On 27 June 2024 the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published joint guidelines on the suitability of members of the management body, and on the assessment of shareholders and members with qualifying holdings for issuers of asset-referenced token (ARTs) and crypto-asset service providers (CASPs), under MiCAR[1] .
What is covered by the guidelines?
The first set of guidelines includes common criteria for assessing members of the management body of issuers of ARTs and CASPs relating to their knowledge, experience, reputation, integrity, honesty as well as for assessing whether they can dedicate sufficient time to perform their duties resulting from the function of members of management bodies so as to ensure a sound management of these entities.
The second set of guidelines concerns the assessment of the suitability of shareholders or members with direct or indirect qualifying holdings in a supervised entity. It equips competent authorities with a common methodology to assess the suitability of the shareholders and members with direct or indirect qualifying holdings for the purpose of granting authorisation as issuers of ARTs or as CASPs, and for carrying out the prudential assessment of proposed acquisitions.
More information can be found at::
https://www.esma.europa.eu/press-news/esma-news/eba-and-esma-publish-guidelines-suitability-management-body-members-and
[1] Regulation (EU) 2023/1114 on markets in crypto-assets.