On Mar. 25, ESMA issued final report on MiCA supervision standards.
ESMA issued final report on draft standards with requirements for cooperation, data exchange, notification between competent authorities, ESAs, 3rd countries under MiCA.
Contains two draft regulatory technical standards (RTS), two implementing technical standards (ITS) under Markets in Crypto-Assets Regulation (MiCA Reg 2023/1114).
Background
ESMA is empowered to develop technical standards specifying certain MiCA provisions.
Has drafted technical standards for mandates found in chapter 1 of title VII dealing with powers of competent authorities, cooperation between them, EBA and ESMA.
The technical standards detail how competent authorities, the European Supervisory Authorities (ESAs), 3rd country authorities should cooperate in duties under MiCA.
ESMA did not conduct an open public consultation on the draft technical standards as would have been disproportionate as their addressees are not market participants.
But received advice from ESMA Securities and Markets Stakeholder Group (SMSG).
Technical Standards
Report contains 2 draft RTS and 2 draft ITS relating to: the exchange of information between competent authorities; procedures, forms, templates for this exchange.
Procedures, forms and templates for exchange of information between competent authorities and ESMA/EBA; and template for cooperation with 3rd country authorities.
Next Steps
ESMA will submit final report, draft regulatory/implementing standards to EU CMSN.
Which has 3 months to decide whether to adopt them, may extend period by a month.
Regulatory technical standards also subject to non-objection by EP and EU CNCL.
Regulations enter into force on 20th day following publication in the Official Journal.
Sep. 25, 2024 Official Journal
On Sep. 25, 2024, EU CMSN issued final Reg 2024/2494 standard forms, templates and procedures for the cooperation between competent authorities and EBA and ESMA.
Regulation enters into force on 20th day following its OJ publication, Oct. 15, 2024.
Sep. 26, 2024 Third Country NCA Template
On Sep. 26, 2024, EU CMSN adopted final RTS establishing a template for cooperation arrangements between NCAs/supervisory authorities of third countries (C(2024)6649).
Regulation shall enter into force on the twentieth day following that of OJ publication.
