On Mar. 26, 2025, EU ESMA published the translations in all European Union languages of itsGuidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under MiCA.
National competent authorities must notify ESMA whether they comply; do not comply, but intend to; or do not intend to comply, within 2 months of issue of the translations.
Guidelines will apply 60 calendar days from issue of translations, i.e. May 25, 2025.
EU ESMA issued the package of final reports containing technical standards/guidelines ahead of full entry into application of Markets in crypto assets regulation (MiCA).
Extensive regulatory work has been delivered over past 18 months, comprising more than 30 technical standards and guidelines, many developed in cooperation with EBA.
Follows ESMA Mar. 2024 issued 3rd consultation on MiCA guidelines, see #206120.
Final Reports Package
The package contains regulatory technical standards on market abuse that specify systems and procedures to prevent and detect market abuse in crypto-assets.
Guidelines on reverse solicitation that confirm ESMA’s previous message that the reverse solicitation exemption should be understood as very narrowly framed and regarded as exception and not be used to circumvent MiCA requirements.
Guidelines on suitability that specify how crypto-asset service providers (CASPs) providing advice on crypto-assets or portfolio management of crypto-assets have to give recommendations to clients or make suitable investment decisions on their behalf.
Guidelines on crypto-asset transfer services that aim at ensuring investor protection for clients transferring crypto-assets/procedures that CASPs should have in place.
Guidelines on qualification of crypto-assets as financial instruments who provide conditions and criteria for the qualification of crypto-assets as financial instruments.
Guidelines on maintenance of systems and security access protocols that apply to offerors/persons seeking admission to trading who are not subject to same operational resilience standards under MiCA and DORA as CASP and issuer counterparts.
Next Steps
Priority for ESMA will be to continue the collaboration with national competent authorities during the transitional period and to ensure MiCA’s provisions are fully implemented and evolve in line with the changing landscape of crypto-asset market.
Guidelines will be translated into official EU languages and published on ESMA website.
They will apply from three months after the publication of the translations.
Final reports with draft RTS have been submitted to the EU CMSN for adoption.
On Feb. 26, 2025, EU ESMA issued translations of its Guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under the Markets in Crypto Assets Regulation (MiCA) on investor protection.
Both will apply 60 calendar days from issue of the translations, i.e. Apr. 26, 2025.
Competent authorities must notify ESMA whether they comply by that same date.
Mar. 19, 2025 Qualification of Crypto-Assets as Financial Instruments
On Mar. 19, 2025, EU ESMA published the translations of the Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments.
Guidelines will apply 60 calendar days from issue of translations, i.e. May 18, 2025.
Mar. 26, 2025 Suitability Requirements Guidelines
On Mar. 26, 2025, EU ESMA published the translations in all European Union languages of itsGuidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under MiCA.
National competent authorities must notify ESMA whether they comply; do not comply, but intend to; or do not intend to comply, within 2 months of issue of the translations.
Guidelines will apply 60 calendar days from issue of translations, i.e. May 25, 2025.
Regulators
EU ESMA
Entity Types
B/D; Depo; Exch; IA; Inv Co
Reference
Trsl ESMA35-1872330276-2031, 3/26/2025; Trsl ESMA75453128700-1323, 3/19/2025; Trsl Gd ESMA35-1872330276-2030, Trsl Gd ESMA35-1872330276-2032, 2/26/2025; Rp ESMA71-545613100-2676, Rp ESMA35-1872330276-1899, Rp ESMA35-1872330276-1936, Rp ESMA75-223375936-6089, Rp ESMA75-453128700-1278, Rp ESMA75453128700-1323, Rp ESMA71-545613100-2676, PR, 12/17/2024; MiCA Reg 2023/1114;
