ESMA and EBA publish joint guidelines consultation paper
23 October 2023 Europe
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The European Banking Authority (EBA) and the European Â鶹´«Ã½ and Markets Authority (ESMA) have released a on two draft joint guidelines under the Markets in Crypto-Assets (MiCA) regulation.
Considering issuers of asset referenced tokens (ARTs) and crypto-asset service providers (CASPs), the guidelines outline suitability assessment criteria both for members of the issuer’s management body and shareholders and members, whether qualifying holdings are direct or indirect.
These assessments will ensure that members have the appropriate knowledge, skills and experience for their roles, along with sufficient time to perform their duties. They will also verify the reputation, honesty and integrity of potential members.
By providing clarity and harmonisation on assessment criteria, the risk of arbitrage in rule application will be reduced, ESMA says. It adds that the initiative will also help to foster and protect integrity and trust in crypto-asset markets and related services.
Comments on the consultation are being accepted until 22 January 2024.
Considering issuers of asset referenced tokens (ARTs) and crypto-asset service providers (CASPs), the guidelines outline suitability assessment criteria both for members of the issuer’s management body and shareholders and members, whether qualifying holdings are direct or indirect.
These assessments will ensure that members have the appropriate knowledge, skills and experience for their roles, along with sufficient time to perform their duties. They will also verify the reputation, honesty and integrity of potential members.
By providing clarity and harmonisation on assessment criteria, the risk of arbitrage in rule application will be reduced, ESMA says. It adds that the initiative will also help to foster and protect integrity and trust in crypto-asset markets and related services.
Comments on the consultation are being accepted until 22 January 2024.
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