LegalizeCommission Delegated Regulation (EU) 2025/297 of 31 October 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for the establishment and functioning of consultative supervisory colleges
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (1), and in particular Article 119(8), third subparagraph, thereof,
Whereas:
(1) Under Article 119(1) of Regulation (EU) 2023/1114, the European Banking Authority (‘EBA’) is to establish, manage and chair a consultative supervisory college (‘the college’) for each issuer of a significant asset-referenced token or of a significant e-money token, to facilitate the carrying out of supervisory tasks and to allow for the coordination of supervisory activities under that Regulation. Article 119(2) thereof lists the entities that comprise the core membership of the college.
(2) In order to ensure a consistent and coherent functioning of such colleges across the European Union, the EBA is to determine, under Article 119(8), first subparagraph, of Regulation (EU) 2023/1114, which of the entities referred to in Article 119(2), points (d), (e), (f), (h), of that Regulation are deemed to be the most relevant and, under Article 119(2), point (l), of that Regulation, in which Member States an asset-referenced token or an e-money token is deemed to be used at large scale. For that purpose, EBA should take into account the entities that rank highest based on suitable criteria, the particularities of each case and the balance between the need to ensure an appropriate representation of the relevant competent authorities in the college and the need to ensure the effective functioning of the college.
(3) EBA should also be able to decide to invite to become a member of the college the competent authorities of only some of the entities deemed as most relevant under Article 119(2), points (d), (e), (f) and (h), of Regulation (EU) 2023/1114, where the EBA is of the view that those entities are the only ones relevant in their category for the work of the college.
(4) EBA should reassess, at least every 2 years, which authorities qualify to be members of the college under Article 119(2), points (d), (e), (f), (h) and (l), of Regulation (EU) 2023/1114. The frequency of the reassessment should be determined taking into account the need to ensure an appropriate representation of the relevant competent authorities in the college, as these may change over time, notably as a result of market developments affecting the asset-referenced token or e-money token, as well as the need to ensure the college’s stability.
(5) In accordance with Article 119(6) of Regulation (EU) 2023/1114, the establishment and functioning of the college should be based on a written agreement between its members. Taking into account the timeline set out in Article 119(1) of that Regulation for the establishment of the college, it is appropriate to specify in this Regulation the practical arrangements for the conclusion of the written agreement.
(6) The members of the college should discuss any possible entrustment of tasks among the college members under Article 119(5), point (c), of Regulation (EU) 2023/1114. Where a college is established for a credit institution issuing a significant e-money token, for which the supervisory responsibility under Regulation (EU) 2023/1114 remains with the competent prudential supervision authority and is not transferred to EBA, the latter should be able to entrust its tasks as chair of the college referred to in Article 119(7), points (b) to (e), of Regulation (EU) 2023/1114 to, or share them with, the prudential supervision authority competent to supervise that credit institution. Such entrustment or sharing of tasks might be necessary to ensure a more efficient coordination of the college, since that authority is in a better position to coordinate and communicate with other authorities relevant for the credit institution in question and has a better knowledge of the situation of that credit institution. Nevertheless, EBA should remain in charge of establishing written arrangements and procedures for the functioning of the college, after consulting the other members of the college, as required by Article 119(7), point (a), of Regulation (EU) 2023/1114, to ensure that it retains oversight of the chairing of the college. The written agreement referred to in Article 119(6) of that Regulation should also describe the arrangements on the voluntary entrustment of tasks among its members under Article 119(5), point (c), of that Regulation, where such entrustment takes place.
(7) The chair of the college should have the possibility to invite other authorities, that are not members of the college, to attend a college meeting, or a particular agenda item. This might include authorities related to the issuer of significant asset-referenced token or a significant e-money token, or to the group it belongs to, on the basis of other sectoral legislation, such as the consolidating supervisor of a credit institution, as defined in Article 4(1), point (41), of Regulation (EU) No 575/2013 of the European Parliament and of the Council (2), or the lead supervisor of the relevant anti-money laundering and countering the financing of terrorism supervisory college, as the case may be. The chair of the college should decide what information is relevant for those authorities and involve them in the relevant college meeting or activity accordingly.
(8) The members of the college who are involved in a particular meeting or activity of the college should exchange documents and contributions to working documents with sufficient time in advance to enable all participants in the college meeting to actively contribute to the discussions. The minimum timeframes for the assessment of the relevant documentation by the members of the college should be specified in the written agreement referred to in Article 119(6) of Regulation (EU) 2023/1114, taking into account the complexity of the work and the size of the college, the topic at hand and any relevant timelines set out in that Regulation.
(9) In order to facilitate the cooperation and information exchange among the members of the college, it is appropriate to further specify the general framework for the exchange of information between the members of the college.
(10) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the EBA.
(11) The EBA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council (3),
HAS ADOPTED THIS REGULATION:
Article 1
Determination of the most relevant entities referred to in Article 119(2), points (d), (e), (f) and (h) of Regulation (EU) 2023/1114
For the purpose of determining the most relevant entities referred to in Article 119(2), point (d) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
(a) where a consultative supervisory college (‘college’) is established for an issuer of a significant asset-referenced token or for an electronic money institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest value of the reserve assets referred to in Article 37 of Regulation (EU) 2023/1114 during the reference period, as defined in Article 3 of this Regulation;
(b) where a college is established for a credit institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest percentage of the funds received in exchange of the e-money tokens, during the reference period, as defined in Article 3 of this Regulation.
