European Commission adopts RTS specifying the information in an application for authorisation to offer ARTs to the public or to seek their admission to trading

The European Commission has adopted a Delegated Regulation supplementing Regulation 2023/1114 (MiCAR) with regard to regulatory technical standards (RTS) specifying the information in an application for authorisation to offer asset-referenced tokens (ARTs) to the public or to seek their admission to trading. The RTS detail the list of information specified in Article 18(2) of MiCAR, to be provided in an application by legal persons or other undertakings (other than credit institutions) seeking to obtain authorisation. In particular they prescribe information requirements on: (i) the identification of the applicant issuer; (ii) the programme of operations, including the main features of the intended issuance; (iii) the internal governance arrangements and structural organisation, including information on third-party providers of critical and important functions, and internal control framework; (iv) the liquidity management, reserve of assets and redemptions rights, including a description of the stabilisation mechanism for the asset-referenced token for which the authorisation is sought; (v) suitability of the members of the management body; and (vi) the sufficiently good repute of members of the management body, shareholders or members with direct or indirect qualifying holdings. The delegated regulation is now subject to scrutiny by the Council and the European Parliament.  If neither objects within three months, it will be published in the Official Journal of the European Union, entering into force twenty days after.

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