The Guidelines specify the "content of the redemption plan to be developed by issuers of ARTs and EMTs in going concern, including the liquidation strategies of the reserve of assets, the mapping of critical activities, the content of the redemption claims, the main steps of the redemption process, and the elements that may lead to the trigger of the plan by the competent authority."

The package of EBA regulatory products comprises:

• Final Report on RTS on use of ARTs and EMTs as a means of exchange under MiCA
• Final Report on draft ITS on reporting on asset-referenced tokens under MiCA
• Final Report on Guidelines on liquidity stress testing under MiCA
• Final Report on RTS on colleges under MiCA

The package comprises:

• Final report on Guidelines on recovery plans under MiCA
• Final report on draft RTS to specify the minimum content of liquidity management policy
• Final report on draft RTS to specify the highly liquid financial instruments in the reserve of assets
• Final report on draft RTS further specifying the liquidity requirements
• Final report on draft RTS on the procedure and timeframe to adjust own funds
• Final report on draft RTS on additional own funds requirements and stress testing

The joint final draft technical standards include:

• Regulatory Technical Standards (RTS) on ICT risk management framework and on simplified ICT risk management framework;
• RTS on criteria for the classification of ICT-related incidents;
• RTS to specify the policy on ICT services supporting critical or important functions provided by ICT third-party service providers; and
• Implementing Technical Standards to establish the templates for the register of information.

The package includes four draft regulatory technical standards (RTS), one set of draft implementing technical standards (ITS) and two sets of guidelines (GL). 

These policy instruments aim to ensure a "consistent and harmonised legal framework in the areas of major ICT-related incident reporting, digital operational resilience testing, ICT third-party risk management and oversight over critical ICT third-party providers."

Comments on this consultation can be sent to the ESAs via the consultation pages:

• Consultation on Joint draft technical standards on major incident reporting
• Consultation on Joint draft Guidelines on estimation of aggregated annual costs and losses caused by major ICT-related incidents
• Consultation on Joint draft RTS on subcontracting ICT services supporting critical or important functions
• Consultation on Joint draft RTS on the harmonisation of conditions enabling the conduct of the oversight activities
• Consultation on Joint draft guidelines on the oversight cooperation and information exchange between the ESAs and the competent authorities
• Consultation on Joint draft RTS specifying elements related to threat led penetration tests 

The consultation runs until 4 March 2024.

The consultations published today are on:

Draft regulatory technical standards on liquidity requirements and on draft Guidelines on liquidity stress testing of relevant issuers of tokens 

Draft technical standards on own funds requirements and stress testing of issuers 

Draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens 

Reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency 

Draft technical standards on supervisory colleges 

Deadline for comments on all consultations is 8 February 2024.

Consultation Paper on draft regulatory technical standards on the procedure for the approval of white papers of asset-reference tokens issued by credit institutions. These draft RTS aim at harmonising the approval procedure across the European Union by laying down the steps and timeframes to be followed by credit institutions and by the relevant competent authority. 

Consultation Paper on draft Regulatory Technical Standards on the minimum content of the governance arrangements on the remuneration policy under the MiCA. These draft RTS specify the main governance processes regarding the adoption, implementation and maintenance of the remuneration policy and the main policy elements that should be included in the remuneration policy.  

Consultation Paper on new Guidelines on internal governance arrangements for issuers of asset referenced tokens under MiCA. These Guidelines specify the governance provisions that these issuers should comply with, taking into account the proportionality principle. This governance framework aims at ensuring a sound management of all risks associated with the activities of issuers of asset-reference tokens, such as operational risks, including fraud, cyber, and compliance risks. In addition, the provisions aim to adequately protect consumers and investors. 

Deadline for comments for all three consultations is 22 January 2024.

These consultation papers form a second batch of MiCAR policy products. The EBA expects to publish a third batch in November 2023.