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Q&As refer to the provisions in force on the day of their publication. The EBA does not systematically review published Q&As following the amendment of legislative acts. Users of the Q&A tool should therefore check the date of publication of the Q&A and whether the provisions referred to in the answer remain the same.

Please note that the Q&As related to the supervisory benchmarking exercises have been moved to the dedicated handbook page. You can submit Q&As on this topic here.

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List of Q&A's

SPV repack transactions

Do SPV repackaging transaction on standardised platforms incur counterparty credit risk (CCR) or is the termination scenario considered a contractual feature that only results in market risk? If these transactions are subject to counterparty credit risk, how should the value of the collateral be taken into account?

  • Legal act: Regulation (EU) No 575/2013 (CRR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2025_7575
  • Topic: Market risk
  • Date of submission:
  • Published as final Q&A: 29/05/2026

Application of Article 207(2) of the CRR to financial collateral under the counterparty credit risk framework

For recognising received financial collateral when calculating the exposure value under the counterparty credit risk (CCR) framework, does Article 207(2) CRR – which requires that the credit quality of the obligor and the value of the collateral shall not have a material positive correlation – apply?

  • Legal act: Regulation (EU) No 575/2013 (CRR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2025_7576
  • Topic: Market risk
  • Date of submission:
  • Published as final Q&A: 29/05/2026

Reporting guarantees that are received to secure a pool of underlying securitized exposures/securitisation positions in a synthetic securitisation transaction

Should guarantees that are received for securitisation positions in a synthetic securitisation transaction and treated as unfunded credit protection for prudential requirements purposes be reported in FINREP? If so, in which FINREP templates these guarantees should be reported? 

  • Legal act: Regulation (EU) No 575/2013 (CRR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Regulation (EU) 2024/3117 - ITS on supervisory reporting of institutions
  • ID: 2026_7744
  • Topic: Supervisory reporting - FINREP (incl. FB&NPE)
  • Date of submission:
  • Published as final Q&A: 29/05/2026

Issuers of EMTs and scope of application AML requirements

To what extent should electronic money institutions (EMIs) that issue e-money tokens (EMTs) under MiCAR comply with the obligations in relation to anti-money laundering and terrorist financing under Directive 2015/849/EU (as amended, AMLD5)? More specifically, should holders of EMTs be considered as clients of the EMI within the meaning of AMLD5, so that the relevant KYC requirements apply on an ongoing basis in respect of holders of EMTs (not only at the time of issuing but also following trading on the secondary market)?

  • Legal act: Regulation (EU) No 2023/1114 (MiCAR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2024_7078
  • Topic: Other MiCAR topics
  • Date of submission:
  • Published as final Q&A: 22/05/2026

Publication of white papers

Regarding entities exempted from authorisation pursuant to Article 16(2) of MiCAR, they shall notify the white paper to the competent authority of the home Member State, and the NCA is responsible for forwarding on the white paper of these entities to ESMA. However, it is unclear how the white paper is made available to the intended audiences of customers, and other relevant stakeholders and investors. Article 28 on publication of crypto-asset white papers only refers to ‘approved’ white papers (in accordance with Article 17(1) or Article 21(1) of MiCAR), without referring to notified white papers of exempted entities under Article 16(2) of MiCAR. Therefore, does Article 28 on publication of white paper of ART issuers also applies to issuers exempted under Article 16(2) of MiCAR?"

  • Legal act: Regulation (EU) No 2023/1114 (MiCAR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2024_7166
  • Topic: Authorisation of issuers of ARTs and EMTs (MiCAR)
  • Date of submission:
  • Published as final Q&A: 08/05/2026

Passporting procedure for CIs and EMIs issuing tokens under MICAR

Are articles 146 (for credit institutions) and 48(3) (for e-money institutions) to be interpreted as submitting credit institutions and e-money institutions issuing ART/EMT on a crossborder basis to comply with the existing passporting framework set for these categories of establishments respectively by directives 2013/36/EU and 2009/110/EC? 

  • Legal act: Regulation (EU) No 2023/1114 (MiCAR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2024_7168
  • Topic: Other MiCAR topics
  • Date of submission:
  • Published as final Q&A: 08/05/2026

Qualification of crypto-asset service in case of exchange of electronic money tokens for other crypto-assets

Should the service consisting in exchanging electronic money tokens for other crypto-assets be qualified as exchange of crypto-assets for crypto assets or as exchange of funds for crypto assets?

  • Legal act: Regulation (EU) No 2023/1114 (MiCAR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2024_7084
  • Topic: Scope and definitions (MiCAR)
  • Date of submission:
  • Published as final Q&A: 08/05/2026

Requirements for the purpose of treating exposures secured by mortgages on immovable property as duly secured from an RWA computation perspective under CRR Article 124(2) of the CRR.

Can a global insurance against damages on a portfolio of exposures secured by immovable properties subscribed directly by the lending institution be considered as compliant with the requirement of Article 208(5) of the CRR - that is to say considered, under the standardized approach, as meeting the operational requirements for the purpose of treating exposures secured by mortgages on immovable property (or in case an institution has opted for the application of article 108(5)(a) allowing to consider a guaranteed exposure as an exposure secured by a mortgage on immovable property) as duly secured from an RWA computation perspective under Article 124(2) of the CRR?

  • Legal act: Regulation (EU) No 575/2013 (CRR)
  • COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable
  • ID: 2025_7293
  • Topic: Credit risk
  • Date of submission:
  • Published as final Q&A: 08/05/2026