2nd EBA Workshop on the EC’s Call for Advice on the MiCA delegated acts on significance criteria for ARTs and EMTs and on supervisory fees

The EBA is hosting a second virtual Workshop to follow-up discussions with stakeholders regarding the European Commission’s request for technical advice on the delegated acts under the MiCA proposal concerning certain criteria for the classification of ARTs and EMTs as significant, and on supervisory fees.  

The EBA organised a first workshop on 17 May 2023, where EBA staff presented their preliminary views on the response to the CfA on specific significance criteria. To follow-up on that session, and the feedback provided, EBA staff intend to present their more developed views. The objective of this second workshop is to present the indicators identified by the EBA staff in a transparent manner and provide stakeholders the opportunity to share their views. 

EBA staff will also explain the proposed approach to the response to the CfA on the delegated act on supervisory fees in order to provide stakeholders the opportunity to share their views.   

The event will be held on 24 July 2023 from 09:30 to 12:00, as an online interactive Workshop via Teams.   

The target audience of this Workshop includes primarily actual or potential issuers of ARTs or EMTs, including credit institutions and e-money institutions, and also experts of industry associations or federations and from national competent authorities.   

Interested participants should register via this registration link (password: MiCAWorkshop2) by 12 July 2023 at 16:00 CEST. The registration confirmation and dial-in details will be provided to participants after the registration deadline. 

Agenda

Opening remarks and introduction to the workshop  

Session 1: CfA significance criteria – Indicators of significance of ART/EMT issuer’s activities on international scale outside the EU  

Session 2: CfA significance criteria – Indicators of significance of the interconnectedness of ARTs and EMTs and their issuers with the financial system 

Session 3: CfA supervisory fees - Proposed approach  

Background  

In December 2022, the EBA received a Call for Advice from the European Commission on two EC delegated acts under the MiCA proposal: certain criteria for the classification of ARTs and EMTs as significant, and supervisory fees. The deadline for the EBA’s response is 30 September 2023.  

As set out in MiCA, which has now been published in the Official Journal, in order to address increased risks from significant ARTs or EMTs, the issuers of those tokens must comply with additional obligations and their supervision is partly or fully assigned to the EBA. The EBA will be responsible for carrying out assessments of significance of ARTs and EMTs and will be able to classify them as significant where criteria are met.  

While MiCA lists the quantitative and qualitative criteria that need to be considered for the classification of ARTs and EMTs as significant, it mandates the European Commission to adopt a delegated act to further specify the most relevant indicators of a qualitative and, where possible, quantitative nature, in relation two criteria: the significance of the issuer’s activities on international scale outside the EU, and the interconnectedness of ARTs and EMTs and their issuers with the financial system.   

MiCA also mandates the European Commission to adopt a delegated act to specify further the type of fees that may be charged by the EBA in relation to the performance of its supervisory tasks, matters for which fees are due, amount of fees, and the manner in which they are to be paid and the relevant methodology.