management body, as well as the internal control arrangements and risk management framework of issuers of ARTs.
Read the full consultation here.
Draft joint Guidelines on the assessment of the suitability of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of ARTs and in CASPs
These Guidelines, drafted jointly with ESMA, provide competent authorities a common methodology to assess the suitability of the shareholders and members with direct or indirect qualifying holdings for the purpose of granting authorisation as an issuer of ARTs or as a CASP, or of conducting the prudential assessment of proposed acquisitions in authorised issuers of ARTs or CASPs.
Read the full consultation here.
Draft joint Guidelines on the assessment of the suitability of the members of the management body of issuers of ARTs and of CASPs
These Guidelines, drafted jointly with ESMA and addressed both to competent authorities and issuers of ARTs and CASPs, provide common criteria to assess the individual and collective suitability of members of the management body of (applicant) issuers of ARTs or of (applicant) CASPs.
Read the full consultation here.
Draft RTS on the minimum content of the governance arrangements on the remuneration policy under Article 45 of MiCAR
These RTS specify the main governance processes for the adoption, implementation and maintenance of the remuneration policy and the main items that should considered in the remuneration policy.
Read the full consultation here.
Draft RTS on the approval process for white papers for ARTs issued by credit institutions under Article 17(8) of MiCAR
These RTS set out the steps and time limits for the approval by the competent authorities of a crypto-asset white paper for ARTs issued by a credit institution.
Read the full consultation here.
Footnote
1Two sets of Guidelines have been drafted jointly with the European Securities and Markets Authority (ESMA).
