The European Banking Authority (EBA) printed a Resolution setting out the procedural elements associated to the importance evaluation of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the switch of supervisory duties, together with the institution of supervisory faculties for important ARTs (s-ARTs) and important EMTs (s-EMTs).
The Markets in Crypto Property Regulation (MiCAR) units out a brand new supervisory regime for ART and EMT issuers, which incorporates significance assessments and reassessments of ARTs and EMTs by the EBA, switch of supervisory duties from nationwide competent authorities to the EBA and the institution of supervisory faculties for s-ARTs and s-EMTs.
In its Resolution, the EBA particulars the next procedural elements:
- it introduces a harmonised reporting calendar for nationwide competent authorities and clarifies the respective reference durations and remittance dates.
- it clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of information related for the institution of the supervisory faculties.
- it units out the procedural preparations and timeline to be adopted for the session procedures with associated events when the EBA is to inform its draft and remaining selections on significance evaluation to the house NCA of the issuer, the issuer, the ECB and the nationwide central financial institution, the place related.
- it establishes the procedural steps and knowledge required on this respect to help a clean transition of supervisory competences between the EBA and nationwide competent authorities for issuers of s-ARTs and issuers of s-EMTs.
- it supplies for various templates to facilitate the implementation of the process, together with a template for nationwide competent authorities’ notification of voluntary classification requests from issuers of ART and EMT and a template for the issuer, the competent authority of the issuer’s house Member State, the ECB and related central financial institution to offer observations and feedback in writing to the EBA’s draft determination to categorise or to now not classify an ART or EMT as important.
Authorized foundation and background
The EBA Resolution EBA/DC/558 was adopted on the premise of Articles 35 and 44 of Regulation (EU) No 1093/2010 (EBA Regulation), and Articles 43, 44, 56, 57, 117, 119 of Regulation (EU) 2023/1114 (MiCAR).
The EBA is repeatedly and actively participating with nationwide competent authorities to make sure it could perform successfully its supervision mandate underneath MiCAR.
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