Response to consultation on draft Guidelines on internal governance arrangements for issuers of ARTs under MiCAR
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We believe the RTS could be further enhanced from a proportionality perspective if there was the inclusion of some form of de minimis threshold for small issuers of ARTs. This would have the effect of encouraging/incentivising innovation and growth of ART issuance in the EU - something we believe was a primary objective of the EU legislators in developing the MiCA regime - without increasing risks or reducing consumer protection or financial stability.
Whilst we recognise paragraph 16 seeks to outline requirements on ARTs managed by a single natural person, we believe a slightly broader de minimis threshold, including perhaps a combination of quantitative and qualitative criteria merits consideration.
Question 1: Is the background section providing the needed context with regard to the mandate to issue GL on internal Governance under MiCAR?
See general comments in our attached paper.Question 2: Is the subject matter, scope, and definitions section appropriate and sufficiently clear?
See general comments in our attached paper.Question 3: Is the Title on proportionality appropriate and sufficiently clear?
We welcome the focus on proportionality and the comprehensive criteria outlined in para 15 of the draft RTS.We believe the RTS could be further enhanced from a proportionality perspective if there was the inclusion of some form of de minimis threshold for small issuers of ARTs. This would have the effect of encouraging/incentivising innovation and growth of ART issuance in the EU - something we believe was a primary objective of the EU legislators in developing the MiCA regime - without increasing risks or reducing consumer protection or financial stability.
Whilst we recognise paragraph 16 seeks to outline requirements on ARTs managed by a single natural person, we believe a slightly broader de minimis threshold, including perhaps a combination of quantitative and qualitative criteria merits consideration.