Regolamento art MICAR sulle crypto testo multilingue 2023/1114 EN

1.   A crypto-asset white paper shall contain all of the following information, as further specified in Annex I:

In cases where the crypto-asset white paper is not drawn up by the persons referred to in the first subparagraph, points (a), (b) and (c), the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.

2.   All of the information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.

3.   The crypto-asset white paper shall contain the following clear and prominent statement on the first page:

Where the crypto-asset white paper is drawn up by the person seeking admission to trading or by an operator of a trading platform, then, instead of ‘ offeror’, a reference to ‘person seeking admission to trading’ or ‘operator of the trading platform’ shall be included in the statement referred to in the first subparagraph.

4.   The crypto-asset white paper shall not contain any assertions as regards the future value of the crypto-asset, other than the statement referred to in paragraph 5.

5.   The crypto-asset white paper shall contain a clear and unambiguous statement that:

6.   The crypto-asset white paper shall contain a statement from the management_body of the offeror, the person seeking admission to trading or the operator of the trading platform. That statement, which shall be inserted after the statement referred to in paragraph 3, shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management_body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

7.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 6, which shall in brief and non-technical language provide key information about the offer_to_the_public of the crypto-asset or the intended admission to trading. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the crypto-asset concerned in order to help prospective holders of the crypto-asset to make an informed decision.

The summary shall contain a warning that:

8.   The crypto-asset white paper shall contain the date of its notification and a table of contents.

9.   The crypto-asset white paper shall be drawn up in an official language of the home_Member_State, or in a language customary in the sphere of international finance.

Where the crypto-asset is also offered in a Member State other than the home_Member_State, the crypto-asset white paper shall also be drawn up in an official language of the host_Member_State, or in a language customary in the sphere of international finance.

10.   The crypto-asset white paper shall be made available in a machine-readable format.

11.   esma, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 10.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

12.   esma, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of the information referred to in paragraph 1, first subparagraph, point (j), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.

When developing the draft regulatory technical standards referred to in the first subparagraph, esma shall consider the various types of consensus_mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. esma shall update those regulatory technical standards in the light of regulatory and technological developments.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Offerors, persons seeking admission to trading, or operators of trading platforms for crypto-assets other than asset-referenced_tokens or e-money tokens shall notify their crypto-asset white paper to the competent_authority of their home_Member_State.

2.   Marketing communications shall, upon request, be notified to the competent_authority of the home_Member_State and to the competent_authority of the host_Member_State, when addressing prospective holders of crypto-assets other than asset-referenced_tokens or e-money tokens in those Member States.

3.   Competent authorities shall not require prior approval of crypto-asset white papers, nor of any marketing communications relating thereto, before their respective publication.

4.   The notification of the crypto-asset white paper referred to in paragraph 1 shall be accompanied by an explanation of why the crypto-asset described in the crypto-asset white paper should not be considered to be:

5.   The elements referred in paragraphs 1 and 4 shall be notified to the competent_authority of the home_Member_State at least 20 working days before the date of publication of the crypto-asset white paper.

6.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall, together with the notification referred to in paragraph 1, provide the competent_authority of their home_Member_State with a list of the host_Member_States, if any, where they intend to offer their crypto-assets to the public or intend to seek admission to trading. They shall also inform the competent_authority of their home_Member_State of the starting date of the intended offer_to_the_public or intended admission to trading and of any change to that date.

The competent_authority of the home_Member_State shall notify the single point of contact of the host_Member_States of the intended offer_to_the_public or the intended admission to trading and communicate to that single point of contact the corresponding crypto-asset white paper within five working days of receipt of the list of host_Member_States referred to in the first subparagraph.

7.   The competent_authority of the home_Member_State shall communicate to esma the information referred to in paragraphs 1, 2 and 4 as well as the starting date of the intended offer_to_the_public or intended admission to trading and of any change to that date. It shall communicate such information within five working days of receipt thereof from the offeror or the person seeking admission to trading.

esma shall make the crypto-asset white paper available in the register, under Article 109(2), by the starting date of the offer_to_the_public or admission to trading.

1.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced_tokens or e-money tokens shall modify their published crypto-asset white papers and, where applicable, their published marketing communications, whenever there is a significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the crypto-assets. That requirement shall apply for the duration of the offer_to_the_public or for as long as the crypto-asset is admitted to trading.

2.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced_tokens or e-money tokens shall notify their modified crypto-asset white papers and, where applicable, modified marketing communications, and the intended publication date, to the competent_authority of their home_Member_State, including the reasons for such modification, at least seven working days before their publication.

3.   On the date of publication, or earlier if required by the competent_authority, the offeror, the person seeking admission to trading or the operator of the trading platform shall immediately inform the public on its website of the notification of a modified crypto-asset white paper with the competent_authority of its home_Member_State and shall provide a summary of the reasons for which it has notified a modified crypto-asset white paper.

4.   The order of the information in a modified crypto-asset white paper and, where applicable, in modified marketing communications, shall be consistent with that of the crypto-asset white paper or marketing communications published in accordance with Article 9.

5.   Within five working days of receipt of the modified crypto-asset white paper and, where applicable, of the modified marketing communications, the competent_authority of the home_Member_State shall notify the modified crypto-asset white paper and, where applicable, the modified marketing communications to the competent_authority of the host_Member_States referred to in Article 8(6) and communicate the notification and the date of publication to esma.

esma shall make the modified crypto-asset white paper available in the register, under Article 109(2), upon publication.

6.   Offerors, persons seeking admission to trading or operators of trading platforms for crypto-assets other than asset-referenced_tokens or e-money tokens shall publish the modified crypto-asset white paper and, where applicable, the modified marketing communications, including the reasons for such modification, on their website in accordance with Article 9.

7.   The modified crypto-asset white paper and, where applicable, the modified marketing communications, shall be time-stamped. The most recent modified crypto-asset white paper and, where applicable, the modified marketing communications shall be marked as the applicable version. All modified crypto-asset white papers and, where applicable, modified marketing communications shall remain available for as long as the crypto-assets are held by the public.

8.   Where the offer_to_the_public concerns a utility_token providing access to goods and services that do not yet exist or are not yet in operation, changes made in the modified crypto-asset white paper and, where applicable, the modified marketing communications, shall not extend the time limit of 12 months referred to in Article 4(6).

9.   Older versions of the crypto-asset white paper and the marketing communications shall remain publicly available on the website of the offerors, persons seeking admission to trading, or operators of trading platforms, for at least 10 years after the date of publication of those older versions, with a prominent warning stating that they are no longer valid and with a hyperlink to the dedicated section on the website where the most recent version of those documents is published.

1.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall:

For the purposes of point (d) of the first subparagraph, esma, in cooperation with EBA, shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify those Union standards.

2.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced_tokens or e-money tokens shall act in the best interests of the holders of such crypto-assets and shall treat them equally, unless any preferential treatment of specific holders and the reasons for that preferential treatment are disclosed in the crypto-asset white paper and, where applicable, the marketing communications.

3.   Where an offer_to_the_public of a crypto-asset other than an asset-referenced_token or e-money token is cancelled, offerors of such crypto-asset shall ensure that any funds collected from holders or prospective holders are duly returned to them no later than 25 calendar days after the date of cancellation.

1.   An asset-referenced_token issued by a credit_institution may be offered to the public or admitted to trading if the credit_institution:

2.   A credit_institution that has previously notified the competent_authority in accordance with paragraph 1, point (b), when issuing another asset-referenced_token shall not be required to submit any information that was previously submitted by it to the competent_authority where such information would be identical. When submitting the information listed in paragraph 1, point (b), the credit_institution shall expressly confirm that any information not resubmitted is still up-to-date.

3.   The competent_authority receiving a notification referred to in paragraph 1, point (b), shall, within 20 working days of receipt of the information listed therein, assess whether the information required under that point has been provided. Where the competent_authority concludes that a notification is not complete because information is missing, it shall immediately inform the notifying credit_institution thereof and set a deadline by which that credit_institution is required to provide the missing information.

The deadline for providing any missing information shall not exceed 20 working days from the date of the request. Until the expiry of that deadline, the period set by paragraph 1, point (b), shall be suspended. Any further requests by the competent_authority for completion or clarification of the information shall be at its discretion but shall not result in a suspension of the period set by paragraph 1, point (b).

The credit_institution shall not make an offer_to_the_public or seek the admission to trading of the asset-referenced_token as long as the notification is incomplete.

4.   A credit_institution that issues asset-referenced_tokens, including significant asset-referenced_tokens, shall not be subject to Articles 16, 18, 20, 21, 24, 35, 41 and 42.

5.   The competent_authority shall communicate to the ECB without delay the complete information received under paragraph 1 and, where the credit_institution is established in a Member State whose official_currency is not the euro or where an official_currency of a Member State that is not the euro is referenced by the asset-referenced_token, also to the central bank of that Member State.

The ECB and, where applicable, the central bank of the Member State as referred to in the first subparagraph shall, within 20 working days of receipt of the complete information, issue an opinion on that information and transmit that opinion to the competent_authority.

The competent_authority shall require the credit_institution not to offer_to_the_public or seek the admission to trading of the asset-referenced_token in cases where the ECB or, where applicable, the central bank of the Member State as referred to in first subparagraph, gives a negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.

6.   The competent_authority shall communicate to esma the information specified in Article 109(3) after verifying the completeness of the information received under paragraph 1 of this Article.

esma shall make such information available in the register, under Article 109(3), by the starting date of the offer_to_the_public or admission to trading.

7.   The relevant competent_authority shall, within two working days of withdrawing authorisation, communicate to esma the withdrawal of authorisation of a credit_institution that issues asset-referenced_tokens. esma shall make the information on such withdrawal available in the register, under Article 109(3), without undue delay.

8.   EBA, in close cooperation with esma and the ECB, shall develop draft regulatory technical standards to further specify the procedure for the approval of a crypto-asset white paper referred to in paragraph 1, point (a).

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

1.   Legal persons or other undertakings that intend to offer_to_the_public or seek the admission to trading of asset-referenced_tokens shall submit their application for an authorisation referred to in Article 16 to the competent_authority of their home_Member_State.

2.   The application referred to in paragraph 1 shall contain all of the following information:

3.   Issuers that have already been authorised in respect of one asset-referenced_token shall not be required to submit, for the purposes of authorisation in respect of another asset-referenced_token, any information that was previously submitted by them to the competent_authority where such information would be identical. When submitting the information listed in paragraph 2, the issuer shall expressly confirm that any information not resubmitted is still up-to-date.

4.   The competent_authority shall promptly, and in any event within two working days of receipt of an application pursuant to paragraph 1, acknowledge receipt thereof in writing to the applicant issuer.

5.   For the purposes of paragraph 2, points (i) and (j), the applicant issuer of the asset-referenced_token shall provide proof of all of the following:

6.   EBA, in close cooperation with esma and the ECB, shall develop draft regulatory technical standards to further specify the information referred to in paragraph 2.

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

7.   EBA, in close cooperation with esma, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the information to be included in the application in order to ensure uniformity across the Union.

EBA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

1.   A crypto-asset white paper for an asset-referenced_token shall contain all of the following information, as further specified in Annex II:

The crypto-asset white paper shall also include the identity of the person other than the issuer that offers to the public or seeks admission to trading pursuant to Article 16(1), second subparagraph, and the reason why that particular person offers that asset-referenced_token or seeks its admission to trading. In cases where the crypto-asset white paper is not drawn up by the issuer, the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.

