The EBA responds to the European Commission’s partial rejection of its technical standards on authorisation for issuers of asset-referenced tokens
The European Banking Authority (EBA) today issued an Opinion in response to the European Commission’s proposed changes to its draft Regulatory Technical Standards (RTS) on the information to be provided to competent authorities when authorising the offer to the public of asset-referenced tokens or the admission to trade them under the Markets in Crypto-Assets Regulation (MiCAR).
In this Opinion, the EBA accepts the changes proposed by the European Commission, in particular those considered as substantive. At the same time the EBA invites the European Commission to consider amending the Level 1 text at the next available opportunity, to include those elements that were set out in the draft RTS submitted to the Commission, given their importance from a supervisory perspective. Namely, the requirements of a market policy abuse, of an independent third-party audit about the issuer's proprietary DLT that is operated by the issuer or by a third-party operator, and of a comprehensive notion of good repute aligned with the rest of the financial sector.
Legal basis and background
This Opinion is based on Article 10(1), para. 5 of Regulation (EU) No 1093/2010, which requires the EBA to submit its response in the form of an opinion to amendments to draft regulatory technical standards (RTS) proposed by the EC.
The draft RTS on information for application for authorisation to offer to the public and to seek admission to trading of ARTs specify the information requirements for authorisation to offer to the public or seek admission to trading of asset-referenced tokens under MiCAR. They aim to regulate access to the EU market of ARTs by applicant issuers.
On 6 May 2024, the EBA submitted its final draft RTS to the European Commission and on 13 January 2025, the latter sent a letter to the EBA about its intention to endorse the RTS with amendments and subsequently submitted a modified version of the RTS with the envisaged changes.
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