On 22 February 2024, the European Commission (Commission) adopted the following Delegated Regulations under the EU Markets in Crypto-Assets Regulation (MiCAR):
- Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the European Banking Authority on issuers of significant asset-referenced tokens and issuers of significant e-money tokens. Where an asset referenced token (ART) is classified as significant under MiCAR the issuer of the ART is to be supervised by the European Banking Authority (EBA). Where e-money tokens (EMT) issued by an electronic money institution are classified as significant under MiCAR the EBA is to supervise the issuer of the EMT. This Delegated Regulation is to be adopted in accordance with Article 134(10) of MiCAR. Articles 134(10) of MiCAR empowers the Commission to adopt delegated acts to further specify the rules of procedures for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of the defence, temporal provisions, the collection of fines or periodic penalty payments and the limitation periods for the imposition and enforcement of fines and periodic penalty payments.
- Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the fees charged by the European Banking Authority to issuers of significant asset-referenced tokens and issuers of significant e-money tokens. Article 137(1) of MiCAR provides that the EBA is to charge fees to issuers of significant ARTs and EMTs. This Delegated Regulation is to be adopted in accordance with Article 137(3) of MiCAR. Article 137(3) MiCAR empowers the Commission to adopt a delegated act to further specify the types of fees, the matters for which fees are due, the amount of fees and the manner in which they are to be paid and the methodology to calculate the maximum amount per entity that the EBA can charge.
- Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying certain criteria for classifying asset-referenced tokens and e-money tokens as significant. Article 43(1) of MiCAR sets out the criteria for the classification of ARTs and EMTs as significant. This Delegated Regulation is to be adopted in accordance with Article 43(11) of MiCAR. Article 43(11) of MiCAR empowers the Commission to adopt a delegated act to further specify the criteria listed in Article 43(11) paragraph 1 of MiCAR. The other criteria set out in Article 43(1) are sufficiently clear and precise to be directly applicable. There is therefore no need at this stage to further specify them in the Delegated Regulation. The content and format of information provided by Member State competent authorities to the EBA and European Central Bank under Article 43(4) and Article 56(3) of MiCAR, which includes, if applicable, the information received under Article 22 of MiCAR, will be set out in a subsequent delegated act that is to be adopted after the reporting obligations under Article 22 have been specified by the technical standards and further experience has been gained.
- Commission Delegated Regulation (EU) supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying the criteria and factors to be taken into account by the European Securities Markets Authority, the European Banking Authority and competent authorities in relation to their intervention powers. Articles 103(2)(3), 104(2)(3) and 105(2) of MiCAR stipulate the conditions under which the European Securities and Markets Authority (ESMA), EBA and Member State competent authorities may take certain product intervention measures concerning crypto-assets, ARTs and EMTs. These conditions include a requirement that the proposed prohibition or restriction addresses either (i) a significant investor protection concern or (ii) a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of either the EU or at least one Member State. This Delegated Regulation is to be adopted in accordance with Articles 103(8), 104(8) and 105(7) of MiCAR. Articles 103(8), 104(8) and 105(7) of MiCAR empower the Commission to adopt delegated acts to specify the criteria and factors to be taken into account by ESMA, EBA and Member State competent authorities when determining whether this requirement has been met.
The Council of the EU and the European Parliament will scrutinise the Delegated Regulations.
If neither the Council of the EU nor the European Parliament objects, the Delegated Regulations will be published in the Official Journal of the European Union (OJ).
The Delegated Regulations enter into force on the twentieth day following their publication in the OJ.