Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

2 QUICK LINKS AIFMD CMU CRYPTOASSETS EMIR FINTECH IFD/IFR MAR MIFID II/MIFIR OPERATIONAL RESILIENCE SECURITISATION SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE UNITED STATES UNITEDKINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2024 CRYPTOASSETS Final MiCA Rules on Conflict of Interest of Crypto Assets Providers Published On 31 May 2024, European Securities and Markets Authority (ESMA) published the Final Report on the rules on conflicts of interests of crypto-asset service providers (CASPs) under the Markets in Crypto Assets Regulation (MiCA). In the report ESMA sets out draft Regulatory Technical Standards (RTS) on certain requirements in relation to conflicts of interest for CASPs, with a view to clarifying elements in relation to vertical integration of CASPs and to further align with the draft European Banking Authority rules applicable to issuers of asset-referenced tokens. The draft RTS also contain updates on: 1. Requirements for the policies and procedures for the identification, prevention, management, and disclosure of conflicts of interest, considering the scale, the nature and the range of crypto-asset services provided, as well as 2. Details and methodology for the content of the disclosures of conflicts of interest. The final report has been sent to the European Commission (EC) and ESMA will provide further advice and technical guidance in this area if requested by the EC. Link to Final Report here NewQ&As Published for MiCA On 28 May 2024, ESMA updated the following Questions and Answers for MiCA: • Publication of information by CASPs providing the service of exchange of crypto-assets for funds or other crypto-assets (ESMA QA 2181). – Where should a CASP exchanging crypto-assets for funds or other crypto-assets publish the “firm price or method of determining the price of the crypto-assets” as required by Article 77(2) of MiCA? – Where should they publish the “information about the transactions concluded by them, such as transaction volumes and prices”, as required by Article 77(4) of MiCA? Link to NewQ&As here The EBA Publishes Final Draft Technical Standards Under the MICA On 7 May 2024, the European Banking Authority (EBA) published three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS). The RTS on authorisation lays down the information requirements to be included when applying for authorisation to offer to the public or seek admission to trading of an ART, so to enable the comprehensive assessment of the application by the competent authority. The ITS on authorisation sets out the standard application letter and the application template and clarifies the process relating to the assessment of completeness of the application by the competent authority. The RTS on the detailed content of the information to be included in the notification for of the proposed acquisition of direct or indirect qualifying holdings lays down the information requirements that are necessary to the competent authority to carry out the prudential assessment in case of proposed acquisitions in issuers of ARTs that are not credit institutions. The RTS on the procedure for the approval of white papers for ARTs issued by credit institutions sets out the timeframes that credit institutions, competent authorities and the European Central Bank or other central banks must follow during the procedure for the approval of a crypto-asset white paper. Link to Final Report on Draft RTS and ITS on Information for Authorisation as Issuers of ARTs Under MiCA here Link to Final Report on Draft RTS on Information for Assessment of a Proposed Acquisition of Qualifying Holdings in Issuers of ARTs Under MiCA here