Regulatory Alerts2024-06-27
Joint EBA and ESMA Guidelines on the suitability assessment of management body members and shareholders for MiCA entities
The European Banking Authority and European Securities and Markets Authority issued joint guidelines to harmonize the assessment of suitability for management body members and qualifying shareholders of asset-referenced token issuers and crypto-asset service providers under MiCA. These guidelines require entities to ensure their management bodies possess appropriate knowledge, skills, experience, and good repute, while mandating prior prudential assessments for shareholders acquiring qualifying holdings based on reputation, financial soundness, and anti-money laundering compliance. The document establishes a consistent EU framework for competent authorities and firms to evaluate these criteria at authorization and on an ongoing basis to maintain financial stability and market integrity.