2.   All information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.

3.   The crypto-asset white paper shall not contain any assertions as regards the future value of the crypto-assets, other than the statement referred to in paragraph 4.

4.   The crypto-asset white paper shall contain a clear and unambiguous statement that:

5.   The crypto-asset white paper shall contain a statement from the management_body of the issuer of the asset-referenced_token. That statement shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management_body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

6.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 5, which shall in brief and non-technical language provide key information about the offer_to_the_public of the asset-referenced_token or the intended admission to trading of the asset-referenced_token. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the asset-referenced_token concerned in order to help prospective holders of that asset-referenced_token to make an informed decision.

The summary shall contain a warning that:

The summary shall state that the holders of asset-referenced_tokens have a right of redemption at any time, and the conditions for such redemption.

7.   The crypto-asset white paper shall contain the date of its notification and a table of contents.

8.   The crypto-asset white paper shall be drawn up in an official language of the home_Member_State, or in a language customary in the sphere of international finance.

Where the asset-referenced_token is also offered in a Member State other than the issuer’s home_Member_State, the crypto-asset white paper shall also be drawn up in an official language of the host_Member_State, or in a language customary in the sphere of international finance.

9.   The crypto-asset white paper shall be made available in a machine-readable format.

10.   esma, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 9.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

11.   esma, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of information referred to in paragraph 1, first subparagraph, point (h), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.

When developing the draft regulatory technical standards referred to in the first subparagraph, esma shall consider the various types of consensus_mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. esma shall update those regulatory technical standards in the light of regulatory and technological developments.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Competent authorities receiving an application for authorisation as referred to in Article 18 shall, within 25 working days of receipt of such application, assess whether that application, including the crypto-asset white paper referred to in Article 19, comprises all of the required information. They shall immediately notify the applicant issuer whether the application, including the crypto-asset white paper, is missing required information. Where the application, including the crypto-asset white paper, is not complete, competent authorities shall set a deadline by which the applicant issuer is to provide any missing information.

2.   Competent authorities shall, within 60 working days of receipt of a complete application, assess whether the applicant issuer complies with the requirements of this Title and take a fully reasoned draft decision granting or refusing authorisation. Within those 60 working days, competent authorities may request from the applicant issuer any information on the application, including on the crypto-asset white paper referred in Article 19.

During the assessment process, competent authorities may cooperate with competent authorities for anti-money laundering and counter-terrorist financing, financial intelligence units or other public bodies.

3.   The assessment period under paragraphs 1 and 2 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant issuer. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraphs 1 and 2.

4.   Competent authorities shall, after the period of 60 working days referred to in paragraph 2, transmit their draft decision and the application to EBA, esma and the ECB. Where the applicant issuer is established in a Member State whose official_currency is not the euro, or where an official_currency of a Member State that is not the euro is referenced by the asset-referenced_token, the competent authorities shall transmit their draft decision and the application also to the central bank of that Member State.

5.   EBA and esma shall, at the request of the competent_authority, and within 20 working days of receipt of the draft decision and the application, issue an opinion as regards their evaluation of the legal opinion referred to in Article 18(2), point (e), and transmit their respective opinions to the competent_authority concerned.

The ECB or, where applicable, the central bank referred to in paragraph 4 shall, within 20 working days of receipt of the draft decision and the application, issue an opinion as regards its evaluation of the risks that issuing that asset-referenced_token might pose to financial stability, the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, and transmit its opinion to the competent_authority concerned.

Without prejudice to Article 21(4), the opinions referred to in the first and second subparagraphs of this paragraph shall be non-binding.

The competent_authority shall, however, duly consider the opinions referred in the first and second subparagraphs of this paragraph.

1.   Competent authorities shall, within 25 working days of receipt of the opinions referred to in Article 20(5), take a fully reasoned decision granting or refusing authorisation to the applicant issuer and, within five working days of taking that decision, notify it to the applicant issuer. Where an applicant issuer is authorised, its crypto-asset white paper shall be deemed to be approved.

2.   Competent authorities shall refuse authorisation where there are objective and demonstrable grounds that:

3.   EBA and esma shall, by 30 June 2024, jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 and Article 16 of Regulation (EU) No 1095/2010, respectively, on the assessment of the suitability of the members of the management_body of issuers of asset-referenced_tokens and of the shareholders and members, whether direct or indirect, that have qualifying_holdings in issuers of asset-referenced_tokens.

4.   Competent authorities shall also refuse authorisation if the ECB or, where applicable, the central bank gives a negative opinion under Article 20(5) on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty.

5.   Competent authorities shall, within two working days of granting authorisation, communicate to the single point of contact of the host_Member_States, to esma, to EBA, to the ECB and, where applicable, to the central bank referred to in Article 20(4), the information specified in Article 109(3).

esma shall make such information available in the register, under Article 109(3), by the starting date of the offer_to_the_public or admission to trading.

6.   Competent authorities shall inform EBA, esma, the ECB and, where applicable, the central bank referred to in Article 20(4), of all requests for authorisations refused, and provide the underlying reasoning for the decision and, where applicable, an explanation for any deviation from the opinions referred to in Article 20(5).

1.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced_token in any of the following situations:

The issuer of the asset-referenced_token shall notify its competent_authority of any of the situations referred to in the first subparagraph, points (e) and (f).

2.   Competent authorities shall also withdraw the authorisation of an issuer of an asset-referenced_token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced_token poses a serious threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.

3.   Competent authorities shall limit the amount of an asset-referenced_token to be issued or impose a minimum denomination amount in respect of the asset-referenced_token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced_token poses a threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, and specify the applicable limit or minimum denomination amount.

4.   The relevant competent authorities shall notify the competent_authority of an issuer of an asset-referenced_token, without delay, of the following situations:

5.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced_token where they are of the opinion that the situations referred to in paragraph 4 of this Article affect the good repute of the members of the management_body of that issuer or the good repute of any shareholders or members, whether direct or indirect, that have qualifying_holdings in the issuer, or if there is an indication of a failure of the governance arrangements or internal control mechanisms as referred to in Article 34.

When the authorisation is withdrawn, the issuer of the asset-referenced_token shall implement the procedure under Article 47.

6.   Competent authorities shall, within two working days of withdrawing authorisation, communicate to esma the withdrawal of the authorisation of the issuer of the asset-referenced_token. esma shall make the information on such withdrawal available in the register referred to in Article 109 without undue delay.

1.   Issuers of asset-referenced_tokens shall notify the competent_authority of their home_Member_State of any intended change of their business model likely to have a significant influence on the purchase decision of any holders or prospective holders of asset-referenced_tokens, which occurs after the authorisation pursuant to Article 21 or after the approval of the crypto-asset white paper pursuant to Article 17, as well as in the context of Article 23. Such changes include, amongst others, any material modifications to:

Issuers of asset-referenced_tokens shall notify the competent_authority of their home_Member_State at least 30 working days before the intended changes take effect.

2.   Where any intended change as referred to in paragraph 1 has been notified to the competent_authority, the issuer of an asset-referenced_token shall draw up a draft modified crypto-asset white paper and shall ensure that the order of the information appearing therein is consistent with that of the original crypto-asset white paper.

The issuer of the asset-referenced_token shall notify the draft modified crypto-asset white paper to the competent_authority of the home_Member_State.

The competent_authority shall electronically acknowledge receipt of the draft modified crypto-asset white paper as soon as possible, and at the latest five working days from receipt thereof.

The competent_authority shall grant approval of, or refuse to approve, the draft modified crypto-asset white paper within 30 working days of acknowledgement of receipt thereof. During the examination of the draft modified crypto-asset white paper, the competent_authority may request any additional information, explanations or justifications concerning the draft modified crypto-asset white paper. When the competent_authority makes such request, the time limit of 30 working days shall commence only when the competent_authority has received the additional information requested.

3.   Where the competent_authority considers that the modifications to a crypto-asset white paper are potentially relevant for the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, it shall consult the ECB and, where applicable, the central bank referred to in Article 20(4). The competent_authority may also consult EBA and esma in such cases.

The ECB or the relevant central bank and, where applicable, EBA and esma, shall provide an opinion within 20 working days of receipt of the consultation referred to in the first subparagraph.

4.   Where the competent_authority approves the modified crypto-asset white paper, it may require the issuer of the asset-referenced_token:

The competent_authority shall require the issuer of the asset-referenced_token to take any appropriate corrective measures to address concerns related to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty, if such corrective measures are proposed by the ECB or, where applicable, the central bank referred to in Article 20(4) in the consultations referred to in paragraph 3 of this Article.

Where the ECB or the central bank referred to in Article 20(4) has proposed different measures than the ones required by the competent_authority, the measures proposed shall be combined or, if not possible, the more stringent measure shall be required.

5.   The competent_authority shall communicate the modified crypto-asset white paper to esma, the single points of contact of the host_Member_States, EBA, the ECB and, where applicable, the central bank of the Member State concerned within two working days of granting approval.

esma shall make the modified crypto-asset white paper available in the register referred to in Article 109 without undue delay.

1.   Issuers of asset-referenced_tokens shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from holders of asset-referenced_tokens and other interested parties, including consumer associations that represent holders of asset-referenced_tokens, and shall publish descriptions of those procedures. Where the asset-referenced_tokens are distributed, totally or partially, by third-party entities as referred to in Article 34(5), first subparagraph, point (h), issuers of the asset-referenced_tokens shall establish procedures to also facilitate the handling of such complaints between holders of the asset-referenced_tokens and such third-party entities.

2.   Holders of asset-referenced_tokens shall be able to file complaints free of charge with the issuers of their asset-referenced_tokens or, where applicable, with the third-party entities as referred to in paragraph 1.

3.   Issuers of asset-referenced_tokens and, where applicable, the third-party entities as referred to in paragraph 1, shall develop and make available to holders of asset-referenced_tokens a template for filing complaints and shall keep a record of all complaints received and any measures taken in response thereto.

4.   Issuers of asset-referenced_tokens shall investigate all complaints in a timely and fair manner and communicate the outcome of such investigations to the holders of their asset-referenced_tokens within a reasonable period.

5.   EBA, in close cooperation with esma, shall develop draft regulatory technical standards to further specify the requirements, templates and procedures for handling complaints.

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

1.   Issuers of asset-referenced_tokens shall have robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which they are or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.

2.   Members of the management_body of issuers of asset-referenced_tokens shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, they shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute. They shall also demonstrate that they are capable of committing sufficient time to effectively perform their duties.

3.   The management_body of issuers of asset-referenced_tokens shall assess and periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2, 3, 5 and 6 of this Title and take appropriate measures to address any deficiencies in that respect.

4.   Shareholders or members, whether direct or indirect, that have qualifying_holdings in issuers of asset-referenced_tokens shall be of sufficiently good repute and, in particular, shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute.

