Olivier Vigna’s Post

European Securities and Markets Authority (ESMA) published its annual work programme for 2025. In 2025, ESMA will intensify its focus on implementing the sustainable finance legal and #supervisory framework, combating greenwashing, and promoting transparency in sustainable investments. On the digital front, ESMA will focus on financial innovation, particularly: 🔎 in the area of artificial intelligence (#AI) with the aim of ensuring investor protection and market integrity 🔎 Digital Operational Resilience Act (#DORA) in 2025 necessitates a robust supervisory approach to ensure the resilience of critical financial services in the face of digital threats 🔎 Regulation on Markets in Crypto-Assets (#MiCA) demands ESMA's expertise to establish an effective and convergent supervision across the EU in relation to this new regulatory regime 🔎 launch the first phase of the European Single Access Point (#ESAP) in 2026, aiming to create a centralised platform for easy access to public data and information on securities markets 🔎 continue working towards shortening the #settlement cycle with the relevant public and private sector stakeholders 🌱 new supervisory responsibilities under the EU #Green Bonds regulation 🎆 2025 Specific outputs 🧩 Market-wide identification of TPPs and designation of the CTPPs among them under DORA 🧩 Guidelines on suitability and transfer services under MiCA 🧩 Update on the implementation of the DLT Pilot Regime. 🧩 Interim report on the application of MiCA and report on latest developments in crypto-assets 🧩 Development of a register of all CASPs, of all crypto-asset white papers, as well as a central database of penalties and administrative measures under MiCA. Link: https://lnkd.in/dW85Jvwn

🔍 The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, recently published the first Final Report under the Markets in Crypto-Assets Regulation (MiCA) https://lnkd.in/gK_bHgct MiCA aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASP), and make the environment safer for investors across the Union. The report includes proposals on required information for: - the authorization of CASPs; - notification by financial entities of their intent to provide crypto-asset services; - assessment of intended acquisition of a qualifying holding in a CASP; and - addressing complaints by CASPs. Next steps: ESMA has submitted the Final Report to the European Commission (EC) and will provide further advice and technical guidance, as requested by the EC, in this area. Meanwhile, on March 25th, ESMA published the 3rd package of consultation on technical standards https://lnkd.in/gaPyKcaP Subscribe to our Telegram channel to be the first to receive fresh updates on MiCA implementation https://lnkd.in/gu4Zukrw #MiCA #ESMA #CASP #regulation #crypto

📣 NEWSFLASH - Markets in crypto-assets regulation (MiCA): The scope is in the details Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (“MiCA”) entered into force on 29 June 2023. Since then, the European Supervisory Authorities (“ESAs”) have published several draft level 2 and 3 measures. During the summer, the ESAs published a consultation paper on draft guidelines on templates for explanations and opinion, and the standardised test for the classification of crypto-assets. This consultation paper follows another one published in the beginning of the year by the European Securities and Markets Authority (“ESMA”) on the draft guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments. The draft guidelines support the regulatory qualification of crypto-assets regarding both what constitutes a crypto-asset under MiCA and the categorisation of such crypto-assets into the three types of crypto-assets under MiCA (being asset-referenced tokens (“ARTs”), electronic money tokens (“EMTs”) and crypto-assets other than ARTs or EMTs). The input provided in the guidelines and, in particular, the standardised test provided therein will have a key impact on the scope and practical application of MiCA. Stakeholders have until 12 October to provide their input. https://lnkd.in/ehicYmv5 👉 If you would like to discuss this subject further and hear how our firm can help you please don't hesite to reach out to Partner Tiago Nogueira and Associate Koenraad Mertens LL.M. #ElvingerHossPrussen #LuxembourgLaw #MiCA #cryptoassets

Must read! 👇🏽 You'll find great insights on Circle Regulatory journey to achieve MiCa

MiCA Round 1 - Here we go! 🚀 Several colleagues have already shared excellent posts on this topic, but yesterday marked a crucial milestone 💎 I- MiCA institutes uniform EU market rules for crypto-assets, covering those not currently regulated by existing financial services legislation. II- Issuers of asset-referenced tokens (ARTs) must obtain authorization in the EU, involving a detailed application process and adherence to specific compliance requirements. Furthermore,MiCA defines an ART as a crypto-asset that aims to maintain a stable value by referencing several currencies that are legal tender, one or several commodities, one or several crypto-assets, or a basket of such assets. Stablecoins typically fall within this definition. ✍🏻 III- A comprehensive white paper must be submitted for the issuance of ARTs, covering rights, technology, risks, environmental impacts, and reserve details, among other aspects. 📑 Transitional provisions allow non-credit institution ART issuers to continue operations if they apply for authorisation by July 30, 2024. Credit institutions must notify their competent authority by the same date to continue operations until their white paper is approved. 🏦 IV- E-money tokens (EMTs) can only be offered in the EU by credit institutions and electronic money institutions authorized in the EU 🚨 During the ‘implementation phase’ of MiCA (from entry into force until December 2024), ESMA, together with the National Competent Authorities (NCAs) of the Member States and the other European Supervisory Authorities (ESAs), is issuing the technical standards and guidelines that specify how the new rules will apply to issuers, offerors, and service providers of crypto-assets. 📆 Finally, It is important for holders of crypto-assets to be aware that, MiCA rules on the provision of crypto-asset services will not enter into application until December 30, 2024. 🤔 “Just Feel It…” 🎶 🌧️🚗☕️☕️🍫

