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 103 - ESMA interventions

(Official title: ESMA temporary intervention powers)

  1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict:

    (a) the marketing, distribution or sale of certain crypto-assets other than asset-referenced tokens or e-money tokens or crypto-assets other than asset-referenced tokens or e-money tokens with certain specified features; or

    (b) a type of activity or practice related to crypto-assets other than asset-referenced tokens or e-money tokens.

    A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by ESMA.

  2. ESMA shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled:

    (a) the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union;

    (b) the regulatory requirements under Union law that are applicable to the relevant crypto-assets and crypto-asset services do not address the threat at issue;

    (c) a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.

  3. When taking a measure pursuant to paragraph 1, ESMA shall ensure that the measure does not:

    (a) have a detrimental effect on the efficiency of markets in crypto-assets or on holders of crypto-assets or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and

    (b) create a risk of regulatory arbitrage.

    Where competent authorities have taken a measure pursuant to Article 105, ESMA may take any of the measures referred to in paragraph 1 of this Article without issuing an opinion pursuant to Article 106(2).

  4. Before deciding to take a measure pursuant to paragraph 1, ESMA shall notify the relevant competent authorities of the measure it intends to take.

  5. ESMA shall publish on its website a notice of a decision to take a measure pursuant to paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to activities after the measure has taken effect.

  6. ESMA shall review a prohibition or restriction imposed pursuant to paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on a proper analysis assessing the impact on consumers, ESMA may decide on the annual renewal of the prohibition or restriction.

  7. Measures taken by ESMA pursuant to this Article shall prevail over any previous measure taken by the relevant competent authorities on the same matter.

  8. The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by ESMA in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union for the purposes of paragraph 2, point (a), of this Article.

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