5.   Issuers of asset-referenced_tokens shall adopt policies and procedures that are sufficiently effective to ensure compliance with this Regulation. Issuers of asset-referenced_tokens shall establish, maintain and implement, in particular, policies and procedures on:

Where issuers of asset-referenced_tokens enter into arrangements as referred to in the first subparagraph, point (h), those arrangements shall be set out in a contract with the third-party entities. Those contractual arrangements shall set out the roles, responsibilities, rights and obligations both of the issuers of asset-referenced_tokens and of the third-party entities. Any contractual arrangement with cross-jurisdictional implications shall provide for an unambiguous choice of applicable law.

6.   Unless they have initiated a redemption plan referred to in Article 47, issuers of asset-referenced_tokens shall employ appropriate and proportionate systems, resources and procedures to ensure the continued and regular performance of their services and activities. To that end, issuers of asset-referenced_tokens shall maintain all of their systems and security access protocols in conformity with the appropriate Union standards.

7.   If the issuer of an asset-referenced_token decides to discontinue the provision of its services and activities, including by discontinuing the issue of that asset-referenced_token, it shall submit a plan to the competent_authority for approval of such discontinuation.

8.   Issuers of asset-referenced_tokens shall identify sources of operational risk and minimise those risks through the development of appropriate systems, controls and procedures.

9.   Issuers of asset-referenced_tokens shall establish a business continuity policy and plans to ensure, in the case of an interruption of their ICT systems and procedures, the preservation of essential data and functions and the maintenance of their activities or, where that is not possible, the timely recovery of such data and functions and the timely resumption of their activities.

10.   Issuers of asset-referenced_tokens shall have in place internal control mechanisms and effective procedures for risk management, including effective control and safeguard arrangements for managing ICT systems as required by Regulation (EU) 2022/2554 of the European Parliament and of the Council (37). The procedures shall provide for a comprehensive assessment relating to the reliance on third-party entities as referred to in paragraph 5, first subparagraph, point (h), of this Article. Issuers of asset-referenced_tokens shall monitor and evaluate on a regular basis the adequacy and effectiveness of the internal control mechanisms and procedures for risk assessment and take appropriate measures to address any deficiencies in that respect.

11.   Issuers of asset-referenced_tokens shall have systems and procedures in place that are adequate to safeguard the availability, authenticity, integrity and confidentiality of data as required by Regulation (EU) 2022/2554 and in line with Regulation (EU) 2016/679. Those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities.

12.   Issuers of asset-referenced_tokens shall ensure that they are regularly audited by independent auditors. The results of those audits shall be communicated to the management_body of the issuer concerned and made available to the competent_authority.

13.   By 30 June 2024, EBA, in close cooperation with esma and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 specifying the minimum content of the governance arrangements on:

When issuing the guidelines referred to in the first subparagraph, EBA shall take into account the provisions on governance requirements in other Union legislative acts on financial services, including Directive 2014/65/EU.

1.   Issuers of asset-referenced_tokens shall, at all times, have own funds equal to an amount of at least the highest of the following:

For the purposes of point (b) of the first subparagraph, the average amount of the reserve_of_assets shall mean the average amount of the reserve assets at the end of each calendar day, calculated over the preceding six months.

Where an issuer offers more than one asset-referenced_token, the amount referred to in point (b) of the first subparagraph shall be the sum of the average amount of the reserve assets backing each asset-referenced_token.

The amount referred to in point (c) of the first subparagraph shall be reviewed annually and calculated in accordance with Article 67(3).

2.   The own funds referred to in paragraph 1 of this Article shall consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full pursuant to Article 36 of that Regulation, without the application of the threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.

3.   The competent_authority of the home_Member_State may require an issuer of an asset-referenced_token to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), where an assessment of any of the following indicates a higher degree of risk:

4.   The competent_authority of the home_Member_State may require an issuer of an asset-referenced_token that is not significant to comply with any requirement set out in Article 45, where necessary to address the higher degree of risks identified in accordance with paragraph 3 of this Article, or any other risks that Article 45 aims to address, such as liquidity risks.

5.   Without prejudice to paragraph 3, issuers of asset-referenced_tokens shall conduct, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks, and non-financial stress scenarios, such as operational risk. Based on the outcome of such stress testing, the competent_authority of the home_Member_State shall require the issuer of the asset-referenced_token to hold an amount of own funds that is between 20 % and 40 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), in certain circumstances having regard to the risk outlook and stress testing results.

6.   EBA, in close cooperation with esma and the ECB, shall develop draft regulatory technical standards further specifying:

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

1.   Issuers of asset-referenced_tokens shall constitute and at all times maintain a reserve_of_assets.

The reserve_of_assets shall be composed and managed in such a way that:

2.   The reserve_of_assets shall be legally segregated from the issuers’ estate, as well as from the reserve_of_assets of other asset-referenced_tokens, in the interests of the holders of asset-referenced_tokens in accordance with applicable law, so that creditors of the issuers have no recourse to the reserve_of_assets, in particular in the event of insolvency.

3.   Issuers of asset-referenced_tokens shall ensure that the reserve_of_assets is operationally segregated from their estate, as well as from the reserve_of_assets of other tokens.

4.   EBA, in close cooperation with esma and the ECB, shall develop draft regulatory technical standards further specifying the liquidity requirements, taking into account the size, complexity and nature of the reserve_of_assets and of the asset-referenced_token itself.

The regulatory technical standards shall establish in particular:

For the purposes of points (a), (b) and (c) of the second subparagraph, EBA shall take into account, amongst others, the relevant thresholds laid down in Article 52 of Directive 2009/65/EC.

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

5.   Issuers that offer two or more asset-referenced_tokens to the public shall operate and maintain segregated pools of reserves of assets for each asset-referenced_token. Each of those pools of reserves of assets shall be managed separately.

Where different issuers of asset-referenced_tokens offer the same asset-referenced_token to the public, those issuers shall operate and maintain only one reserve_of_assets for that asset-referenced_token.

6.   The management bodies of issuers of asset-referenced_tokens shall ensure the effective and prudent management of the reserve_of_assets. The issuers shall ensure that the issuance and redemption of asset-referenced_tokens is always matched by a corresponding increase or decrease in the reserve_of_assets.

7.   The issuer of an asset-referenced_token shall determine the aggregate value of the reserve_of_assets by using market prices. Its aggregate value shall be at least equal to the aggregate value of the claims against the issuer from the holders of the asset-referenced_token in circulation.

8.   Issuers of asset-referenced_tokens shall have a clear and detailed policy describing the stabilisation mechanism of such tokens. That policy shall in particular:

9.   Without prejudice to Article 34(12), issuers of asset-referenced_tokens shall mandate an independent audit of the reserve_of_assets every six months, assessing compliance with the rules of this Chapter, as of the date of their authorisation pursuant to Article 21 or as of the date of approval of the crypto-asset white paper pursuant to Article 17.

10.   The issuer shall notify the results of the audit referred to in paragraph 9 to the competent_authority without delay, and at the latest within six weeks of the reference date of the valuation. The issuer shall publish the result of the audit within two weeks of the date of notification to the competent_authority. The competent_authority may instruct an issuer to delay the publication of the results of the audit in the event that:

11.   The valuation at market prices referred to in paragraph 7 of this Article shall be made by using mark-to-market, as defined in Article 2, point (8), of Regulation (EU) 2017/1131 of the European Parliament and of the Council (38) whenever possible.

When using mark-to-market valuation the reserve asset shall be valued at the more prudent side of the bid and offer unless the reserve asset can be closed out at mid-market. Only market data of good quality shall be used, and such data shall be assessed based on all of the following factors:

12.   Where use of mark-to-market as referred to in paragraph 11 of this Article is not possible or the market data is not of sufficiently good quality, the reserve asset shall be valued conservatively by using mark-to-model, as defined in Article 2, point (9), of Regulation (EU) 2017/1131.

The model shall accurately estimate the intrinsic value of the reserve asset, based on all of the following up-to-date key factors:

When using mark-to-model, the amortised cost method, as defined in Article 2, point (10), of Regulation (EU) 2017/1131, shall not be used.

1.   Issuers of asset-referenced_tokens that invest a part of the reserve_of_assets shall only invest those assets in highly liquid financial_instruments with minimal market risk, credit risk and concentration risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.

2.   Units in an undertaking for collective investment in transferable securities (UCITS) shall be deemed to be assets with minimal market risk, credit risk and concentration risk for the purposes of paragraph 1, where that UCITS invests solely in assets as further specified by EBA in accordance with paragraph 5 and where the issuer of the asset-referenced_token ensures that the reserve_of_assets is invested in such a way that the concentration risk is minimised.

3.   The financial_instruments in which the reserve_of_assets is invested shall be held in custody in accordance with Article 37.

4.   All profits or losses, including fluctuations in the value of the financial_instruments referred to in paragraph 1, and any counterparty or operational risks that result from the investment of the reserve_of_assets shall be borne by the issuer of the asset-referenced_token.

5.   EBA, in cooperation with esma and the ECB, shall develop draft regulatory technical standards specifying the financial_instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk as referred to in paragraph 1. When specifying those financial_instruments, EBA shall take into account:

For the purposes of point (d)(i) of the first subparagraph, EBA shall devise suitable limits to determine concentration requirements. Those limits shall take into account, amongst others, the relevant thresholds laid down in Article 52 of Directive 2009/65/EC.

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

1.   When performing the assessment referred to in Article 41(4), the competent_authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition referred to in Article 41(1) against all of the following criteria:

2.   The competent_authority may oppose the proposed acquisition only where there are reasonable grounds for doing so based on the criteria set out in paragraph 1 of this Article or where the information provided in accordance with Article 41(4) is incomplete or false.

3.   Member States shall not impose any prior conditions in respect of the level of qualifying_holding that is required to be acquired under this Regulation nor allow their competent authorities to examine the proposed acquisition in terms of the economic needs of the market.

4.   EBA, in close cooperation with esma, shall develop draft regulatory technical standards specifying the detailed content of the information that is necessary to carry out the assessment referred to in Article 41(4), first subparagraph. The information required shall be relevant for a prudential assessment, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition referred to in Article 41(1).

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

1.   Issuers of significant asset-referenced_tokens shall adopt, implement and maintain a remuneration policy that promotes the sound and effective risk management of such issuers and that does not create incentives to relax risk standards.

2.   Issuers of significant asset-referenced_tokens shall ensure that such tokens can be held in custody by different crypto-asset service providers authorised for providing custody and administration of crypto-assets on behalf of clients, including by crypto-asset service providers that do not belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU, on a fair, reasonable and non-discriminatory basis.

3.   Issuers of significant asset-referenced_tokens shall assess and monitor the liquidity needs to meet requests for redemption of asset-referenced_tokens by their holders. For that purpose, issuers of significant asset-referenced_tokens shall establish, maintain and implement a liquidity management policy and procedures. That policy and those procedures shall ensure that the reserve assets have a resilient liquidity profile that enables issuers of significant asset-referenced_tokens to continue operating normally, including under scenarios of liquidity stress.

4.   Issuers of significant asset-referenced_tokens shall, on a regular basis, conduct liquidity stress testing. Depending on the outcome of such tests, EBA may decide to strengthen the liquidity requirements referred to in paragraph 7, first subparagraph, point (b), of this Article and in Article 36(6).

Where issuers of significant asset-referenced_tokens offer two or more asset-referenced_tokens or provide crypto-asset services, those stress tests shall cover all of those activities in a comprehensive and holistic manner.

