Markets in Crypto-Assets Regulation

32023R1114 → 02023R1114-20240109

Article 45 Specific additional obligations for issuers of significant asset-referenced tokens 1. Issuers of significant asset-referenced tokens shall adopt, implement and maintain a remuneration policy that promotes the sound and effective risk management of such issuers and that does not create incentives to relax risk standards. 2. Issuers of significant asset-referenced tokens shall ensure that such tokens can be held in custody by different crypto-asset service providers authorised for providing custody and administration of crypto-assets on behalf of clients, including by crypto-asset service providers that do not belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU, on a fair, reasonable and non-discriminatory basis. 3. Issuers of significant asset-referenced tokens shall assess and monitor the liquidity needs to meet requests for redemption of asset-referenced tokens by their holders. For that purpose, issuers of significant asset-referenced tokens shall establish, maintain and implement a liquidity management policy and procedures. That policy and those procedures shall ensure that the reserve assets have a resilient liquidity profile that enables issuers of significant asset-referenced tokens to continue operating normally, including under scenarios of liquidity stress. 4. Issuers of significant asset-referenced tokens shall, on a regular basis, conduct liquidity stress testing. Depending on the outcome of such tests, EBA may decide to strengthen the liquidity requirements referred to in paragraph 7, first subparagraph, point (b), of this Article and in Article 36(6). 36(4). Where issuers of significant asset-referenced tokens offer two or more asset-referenced tokens or provide crypto-asset services, those stress tests shall cover all of those activities in a comprehensive and holistic manner. 5. The percentage referred to in Article 35(1), first subparagraph, point (b), shall be set at 3 % of the average amount of the reserve assets for issuers of significant asset-referenced tokens. 6. Where several issuers offer the same significant asset-referenced token, paragraphs 1 to 5 shall apply to each issuer. Where an issuer offers two or more asset-referenced tokens in the Union and at least one of those asset-referenced tokens is classified as significant, paragraphs 1 to 5 shall apply to that issuer. 7. EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying: (a) the minimum content of the governance arrangements on the remuneration policy referred to in paragraph 1; (b) the minimum contents of the liquidity management policy and procedures as set out in paragraph 3, and liquidity requirements, including by specifying the minimum amount of deposits in each official currency referenced, which cannot be lower than 60 % of the amount referenced in each official currency; (c) the procedure and timeframe for an issuer of a significant asset-referenced token to adjust the amount of its own funds as required by paragraph 5. In the case of credit institutions, EBA shall calibrate the technical standards taking into consideration any possible interactions between the regulatory requirements established by this Regulation and the regulatory requirements established by other Union legislative acts. EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 8. EBA, in close cooperation with ESMA and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests referred to in paragraph 4 of this Article. Those guidelines shall be updated periodically taking into account the latest market developments.

32023R1114 → 02023R1114-20240109

Article 81 Providing advice on crypto-assets and providing portfolio management of crypto-assets 1. Crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall assess whether the crypto-asset services or crypto-assets are suitable for their clients or prospective clients, … 1,240 unchanged words … least once during the relevant quarter. Such online system shall be deemed an electronic format. 15. ESMA shall, by 30 December 2024, issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying: (a) the criteria for the assessment of client’s knowledge and competence in accordance with paragraph 2; 7; (b) the information referred to in paragraph 8; and (c) the format of the periodic statement referred to in paragraph 14.

32023R1114 → 02023R1114-20240109

Article 92 Prevention and detection of market abuse 1. Any person professionally arranging or executing transactions in crypto-assets shall have in place effective arrangements, systems and procedures to prevent and detect market abuse. That person shall be subject to the rules of notification of the Member State where it is registered or has its head office or, in the case of a branch, the Member State where the branch is situated, and shall without delay report to the competent authority of that Member State any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects of the functioning of the distributed ledger technology such as the consensus mechanism, where there might exist circumstances indicating that market abuse has been committed, is being committed or is likely to be committed. The competent authorities receiving a report of suspicious orders or transactions shall transmit such information immediately to the competent authorities of the trading platforms concerned. 2. ESMA shall develop draft regulatory technical standards to further specify: (a) appropriate arrangements, systems and procedures for persons to comply with paragraph 1; (b) the template to be used by persons to comply with paragraph 1; (c) for cross-border market abuse situations, coordination procedures between the relevant competent authorities for the detection and sanctioning of market abuse. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 December 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 3. In order to ensure consistency of supervisory practices under this Article, ESMA shall by 30 June 2025 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervisory practices among the competent authorities to prevent and detect market abuse, if not already covered by the regulatory technical standards referred to in paragraph 2.

