EBA and ESMA: consultation on two sets of Joint Guidelines on suitability assessments of the management body and holders of qualifying holdings under MiCAR

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have jointly released a Consultation Paper outlining two draft Joint Guidelines for assessing the suitability of individuals in the management body and holders of qualifying holdings in asset referenced tokens (ARTs) and crypto-asset service providers (CASPs).

These guidelines aim to provide consistent criteria for these assessments, mitigating the risk of uneven rule application.

The consultation is open until January 22, 2024, and the guidelines are essential for establishing trust and integrity in the crypto asset market, as they address reputation, financial soundness, and other factors. EBA and ESMA plan to finalize these guidelines in three months, aligning with MiCA's implementation.

In this alert, you will read more about the background, key takeaways, and the next steps for these guidelines.