On 6 June 2024, the European Banking Authority (EBA) published the following governance regulatory products under the Markets in Crypto-Assets Regulation (MiCAR):

  • Final report on guidelines on the minimum content of the governance arrangements for issuers of asset-referenced tokens (ARTs) (EBA/GL/2024/06). The guidelines specify in accordance with Article 34(13) of MiCAR the minimum content of the governance arrangements for issuers of ARTs in particular regarding the monitoring tools for the risks; the business continuity plans; the internal control mechanism; and the audits, including the minimum documentation to be used in the audits. The guidelines apply from 3 months after the date of publication on the EBA’s website in all EU official languages.
  • Final report on draft RTS on governance arrangements for remuneration under MiCAR (EBA/RTS/2024/06). The draft RTS set out, per Article 45(7)(a) MiCAR, the main governance processes regarding the adoption and maintenance of the remuneration policy and the main policy’s elements that should be adopted by the issuer as part of the remuneration policy. The draft RTS will be submitted to the European Commission (Commission) for endorsement following which they will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the European Union (OJ).
  • Final report on draft RTS on conflicts of interest under MiCAR (EBA/RTS/2024/07). Article 32(1) of MiCAR requires issuers of ARTs to implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest. Article 32(5) of MiCAR requires the EBA to develop RTS specifying the requirements for those policies and procedures as well as the details and methodology for the content of the disclosure of the general nature and sources of conflicts of interest and the steps taken to mitigate them. The European Securities and Markets Authority is mandated to develop similar RTS for crypto-asset service providers under Article 72(5) of MiCAR. The draft RTS will be submitted to the Commission for endorsement following which they will be subject to scrutiny by the European Parliament and the Council before being published in the OJ.