EBA and ESMA consult on two sets of joint guidelines under MiCA

Summary:

The European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) have published a consultation paper on two draft Joint Guidelines regarding the suitability assessment of members of the management body and shareholders with qualifying holdings in issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs). The guidelines aim to provide clarity and harmonization on the criteria to assess suitability, reducing the risk of arbitrage and promoting market integrity. The consultation runs until January 22, 2024, and comments can be submitted to the EBA. The draft guidelines cover the assessment of the management body's knowledge, skills, and experience, as well as their reputation, honesty, and integrity, and the assessment of shareholders' and members' suitability for qualifying holdings.