The Decision was adopted on the basis of Articles 35 and 44 of the Regulation establishing the EBA and Articles 43, 44, 56, 57, 117, 119 of the Regulation on markets in crypto assets (MiCAR).
The EBA is responsible for carrying out assessments of ARTs and EMTs in order to identify if they meet the criteria for significance as set out in MiCAR. The EBA is also responsible for conducting direct supervision of issuers of s-ARTs, while s-EMTs (where issued by electronic money institutions) are subject to ‘dual supervision’ by the EBA and the respective home Member State competent authority (NCA).
In the Decision, the EBA details the following procedural aspects:
- It introduces a harmonised reporting calendar for NCAs and clarifies the respective reference periods and remittance dates.
- It clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of data relevant for the establishment of the supervisory colleges.
- It sets out the procedural arrangements and timeline to be followed for the consultation procedures with related parties when the EBA is to notify its draft and final decisions on significance assessment to the home NCA of the issuer, the issuer, the European Central Bank (ECB) and the national central bank, where relevant.
- It establishes the procedural steps and information required in this respect to support a smooth transition of supervisory competences between the EBA and NCAs for issuers of s-ARTs and issuers of s-EMTs.
- It provides for different templates to facilitate the implementation of the procedure, including a template for NCAs’ notification of voluntary classification requests from issuers of ARTs and EMTs and a template for the issuer, the competent authority of the issuer’s home Member State, the ECB and relevant central bank to provide observations and comments in writing to the EBA’s draft decision to classify or to no longer classify an ART or EMT as significant.