For the purpose of determining the most relevant entities referred to in Article 119(2), point (e) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
(a) the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;
(b) the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average aggregated value of trans-actions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.
For the purpose of determining the most relevant entities referred to in Article 119(2), point (f) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
(a) the three payment service providers that have executed the highest average number of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366 of the European Parliament and of the Council (4), in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation;
(b) the three payment service providers that have executed the highest average aggregate value of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366, in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation.
For the purpose of determining the most relevant entities referred to in Article 119(2), point (h) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
(a) the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;
(b) the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average aggregated value of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.
EBA may decide to invite the competent authorities of only some of the entities referred to in paragraphs 1 to 4 to be a member of the college where the EBA is of the view that those entities are the only ones relevant in their category for the work of the college.
Article 2
Conditions under which an asset-referenced token or an e-money token is deemed to be used at large scale as referred to in Article 119(2), point (l) of Regulation (EU) 2023/1114
For the purpose of Article 119(2), point (l) of Regulation (EU) 2023/1114, a significant asset-referenced token or a significant e-money token shall be deemed to be used at large scale in a Member State, where:
(a) the number of holders of the significant asset-referenced token or of the significant e-money token located in that Member State, on at least one day during the applicable reference period, is of at least 20 % of the population of that Member State; or
(b) the average number and average aggregate value of transactions per day with the significant asset-referenced token or the significant e-money token during the reference period defined in Article 3 of this Regulation, where at least one party to the transactions is located in that Member State, is higher than 1 250 000 transactions and EUR 250 000 000 respectively.
For the purpose of paragraph 1, point (a), the holder of the significant asset-referenced token or of the significant e-money token means the holder of that token that benefits of a right of redemption under Regulation (EU) 2023/1114.
For the purpose of paragraph 1, the location of a holder of the significant asset-referenced token or of the significant e-money token, or of a party to a transaction with such tokens, refers to any of the following:
(a) for natural persons, their habitual residence;
(b) for legal persons, the registered office address.
A competent authority requesting to become a member of the college based on point (l) of Article 119(2) of Regulation (EU) 2023/1114 shall submit a reasoned request to EBA and provide data showing that the criteria mentioned in paragraph 1 are met.
Article 3
Reference period and transactions
The reference period referred to in Articles 1 and 2 shall be the most recent six-month period covered by the reporting obligation referred to in Article 22(1) of Regulation (EU) 2023/1114.
For the purpose of Article 1(2) and (4), and of Article 2(1), point (b), ‘transaction’ shall mean any change of the natural or legal person entitled to an asset-referenced token or an e-money token as a result of the transfer of that token from one distributed ledger address or account to another.
Article 4
Reassessment of the college composition
EBA shall reassess, at least every 2 years, which competent authorities qualify to be members of the college under Article 119(2), points (d), (e), (f), (h) and (l) of Regulation (EU) 2023/1114.
For the purpose of the reassessment referred to in paragraph 1, each competent authority that is a member of the college under Article 119(2), point (l) of Regulation (EU) 2023/1114 shall provide EBA, upon request and without undue delay, with the information necessary to assess whether those authorities continue to qualify to be a member of the college based on the criteria specified in Article 2 of this Regulation.
Article 5
Conclusion of the written agreement referred to in Article 119(6) of Regulation (EU) 2023/1114
EBA shall communicate its proposal on the written agreement referred to in Article 119(6) of Regulation (EU) 2023/1114 to the members of the college determined in accordance with Article 119(2) of that Regulation, inviting them to provide their views within 10 calendar days.
For the purposes of finalising the written agreement referred to in paragraph 1, EBA shall take into account any views and reservations expressed by the members of the college. EBA shall provide reasons for not incorporating such views or reservations in the written agreement.
Upon finalising the written agreement referred to in paragraph 1, EBA shall communicate the written coordination and cooperation arrangements to the members of the college.
Article 6
Participation in the college
Each member of the college shall designate one participant, selected as the most appropriate taking into account the topics discussed and objectives pursued, to attend the meetings or activities of the college and to represent that member of the college in the college meetings. Each member of the college may designate one alternate, with the exception of EBA, which shall designate one representative and may ask additional participants to attend, without voting rights, in college meetings or activities.
Where a competent authority has the right to be a member of the college in two or more of the cases referred to in Article 119(2), points (c) to (h), (j), and (l), of Regulation (EU) 2023/1114, or where several authorities from the same third country have the right to be members of the college under Article 119(2), point (m), of that Regulation, those authorities may designate one additional participant to attend, without voting rights, the meetings or activities of the college and may designate one alternate for that participant.
Where there are several members of the college per Member State, those college members shall inform the chair of the college which one of them will be the voting member.
Based on the agenda, or particular item thereof, topics and objectives of a college meeting or activity, the chair of the college may invite other authorities that are not members of the college to attend that meeting or activity. The chair of the college shall decide what information is relevant for those authorities and involve them in the college meeting or activity accordingly. These authorities shall have no voting rights. The chair of the college shall inform all members of the college accordingly, without undue delay.
For the adoption of an opinion of the college or of a recommendation included in an opinion of the college in accordance with Article 120(1) and (2) of Regulation (EU) 2023/1114, a quorum of half of the voting members of the college shall be required. If such quorum is not reached, the chair of the college may convene an extraordinary meeting at which decisions may be taken without quorum.
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