Delegated Acts
The European Union (EU) legislator may grant powers to the Commission through specific rules inscribed into a legislative act to adopt delegated acts. Delegated acts are non-legislative acts adopted by the European Commission that serve to amend or supplement the non-essential elements of the legislation.
The delegated acts are either categorised as regulatory technical standards (RTS) or implementing technical standards (ITS). A RTS is technical and further develops, specifies and determines the conditions for consistent harmonisation of the rules included in the basic legislative act, while an ITS is a technical implementing act providing for the uniform application of certain provisions in the basic legislative act.
In practice, RTS/ITS is where most practical implications of the regulatory framework are detailed.
It follows from the draft MiCA Regulation that RTS and ITS will be developed within the areas summarized below, although the form (one or many technical standards), timing, etc., is not clear at this stage.
- ITS on standard forms, formats and templates for crypto-asset white papers
- RTS on procedures for approving white papers for certain stablecoins
- RTS on sustainability indicators
- ITS on complaints handling for issuers of asset-referenced tokens
- RTS and ITS on the contents of applications for issuing asset-referenced tokens
- RTS and ITS on the contents and calculations necessary for the purpose of certain quarterly reporting for asset-referenced tokens
- RTS on requirements for policies and procedures for managing conflicts of interest for issuers of asset-referenced tokens
- RTS on calculation of own funds for issuers of asset-referenced tokens
- RTS on standards for managing the reserve of assets that must be maintained by issuers of asset-referenced tokens
- RTS on ownership change assessments for issuers of asset-referenced tokens and crypto-asset service providers
- RTS on governance arrangements, etc., for issuers of significant asset-referenced tokens and crypto-asset service providers
- RTS and ITS on application and notification requirements for entities that wish to provide crypto-asset services
- RTS on trading platform transparency issues
- ITS on means for publicly disclosing inside information
- RTS on template documents for cooperation arrangements with non-EU countries
- RTS on the registers ESMA shall establish
- ITS on forms, templates and procedures for the cooperation and exchange of information between regulators, and between regulators and EBA/ESMA