Supervision release 4 February 2025 – 13/2025

Joint EBA and ESMA Guidelines on suitability assessment of management body and qualifying holdings of issuers of asset-referenced tokens and crypto-asset service providers – applicable from 4 Feb 2025

The EBA and ESMA have issued Joint Guidelines EBA/GL/2024/09 (or ESMA75-453128700-10).

The Financial Supervisory Authority has confirmed that it will comply with the Guidelines.

In accordance with Article 16(3) of the EBA and ESMA Regulations¹ financial institutions and financial market participants] shall make every effort to comply with the EBA and ESMA Guidelines.

Subject matter and scope of the Joint Guidelines

The Joint EBA and ESMA Guidelines will be applied to the suitability assessment of the members of the management or supervisory bodies and existing persons with qualifying holdings or proposed acquirers of qualifying holdings in issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs). The Guidelines will be applied to applicant and authorised issuers of ARTs and CASPs. The Guidelines will also be applied to the central securities depository, electronic money institutions, management companies, authorised alternative investment fund managers and the stock exchange providing crypto-asset services pursuant to Article 60 of Regulation (EU) 2023/1114 (MiCAR). The Guidelines will also be applied to competent authorities, i.e. in Finland to the Financial Supervisory Authority.

The suitability assessment will also include assessment of good repute as well as knowledge, skills and experience. Both a collective and individual suitability assessment will be performed on the persons in question. ‘Of sufficiently good repute’ means, for example, that the person in question has not been convicted of offences and is not subject to sanctions. Adequate knowledge, skills and experience means that the person in question has, for example, adequate skills and time to perform their duties. Individual and collective adequate knowledge, experience and skills are key factors in the suitability assessment of management, in particular.

Other considerations

Existing persons with qualifying holdings or proposed acquirers of qualifying holdings will also be subject to Joint ESAs Guidelines on QH (JC/GL/2016/01) to the extent specifically provided for in the Joint EBA and ESMA Guidelines.

Date of application

The Guidelines will apply from 4 February 2025.

For further information, please contact

Tytti Tanninen, Senior Supervisor, telephone +358 9 183 5533 or tytti.tanninen(at)fiva.fi

Appendix

Joint EBA and ESMA Guidelines on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers and on the assessment of the suitability of the shareholders or members, whether direct or indirect, with qualifying holdings in issuers of ARTs or of CASPs