MICAR does not seem to create specific passporting procedures for credit institutions and e-money institutions issuing ARTs or EMTs on a crossborder basis. However, such crossborder activities seem to fall into the passporting procedures set by sectorial texts, i.e. :

• for credit institutions, title V of directive 2013/36/EU: we infer this from the fact that article 146 of MICAR amends annex I of said directive which sets the list of activities subject to mutual recognition, which is the basis for passporting notifications as set by Commission implementing regulation (EU) No 926/2014. In our view, this means that any credit institution issuing ART or EMT shall comply with passporting procedure under directive 2013/36/EU.

• for e-money institutions, directive 2009/110/EC, with reference to directive (EU) 2015/2366 : we infer this from article 48(3) of MICAR which states that “Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title”. As no provision in MICAR specifically create requirements regarding passporting for EMI issuing EMT, passporting framework from the directives mentioned above therefore applies.