Response to consultation on Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets under MiCAR
1. Do respondents have any comments on the template for the purposes of Article 8(4) Regulation (EU) 2023/1114?
On the explanation to include case law (including paragraph references, as appropriate) to which reference is made in the explanation: There isn't a large body of Civil Law case law on this. So, what other flexible explanations based on case law can applicants use? For example, can they use Common Law cases, which will have persuasive instruction rather than binding instruction?
2. Do respondents have any comments on the template for the purposes of Article 17(1) point (b)(ii) and Article 18(2) point (e) of Regulation (EU) 2023/1114?
On the Legal Opinion, will applicants receive a sample way of presenting the Legal Opinion, for your good-selves, so that this process can be done effectively and efficiently?
Further, is it possible for lawyers/advocates/attorneys from other jurisdictions (Common Law), be allowed to assist their client's in doing a Legal Opinion? I propose that these Common Law attorneys/advocates be given permits or licenses, issued by the relevant regulatory body, in a streamlined and non-burdensome process, subject to a nominal/minimal fee.
3. Do you consider that the fields of the template relating to explanations as to regulatory status are sufficiently clear and would enable a proportionate completion in line with the simplicity or complexity of the structure of the crypto-asset to which the explanation or legal opinion relates?
The template fields regarding regulatory status explanations are adequately clear and allow for proportional completion based on the complexity or simplicity of the crypto-asset's structure to which the explanation or legal opinion pertains.
4. Do respondents have any comments on the standardised test?
No comments on this. The flow chart effectively simplifies the representation of the standardized test.