28. The composition of the management body should ensure that it has collectively the appropriate …

The composition of the management body should ensure that it has collectively the appropriate knowledge, skills and experience necessary to conduct all the business activities of the issuer of ARTs or of the CASP and to fulfil all of its responsibilities. This includes that the management body collectively has an appropriate understanding of all business areas and activities of the issuer of ARTs or of the CASP. The management body, as a whole, should also have appropriate knowledge, skills and experience with regard to the aspects listed under section C.2.2 and in addition regarding:

• a. The effective, sound and prudent management of the issuer of ARTs or of the CASPs, including:
• i. business continuity management,
• ii. the adequate consideration of the interest of its clients and the integrity of the market,⁷
• iii. the management of main risks related to the creation, use and management of crypto assets, the management of operational risks, including cyber risk,
• iv. the implementation of fraud detection and prevention measures,
• v. ESG factors and ESG risks, in particular regarding the consensus mechanism,
• b. the legal and regulatory environment,
• c. contractual law,
• d. consumer protection,
• e. information and communication technology and security, including, where relevant, the applied consensus mechanisms,
• f. distributed ledger or similar technologies relevant for their business activities,
• g. financial accounting and reporting,
• h. the activities of the risk management, compliance and internal audit functions or pro-cedures, including the setting up of those functions or procedures,
• i. relevant local and cross-borders financial markets, including relevant trading plat-forms,
• j. managerial skills and experience,
• k. the ability to plan strategically,
• l. the management of groups and risks related to group structures, where the issuer of ARTs or CASP is a parent company of the group.

⁷ See RTS on conflict of interest

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

  EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

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