The EBA clarifies the procedure for the classification of asset referenced tokens and e-money tokens as significant and the transfer of supervisory powers between the EBA and[...]

The European Banking Authority (EBA) published today a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs (s-ARTs) and significant EMTs (s-EMTs).

The Markets in Crypto Assets Regulation (MiCAR) sets out a new supervisory regime for ART and EMT issuers, which includes significance assessments and reassessments of ARTs and EMTs by the EBA, transfer of supervisory responsibilities from national competent authorities to the EBA and the establishment of supervisory colleges for s-ARTs and s-EMTs.

In its Decision, the EBA details the following procedural aspects:

• it introduces a harmonised reporting calendar for national competent authorities and clarifies the respective reference periods and remittance dates.
• it clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of data relevant for the establishment of the supervisory colleges.
• it sets out the procedural arrangements and timeline to be followed for the consultation procedures with related parties when the EBA is to notify its draft and final decisions on significance assessment to the home NCA of the issuer, the issuer, the ECB and the national central bank, where relevant.
• it establishes the procedural steps and information required in this respect to support a smooth transition of supervisory competences between the EBA and national competent authorities for issuers of s-ARTs and issuers of s-EMTs.
• it provides for different templates to facilitate the implementation of the procedure, including a template for national competent authorities' notification of voluntary classification requests from issuers of ART and EMT and a template for the issuer, the competent authority of the issuer's home Member State, the ECB and relevant central bank to provide observations and comments in writing to the EBA's draft decision to classify or to no longer classify an ART or EMT as significant.

Legal basis and background

The EBA Decision EBA/DC/558 was adopted on the basis of Articles 35 and 44 of Regulation (EU) No 1093/2010 (EBA Regulation), and Articles 43, 44, 56, 57, 117, 119 of Regulation (EU) 2023/1114 (MiCAR).

The EBA is responsible for carrying out assessments of ARTs and EMTs in order to identify if they meet the criteria for significance as set out in MiCAR. When classifying an ART or EMT as 'significant', the EBA is responsible for carrying out relevant supervisory tasks under MiCAR, including establishing, managing and chairing supervisory colleges.

The EBA is responsible for conducting direct supervision of issuers of s-ARTs, while s-EMTs (where issued by electronic money institutions) are subject to 'dual supervision' by the EBA and the respective home NCA. The EBA will exercise its supervisory powers in close cooperation with any other competent authorities responsible for supervising the respective issuers (in cases where the issuer also carries out other financial services activities). As part of its supervisory activities, the EBA may request information from issuers, conduct investigations, carry out on-site inspections, take supervisory measures and impose fines. 

The EBA is continuously and actively engaging with national competent authorities to ensure it can carry out effectively its supervision mandate under MiCAR.