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The Comisión Nacional del Mercado de Valores (CNMV) has announced that it has informed the European Securities and Markets Authority (ESMA) of its adoption of five MiCA Regulation development guidelines. The CNMV will oversee their application by relevant entities under its supervisory authority.
According to the CNMV, the adopted guidelines under the MiCA regulation address suitability checks and account statements in portfolio management. These requirements focus on assessing client knowledge for advisory and management services, using principles similar to those in the Markets in Financial Instruments Directive (MiFID) but adapted to crypto-assets. Topics include explaining assessment purposes, understanding clients and assets, ensuring product suitability, and staff qualifications. Updates to client data and suitability reviews must occur at least every two years, with an added emphasis on consistent information updates. ESMA has also aligned portfolio statement requirements with existing MiFID rules.
Additional guidelines cover service procedures for crypto-asset transfers, including information delivery, execution timing, and handling of errors or unauthorized actions. Rules for classifying crypto-assets were also set, using templates and flowcharts to define whether assets fall under MiCA and which type they represent. Further instructions address when firms from outside the European Union are considered to have EU clients and establish standards for access security systems used by offerors and trading applicants.
