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CNMV announces adoption of MiCA development guidelines

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CNMV announces adoption of MiCA development guidelines
Web3/Crypto
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Carlos San Basilio, President of the Comisión Nacional del Mercado de Valores | Comisión Nacional del Mercado de Valores

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.

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According to the European Union, MiCA establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability, with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. The regulation will be effective from December 30, 2024, including provisions on governance, disclosure, and preventing market abuse, with oversight by EU authorities like the European Banking Authority (EBA) and ESMA.

The CNMV oversees Spain's securities markets to ensure transparency, accurate pricing, and investor protection. Created by the 1988 Securities Market Law, it supervises securities issuers, investment service providers, and collective investment schemes while focusing on market stability and system solvency. It manages public records of market participants; advises the government and Ministry of Economy on securities matters; and actively engages with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).

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