The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have initiated a public consultation process for two sets of joint guidelines aimed at streamlining the management and shareholding of crypto-asset service providers (CASPs) and issuers of asset-referenced tokens (ARTs).
The published consultation paper includes draft guidelines for assessing the suitability of management body members and qualifying shareholders.
The draft Joint guidelines propose criteria to evaluate the knowledge, skills, experience and integrity of the management body members of ART issuers and CASPs.
Additionally, the draft includes a common methodology for competent authorities to assess the suitability of shareholders or members with qualifying holdings, a vital step for granting authorisations and conducting prudential assessments of proposed acquisitions.
The public consultation is open until 22 January 2024 and aims to provide clarity and harmonisation in the application of rules, thereby reducing the risk of arbitrage.
The initiative is a part of the broader effort to foster market integrity and bolster public trust in the burgeoning crypto-asset landscape.
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