5.   The percentage referred to in Article 35(1), first subparagraph, point (b), shall be set at 3 % of the average amount of the reserve assets for issuers of significant asset-referenced_tokens.

6.   Where several issuers offer the same significant asset-referenced_token, paragraphs 1 to 5 shall apply to each issuer.

Where an issuer offers two or more asset-referenced_tokens in the Union and at least one of those asset-referenced_tokens is classified as significant, paragraphs 1 to 5 shall apply to that issuer.

7.   EBA, in close cooperation with esma, shall develop draft regulatory technical standards specifying:

In the case of credit_institutions, EBA shall calibrate the technical standards taking into consideration any possible interactions between the regulatory requirements established by this Regulation and the regulatory requirements established by other Union legislative acts.

EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

8.   EBA, in close cooperation with esma and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests referred to in paragraph 4 of this Article. Those guidelines shall be updated periodically taking into account the latest market developments.

1.   An issuer of an asset-referenced_token shall draw up and maintain a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve_of_assets in cases where the issuer fails to comply with those requirements.

The recovery plan shall also include the preservation of the issuer’s services related to the asset-referenced_token, the timely recovery of operations and the fulfilment of the issuer’s obligations in the case of events that pose a significant risk of disrupting operations.

The recovery plan shall include appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, including:

2.   The issuer of the asset-referenced_token shall notify the recovery plan to the competent_authority within six months of the date of authorisation pursuant to Article 21 or within six months of the date of approval of the crypto-asset white paper pursuant to Article 17. The competent_authority shall require amendments to the recovery plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the recovery plan.

Where applicable, the issuer shall also notify the recovery plan to its resolution and prudential supervisory authorities in parallel to the competent_authority.

3.   Where the issuer fails to comply with the requirements applicable to the reserve_of_assets as referred to in Chapter 3 of this Title or, due to a rapidly deteriorating financial condition, is likely in the near future to not comply with those requirements, the competent_authority, in order to ensure compliance with the applicable requirements, shall have the power to require the issuer to implement one or more of the arrangements or measures set out in the recovery plan or to update such a recovery plan when the circumstances are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specific timeframe.

4.   In the circumstances referred to in paragraph 3, the competent_authority shall have the power to temporarily suspend the redemption of asset-referenced_tokens, provided that the suspension is justified having regard to the interests of the holders of asset-referenced_tokens and financial stability.

5.   Where applicable, the competent_authority shall notify the issuer’s resolution and prudential supervisory authorities of any measure taken pursuant to paragraphs 3 and 4.

6.   EBA, after consultation with esma, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify the format of the recovery plan and the information to be provided in the recovery plan.

1.   A crypto-asset white paper for an e-money token shall contain all of the following information, as further specified in Annex III:

The crypto-asset white paper shall also include the identity of the person other than the issuer that offers the e-money token to the public or seeks its admission to trading pursuant to Article 48(1), second subparagraph, and the reason why that particular person offers that e-money token or seeks its admission to trading.

2.   All the information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.

3.   The crypto-asset white paper shall contain the following clear and prominent statement on the first page:

4.   The crypto-asset white paper shall contain a clear warning that:

5.   The crypto-asset white paper shall contain a statement from the management_body of the issuer of the e-money token. That statement, which shall be inserted after the statement referred to in paragraph 3, shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management_body, the information presented in the crypto-asset white paper is complete, fair, clear and not misleading and that the crypto-asset white paper makes no omission likely to affect its import.

6.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 5, which shall in brief and non-technical language provide key information about the offer_to_the_public of the e-money token or the intended admission to trading of such e-money token. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the crypto-assets concerned in order to help prospective holders of the crypto-assets to make an informed decision.

The summary shall contain a warning that:

The summary shall state that holders of the e-money token have a right of redemption at any time and at par value as well as the conditions for redemption.

7.   The crypto-asset white paper shall contain the date of its notification and a table of contents.

8.   The crypto-asset white paper shall be drawn up in an official language of the home_Member_State or in a language customary in the sphere of international finance.

Where the e-money token is also offered in a Member State other than the home_Member_State, the crypto-asset white paper shall also be drawn up in an official language of the host_Member_State or in a language customary in the sphere of international finance.

9.   The crypto-asset white paper shall be made available in a machine-readable format.

10.   esma, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 9.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

11.   Issuers of e-money tokens shall notify their crypto-asset white paper to their competent_authority at least 20 working days before the date of their publication.

Competent authorities shall not require prior approval of crypto-asset white papers before their publication.

12.   Any significant new factor, any material mistake or any material inaccuracy that is capable of affecting the assessment of the e-money token shall be described in a modified crypto-asset white paper drawn up by the issuers, notified to the competent authorities and published on the issuers’ websites.

13.   Before offering the e-money token to the public in the Union or seeking an admission to trading of the e-money token, the issuer of such e-money token shall publish a crypto-asset white paper on its website.

14.   The issuer of the e-money token shall together with the notification of the crypto-asset white paper pursuant to paragraph 11 of this Article provide the competent_authority with the information referred to in Article 109(4). The competent_authority shall communicate to esma, within five working days of receipt of the information from the issuer, the information specified in Article 109(4).

The competent_authority shall also communicate to esma any modified crypto-asset white paper and any withdrawal of the authorisation of the issuer of the e-money token.

esma shall make such information available in the register, under Article 109(4), by the starting date of the offer_to_the_public or admission to trading or, in the case of a modified crypto-asset white paper, or withdrawal of the authorisation, without undue delay.

15.   esma, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of the information referred to in paragraph 1, point (g), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.

When developing the draft regulatory technical standards referred to in the first subparagraph, esma shall consider the various types of consensus_mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste, and greenhouse gas emissions. esma shall update the regulatory technical standards in the light of regulatory and technological developments.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   A credit_institution may provide crypto-asset services if it notifies the information referred to in paragraph 7 to the competent_authority of its home_Member_State at least 40 working days before providing those services for the first time.

2.   A central securities depository authorised under Regulation (EU) No 909/2014 of the European Parliament and of the Council (45) shall only provide custody and administration of crypto-assets on behalf of clients if it notifies the information referred to in paragraph 7 of this Article to the competent_authority of the home_Member_State, at least 40 working days before providing that service for the first time.

For the purposes of the first subparagraph of this paragraph, providing custody and administration of crypto-assets on behalf of clients is deemed equivalent to providing, maintaining or operating securities accounts in relation to the settlement service referred to in Section B, point (3), of the Annex to Regulation (EU) No 909/2014.

3.   An investment_firm may provide crypto-asset services in the Union equivalent to the investment services and activities for which it is specifically authorised under Directive 2014/65/EU if it notifies the competent_authority of the home_Member_State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.

For the purposes of this paragraph:

4.   An electronic_money_institution authorised under Directive 2009/110/EC shall only provide custody and administration of crypto-assets on behalf of clients and transfer services for crypto-assets on behalf of clients with regard to the e-money tokens it issues if it notifies the competent_authority of the home_Member_State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.

5.   A UCITS_management_company or an alternative_investment_fund_manager may provide crypto-asset services equivalent to the management of portfolios of investment and non-core services for which it is authorised under Directive 2009/65/EC or Directive 2011/61/EU if it notifies the competent_authority of the home_Member_State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.

For the purposes of this paragraph:

6.   A market operator authorised under Directive 2014/65/EU may operate a trading platform for crypto-assets if it notifies the competent_authority of the home_Member_State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.

7.   For the purposes of paragraphs 1 to 6, the following information shall be notified:

8.   A competent_authority receiving a notification as referred to in paragraphs 1 to 6 shall, within 20 working days of receipt of such notification, assess whether all required information has been provided. Where the competent_authority concludes that a notification is not complete, it shall immediately inform the notifying entity thereof and set a deadline by which that entity is required to provide the missing information.

The deadline for providing any missing information shall not exceed 20 working days from the date of the request. Until the expiry of that deadline, each period as set out in paragraphs 1 to 6 shall be suspended. Any further requests by the competent_authority for completion or clarification of the information shall be at its discretion but shall not result in a suspension of any period set out in paragraphs 1 to 6.

The crypto-asset service provider shall not begin providing the crypto-asset services as long as the notification is incomplete.

9.   The entities referred to in paragraphs 1 to 6 shall not be required to submit any information referred to in paragraph 7 that was previously submitted by them to the competent_authority where such information would be identical. When submitting the information referred to in paragraph 7, the entities referred to in paragraphs 1 to 6 shall expressly state that any information that was submitted previously is still up-to-date.

10.   Where the entities referred to in paragraphs 1 to 6 of this Article provide crypto-asset services, they shall not be subject to Articles 62, 63, 64, 67, 83 and 84.

11.   The right to provide crypto-asset services referred to in paragraphs 1 to 6 of this Article shall be revoked upon the withdrawal of the relevant authorisation that enabled the respective entity to provide the crypto-asset services without being required to obtain an authorisation pursuant to Article 59.

12.   Competent authorities shall communicate to esma the information specified in Article 109(5), after verifying the completeness of the information referred to in paragraph 7.

esma shall make such information available in the register referred to in Article 109 by the starting date of the intended provision of crypto-asset services.

13.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information referred to in paragraph 7.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

14.   esma, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the notification pursuant to paragraph 7.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

1.   Where a client established or situated in the Union initiates at its own exclusive initiative the provision of a crypto-asset service or activity by a third‐country firm, the requirement for authorisation under Article 59 shall not apply to the provision of that crypto-asset service or activity by the third‐country firm to that client, including a relationship specifically relating to the provision of that crypto-asset service or activity.

Without prejudice to intragroup relationships, where a third‐country firm, including through an entity acting on its behalf or having close_links with such third‐country firm or any other person acting on behalf of such entity, solicits clients or prospective clients in the Union, regardless of the means of communication used for the solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided on the client’s own exclusive initiative.

The second subparagraph shall apply notwithstanding any contractual clause or disclaimer purporting to state otherwise, including any clause or disclaimer that the provision of services by a third-country firm is deemed to be a service provided on the client’s own exclusive initiative.

2.   A client’s own exclusive initiative as referred to in paragraph 1 shall not entitle a third‐country firm to market new types of crypto-assets or crypto-asset services to that client.

3.   esma shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify the situations in which a third-country firm is deemed to solicit clients established or situated in the Union.

In order to foster convergence and promote consistent supervision in respect of the risk of abuse of this Article, esma shall also issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervision practices to detect and prevent circumvention of this Regulation.

1.   Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to the competent_authority of their home_Member_State.

2.   The application referred to in paragraph 1 shall contain all of the following information:

3.   For the purposes of paragraph 2, points (g) and (h), an applicant crypto-asset service provider shall provide proof of all of the following:

4.   Competent authorities shall not require an applicant crypto-asset service provider to provide any information referred to in paragraphs 2 and 3 of this Article that they have already received under the respective authorisation procedures in accordance with Directive 2009/110/EC, 2014/65/EU or (EU) 2015/2366, or pursuant to national law applicable to crypto-asset services prior to 29 June 2023, provided that such previously submitted information or documents are still up-to-date.

5.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information referred to in paragraphs 2 and 3.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

6.   esma, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the information to be included in the application for authorisation as a crypto-asset service provider.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

1.   Competent authorities shall promptly, and in any event within five working days of receipt of an application under Article 62(1), acknowledge receipt thereof in writing to the applicant crypto-asset service provider.

2.   Competent authorities shall, within 25 working days of receipt of an application under Article 62(1), assess whether that application is complete by checking that the information listed in Article 62(2) has been submitted.

Where the application is not complete, competent authorities shall set a deadline by which the applicant crypto-asset service provider is to provide any missing information.

3.   Competent authorities may refuse to review applications where such applications remain incomplete after the expiry of the deadline set by them in accordance with paragraph 2, second subparagraph.

4.   Once an application is complete, competent authorities shall promptly notify the applicant crypto-asset service provider thereof.

5.   Before granting or refusing authorisation as a crypto-asset service provider, competent authorities shall consult the competent authorities of another Member State where the applicant crypto-asset service provider is in one of the following positions in relation to a credit_institution, a central securities depository, an investment_firm, a market operator, a UCITS_management_company, an alternative_investment_fund_manager, a payment_institution, an insurance undertaking, an electronic_money_institution or an institution for occupational retirement provision, authorised in that other Member State:

6.   Before granting or refusing an authorisation as a crypto-asset service provider, competent authorities:

7.   Where close_links exist between the applicant crypto-asset service provider and other natural or legal persons, competent authorities shall grant authorisation only if those links do not prevent the effective exercise of their supervisory functions.

8.   Competent authorities shall refuse authorisation if the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with which the applicant crypto-asset service provider has close_links, or difficulties involved in their enforcement, prevent the effective exercise of their supervisory functions.

9.   Competent authorities shall, within 40 working days from the date of receipt of a complete application, assess whether the applicant crypto-asset service provider complies with this Title and shall adopt a fully reasoned decision granting or refusing an authorisation as a crypto-asset service provider. Competent authorities shall notify the applicant of their decision within five working days of the date of that decision. That assessment shall take into account the nature, scale and complexity of the crypto-asset services that the applicant crypto-asset service provider intends to provide.

10.   Competent authorities shall refuse authorisation as a crypto-asset service provider where there are objective and demonstrable grounds that:

11.   esma and EBA shall jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 and Article 16 of Regulation (EU) No 1093/2010, respectively, on the assessment of the suitability of the members of the management_body of the applicant crypto-asset service provider and of the shareholders or members, whether direct or indirect, that have qualifying_holdings in the applicant crypto-asset service provider.

esma and EBA shall issue the guidelines referred to in the first subparagraph by 30 June 2024.

12.   Competent authorities may, during the assessment period provided for in paragraph 9, and no later than on the 20th working day of that period, request any further information that is necessary to complete the assessment. Such request shall be made in writing to the applicant crypto-asset service provider and shall specify the additional information needed.

The assessment period under paragraph 9 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant crypto-asset service provider. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraph 9.

13.   Competent authorities shall, within two working days of granting authorisation, communicate to esma the information specified in Article 109(5). Competent authorities shall also inform esma of any refusals of authorisations. esma shall make the information referred to in Article 109(5) available in the register referred to in that Article by the starting date of the provision of crypto-asset services.

1.   Competent authorities shall withdraw the authorisation of a crypto-asset service provider if the crypto-asset service provider does any of the following:

2.   Competent authorities may withdraw authorisation as a crypto-asset service provider in any of the following situations:

3.   Where a competent_authority withdraws an authorisation as a crypto-asset service provider, it shall notify esma and the single points of contact of the host_Member_States without undue delay. esma shall make such information available in the register referred to in Article 109.

4.   Competent authorities may limit the withdrawal of authorisation to a particular crypto-asset service.

5.   Before withdrawing an authorisation as a crypto-asset service provider, competent authorities shall consult the competent_authority of another Member State where the crypto-asset service provider concerned is:

6.   Before withdrawing an authorisation as a crypto-asset service provider, competent authorities may consult the authority competent for supervising compliance of the crypto-asset service provider with the rules on anti-money laundering and counter-terrorist financing.

7.   EBA, esma and any competent_authority of a host_Member_State may at any time request that the competent_authority of the home_Member_State examine whether the crypto-asset service provider still complies with the conditions under which the authorisation was granted, when there are grounds to suspect it may no longer be the case.

8.   Crypto-asset service providers shall establish, implement and maintain adequate procedures ensuring the timely and orderly transfer of their clients’ crypto-assets and funds to another crypto-asset service provider when an authorisation is withdrawn.

1.   A crypto-asset service provider that intends to provide crypto-asset services in more than one Member State shall submit the following information to the competent_authority of the home_Member_State:

2.   The competent_authority of the home_Member_State shall, within 10 working days of receipt of the information referred to in paragraph 1, communicate that information to the single points of contact of the host_Member_States, to esma and to EBA.

3.   The competent_authority of the Member State that granted authorisation shall inform the crypto-asset service provider concerned of the communication referred to in paragraph 2 without delay.

4.   The crypto-asset service provider may begin to provide crypto-asset services in a Member State other than its home_Member_State from the date of receipt of the communication referred to in paragraph 3 or at the latest from the 15th calendar day after having submitted the information referred to in paragraph 1.

1.   Crypto-asset service providers shall act honestly, fairly and professionally in accordance with the best interests of their clients and prospective clients.

2.   Crypto-asset service providers shall provide their clients with information that is fair, clear and not misleading, including in marketing communications, which shall be identified as such. Crypto-asset service providers shall not, deliberately or negligently, mislead a client in relation to the real or perceived advantages of any crypto-assets.

3.   Crypto-asset service providers shall warn clients of the risks associated with transactions in crypto-assets.

When operating a trading platform for crypto-assets, exchanging crypto-assets for funds or other crypto-assets, providing advice on crypto-assets or providing portfolio management on crypto-assets, crypto-asset service providers shall provide their clients with hyperlinks to any crypto-asset white papers for the crypto-assets in relation to which they are providing those services.

4.   Crypto-asset service providers shall make their policies on pricing, costs and fees publicly available, in a prominent place on their website.

5.   Crypto-asset service providers shall make publicly available, in a prominent place on their website, information related to the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus_mechanism used to issue each crypto-asset in relation to which they provide services. That information may be obtained from the crypto-asset white papers.

6.   esma, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of information referred to in paragraph 5 in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.

When developing the draft regulatory technical standards referred to in the first subparagraph, esma shall consider the various types of consensus_mechanisms used to validate crypto-asset transactions, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. esma shall update the regulatory technical standards in the light of regulatory and technological developments.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Members of the management_body of crypto-asset service providers shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, members of the management_body of crypto-asset service providers shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute. They shall also demonstrate that they are capable of committing sufficient time to effectively perform their duties.

2.   Shareholders and members, whether direct or indirect, that have qualifying_holdings in crypto-asset service providers shall be of sufficiently good repute and, in particular, shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute.

3.   Where the influence exercised by the shareholders or members, whether direct or indirect, that have qualifying_holdings in a crypto-asset service provider is likely to be prejudicial to the sound and prudent management of that crypto-asset service provider, competent authorities shall take appropriate measures to address those risks.

Such measures may include applications for judicial orders or the imposition of penalties against directors and those responsible for management, or the suspension of the exercise of the voting rights attaching to the shares held by the shareholders or members, whether direct or indirect, that have the qualifying_holdings.

4.   Crypto-asset service providers shall adopt policies and procedures that are sufficiently effective to ensure compliance with this Regulation.

5.   Crypto-asset service providers shall employ personnel with the knowledge, skills and expertise necessary for the discharge of the responsibilities allocated to them, taking into account the scale, nature and range of crypto-asset services provided.

6.   The management_body of crypto-asset service providers shall assess and periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2 and 3 of this Title and take appropriate measures to address any deficiencies in that respect.

7.   Crypto-asset service providers shall take all reasonable steps to ensure continuity and regularity in the performance of their crypto-asset services. To that end, crypto-asset service providers shall employ appropriate and proportionate resources and procedures, including resilient and secure ICT systems as required by Regulation (EU) 2022/2554.

Crypto-asset service providers shall establish a business continuity policy, which shall include ICT business continuity plans as well as ICT response and recovery plans set up pursuant to Articles 11 and 12 of Regulation (EU) 2022/2554 that aim to ensure, in the case of an interruption to their ICT systems and procedures, the preservation of essential data and functions and the maintenance of crypto-asset services or, where that is not possible, the timely recovery of such data and functions and the timely resumption of crypto-asset services.

8.   Crypto-asset service providers shall have in place mechanisms, systems and procedures as required by Regulation (EU) 2022/2554, as well as effective procedures and arrangements for risk assessment, to comply with the provisions of national law transposing Directive (EU) 2015/849. They shall monitor and, on a regular basis, evaluate the adequacy and effectiveness of those mechanisms, systems and procedures, taking into account the scale, the nature and range of crypto-asset services provided, and shall take appropriate measures to address any deficiencies in that respect.

Crypto-asset service providers shall have systems and procedures to safeguard the availability, authenticity, integrity and confidentiality of data pursuant to Regulation (EU) 2022/2554.

9.   Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable competent authorities to fulfil their supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market.

The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by the competent_authority before five years have elapsed, for a period of up to seven years.

10.   esma shall develop draft regulatory technical standards to further specify:

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Crypto-asset service providers shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from clients and shall publish descriptions of those procedures.

2.   Clients shall be able to file complaints free of charge with crypto-asset service providers.

3.   Crypto-asset service providers shall inform clients of the possibility of filing a complaint. Crypto-asset service providers shall make available to clients a template for filing complaints and shall keep a record of all complaints received and any measures taken in response thereto.

4.   Crypto-asset service providers shall investigate all complaints in a timely and fair manner and communicate the outcome of such investigations to their clients within a reasonable period.

5.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the requirements, templates and procedures for handling complaints.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Crypto-asset service providers shall implement and maintain effective policies and procedures, taking into account the scale, the nature and range of crypto-asset services provided, to identify, prevent, manage and disclose conflicts of interest between:

2.   Crypto-asset service providers shall, in a prominent place on their website, disclose to their clients and prospective clients the general nature and sources of conflicts of interest referred to in paragraph 1 and the steps taken to mitigate them.

3.   The disclosure referred to in paragraph 2 shall be made in an electronic format and shall include sufficient detail, taking into account the nature of each client, in order to enable each client to take an informed decision about the crypto-asset service in the context of which the conflicts of interest arise.

4.   Crypto-asset service providers shall assess and, at least annually, review their policy on conflicts of interest and take all appropriate measures to address any deficiencies in that respect.

5.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify:

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Crypto-asset service providers operating a trading platform for crypto-assets shall lay down, maintain and implement clear and transparent operating rules for the trading platform. Those operating rules shall at least:

For the purposes of point (a) of the first subparagraph, the operating rules shall clearly state that a crypto-asset is not to be admitted to trading where no corresponding crypto-asset white paper has been published in the cases required by this Regulation.

2.   Before admitting a crypto-asset to trading, crypto-asset service providers operating a trading platform for crypto-assets shall ensure that the crypto-asset complies with the operating rules of the trading platform and shall assess the suitability of the crypto-asset concerned. When assessing the suitability of a crypto-asset, the crypto-asset service providers operating a trading platform shall evaluate, in particular, the reliability of the technical solutions used and the potential association to illicit or fraudulent activities, taking into account the experience, track record and reputation of the issuer of those crypto-assets and its development team. The crypto-asset service providers operating a trading platform shall also assess the suitability of the crypto-assets other than asset-referenced_tokens or e-money tokens referred to in Article 4(3), first subparagraph, points (a) to (d).

