Regulatory Alerts2025-02-26
Added · Updated
Guidelines on reverse solicitation under MiCA
ESMA establishes supervisory practices to detect and prevent circumvention of the reverse solicitation exemption under Article 61 of MiCA, applying to competent authorities and third-country firms. The guidelines define solicitation broadly to include various promotional means and clarify that the client's exclusive initiative must be construed narrowly, prohibiting firms from marketing further services of the same type outside the context of the original transaction. Specific criteria are provided to determine when crypto-assets or services are not of the same type, such as differences in technology, liquidity, or offeror identifiability. Competent authorities are required to monitor third-country firms using methods like geo-targeting analysis and to report compliance status to ESMA within two months of publication.
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