+Annex B - Template
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Annex B - Template
This template is provided for the purposes of the legal opinion referred to in Article 17(1), point (b)(ii) and Article 18(2), point (e) of Regulation (EU) 2023/1114. TEMPLATE: LEGAL OPINION FOR THE PURPOSES OF ARTICLE 17(1), point (b)(ii) and ARTICLE 18(2), point (e) REGULATION (EU) 2023/1114 An Opinion issued for the purposes of these articles should contain information for all the below fields. Date on which this Opinion is issued | Name of the person(s) (legal or natural) issuing this Opinion | Please include: name, address, email address, and telephone number. |
n | o i n i Point of contact of the person(s) (legal or p O t natural) to above) issuing this Opinion (if different | Please include: name, address, email address, and telephone number. |
u - o Declaration of any potential conflicts of
b a interest and measures to manage effec- n - o i tively those conflicts
t | a m r o f n I a Evidence legal adviser of the person(s) ability to act as | Please degree, certificate include licence, to practice as professional much law information etc. registration as possible, number, e.g. Specify: | | Purpose for which this Opinion is issued | - Article 17(1), point (b)(ii), or - Article 18(2), point (e), of MiCAR |
- - Name of the credit institution/financial
d a institution/other undertaking intending k ee to offer to the public, or seek admission s r to trading of the crypto-asset on whose o c behalf this Opinion is issued il | bup e h Regulated tration to carry status out (authorisation financial services or regis- ac- | E.g. etc. credit institution, electronic money institution |
t tivity/ies) o t LEI (if applicable) r e ff g n i EEA/Member State of establishment | o o t d a r t g n o t Point of contact | Please include: name, address, email address, and telephone number. | | i dn e t n o i ss Intention of the credit institution/finan- | Specify: - Offer to the public |
n i n i m cial institution/other undertaking - Seek admission to trading | o s r White paper to which this Opinion refers e p ( this should be the ‘final version’ of the t white paper submitted for the purpose of u o b Article 17(1), point (b) (ii) and Article 18 (2), a n point (e) of MiCAR ) | Please indicate the date of the white paper assessed for the purposes of this Opinion and to which this Opinion refers. Please also attach a copy of the white paper to this Opinion. |
o i t a m Member State(s) in which the offer to r o the public or admission to trading will f n I take place | t e Applicable law | Please indicate, the law applicable to the crypto-as-set as referred to in the white paper. |
s | s a - o t Executive summary of the regulatory | Please tion and indicate any key the points purported you wish regulatory to highlight classifica- in the | | p y r classification of the crypto-asset | executive summary. | | C Opinion, with detailed explanation, that the digital representation to which this | Explanation may be provided in an Annex and should cover all aspects of the definition of ‘crypto-asset’, | | Opinion relates is a crypto-asset within the meaning of Article 3(1), point (5), of MiCAR | including the value or right, and the distributed ledger technology or similar technology on which the crypto-asset may be transferred or stored. Description should set out the value, right or official | | Detailed description of the value or right or official currencies to which the crypto-asset refers | currencies to which the crypto-asset refers and is in-tended to purport to maintain a stable value, with full cross-references to the relevant provisions of the white paper. Explanation may be provided in an Annex to the | | Opinion, with detailed explanation, that the crypto-asset to which this Opinion re-lates is not an electronic money token within the meaning of Article 3(1), point (7), of MiCAR | Opinion and should include all aspects that demon-strate that the crypto-asset is not intended to pur-port to maintain a stable value by reference to a sin-gle official currency, with full cross-references to the relevant provisions of the white paper. |