European Securities and Markets Authority (ESMA)'s latest release on #MiCA Regulation includes a Consultation Paper and two Final Reports, addressing key aspects like #market #abuse prevention, #investor protection, and operational resilience in the #crypto space. The Consultation Paper specifically focuses on mandates such as suitability requirements, transfer services, and system maintenance. https://lnkd.in/dDUGiJaH #GTG #advocates #corporate #financialservices #fintech #dora #cryptoassets #lawyers #Malta Ian Gauci l Cherise Abela Grech l Karl Cauchi

The European Securities and Markets Authority (ESMA) released the third (and last) Consultation Paper: the last piece of the puzzle on the Regulation of Crypto-Assets. Here's what you need to know: 📜 The Markets in Crypto-Assets Regulation (#MiCAR) represents the forthcoming EU-wide regulatory framework for crypto-assets, stablecoins and Crypto-Asset Service Providers (#CASP). Last year, the definitive version of this regulation received approval. From that point, Consultation Packages were rolled out to offer further clarity, guidance and technical standards. With this paper, #ESMA has released guidance on four topics and is seeking input from stakeholders on whether these are clear and effective. The topics for this paper are: 🕵️ Market Abuse Arrangements, systems and procedures for detecting and reporting suspected market abuse in crypto-assets. 👥 Portfolio Management and Advice Aspects of the suitability requirements applicable to the provision of advice and portfolio management in crypto-assets and the format of the periodic statement. ⏩ Transfer services Procedures and policies, including rights of clients, in the context of transfer services for crypto-assets. 🔐 System resilience and security Maintenance of systems and security access protocols in conformity with appropriate Union standards. As said, this consultation paper is part of the last package thus giving CASPs the last piece of (draft) information needed for applying for a license. The application process is however different in each member state. In the Netherlands, Autoriteit Financiële Markten will accept license applications starting 22nd of April - as far as I've seen being the first in Europe. 🗓 Responding to the consultation paper is available until June 25th. ESMA will accumulate a final draft technical standards, which will be submitted to the European Commission for approval no later than December 30th 2024.

Voice your opinion! The European Securities and Markets Authority (ESMA) recently published two consultation papers on guidelines under MiCA. One is on reverse solicitation and one is about the classification of crypto-assets as financial instruments. This is the third MiCA-related consultation package of ESMA which is empowered to develop technical standards and guidelines specifying certain provisions of #MiCA. Currently, one of the most pressing issues is that there is no harmonised definition of ’financial instrument’ under the Markets in Financial Instruments Directive (MiFID), and with the implementation of MiCA, the question of whether crypto-assets should be considered financial instruments was raised again. The other issue refers to the „reverse solicitation” exemption, which means that the provision of crypto-asset services or activities by a third-country firm is strictly limited under MiCA to cases where such service is initiated at the exclusive initiative of a client. ESMA states that this exemption is to be interpreted as very narrowly framed, as it cannot be a tool to circumvent MiCA. ESMA invites all stakeholders, particularly crypto-asset issuers, #CASPs in and outside the EU and financial entities dealing with crypto-assets to share their thoughts on these matters. With the guidelines subject to consultation, the aim would be to provide more guidance on when to apply this exemption and possible supervision techniques for the national competent authorities. Stakeholders have until 29 April to post their contributions on ESMA’s website. Do not miss out on the chance to shape the regulatory framework with your insight! You can download the papers from here: https://lnkd.in/diS74hMv. You can send in your opinion here: https://lnkd.in/d_SKb9mS. #micaseries #mica #micar #cryptoregulations

AI, e.g., ChatGPT, can't do what we are doing in data analytics NOW. Do you or any contacts of yours need our expertise/IP that can do what high technology, like AI, high-end chips, computers, etc., can't do NOW? Thanks. European Parliament's AI Act has identified a practical list of high-risk AI applications. This Act has been approved by European Council 🇪🇺. 關於 AI 人工智能的一些事實: Some fact findings about AI: https://lnkd.in/gwcPNUPP 其中，用一個簡單的是非題就能顯示我們受著作權保護的中英對照元數據 (metadata) 能做到現今 AI 人工智能無法做到的數據分析工作。 A simple go/no-go test shows that, with our intellectual property (IP), a copyrighted Chinese-English multilingual metadata, we can do what artificial intelligence (AI) can't do in data analytics, NOW.

On July 12, 2024, the three European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) published a consultation paper on Guidelines under the Markets in Crypto-assets Regulation (MiCA). These guidelines aim to establish templates for explanations and legal opinions regarding the classification of crypto-assets, along with a standardised test to foster a common approach. Key Details: 1. Standardised Test: The guidelines propose a standardised test and templates for explanations and legal opinions to support market participants and supervisors in adopting a consistent approach to the classification of crypto-assets. 2. Crypto-Asset Classification: - Asset-Referenced Tokens (ARTs): The white paper for ART issuance must be accompanied by a legal opinion explaining the classification, ensuring it is not an EMT or excluded from MiCA. - Other Crypto-Assets: The white paper must include an explanation of the classification, confirming it is not an EMT, ART, or excluded from MiCA. Consultation Period: Comments can be submitted until October 12, 2024. Next Steps: The ESAs will hold a virtual public hearing on the consultation paper on September 23, 2024, from 10:00 to 12:00 CEST. Interested stakeholders can register by September 19, 2024, at 16:00 CEST. All contributions will be published following the consultation period, unless requested otherwise. Background: MiCA establishes regimes for regulating the issuance, offering, and trading of electronic money tokens (EMTs), asset-referenced tokens (ARTs), and other crypto-assets. It also sets a framework for crypto-asset service provision and a joint mandate for the ESAs to develop these guidelines. Follow Global Regulatory Insights for more updates on the latest developments in crypto-asset regulations and digital finance! #MiCA #CryptoAssets #Regulation #ESAs #DigitalFinance #CryptoRegulation #GRI