On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on supervisory colleges under Article 119(8) of the Markets in Crypto-assets Regulation (MiCA).

The proposals set out in the draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the reserve of assets, trading platforms, payment service providers providing payment services in relation to the significant e-money tokens (EMTs) and crypto-assets service providers providing custody and administration of crypto-assets on behalf of clients; and (ii) the conditions under which it is considered that asset-referenced tokens and EMTs are “used at large scale” in a Member State for the purpose of determining the composition of a supervisory college under MiCA.

Also, the draft RTS specify the general conditions for the functioning of supervisory colleges under MiCA, including aspects related to participation in the college meetings, the voting procedures for the adoption of a non-binding opinion by the college, and aspects related to the exchange of information and the entrustment of tasks among college members.

The deadline for feedback to the consultation is 8 February 2024.