EBA has announced a decision on the procedures for qualifying ART and EMTs as significant
- Admin
- Nov 1, 2024
- 1 min read
On 22 October 2024, the EBA published a decision setting out the procedural aspects related to the materiality assessment process for ARTs (Asset-referenced Tokens) and EMTs (Electronic Money Tokens), also establishing supervisory colleges for significant ARTs and EMTs.
Taking a closer look at the published decision, the EBA also addresses the following issues:
1. reporting obligations of ART and EMT issuers and the provision of material data necessary for the establishment of supervisory colleges.
2. the procedural arrangements and timetable to be followed in the framework of the procedures for consultation of related entities, in situations where the EBA is required to notify its drafts and final decisions on the materiality assessment of the issuer, its home supervisory authority, the ECB and, where necessary, the national central bank;
3. the procedural steps and the required information necessary to ensure a smooth transfer of supervisory competences between EBA and NCAs in relation to ART issuers and EMTs.
The full text of the EBA decision can be found at the following link: