Own funds for ART issuers exempt from authorisation
Q&A on Own funds for ART issuers exempt from authorisation.
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Q&A on Own funds for ART issuers exempt from authorisation.
What own funds requirements apply to issuers of asset-referenced tokens that are exempt from the authorisation requirement pursuant to Article 16(2) of MiCAR?
Article 35(1) of MiCAR sets out the own funds requirements for authorised ART issuers (350,000 EUR or 2% of the average reserve assets amount, whichever is higher). Article 16(2) provides an exemption from the authorisation requirement in Article 16(1) for ARTs offered exclusively to qualified investors or where the offer is below EUR 5 000 000.
The question arises because Article 35 by its terms applies to "issuers of asset-referenced tokens" without expressly distinguishing between authorised and exempt issuers. However, the own funds requirement is structured in the context of the authorisation framework (Chapters 1-3 of Title III of MiCAR), which may suggest that it does not apply to issuers exempt from authorisation.
Submitted by: Industry participant
This question falls outside the scope of the Q&A process. The applicable provisions of MiCAR (Articles 16 and 17(4)) already provide sufficient clarity on the relationship between the exemption from authorisation and the obligations that continue to apply. The question does not identify a genuine ambiguity in the text that requires interpretative guidance through the Q&A process.
The submitter is invited to consult directly with their competent authority for any specific application of the rules to their particular circumstances.
Source: EBA Single Rulebook Q&A
competent authority — defined term used on this page
qualified investors — defined term used on this page
qualified investors — defined term used on this page
funds — defined term used on this page
funds — defined term used on this page
funds — defined term used on this page
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