On Feb. 13, 2025, EU CMSN issued final Reg 2025/293 in the Official Journal of the EU.
Regulation shall enter into force on 20th day following publication in OJ, Mar. 5, 2025.
On Jul. 12, EBA issued draft RTS on complaints handling under MiCA.
EBA issued a consultation on draft regulatory technical standards (RTS) on complaints handling procedures for issuers of asset-referenced tokens (ARTs) and seeks views.
Draft RTS aim to ensure prompt, fair, consistent handling of complaints by holders of ARTs and other interested parties under Markets in Crypto-Assets Regulation (MiCA).
EBA mandated to develop, in close cooperation with EU ESMA, draft RTS on complaints handling procedures of issuers of ARTs, ESMA issued own consultation, see #179189.
RTS must specify requirements, templates and procedures for handling complaints received from holders of ARTs, other interested parties such as consumer associations.
Procedures to facilitate handling of complaints between holders and 3rd party entities.
Draft RTS
Set out definitions of complaints and complainants, requirements related to complaints management policy and function, and the provision of information to holders of ARTs.
Lay down templates and recording requirements, procedure to investigate complaints and communicate outcome to complainants, provisions for complaints re 3rd parties.
Proposals strongly informed by existing Joint Committee guidelines on complaints handling applying to bank, insurance, investment sectors since 2014, see #101948.
Where MiCA RTS mandate requires EBA to include additional requirements going beyond joint guidelines, have been informed by ESMA's approach to its guidelines.
Effectiveness
The closing date for stakeholder feedback on the proposed RTS is Oct. 12, 2023.
EBA will hold virtual hearing on proposals Sep. 21, 2023, registration is now open.
On Sep. 22, 2023, EU EBA issued presentation given at Sep. 21 virtual public hearing.
Event covered draft EBA RTS to specify requirements, templates and procedures for handling complaints under art 31 MiCA, included next steps and FAQ on these topics.
In Oct. 2023, EBA said BSG welcomed draft complaints handling RTS, see #188303.
Mar. 13, 2024 Final Draft Complaint Handling RTS
On Mar. 13, 2024, EU EBA issued final draft RTS on complaints handing for issuers of asset referenced tokens, following its public consultation from Jul. to Oct. 2023.
General support shown for proposed approach, considered as appropriately balanced.
However, some expressed preference for more uniform approach between EBA's RTS and equivalent ESMA RTS on complaints handling for crypto asset service providers.
Following responses EBA made a small number of targeted amendments to the draft RTS to provide greater clarity and to further align with the ESMA RTS as requested.
This includes changes on language requirements, requirement to provide complainant with a copy of the complaint where an electronic complaint form filed by complainant.
Addition of a new section in the template related to complainant/legal representative, and some provisions have also been added in relation to data protection.
The draft RTS will be submitted to EU CMSN for endorsement by Jun. 30, 2024, it will then be subject to scrutiny by EP and EU CNCL, and then issued in EU Official Journal.
RTS set out handling of complaints, requirements related to complaints management policy and function, and provision of information to holders of asset-referenced tokens.
The RTS continue with requirements on templates and recording of complaints and measures taken in response, the languages, the procedure to investigate complaints and to communicate the outcome of the investigations to complainants, and specific provisions for complaints handling involving third-party entities.
Regulation shall enter into force on 20th day following that of its publication in the OJ.
Feb. 2025 Official Journal
On Feb. 13, 2025, EU CMSN issued final Reg 2025/293 in the Official Journal of the EU.
Regulation shall enter into force on 20th day following publication in OJ, Mar. 5, 2025.
