The EBA consults on draft technical standards on supervisory colleges under MiCAR

EBA has initiated a consultation on draft RTS on supervisory colleges (EBA/CP/2023/33) regarding the criteria for composing supervisory colleges under the MiCA.
The draft RTS propose specific criteria for determining the composition of supervisory colleges for issuers of significant ARTs or significant EMTs. It addresses conditions for the entities most relevant to custody, trading platforms, payment service providers, and CASPs. The document outlines conditions for considering ARTs and EMTs as „used at large scale“ in a Member State for the purpose of establishing supervisory colleges under MiCA.
Additionally, the draft RTS define general conditions for the functioning of supervisory colleges. This encompasses aspects such as participation in college meetings, voting procedures for adopting non-binding opinions, and the exchange of information among college members.
Article 119(1) of MiCA mandates EBA to establish consultative supervisory colleges for each issuer of a significant ART or EMT. The role of these colleges is to facilitate EBA’s supervisory tasks and promote cooperation and information exchange among members. The colleges may issue non-binding opinions on various matters related to significant ARTs or EMTs.
Interested stakeholders can contribute until 8 February 2024, and a public hearing is scheduled for 17 January 2024.
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MiCA, in effect since 29 June 2023, regulates crypto-asset issuance and services in the EU. The consultations aim to refine the regulatory framework, with the relevant provisions applicable from 30 June 2024. EBA emphasizes the importance of these standards in ensuring correct and complete reporting by issuers, with a focus on reconciling data received from CASPs and other sources.