inserted text (02023R1114-20240109)

Article 110a
Accessibility of information on the European single access point
1. From 10 January 2030, when making public any information referred to in Article 88(1) of this Regulation, the issuer, offeror or person seeking admission to trading shall submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for the purpose of making it accessible on the European single access point (ESAP) established under Regulation (EU) 2023/2859 of the European Parliament and of the CouncilRegulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj)..
That information shall comply with the following requirements:
(a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 or, where required by Union law, in a machine-readable format, as defined in Article 2, point (4), of that Regulation;
(b) be accompanied by the following metadata:
(i) all the names of the issuer, offeror or person seeking admission to trading to which the information relates;
(ii) for legal persons, the legal entity identifier of the issuer, offeror or person seeking admission to trading, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;
(iii) for legal persons, the size, by category, of the issuer, offeror or person seeking admission to trading, as specified pursuant to Article 7(4), point (d), of that Regulation;
(iv) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;
(v) an indication of whether the information contains personal data.
2. For the purposes of paragraph 1, point (b)(ii), the issuer, offeror or person seeking admission to trading shall obtain a legal entity identifier.
3. By 9 January 2030, for the purpose of making the information referred to in paragraph 1 of this Article accessible on ESAP, Member States shall designate at least one collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 and notify ESMA thereof.
4. From 10 January 2030, the information referred to in Articles 109 and 110 of this Regulation shall be made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be ESMA.
That information shall comply with the following requirements:
(a) be submitted in a machine-readable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859;
(b) be accompanied by the following metadata:
(i) all the names of the issuer of asset-referenced tokens, issuer of e-money tokens and crypto-asset service provider to which the information relates;
(ii) where available, the legal entity identifier of the issuer of asset-referenced tokens, issuer of e-money tokens and crypto-asset service provider, as specified pursuant to Article 7(4), point (b), of that Regulation;
(iii) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;
(iv) an indication of whether the information contains personal data.
5. For the purpose of ensuring the efficient collection and management of information submitted in accordance with paragraph 1, ESMA shall develop draft implementing technical standards to specify:
(a) any other metadata to accompany the information;
(b) the structuring of data in the information;
(c) for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.
For the purposes of point (c), ESMA shall assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests.
ESMA shall submit those draft implementing technical standards to the Commission.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
6. Where necessary, ESMA shall adopt guidelines for entities to ensure that the metadata submitted in accordance with paragraph 5, first subparagraph, point (a), are correct.

32023R1114 → 02023R1114-20240109

Article 111 Administrative penalties and other administrative measures 1. Without prejudice to any criminal penalties and without prejudice to the supervisory and investigative powers of competent authorities listed in Article 94, Member States shall, in accordance with national law, provide for competent authorities to have the power to take appropriate administrative penalties and other administrative measures in relation to at least the following infringements: (a) infringements of Articles 4 to 14; (b) infringements of Articles 16, 17, 19, 22, 23, 25, Articles 27 to 41, Articles 46 and 47; (c) infringements of Articles 48 to 51, Articles 53, 54 and 55; (d) infringements of Articles 59, 60, 64 and Articles 65 to 83; (e) infringements of Articles 88 to 92; (f) failure to cooperate or to comply with an investigation, with an inspection or with a request as referred to in Article 94(3). Member States may decide not to lay down rules for administrative penalties where the infringements referred to in the first subparagraph, point (a), (b), (c), (d) or (e), are already subject to criminal penalties in their national law by 30 June 2024. Where they so decide, Member States shall notify to the Commission, ESMA and to EBA, in detail, the relevant parts of their criminal law. By 30 June 2024, 2025, Member States shall notify to the Commission, EBA and ESMA, in detail, the rules referred to in the first and second subparagraphs. They shall also notify the Commission, ESMA and EBA without delay of any subsequent amendment thereto. 2. Member States … 1,034 unchanged words … authorities have powers in addition to those referred to in paragraphs 2 to 5 and may provide for higher levels of penalties than those established in those paragraphs, in respect of both natural and legal persons responsible for the infringement.