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Response to consultation on draft Guidelines on internal governance arrangements for issuers of ARTs under MiCAR
Go backQuestion 1: Is the background section providing the needed context with regard to the mandate to issue GL on internal Governance under MiCAR?
Yes, from our perspective the provided context is comprehensive.Question 2: Is the subject matter, scope, and definitions section appropriate and sufficiently clear?
Yes, the section is appropriate and clear.Question 3: Is the Title on proportionality appropriate and sufficiently clear?
We would like to recommend considering the explicit specification of an important proportionality criterion: Does a token reference direct ownership in an asset, e.g. a physical asset (such as gold) or does it provide a financial claim against the issuer of the token. The latter case automatically implies very different risks and complexities.Question 4: Are the provisions in Title II regarding the management body appropriate and sufficiently clear?
Yes.Question 5: Are the provisions in Title III regarding the governance framework appropriate and sufficiently clear?
Yes.Question 6: Are the provisions in Title IV – Risk culture and business conduct appropriate and sufficiently clear?
Yes.Question 7 Are the provisions in Title V – Internal control framework and mechanisms appropriate and sufficiently clear?
With regards to section “10.4 Arrangements with third-party entities for operating the reserve of assets, for the investment of the reserve assets, the custody of the reserve assets, or the distribution of the asset- referenced tokens to the public” we would like to recommend permitting professional storage companies as third-party entities for the custody of reserve assets in the form of physical commodities such as gold or energy, e.g. oil or gas.Question 8: Are the provisions in Title VI – Business continuity management appropriate and sufficiently clear?
Yes.Question 9: Are the provisions in Title VII – Transparency appropriate and sufficiently clear?
Yes.Name of the organization
World Gold Council