MiCA Regulation [Eurolex]

Art. 16 - Authorisation Art. 17 - Requirements for banks Art. 18 - Application for authorisation Art. 19 - Whitepaper Art. 20 - Assessment of application Art. 21 - Refusal of authorisation Art. 22 - Reporting on stablecoins Art. 23 - Restrictions on mass stablecoins Art. 24 - Withdrawal of the authorisation Art. 25 - Modification of whitepaper Art. 26 - Liability for whitepaper Art. 27 - Best interest Art. 28 - Whitepaper Art. 29 - Marketing Art. 30 - Ongoing information Art. 31 - Complaints-handling Art. 32 - Conflicts of interest Art. 33 - Changes of management Art. 34 - Governance arrangements Art. 35 - Own funds requirements Art. 36 - Reserve assets Art. 37 - Custody of reserve assets Art. 38 - Investment of the reserves Art. 39 - Right of redemption Art. 40 - Prohibition of granting interest Art. 41 - Acquisition of issuers: Assessment Art. 42 - Acquisitions of issuers: Content Art. 43 - Significant stablecoins Art. 44 - Voluntary significant stablecoins Art. 45 - Obligations for significant stablecoins Art. 46 - Recovery plan Art. 47 - Redemption plan
Art. 59 - Authorisation Art. 60 - Services by licensed entities Art. 61 - Reverse solicitation Art. 62 - Application for authorisation Art. 63 - Assessment of application Art. 64 - Withdrawal of authorisation Art. 65 - Cross-border services Art. 66 - Honest, fair, professional Art. 67 - Prudential requirements Art. 68 - Governance arrangements Art. 69 - Information to authorities Art. 70 - Custody Art. 71 - Complaints-handling procedures Art. 72 - Conflicts of interest Art. 73 - Outsourcing Art. 74 - Orderly wind-down Art. 75 - Custody and administration Art. 76 - Trading platforms Art. 77 - Exchange Art. 78 - Best execution Art. 79 - Placing of crypto-assets Art. 80 - Reception and transmission of orders Art. 81 - Advice and Portfolio Management Art. 82 - Transfers Art. 83 - Acquisitions: Assessment Art. 84 - Acquisitions: Content Art. 85 - Significant service providers
Art. 93 - Competent authorities Art. 94 - Powers of competent authorities Art. 95 - Cooperation Art. 96 - Cooperation EBA and ESMA Art. 97 - Classification of tokens Art. 98 - Other authorities Art. 99 - Duty of notification Art. 100 - Professional secrecy Art. 101 - Data protection Art. 102 - Precautionary measures Art. 103 - ESMA interventions Art. 104 - EBA interventions Art. 105 - Product intervention Art. 106 - Coordination with ESMA or EBA Art. 107 - Third-countries Art. 108 - Complaints-handling Art. 109 - ESMA register Art. 110 - Register of non-compliant firms Art. 111 - Administrative penalties Art. 112 - Supervisory powers Art. 113 - Right of appeal Art. 114 - Publication of decisions Art. 115 - Reporting of penalties Art. 116 - Reporting of infringements Art. 117 - Supervision: stablecoins Art. 118 - EBA crypto-asset committee Art. 119 - Colleges for issuers Art. 120 - Non-binding opinion of colleges Art. 121 - Legal privilege Art. 122 - Request for information Art. 123 - General investigative powers Art. 124 - On-site inspections Art. 125 - Exchange of information Art. 126 - Third countries: information Art. 127 - Third countries: disclosure Art. 128 - Other authorities Art. 129 - Professional secrecy Art. 130 - Supervisory measures EBA Art. 131 - Fines Art. 132 - Periodic penalty payments Art. 133 - Allocation of fines Art. 134 - Fines: procedural rules Art. 135 - Investigation: hearings Art. 136 - Review by the Court of Justice Art. 137 - Supervisory fees Art. 138 - EBA: delegation of tasks Art. 139 - Exercise of the delegation Art. 140 - Reports on MiCA Art. 141 - Report on market Art. 142 - Report on crypto-assets
Art. 143 - Transitional measures

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Article 20 - Assessment of application

(Official title: Assessment of the application for authorisation)

  1. Competent authorities receiving an application for authorisation as referred to in Article 18 shall, within 25 working days of receipt of such application, assess whether that application, including the crypto-asset white paper referred to in Article 19, comprises all of the required information. They shall immediately notify the applicant issuer whether the application, including the crypto-asset white paper, is missing required information. Where the application, including the crypto-asset white paper, is not complete, competent authorities shall set a deadline by which the applicant issuer is to provide any missing information.

  2. Competent authorities shall, within 60 working days of receipt of a complete application, assess whether the applicant issuer complies with the requirements of this Title and take a fully reasoned draft decision granting or refusing authorisation. Within those 60 working days, competent authorities may request from the applicant issuer any information on the application, including on the crypto-asset white paper referred in Article 19.

    During the assessment process, competent authorities may cooperate with competent authorities for anti-money laundering and counter-terrorist financing, financial intelligence units or other public bodies.

  3. The assessment period under paragraphs 1 and 2 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant issuer. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraphs 1 and 2.

  4. Competent authorities shall, after the period of 60 working days referred to in paragraph 2, transmit their draft decision and the application to EBA, ESMA and the ECB. Where the applicant issuer is established in a Member State whose official currency is not the euro, or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, the competent authorities shall transmit their draft decision and the application also to the central bank of that Member State.

  5. EBA and ESMA shall, at the request of the competent authority, and within 20 working days of receipt of the draft decision and the application, issue an opinion as regards their evaluation of the legal opinion referred to in Article 18(2), point (e), and transmit their respective opinions to the competent authority concerned.

    The ECB or, where applicable, the central bank referred to in paragraph 4 shall, within 20 working days of receipt of the draft decision and the application, issue an opinion as regards its evaluation of the risks that issuing that asset-referenced token might pose to financial stability, the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, and transmit its opinion to the competent authority concerned.

    Without prejudice to Article 21(4), the opinions referred to in the first and second subparagraphs of this paragraph shall be non-binding.

    The competent authority shall, however, duly consider the opinions referred in the first and second subparagraphs of this paragraph.

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