Consultations launched on Redemption Plans under MiCA and Change Requests to the SEPA Instant Credit Transfer Rulebook
EBA consults on Guidelines on redemption plans under the MiCA Regulations
The European Banking Authority (EBA) has launched a consultation on the draft Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto-Assets Regulation (MiCAR).
MiCAR establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the European Union (EU). It came into force on 29 June 2023, and the provisions relating to asset-referenced tokens (ARTs) and e-money tokens (EMTs) will be applicable from 30 June 2024. Among the activities within the scope of MiCAR are the offering to the public, or seeking admission to trading, of ARTs and EMTs, and issuing such tokens. Under MiCAR, the EBA is mandated to develop technical standards and guidelines to further specify the requirements for ARTs and EMTs.
The draft EBA Guidelines on redemption plans are addressed to issuers of ARTs and EMTs, and to competent authorities under MiCAR. They specify the content of the redemption plan, the timeframe for review and the triggers for its implementation. In particular, the draft Guidelines clarify the main principles governing the redemption plan, cover the case of pooled issuance, and outline the triggers for the activation of the plan by the competent authority.
Comments to the consultation paper may be submitted through the EBA’s consultation page until 10 June 2024. The EBA will also be holding a virtual public hearing on the consultation paper on the 22 May 2024. Interested stakeholders may register for the public hearing until 17 May 2024.
EPC consults on change requests to the SEPA Instant Credit Transfer Rulebook
The European Payments Council (EPC) has launched a public consultation on possible modifications to the SEPA Instant Credit Transfer Rulebook. The EPC has published a consultation document outlining the change requests for these modifications. The public consultation will run until 9 June 2024.
All scheme participants and stakeholders can provide feedback on the proposed changes to the rulebook by completing the response template and forwarding the completed template to the EPC via electronic mail by the stipulated deadline, as instructed in the consultation document.
Proposed changes which are broadly accepted by scheme participants and stakeholders, and which are technically and legally feasible, will be introduced into the Rulebook after approval by the EPC’s Payment Scheme Management Board. The updated version of the Rulebook is scheduled to be published in November 2024, and is to be implemented by payment service providers and their suppliers by November 2025.
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