- The European Banking Authority (EBA) printed the draft guidelines on complaints dealing with procedures for issuers of Property Referenced Tokens (ART) on March 13.
- EBA collaborated with the European Securities and Markets Authority (ESMA) to draft the regulatory technical requirements (RTS).
- These regulatory requirements are a part of MiCA provisions on stablecoins.
The European Banking Authority (EBA) has printed draft guidelines outlining the regulatory requirements relevant to stablecoin issuers in relation to shopper complaints.
EBA labored on the draft regulatory technical requirements (RTS) in collaboration with the European Securities and Markets Authority (ESMA).
“With a purpose to keep away from diverging complaints dealing with procedures amongst issuers of asset referenced tokens and third-party entities, complainants ought to be capable of file their complaints utilizing a harmonised template legitimate for complaints dealing with procedures with issuers of asset-referenced tokens no matter the place the issuer is established or the place the token was distributed,” the EBA draft reads.
RTS will assist make sure that the EU has “efficient and clear procedures for the immediate, truthful and constant dealing with of complaints.” It’s additionally for a stage enjoying discipline when it comes to dealing with the complaints throughout the EU.
MiCA provisions
The regulatory requirements are a part of the mandate for the European Banking Authority (EBA) as acknowledged in Regulation (EU) 2023/1114 of the EU’s Markets in Crypto-Property (MiCA) legislation.
MiCA grew to become efficient within the EU on June 29, 2023. One among its provisions was for EBA to draft guidelines associated to Asset-Referenced Tokens, or stablecoins pegged to a couple of fiat foreign money or cryptocurrencies.
EBA mentioned in a press launch printed on Wednesday {that a} public session on the draft RTS occurred between July 12 and October 12, 2023.
The draft requirements will now go to the European Fee, the European Parliament and at last the European Council earlier than their publication within the Official Journal of the European Union.
MiCA provisions on ART will apply from June 30, 2024.
