Article 117 Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens

Summary What does Article 117 of the MiCA regulation say?

This article establishes the supervisory framework that kicks in once a token is classified as significant.

It directly builds on the classification process set out in Articles 43, 44, 56, and 57, and its core effect is a transfer of supervisory responsibility: EBA steps in as the primary supervisor for issuers of significant asset-referenced tokens and, in the case of significant e-money tokens issued by electronic money institutions, takes on oversight of compliance with the specific obligations that apply to them.

The article is careful to carve out a split supervision model — if an issuer of a significant token also conducts other crypto-asset services or issues non-significant tokens, those activities remain under national competent authority supervision.

EBA is also required to exercise its powers in close cooperation with other relevant authorities, including prudential supervisors and, where applicable, the ECB.

Important points:

EBA assumes supervisory responsibility for issuers of significant asset-referenced tokens and significant e-money tokens, stepping into the role otherwise held by national competent authorities for those specific activities.
The split supervision rule applies to issuers: if an entity issues a significant token but also provides other crypto-asset services or issues non-significant tokens, those additional activities remain under the national competent authority of the home Member State.
EBA is required to exercise its supervisory powers in close cooperation with other relevant competent authorities, including the prudential supervisory authority and, where applicable, the ECB.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

1. Where an asset-referenced token has been classified as significant in accordance with Article 43 or 44, the issuer of such asset-referenced token shall carry out its activities under the supervision of EBA.
2. Without prejudice to the powers of national competent authorities under paragraph 2 of this Article, EBA shall exercise the powers of competent authorities conferred by Articles 22 to 25, 29, 33 Article 34(7) and (12), Article 35(3) and (5), Article 36(10) and Articles 41, 42, 46 and 47 as regards issuers of significant asset-referenced tokens.
1. Where an issuer of a significant asset-referenced token also provides crypto-asset services or issues crypto-assets that are not significant asset-referenced tokens, those services and activities shall remain under the supervision of the competent authority of the home Member State.
1. Where an asset-referenced token has been classified as significant in accordance with Article 43, EBA shall conduct a supervisory reassessment to ensure that the issuer complies with Title III.
1. Where an e-money token issued by an electronic money institution has been classified as significant in accordance with Article 56 or 57, EBA shall supervise the compliance of the issuer of such significant e-money token with Articles 55 and 58.
2. For the purposes of the supervision of compliance with Articles 55 and 58, EBA shall exercise the powers of the competent authorities conferred on them by Articles 22 and 23, Article 24(3), Article 35(3) and (5), Article 36(10) and Articles 46 and 47, as regards electronic money institutions issuing significant e-money tokens.
1. EBA shall exercise its supervisory powers as provided in paragraphs 1 to 4 in close cooperation with the other competent authorities responsible for supervising the issuer, in particular:
  1. the prudential supervisory authority, including, where applicable, the ECB under Regulation (EU) No 1024/2013;
  2. relevant competent authorities under national law transposing Directive 2009/110/EC, where applicable;
  3. the competent authorities referred to in Article 20(1).

Table of contents

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