On Nov. 20, ESP CB announced compliance with EBA guidelines.
ESP CB announced compliance with EBA guidelines on minimum content of the governance arrangements for issuers of asset-referenced tokens (ARTs).
Follows EBA Sep. 2024 published translations of ARTs-related guidelines, see #188831.
Overview
Guidelines addressed to competent authorities as defined in art 3.1, point 35a) MiCA.
Specify minimum content of governance arrangements for ARTs issuers re monitoring tools for operational risk; business continuity plans to ensure preservation of data or timely recovery of such data, internal control mechanisms.
Also effective procedures for risk management and regular audits of issuers of asset-referenced tokens, other general aspects of the internal governance of those issuers.
Guidelines developed by the EBA in line with art 34.13 MiCA, where not established therein, pursuant to article 16 of Regulation 1093/2010.
EBA published English version on Jun. 6, 2024 (Spanish version released on Sep. 20).
ESP CB board, in role of competent authority for direct supervision of ARTs issuers adopted them as its own on Nov. 18, 2024.
If ART issuer is credit entity, it should comply with Title I, Title V S12, 12.1, 12.2 and 12.3, Title VI, Title VII of guidelines, in conjunction with requirements set out under CRD, EBA guidelines on internal governance (EBA/GL/2021/05) as adopted by ESP CB.
Effectiveness
The guidelines apply from Dec. 20, 2024, not to specialized lending institutions or ICO.
