ESMA guidelines on suitability requirements and format of the periodic statement for portfolio management activities under MiCAR

Official translations of the guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the EU Markets in Crypto Assets Regulation (MiCAR) have been published on the European Securities and Market Authority's (ESMA's) website. These guidelines apply to competent authorities and cryptoasset service providers (CASPs) where they provide advice on cryptoassets or portfolio management of cryptoassets. They specify the suitability requirements under Article 81(1), (7), (8), (10), (11) and (12) of MiCAR and the requirements applicable to the format of the periodic statement to be provided by CASPs in accordance with Article 81(14) of MiCAR. The guidelines apply from 25 May. Competent authorities must notify ESMA by 25 May whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines, with their reasons for not complying. Financial market participants are not required to report whether they comply with these guidelines.

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