3.   The operating rules of the trading platform for crypto-assets shall prevent the admission to trading of crypto-assets that have an inbuilt anonymisation function unless the holders of those crypto-assets and their transaction history can be identified by the crypto-asset service providers operating a trading platform for crypto-assets.

4.   The operating rules referred to in paragraph 1 shall be drawn up in an official language of the home_Member_State, or in a language customary in the sphere of international finance.

If the operation of a trading platform for crypto-assets is provided in another Member State, the operating rules referred to in paragraph 1 shall be drawn up in an official language of the host_Member_State, or in a language customary in the sphere of international finance.

5.   Crypto-asset service providers operating a trading platform for crypto-assets shall not deal on own account on the trading platform for crypto-assets they operate, including where they provide the exchange of crypto-assets for funds or other crypto-assets.

6.   Crypto-asset service providers operating a trading platform for crypto-assets shall only be allowed to engage in matched_principal_trading where the client has consented to that process. Crypto-asset service providers shall provide the competent_authority with information explaining their use of matched_principal_trading. The competent_authority shall monitor the engagement of crypto-asset service providers in matched_principal_trading, and ensure that their engagement in matched_principal_trading continues to fall within the definition of such trading and does not give rise to conflicts of interest between the crypto-asset service providers and their clients.

7.   Crypto-asset service providers operating a trading platform for crypto-assets shall have in place effective systems, procedures and arrangements to ensure that their trading systems:

8.   Crypto-asset service providers operating a trading platform for crypto-assets shall inform their competent_authority when they identify cases of market abuse or attempted market abuse occurring on or through their trading systems.

9.   Crypto-asset service providers operating a trading platform for crypto-assets shall make public any bid and ask prices and the depth of trading interests at those prices which are advertised for crypto-assets through their trading platforms. The crypto-asset service providers concerned shall make that information available to the public on a continuous basis during trading hours.

10.   Crypto-asset service providers operating a trading platform for crypto-assets shall make public the price, volume and time of the transactions executed in respect of crypto-assets traded on their trading platforms. They shall make those details for all such transactions public as close to real-time as is technically possible.

11.   Crypto-asset service providers operating a trading platform for crypto-assets shall make the information published in accordance with paragraphs 9 and 10 available to the public on a reasonable commercial basis and ensure non-discriminatory access to that information. That information shall be made available free of charge 15 minutes after publication in a machine-readable format and it shall remain published for at least two years.

12.   Crypto-asset service providers operating a trading platform for crypto-assets shall initiate the final settlement of a crypto-asset transaction on the distributed_ledger within 24 hours of the transaction being executed on the trading platform or, in the case of transactions settled outside the distributed_ledger, by the closing of the day at the latest.

13.   Crypto-asset service providers operating a trading platform for crypto-assets shall ensure that their fee structures are transparent, fair and non-discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way that contributes to disorderly trading conditions or market abuse as referred to in Title VI.

14.   Crypto-asset service providers operating a trading platform for crypto-assets shall maintain resources and have back-up facilities in place to enable them to report to their competent_authority at all times.

15.   Crypto-asset service providers operating a trading platform shall keep at the disposal of the competent_authority, for at least five years, the relevant data relating to all orders in crypto-assets that are advertised through their systems, or give the competent_authority access to the order book so that the competent_authority is able to monitor the trading activity. That relevant data shall contain the characteristics of the order, including those that link an order with the executed transactions that stem from that order.

16.   esma shall develop draft regulatory technical standards to further specify:

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   Crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall assess whether the crypto-asset services or crypto-assets are suitable for their clients or prospective clients, taking into consideration their knowledge and experience in investing in crypto-assets, their investment objectives, including risk tolerance, and their financial situation including their ability to bear losses.

2.   Crypto-asset service providers providing advice on crypto-assets shall, in good time before providing advice on crypto-assets, inform prospective clients whether the advice is:

3.   Where a crypto-asset service provider providing advice on crypto-assets informs the prospective client that advice is provided on an independent basis, it shall:

Notwithstanding point (b) of the first subparagraph, minor non-monetary benefits that are capable of enhancing the quality of crypto-asset services provided to a client and that are of such a scale and nature that they do not impair compliance with a crypto-asset service provider’s obligation to act in the best interests of its client shall be permitted in cases where they are clearly disclosed to the client.

4.   Crypto-asset service providers providing advice on crypto-assets shall also provide prospective clients with information on all costs and related charges, including the cost of advice, where applicable, the cost of crypto-assets recommended or marketed to the client and how the client is permitted to pay for the crypto-assets, also encompassing any third-party payments.

5.   Crypto-asset service providers providing portfolio management of crypto-assets shall not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by an issuer, offeror, person seeking admission to trading, or any third party, or a person acting on behalf of a third party, in relation to the provision of portfolio management of crypto-assets to their clients.

6.   Where a crypto-asset service provider informs a prospective client that its advice is provided on a non-independent basis, that provider may receive inducements subject to the conditions that the payment or benefit:

The existence, nature and amount of the payment or benefit referred to in paragraph 4, or, where the amount cannot be ascertained, the method of calculating that amount, shall be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant crypto-asset service.

7.   Crypto-asset service providers providing advice on crypto-assets shall ensure that natural persons giving advice or information about crypto-assets, or a crypto-asset service, on their behalf possess the necessary knowledge and competence to fulfil their obligations. Member States shall publish the criteria to be used for assessing such knowledge and competence.

8.   For the purposes of the suitability assessment referred to in paragraph 1, crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall obtain from their clients or prospective clients the necessary information regarding their knowledge of, and experience in, investing, including in crypto-assets, their investment objectives, including risk tolerance, their financial situation including their ability to bear losses, and their basic understanding of the risks involved in purchasing crypto-assets, so as to enable crypto-asset service providers to recommend to clients or prospective clients whether or not the crypto-assets are suitable for them and, in particular, are in accordance with their risk tolerance and ability to bear losses.

9.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall warn clients or prospective clients that:

10.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall establish, maintain and implement policies and procedures to enable them to collect and assess all information necessary to conduct the assessment referred to in paragraph 1 for each client. They shall take all reasonable steps to ensure that the information collected about their clients or prospective clients is reliable.

11.   Where clients do not provide the information required pursuant to paragraph 8, or where crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets consider that the crypto-asset services or crypto-assets are not suitable for their clients, they shall not recommend such crypto-asset services or crypto-assets, nor begin the provision of portfolio management of such crypto-assets.

12.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall regularly review for each client the suitability assessment referred to in paragraph 1 at least every two years after the initial assessment made in accordance with that paragraph.

13.   Once the suitability assessment referred to in paragraph 1 or its review under paragraph 12 has been performed, crypto-asset service providers providing advice on crypto-assets shall provide clients with a report on suitability specifying the advice given and how that advice meets the preferences, objectives and other characteristics of clients. That report shall be made and communicated to clients in an electronic format. That report shall, as a minimum:

The report on suitability referred to in the first subparagraph shall make clear that the advice is based on the client’s knowledge and experience in investing in crypto-assets, the client’s investment objectives, risk tolerance, financial situation and ability to bear losses.

14.   Crypto-asset service providers providing portfolio management of crypto-assets shall provide periodic statements to their clients, in an electronic format, of the portfolio management activities carried out on their behalf. Those periodic statements shall contain a fair and balanced review of the activities undertaken and of the performance of the portfolio during the reporting period, an updated statement of how the activities undertaken meet the preferences, objectives and other characteristics of the client, as well as an updated information on the suitability assessment referred to in paragraph 1 or its review under paragraph 12.

The periodic statement referred to in the first subparagraph of this paragraph shall be provided every three months, except in cases where a client has access to an online system where up-to-date valuations of the client’s portfolio and updated information on the suitability assessment referred to in paragraph 1 can be accessed, and the crypto-asset service provider has evidence that the client has accessed a valuation at least once during the relevant quarter. Such online system shall be deemed an electronic format.

15.   esma shall, by 30 December 2024, issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying:

1.   Crypto-asset service providers providing transfer services for crypto-assets on behalf of clients shall conclude an agreement with their clients to specify their duties and their responsibilities. Such agreement shall include at least the following:

2.   esma, in close cooperation with EBA, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 for crypto-asset service providers providing transfer services for crypto-assets on behalf of clients as regards procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets.

1.   When performing the assessment referred to in Article 83(4), the competent_authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition referred to in Article 83(1) against all of the following criteria:

2.   The competent_authority may oppose the proposed acquisition only where there are reasonable grounds for doing so on the basis of the criteria set out in paragraph 1 of this Article or where the information provided in accordance with Article 83(4) is incomplete or false.

3.   Member States shall not impose any prior conditions in respect of the level of qualifying_holding that is required to be acquired under this Regulation nor allow their competent authorities to examine the proposed acquisition in terms of the economic needs of the market.

4.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards specifying the detailed content of the information that is necessary to carry out the assessment referred to in Article 83(4), first subparagraph. The information required shall be relevant for a prudential assessment, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition referred to in Article 83(1).

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   A crypto-asset service provider shall be deemed significant if it has in the Union at least 15 million active users, on average, in one calendar year, where the average is calculated as the average of the daily number of active users throughout the previous calendar year.

2.   Crypto-asset service providers shall notify their competent authorities within two months of reaching the number of active users as set out in paragraph 1. Where the competent_authority agrees that the threshold set out in paragraph 1 is met, it shall notify esma thereof.

3.   Without prejudice to the responsibilities of competent authorities under this Regulation, the competent authorities of the home_Member_States shall provide esma’s Board of Supervisors with annual updates on the following supervisory developments in relation to significant crypto-asset service providers:

The competent_authority of the home_Member_State may provide esma’s Board of Supervisors with more frequent updates, or notify it prior to any decision taken by the competent_authority of the home_Member_State with regard to the first subparagraph, point (a), (b) or (c).

4.   The update referred to in paragraph 3, second subparagraph, may be followed by an exchange of views at esma’s Board of Supervisors.

5.   Where appropriate, esma may make use of its powers under Articles 29, 30, 31 and 31b of Regulation (EU) No 1095/2010.

1.   Issuers, offerors and persons seeking admission to trading shall inform the public as soon as possible of inside information referred to in Article 87 that directly concerns them, in a manner that enables fast access as well as complete, correct and timely assessment of the information by the public. Issuers, offerors and persons seeking admission to trading shall not combine the disclosure of inside information to the public with the marketing of their activities. Issuers, offerors and persons seeking admission to trading shall post and maintain on their website, for a period of at least five years, all inside information that they are required to disclose publicly.

2.   Issuers, offerors and persons seeking admission to trading may, on their own responsibility, delay disclosure to the public of inside information referred to in Article 87 provided that all of the following conditions are met:

3.   Where an issuer, offeror or a person seeking admission to trading has delayed the disclosure of inside information in accordance with paragraph 2, it shall inform the competent_authority that disclosure of the information was delayed and shall provide a written explanation of how the conditions set out in paragraph 2 were met, immediately after the information is disclosed to the public. Alternatively, Member States may provide that a record of such an explanation is to be provided only upon the request of the competent_authority.

