Read GDF's response to ESMA's Consultation on MiCA.
We are pleased to inform that Global Digital Finance (GDF) has submitted its response to the European Securities and Markets Authority (ESMA) Consultation Paper draft on technical standards and guidelines. These guidelines specify certain requirements of the MiCA Regulation, focusing on the detection and prevention of market abuse, investor protection, and operational resilience.
Key takeaways:
- Proportionality for Reasonable Reporting Encouraged -ÌýTo prevent market abuse effectively, appropriate systems and controls should be in place to monitor orders, transactions, and other activities, tailored to the nature and scale of the business.
- Further Consideration of Firm Size and Cost of Implementation - The requirements should be proportionate to both firm size, as well as the scope of their activities.
- Guidance Encouraged for Aspects where Additional Monitoring and Reporting Factors may Diverge from TradFi Requirements:ÌýGDF would not advocate for a one for one transfer of Market abuse typologies from MIFID II/MAR. To effectively monitor and report suspicious activities involving crypto-assets, establishing clear and standardized parameters and naming conventions is essential and regulatory bodies and industry stakeholders should work together to define and implement these standards moving forward.
You can read the full response or consult the document enclosed.
GDF extended its appreciation to all members and community partners, including the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA, for theirÌýinvaluable contributions to the response.
From the аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Management, we would like to express our deepest thanks to Anne-Maria Rothenstein, аÄÃÅÁùºÏ²Ê¹ÙÍø FMA Working Groups & Committees Representative for taking the lead on this project in cooperation with Global Digital Finance.