Source: European Banking Authority
The draft RTS specify the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCAR). They aim at strengthening the management of conflicts of interest by issuers of ARTs and ensure convergence of requirements across the European Union.
In developing the draft RTS, the EBA took into account recent reports of governance failures, specifically regarding failures to identify and manage effectively conflicts of interest, within the crypto-asset market globally, and to requirements applicable within the traditional EU financial sector addressed at mitigating conflicts of interest.
Legal basis and background
This Opinion is based on Article 10(1) of Regulation (EU) No 1093/2010, which requires the EBA to submit its response in the form of an opinion to amendments to draft regulatory technical standards (RTS) proposed by the European Commission.
On 5 June 2024, the EBA submitted its final draft RTS to the EC and on 29 November 2024, the EC sent a letter to the EBA about its intention to endorse the RTS with amendments and submitted a modified version of the RTS. The opinion constitutes the EBA’s response to the EC.