4.   In order to ensure uniform conditions of application of this Article, esma shall develop draft implementing technical standards to determine the technical means for:

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

1.   Any person professionally arranging or executing transactions in crypto-assets shall have in place effective arrangements, systems and procedures to prevent and detect market abuse. That person shall be subject to the rules of notification of the Member State where it is registered or has its head office or, in the case of a branch, the Member State where the branch is situated, and shall without delay report to the competent_authority of that Member State any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects of the functioning of the distributed_ledger_technology such as the consensus_mechanism, where there might exist circumstances indicating that market abuse has been committed, is being committed or is likely to be committed.

The competent authorities receiving a report of suspicious orders or transactions shall transmit such information immediately to the competent authorities of the trading platforms concerned.

2.   esma shall develop draft regulatory technical standards to further specify:

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 December 2024.

3.   In order to ensure consistency of supervisory practices under this Article, esma shall by 30 June 2025 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervisory practices among the competent authorities to prevent and detect market abuse, if not already covered by the regulatory technical standards referred to in paragraph 2.

1.   Member States shall designate the competent authorities responsible for carrying out the functions and duties provided for in this Regulation. Member States shall notify those competent authorities to EBA and esma.

2.   Where Member States designate more than one competent_authority pursuant to paragraph 1, they shall determine their respective tasks and designate one competent_authority as the single point of contact for cross-border administrative cooperation between competent authorities as well as with EBA and esma. Member States may designate a different single point of contact for each of those types of administrative cooperation.

3.   esma shall publish on its website a list of the competent authorities designated in accordance with paragraphs 1 and 2.

1.   Competent authorities shall cooperate with each other for the purposes of this Regulation. Competent authorities shall render assistance to competent authorities of other Member States, and to EBA and esma. They shall exchange information without undue delay and cooperate in investigation, supervision and enforcement activities.

Where Member States have, in accordance with Article 111(1), second subparagraph, laid down criminal penalties for the infringements of this Regulation referred to in Article 111(1), first subparagraph, they shall ensure that appropriate measures are in place so that competent authorities have all the necessary powers to liaise with judicial, prosecuting or criminal justice authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for infringements of this Regulation and to provide the same information to other competent authorities as well as to EBA and esma, in order to fulfil their obligation to cooperate for the purposes of this Regulation.

2.   A competent_authority may refuse to act on a request for information or a request to cooperate with an investigation only in the following cases:

3.   Competent authorities shall, upon request, without undue delay provide any information required for the purposes of this Regulation.

4.   A competent_authority may request assistance from the competent_authority of another Member State with regard to on-site inspections or investigations.

A requesting competent_authority shall inform EBA and esma of any request made pursuant to the first subparagraph. Where a competent_authority receives a request from a competent_authority of another Member State to carry out an on-site inspection or investigation, it may:

5.   In the case of an on-site inspection or investigation referred to in paragraph 4, esma shall coordinate the inspection or investigation, where requested to do so by one of the competent authorities.

Where the on-site inspection or investigation referred to in paragraph 4 concerns an issuer of an asset-referenced_token or e-money token or concerns crypto-asset services related to asset-referenced_tokens or e-money tokens, EBA shall, where requested to do so by one of the competent authorities, coordinate the inspection or investigation.

6.   The competent authorities may bring the matter to the attention of esma in situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Article 19(4) of Regulation (EU) No 1095/2010 shall apply in such situations mutatis mutandis.

7.   By way of derogation from paragraph 6 of this Article, the competent authorities may bring the matter to the attention of EBA in situations where a request for cooperation, in particular for information concerning an issuer of an asset-referenced_token or e-money token or concerning crypto-asset services related to asset-referenced_tokens or e-money tokens, has been rejected or has not been acted upon within a reasonable time. Article 19(4) of Regulation (EU) No 1093/2010 shall apply in such situations mutatis mutandis.

8.   Competent authorities shall closely coordinate their supervision in order to identify and remedy infringements of this Regulation, develop and promote best practices, facilitate collaboration, foster consistency of interpretation, and provide cross-jurisdictional assessments in the event of any disagreements.

For the purposes of the first subparagraph of this paragraph, EBA and esma shall fulfil a coordination role between competent authorities and across supervisory colleges as referred to in Article 119 with a view to building a common supervisory culture and consistent supervisory practices and ensuring uniform procedures.

9.   Where a competent_authority finds that any of the requirements under this Regulation has not been met or has reason to believe that to be the case, it shall inform the competent_authority of the entity or entities suspected of such infringement of its findings in a sufficiently detailed manner.

10.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information to be exchanged between competent authorities pursuant to paragraph 1.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

11.   esma, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation and exchange of information between competent authorities.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

1.   For the purposes of this Regulation, the competent authorities shall cooperate closely with esma in accordance with Regulation (EU) No 1095/2010 and with EBA in accordance with Regulation (EU) No 1093/2010. They shall exchange information in order to carry out their duties under this Chapter and Chapters 2 and 3 of this Title.

2.   The competent authorities shall without delay provide EBA and esma with all information necessary to perform their duties, in accordance with Article 35 of Regulation (EU) No 1093/2010 and Article 35 of Regulation (EU) No 1095/2010 respectively.

3.   esma, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and EBA and esma.

esma shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

1.   By 30 December 2024, the ESAs shall jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010, Article 16 of Regulation (EU) No 1094/2010 and Article 16 of Regulation (EU) No 1095/2010 to specify the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) and of the legal opinions on the qualification of asset-referenced_tokens referred to in Article 17(1), point (b)(ii), and Article 18(2), point (e). The guidelines shall include a template for the explanation and the opinion and a standardised test for the classification of crypto-assets.

2.   The ESAs shall, in accordance with Article 29 of Regulation (EU) No 1093/2010, Article 29 of Regulation (EU) No 1094/2010 and Article 29 of Regulation (EU) No 1095/2010, respectively, promote discussion among competent authorities on the classification of the crypto-assets, including on the classification of those crypto-assets that are excluded from the scope of this Regulation pursuant to Article 2(3). The ESAs shall also identify the sources of potential divergences in the approaches of the competent authorities to the classification of those crypto-assets and shall, to the extent possible, promote a common approach thereto.

3.   Competent authorities of the home or the host_Member_States may request esma, EIOPA or EBA, as appropriate, for an opinion on the classification of crypto-assets, including those that are excluded from the scope of this Regulation pursuant to Article 2(3). esma, EIOPA or EBA, as applicable, shall provide such opinion in accordance with Article 29 of Regulation (EU) No 1093/2010, Article 29 of Regulation (EU) No 1094/2010 and Article 29 of Regulation (EU) No 1095/2010, as applicable, within 15 working days of receipt of the request from the competent authorities.

4.   The ESAs shall jointly draw up an annual report based on the information contained in the register referred to in Article 109 and on the results of their work referred to in paragraphs 2 and 3 of this Article, identifying difficulties in the classification of crypto-assets and divergences in the approaches of the competent authorities.

1.   Where the competent_authority of a host_Member_State has clear and demonstrable grounds for suspecting that there are irregularities in the activities of an offeror or person seeking admission to trading of crypto-assets, an issuer of an asset-referenced_token or e-money token, or a crypto-asset service provider, it shall notify the competent_authority of the home_Member_State and esma thereof.

Where the irregularities referred to in the first subparagraph concern an issuer of an asset-referenced_token or e-money token, or a crypto-asset service related to asset-referenced_tokens or e-money tokens, the competent_authority of the host_Member_State shall also notify EBA.

2.   Where, despite the measures taken by the competent_authority of the home_Member_State, the irregularities referred to in paragraph 1 persist, amounting to an infringement of this Regulation, the competent_authority of the host_Member_State, after informing the competent_authority of the home_Member_State, esma and, where appropriate, EBA, shall take appropriate measures in order to protect clients of crypto-asset service providers and holders of crypto-assets, in particular retail_holders. Such measures include preventing the offeror, person seeking admission to trading, the issuer of the asset-referenced_token or e-money token or the crypto-asset service provider from conducting further activities in the host_Member_State. The competent_authority shall inform esma and, where appropriate, EBA thereof without undue delay. esma, and, where involved, EBA, shall inform the Commission accordingly without undue delay.

3.   Where a competent_authority of the home_Member_State disagrees with any of the measures taken by a competent_authority of the host_Member_State pursuant to paragraph 2 of this Article, it may bring the matter to the attention of esma. Article 19(4) of Regulation (EU) No 1095/2010 shall apply in such situations mutatis mutandis.

By way of derogation from the first subparagraph of this paragraph, where the measures referred to in paragraph 2 of this Article concern an issuer of an asset-referenced_token or e-money token, or a crypto-asset service related to asset-referenced_tokens or e-money tokens, the competent_authority of the host_Member_State may bring the matter to the attention of EBA. Article 19(4) of Regulation (EU) No 1093/2010 shall apply in such situations mutatis mutandis.

1.   In accordance with Article 9(5) of Regulation (EU) No 1095/2010, esma may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict:

A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by esma.

2.   esma shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled:

3.   When taking a measure pursuant to paragraph 1, esma shall ensure that the measure does not:

Where competent authorities have taken a measure pursuant to Article 105, esma may take any of the measures referred to in paragraph 1 of this Article without issuing an opinion pursuant to Article 106(2).

4.   Before deciding to take a measure pursuant to paragraph 1, esma shall notify the relevant competent authorities of the measure it intends to take.

5.   esma shall publish on its website a notice of a decision to take a measure pursuant to paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to activities after the measure has taken effect.

6.   esma shall review a prohibition or restriction imposed pursuant to paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on a proper analysis assessing the impact on consumers, esma may decide on the annual renewal of the prohibition or restriction.

7.   Measures taken by esma pursuant to this Article shall prevail over any previous measure taken by the relevant competent authorities on the same matter.

8.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by esma in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union for the purposes of paragraph 2, point (a), of this Article.

1.   A competent_authority may prohibit or restrict the following in or from its Member State:

2.   A competent_authority shall only take a measure pursuant to paragraph 1 if it is satisfied on reasonable grounds that:

Where the conditions set out in the first subparagraph of this paragraph are fulfilled, the competent_authority may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before a crypto-asset has been marketed, distributed or sold to clients.

The competent_authority may decide to apply the prohibition or restriction referred to in paragraph 1 only in certain circumstances or to make it subject to exceptions.

3.   The competent_authority shall not impose a prohibition or restriction under this Article unless, not less than one month before the measure is intended to take effect, it has notified all other competent authorities and esma, or EBA for asset-referenced_tokens and e-money tokens, in writing or through another medium agreed between the authorities, the following details:

4.   In exceptional cases where the competent_authority considers it necessary in order to prevent any detrimental effects arising from the crypto-asset or activity or practice referred to in paragraph 1, the competent_authority may take an urgent measure on a provisional basis with no less than 24 hours’ written notice before the measure is intended to take effect to all other competent authorities and esma, provided that all of the criteria listed in this Article are met and, in addition, that it is clearly established that a one-month notification period would not adequately address the specific concern or threat. The duration of measures taken on a provisional basis shall not exceed three months.

