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

The European Banking Authority (EBA) published today a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs (s-ARTs) and significant EMTs (s-EMTs). The Markets in Crypto Assets Regulation (Mi CAR) sets out a new supervisory regime for ART and EMT issuers, which includes significance assessments and reassessments of ARTs and EMTs by the EBA, transfer of supervisory responsibilities from national competent authorities to the EBA and the establishment of supervisory colleges for s-ARTs and s-EMTs. In its Decision, the EBA details the following procedural aspects:it introduces a harmonised reporting calendar for national competent authorities and clarifies the respective reference periods and remittance dates.   it clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of data relevant for the establishment of the supervisory colleges. it sets out the procedural arrangements and timeline to be followed for the consultation procedures with related parties when the EBA is to notify its draft and final decisions on significance assessment to the home NCA of the issuer, the issuer, the ECB and the national central bank, where relevant.  it establishes the procedural steps and information required in this respect to support a smooth transition...