Opinion, with detailed explanation, that the crypto-asset to which this Opinion re-lates is not any of the following: | - Financial instrument, as referred | Source of definition(s) (EU and/or national law as applicable): Case law (including paragraph references, as ap-propriate) to which reference is made in the expla-nation: Regulatory measures or guidance to which refer-ence is made in the explanation (including the Guidelines pursuant to Article 2(5) of MiCAR): Explanation: | | to in Article 2(4), point (a), of MiCAR. | Note: Explanation may be supplemented in an Annex and should include all aspects that demonstrate that the crypto-asset is not a financial instrument. The explanation should indicate why the crypto-asset does not correspond to any of the financial instru-ment types (transferable security, money market in-strument etc), make full reference to the ESMA Guidelines under Article 2(5) of MiCAR, and any ap-plicable case law, or relevant regulatory or supervi-sory materials issued by the competent authority for the purposes of [MiFID2] in the home Member State within the meaning of Article 3(1), point (33), of MiCAR. Source of definition(s) (EU and/or national law as applicable): Case law (including paragraph references, as ap- | | - Deposits, including structured deposits, as referred to in Article 2(4), point (b), of MiCAR | propriate) to which reference is made in the expla-nation: Regulatory measures or guidance to which refer-ence is made in the explanation: Explanation: Note: Explanation may be provided in an Annex and should include all aspects that demonstrate that the crypto-asset is not a deposit. The explanation should make full reference to any applicable case law, or relevant regulatory or supervisory materials issued by the competent authority for the purposes of [CRD/CRR] in the home Member State within the meaning of Article 3(1), point (33) of MiCAR. Source of definition(s) (EU and/or national law as applicable): Case law (including paragraph references, as ap-propriate) to which reference is made in the expla-nation: Regulatory measures or guidance to which refer-ence is made in the explanation: | | - Funds as referred to in Article 2(4), point (c), of MiCAR | Explanation: Note: Explanation may be provided in an Annex and that demonstrate that the crypto-asset is not funds. The explanation should make full reference to any applicable case law, or relevant regulatory or super-visory materials issued by the competent authority for the purposes of [PSD] in the home Member State within the meaning of Article 3(1), point (33), of MiCAR . |
Brief explanation, unless more detailed assessment is relevant, that the crypto-asset is not any of the following: | - Securitisation positions as re-ferred to in Article 2(4), point (d), of MiCAR - Non-life or life insurance prod-ucts or reinsurance or retroces-sion contracts as referred to in Article 2(4), point (e), of MiCAR - Pension products as referred to in Article 2(4), point (f), of MiCAR - Officially recognized occupa-tional pension schemes as re-ferred to in Article 2(4), point (g), of MiCAR - Individual pension products as referred to in Article 2(4), point (h), of MiCAR - Pan-European Pension Products as referred to in Article 2(4), point (i), of MiCAR | Note: Explanation should confirm that the crypto-as-set is not a securitisation position. Note: Explanation should confirm that the crypto-as-set is not a non-life or life insurance product. Explanation should confirm that the crypto-asset is not a pension product. Note: Explanation should confirm that the crypto-as-set is not an occupational pension scheme. Note: Explanation should confirm that the crypto-as-set is not an individual pension product. Note: Explanation should confirm that the crypto-as-set is not a Pan-European Pension Product. | | - Social security schemes as re-ferred to in Article 2(4), point (j), of MiCAR | Note: Explanation should confirm that the crypto-as-set is not a social security scheme. Source of definition(s) (EU and/or national law as applicable): Case law (including paragraph references, as ap-propriate) to which reference is made in the expla-nation: Regulatory measures or guidance to which refer-ence is made in the explanation: | | Opinion, with full explanation that the crypto-asset is within the meaning of Article 3(1), point (6), of MiCAR | Explanation: Note: Explanation should not repeat the foregoing but should describe the attributes of the crypto-asset that conform to the definition of ‘asset-referenced token’. The explanation may be provided in an An-nex to this Opinion and should refer to all relevant provisions of the white paper, among any other ma-terials, that are considered relevant in supporting the Opinion as to the regulatory classification of the crypto-asset. Note: Please set out such other information as you | | Additional relevant information | consider appropriate to explain the regulatory classi-fication of the crypto-asset. |
1. Overview
1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
| Source |
Requirement |
3. Related Standards
Standards
| Source |
Requirement |
- EBA - Published by the European Banking Authority at https://www.eba.europa.eu/
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