5.   The competent_authority shall publish on its website a notice of a decision to impose a prohibition or restriction as referred to in paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect and the evidence upon which the competent_authority has based its decision, and is satisfied that each of the conditions in paragraph 2, first subparagraph, is met. The prohibition or restriction shall only apply to activities after the measures have taken effect.

6.   The competent_authority shall revoke a prohibition or restriction if the conditions in paragraph 2 no longer apply.

7.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by the competent authorities in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system within at least one Member State as for the purposes of paragraph 2, first subparagraph, point (a).

1.   esma or, for asset-referenced_tokens and e-money tokens, EBA, shall perform a facilitating and coordinating role in relation to measures taken by competent authorities pursuant to Article 105. esma or, for asset-referenced_tokens and e-money tokens, EBA, shall ensure that measures taken by a competent_authority are justified and proportionate and that a consistent approach is taken by competent authorities, where appropriate.

2.   After receiving notification in accordance with Article 105(3) of any measure to be taken pursuant to that Article, esma or, for asset-referenced_tokens and e-money tokens, EBA, shall issue an opinion on whether the prohibition or restriction is justified and proportionate. If esma or, for asset-referenced_tokens and e-money tokens, EBA, considers that the taking of a measure by other competent authorities is necessary to address the risk, it shall state this in its opinion. The opinion shall be published on the website of esma or, for asset-referenced_tokens and e-money tokens, EBA.

3.   Where a competent_authority proposes to take, or takes or declines to take measures contrary to an opinion issued by esma or EBA pursuant to paragraph 2, it shall immediately publish on its website a notice fully explaining its reasons therefor.

1.   The competent authorities of Member States shall, where necessary, conclude cooperation arrangements with supervisory authorities of third countries concerning the exchange of information with those supervisory authorities of third countries and the enforcement of obligations under this Regulation in those third countries. Those cooperation arrangements shall ensure at least an efficient exchange of information that allows the competent authorities to carry out their duties under this Regulation.

A competent_authority shall inform EBA, esma and the other competent authorities where it intends to conclude such an arrangement.

2.   esma, in close cooperation with EBA, shall, where possible, facilitate and coordinate the development of cooperation arrangements between the competent authorities and the relevant supervisory authorities of third countries.

3.   esma, in close cooperation with EBA, shall develop draft regulatory technical standards establishing a template document for cooperation arrangements referred to in paragraph 1 for use by competent authorities of Member States where possible.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

4.   esma, in close cooperation with EBA, shall also, where possible, facilitate and coordinate the exchange between competent authorities of information obtained from supervisory authorities of third countries that might be relevant for taking measures under Chapter 3 of this Title.

5.   The competent authorities shall conclude cooperation arrangements on exchange of information with the supervisory authorities of third countries only where the information disclosed is subject to guarantees of professional secrecy that are at least equivalent to those set out in Article 100. Such exchange of information shall be intended for the performance of the tasks under this Regulation of those competent authorities.

1.   Competent authorities shall set up procedures that allow clients and other interested parties, including consumer associations, to submit complaints to them with regard to alleged infringements of this Regulation by offerors, persons seeking admission to trading, issuers of asset-referenced_tokens or e-money tokens, or crypto-asset service providers. Complaints shall be accepted in writing, including electronically, and in an official language of the Member State in which the complaint is submitted, or in a language accepted by the competent authorities of that Member State.

2.   Information on the complaints-handling procedures referred to in paragraph 1 of this Article shall be made available on the website of each competent_authority and communicated to EBA and esma. esma shall publish hyperlinks to the sections of the websites of the competent authorities related to complaints-handling procedures in its crypto-asset register referred to in Article 109.

1.   esma shall establish a register of:

esma’s register shall be publicly available on its website and shall be updated on a regular basis. In order to facilitate such updating, the competent authorities shall communicate to esma any changes notified to them regarding the information specified in paragraphs 2 to 5.

The competent authorities shall provide esma with the data necessary for the classification of crypto-asset white papers in the register, as specified in accordance with paragraph 8.

2.   As regards crypto-asset white papers for crypto-assets other than asset-referenced_tokens or e-money tokens, the register shall contain the crypto-asset white papers and any modified crypto-asset white papers. Any out-of-date versions of the crypto-asset white papers shall be kept in a separate archive and be clearly marked as out-of-date versions.

3.   As regards issuers of asset-referenced_tokens, the register shall contain the following information:

4.   As regards issuers of e-money tokens, the register shall contain the following information:

5.   As regards crypto-asset service providers, the register shall contain the following information:

6.   Competent authorities shall notify esma without delay of the measures listed in Article 94(1), first subparagraph, point (b), (c), (f), (l), (m), (n), (o) or (t), and of any public precautionary measures taken pursuant to Article 102 affecting the provision of crypto-asset services or the issuance, offer_to_the_public or use of crypto-assets. esma shall include such information in the register.

7.   Any withdrawal of an authorisation of an issuer of an asset-referenced_token, of an issuer of an e-money token, or of a crypto-asset service provider, and any measure notified in accordance with paragraph 6, shall remain published in the register for five years.

8.   esma shall develop draft regulatory technical standards to further specify the data necessary for the classification, by type of crypto-asset, of crypto-asset white papers, including the legal entity identifiers, in the register and specify the practical arrangements to ensure that such data is machine-readable.

esma shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

1.   esma shall establish a non-exhaustive register of entities that provide crypto-asset services in violation of Article 59 or 61.

2.   The register shall contain at least the commercial name or the website of a non-compliant entity and the name of the competent_authority that submitted the information.

3.   The register shall be publicly available on esma’s website in a machine-readable format and shall be updated on a regular basis to take into account any changes of circumstances or any information that is brought to esma’s attention concerning the registered non-compliant entities. The register shall enable centralised access to information submitted by competent authorities from the Member States or third countries, as well as by EBA.

4.   esma shall update the register to include information on any case of infringement of this Regulation identified on its own initiative in accordance with Article 17 of Regulation (EU) No 1095/2010 in which it has adopted a decision under paragraph 6 of that Article addressed to a non-compliant entity providing crypto-asset services, or any information on entities providing crypto-asset services without the necessary authorisation or registration submitted by the relevant supervisory authorities of third countries.

5.   In the cases referred to in paragraph 4 of this Article, esma may apply the relevant supervisory and investigative powers of competent authorities as referred to in Article 94(1) to non-compliant entities providing crypto-asset services.

1.   Without prejudice to any criminal penalties and without prejudice to the supervisory and investigative powers of competent authorities listed in Article 94, Member States shall, in accordance with national law, provide for competent authorities to have the power to take appropriate administrative penalties and other administrative measures in relation to at least the following infringements:

Member States may decide not to lay down rules for administrative penalties where the infringements referred to in the first subparagraph, point (a), (b), (c), (d) or (e), are already subject to criminal penalties in their national law by 30 June 2024. Where they so decide, Member States shall notify to the Commission, esma and to EBA, in detail, the relevant parts of their criminal law.

By 30 June 2024, Member States shall notify to the Commission, EBA and esma, in detail, the rules referred to in the first and second subparagraphs. They shall also notify the Commission, esma and EBA without delay of any subsequent amendment thereto.

2.   Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose at least the following administrative penalties and other administrative measures in relation to the infringements referred to in paragraph 1, first subparagraph, points (a) to (d):

3.   Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose, in relation to infringements committed by legal persons, maximum administrative fines of at least:

Where the legal person referred to in the first subparagraph, points (a) to (d), is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable Union law in the field of accounting according to the last available consolidated accounts approved by the management_body of the ultimate parent undertaking.

4.   In addition to the administrative penalties and other administrative measures as well as administrative fines referred to in paragraphs 2 and 3, Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose, in the event of infringements referred to in paragraph 1, first subparagraph, point (d), a temporary ban preventing any member of the management_body of the crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in a crypto-asset service provider.

5.   Member States shall, in accordance with their national law, ensure that, in the event of the infringements referred to in paragraph 1, first subparagraph, point (e), competent authorities have the power to impose at least the following administrative penalties and to take at least the following administrative measures:

For the purpose of point (j) of the first subparagraph, where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable Union law in the field of accounting according to the last available consolidated accounts approved by the management_body of the ultimate parent undertaking.

6.   Member States may provide that competent authorities have powers in addition to those referred to in paragraphs 2 to 5 and may provide for higher levels of penalties than those established in those paragraphs, in respect of both natural and legal persons responsible for the infringement.

1.   The competent_authority shall, on an annual basis, provide esma and EBA with aggregate information regarding all administrative penalties and other administrative measures imposed in accordance with Article 111. esma shall publish that information in an annual report.

Where Member States have, in accordance with Article 111(1), second subparagraph, laid down criminal penalties for the infringements of the provisions referred to therein, their competent authorities shall provide EBA and esma annually with anonymised and aggregated data regarding all relevant criminal investigations undertaken and criminal penalties imposed. esma shall publish data on criminal penalties imposed in an annual report.

2.   Where the competent_authority has disclosed administrative penalties, other administrative measures or criminal penalties to the public, it shall simultaneously report them to esma.

3.   Competent authorities shall inform EBA and esma of all administrative penalties or other administrative measures imposed but not published, including any appeal in relation thereto and the outcome thereof. Member States shall ensure that competent authorities receive information and the final judgment in relation to any criminal penalty imposed and submit it to EBA and esma. esma shall maintain a central database of penalties and administrative measures communicated to it solely for the purposes of exchanging information between competent authorities. That database shall be only accessible to EBA, esma and the competent authorities and it shall be updated based on the information provided by the competent authorities.

1.   Within 30 calendar days of a decision to classify an asset-referenced_token or e-money token as significant pursuant to Article 43, 44, 56 or 57, as applicable, EBA shall establish, manage and chair a consultative supervisory college for each issuer of a significant asset-referenced_token or of a significant e-money token, to facilitate the exercise of supervisory tasks and act as a vehicle for the coordination of supervisory activities under this Regulation.

2.   A college referred to in paragraph 1 shall consist of:

3.   EBA may invite other authorities to be members of the college referred to in paragraph 1 where the entities they supervise are relevant to the work of the college.

4.   The competent_authority of a Member State which is not a member of the college may request from the college any information relevant for the performance of its supervisory duties under this Regulation.

5.   A college referred to in paragraph 1 of this Article shall, without prejudice to the responsibilities of competent authorities under this Regulation, ensure:

In order to facilitate the performance of the tasks assigned to colleges pursuant to the first subparagraph of this paragraph, the members of the college referred to in paragraph 2 shall be entitled to contribute to the setting of the agenda of the college meetings, in particular by adding points to the agenda of a meeting.

6.   The establishment and functioning of the college referred to in paragraph 1 shall be based on a written agreement between all of its members.

The agreement referred to in the first subparagraph shall determine the practical arrangements for the functioning of the college, including detailed rules on:

The agreement may also determine tasks to be entrusted to EBA or another member of the college.

7.   As chair of each college, EBA shall:

8.   In order to ensure the consistent and coherent functioning of colleges, EBA, in cooperation with esma and the ECB, shall develop draft regulatory standards specifying:

EBA shall submit the draft regulatory standards referred to in the first subparagraph to the Commission by 30 June 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Article 10 to 14 of Regulation (EU) No 1093/2010.

1.   Where EBA finds that an issuer of a significant asset-referenced_token has committed an infringement as listed in Annex V, it may take one or more of the following measures: