Implementation of MiCA: The AMF applies ESMA and EBA Guidelines on the assessment of the suitability of members of the management body

A European Framework for Enhanced Governance of Entities

Adopted under Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCA), these guidelines, published by ESMA and EBA on December 4, 2024, aim to ensure that members of the management bodies of ART issuers and CASP applicants, as well as direct or indirect shareholders and members holding qualifying holdings in these entities, possess the necessary skills, expertise (both individual and collective), knowledge, and time commitment. Members of the management body must also provide sufficient guarantees of their good repute to fulfill their functions. In particular, they must not have been convicted of offenses related to money laundering, terrorist financing, or any other crime likely to affect their good repute. The guidelines also outline the proportionality criteria to be applied according to the size and complexity of the entities concerned.

The main measures include:

• An individual and collective assessment of the knowledge, skills, and experience of members of the management body;
• Specific requirements regarding the time commitment to management functions and the good repute of those individuals;
• Internal policies to ensure the continuity and suitability of management bodies.

The objective of these guidelines is to enable a harmonized assessment of the members of the management body and shareholders of crypto-asset service providers across the European Union and strengthen investor confidence in the crypto-asset sector.

Compliance

In accordance with the provisions, the AMF has integrated these guidelines into its supervisory practices since their entry into force on February 4, 2025.