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The European Banking Authority (EBA) today launched a consultation on draft Regulatory Technical Standards (RTS) specifying the criteria for determining the composition of supervisory colleges for each issuer of a significant asset referenced token (ART) or of a significant e-money token (EMT). The draft RTS also specify the general conditions for the functioning of supervisory colleges under MiCAR. This consultation together with other consultations papers published today form part of the third batch of MiCAR policy products. All consultations run until 8 February 2024.
The proposals set out in these draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the reserve of assets, trading platforms, payment service providers providing payment services in relation to the significant EMTs and crypto-assets service providers providing custody and administration of crypto-assets on behalf of clients; and (ii) the conditions under which it is considered that ARTs and EMTs are “used at large scale” in a Member State for the purpose of determining the composition of a supervisory college under MiCAR.
Also, the draft RTS specify the general conditions for the functioning of supervisory colleges under MiCAR, including aspects related to participation in the college meetings, the voting procedures for the adoption of a non-binding opinion by the college, and aspects related to the exchange of information and the entrustment of tasks among college members.