Consob and Bank of Italy, in collaboration with the organization of financial business agents and credit brokers – “OAM” (Organismo degli agenti in attività finanziaria e dei mediatori creditizi“), intend to conduct a fact-finding survey to understand the potential level of interest in carrying out activities in Italy that fall within the scope of application of Regulation (UE) 2023/1114 (MiCAR) and to support the preparatory activity for the application of the aforementioned regulation.
This survey is addressed to:
  1. banks, electronic money institutions, payment institutions, financial intermediaries under Art. No. 106 of the Consolidated Banking Law (TUB), securities firms (SIMs), managers of UCITS and FIAs, central securities depositories and managers of regulated markets;
  2. entities registered in the “Register of providers of services related to the use of virtual currency and digital wallet services” maintained by the OAM, currently performing services and activities that will be regulated by MiCAR;
  3. entities other than those previously mentioned, who are willing to carry out services or activities regulated by MiCAR.
The survey is conducted through modalities agreed upon by the aforementioned Authorities and the OAM.
For the subjects referred to in point 1 (central securities depositories and the managers of regulated markets will transmit the responses according to specific methods that will be communicated by the Authorities.), please refer to the communications from Bank of Italy; for the subjects referred to in point 2, the collection of responses will be carried out by the OAM.
For the subjects referred to in point 3 of the list, you are asked to complete the questionnaire and send the response by sending the completed questionnaire to the email address micar@consob.it by 24 November 2023.
ESMA has published  its  latest edition of the  Spotlight on Markets  Newsletter.
EBA has launched a consultation on draft Guidelines on recovery plans to be drafted by issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs).
The draft Guidelines set out supervisory expectations for issuers to be able to identify and understand the risks they face and lay down possible actions to restore compliance with regulatory requirements.
In specifying the content of the recovery plans, these draft Guidelines build on the existing legislative requirements on recovery planning in financial sector and supervisory experience and adapt them, where relevant, to reflect the specificities of ART and EMT issuers.
The draft Guidelines also include provisions on the interaction between the recovery plans drafted by multiple issuers of the same token or by issuers offering two or more tokens to the public, as well as to reduce the burden on credit institutions and investment firms already subject to the recovery planning obligations under the Bank Recovery and Resolution Directive (BRRD).
The consultation will end on 8 February 2024.
EBA has launched a consultation under the Markets in Crypto-Assets Regulation (MiCAR) on draft Regulatory Technical Standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) denominated in a non-EU currency for reporting transactions associated to uses of these tokens “as a means of exchange”. In addition, the EBA also consulted on draft Implementing Technical Standards (ITS) specifying the related reporting requirements under MiCAR.

The proposals set out in the draft RTS aim to clarify the scope of the transactions associated to the use of ARTs and EMTs denominated in a non-EU currency as a means of exchange that should be reported by issuers, and how issuers should estimate the number and value of such transactions. The draft RTS also aim at contributing to the objective of MiCAR of monitoring and preventing risks that the wide use of ARTs and of EMTs denominated in a non-EU currency as a means of exchange may have on monetary policy transmission and monetary sovereignty within the EU.
The draft ITS, in turn, provide specific templates and related instructions for the issuers of ARTs and of EMTs denominated in a non-EU currency to comply with their reporting obligations. The draft ITS also provide templates and related instructions that crypto-asset service providers (CASPs) must provide to issuers of ARTs and of EMTs denominated in a non-EU currency.
The consultations will end on 8 February 2024.
The draft RTS also specify the general conditions for the functioning of supervisory colleges under MiCAR.
The proposals set out in these draft RTS specify:
  1. the criteria to be used for determining “the most relevant” custodians of the reserve of assets, trading platforms, payment service providers providing payment services in relation to the significant EMTs and crypto-assets service providers providing custody and administration of crypto-assets on behalf of clients; and
  2. the conditions under which it is considered that ARTs and EMTs are “used at large scale” in a Member State for the purpose of determining the composition of a supervisory college under MiCAR.
Also, the draft RTS specify the general conditions for the functioning of supervisory colleges under MiCAR, including aspects related to participation in the college meetings, the voting procedures for the adoption of a non-binding opinion by the college, and aspects related to the exchange of information and the entrustment of tasks among college members.
The consultations will end on 8 February 2024.
EIOPA has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of October 2023.