The European Securities and Markets Authority has published and updated a set of Questions and Answers clarifying how a range of EU financial market rules should be applied in practice, spanning AIFMD, CSDR, DORA, MiCA and EMIR requirements for central counterparties. The updates cover AIFMD permissions to delegate portfolio or risk management to non-supervised undertakings established outside the EU and AIFMs’ safekeeping of client money. They also address Central Securities Depositories Regulation questions on change of beneficial ownership, Digital Operational Resilience Act questions on microenterprises and the risk management framework and on ICT-related incident management, classification and reporting (including “critical services affected” and duplicate incident reporting), and the DORA oversight framework for critical third-party providers including an exemption for non-EU ICT intra-group service providers. For MiCA, ESMA updated Q&As on whether natural persons and trusts or trustees can be authorised as crypto-asset service providers, minimum capital requirements for CASPs, and audit or certification of CASP financial statements. Under EMIR for CCPs, the Q&As cover calibration of the confidence interval for CCP margin requirements.
European Securities and Markets Authority 2025-01-10
European Securities and Markets Authority updates Q&As on AIFMD delegation, DORA ICT incident reporting and MiCA requirements for crypto-asset service providers
The European Securities and Markets Authority has updated its Questions and Answers on EU financial market rules, including AIFMD, CSDR, DORA, MiCA, and EMIR. Key updates involve AIFMD delegation permissions, CSDR beneficial ownership changes, DORA risk management and ICT incident reporting, MiCA authorisation and capital requirements for crypto-asset service providers, and EMIR margin requirements for central counterparties.