Reporting obligation concerning the prevention and detection of market abuse (MiCA)
In accordance with Article 92 of the MiCA Regulation, the competent authority shall be reported without delay of any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects of the functioning of the distributed ledger technology such as the consensus mechanism, where there might exist circumstances indicating that market abuse has been committed, is being committed or is likely to be committed.
To whom does the reporting obligation under MiCA apply?
In accordance with Article 92 of the MiCA Regulation, the reporting obligation applies to any person professionally arranging or executing transactions in crypto-assets.
When and how to report?
Any person professionally arranging or executing transactions in crypto-assets shall report any suspicions of abuse to the competent authority of the member state where it is registered or has its head office or, in the case of a branch, the member state where the branch is situated.
Suspected market abuse must be reported to the FIN-FSA via secure email to the address STOR(at)finanssivalvonta.fi.
Arrangements and procedures to prevent and detect market abuse
In accordance with Article 92 of the MiCA Regulation, any person professionally arranging or executing transactions in crypto-assets shall have in place effective arrangements, systems and procedures to prevent and detect market abuse.
ESMA shall develop draft regulatory technical standards to specify the abovementioned arrangements, systems and procedures.