ESMA publishes final report on crypto-asset service providers’ conflict of interest rules
On 31 May 2024, the European Securities and Markets Authority (ESMA) released its final report on draft regulatory technical standards (RTS) on conflicts of interest rules for crypto-asset service providers (CASPs) under the Markets in Crypto Assets Regulation (MiCA Regulation).
The RTS focus on requirements on the:
- Policies and procedures which CASPs must establish for identifying, preventing, managing, and disclosing conflicts of interest, tailored to the scale and nature of their services
- Website disclosures on conflicts of interest which CASPs must make under MiCA
Following a public consultation on the RTS that ended on 20 September 2023, ESMA received 36 responses, 10 of which were confidential. The final report takes into account such feedback on the RTS and contains a cost/benefit analysis (Annex I) and a detailed advice paper from the Securities and Markets Stakeholder Group (SMSG) (Annex II).
The RTS will now be submitted to the European Commission, which will decide on their adoption within three months in accordance with Articles 10 and 15 of Regulation (EU) 1095/2010.
The news release can be found here and the Final Report here.
If you are unsure whether MiCA Regulation may apply to you, you can use our MiCA Assessment Tool to obtain a free preliminary assessment here.
