EBA opinion on EC's partial rejection of RTS on information required in application for authorisation of ARTs

The European Banking Authority (EBA) has published an opinion (dated 25 February) on the European Commission's (EC's) amendments relating to the final draft regulatory technical standards (RTS) on the information to be included in the application for authorisation to offer the public and to seek admission to trading of asset-reference tokens (ARTs) under Article 18(6) of the Markets in Crypto-Assets Regulation (MiCAR). The EBA has endorsed the substantive amendments to the draft RTS submitted by the EC and has accepted the remaining changes on other parts that are not considered substantive.

The EBA also published a letter to the EC setting out its intention to accept the changes but inviting the EC to consider amending the Level 1 text at the next available opportunity, to include certain elements that were set out in the draft RTS, given their importance from a supervisory perspective. In particular, the EBA suggest that the EC amend MiCAR to address the requirements of (i) a market abuse policy; (ii) an independent third-party audit about the issuer's proprietary DLT that is operated by the issuer or by a third-party operator; and (iii) a notion of good repute aligned with the rest of the financial sector.

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