Article 103: ESMA temporary intervention powers
agent:eu:mica:art-103 · sha256 8b821e84ed5631c6
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
Not in the register yet.
Affected industries
banking
Obligations
Not in the register yet.
Article text
1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict:
(a)
the marketing, distribution or sale of certain crypto-assets other than asset-referenced tokens or e-money tokens or crypto-assets other than asset-referenced tokens or e-money tokens with certain specified features; or
(b)
a type of activity or practice related to crypto-assets other than asset-referenced tokens or e-money tokens.
A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by ESMA.
2. ESMA shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled:
(a)
the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union;
(b)
the regulatory requirements under Union law that are applicable to the relevant crypto-assets and crypto-asset services do not address the threat at issue;
(c)
a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.
3. When taking a measure pursuant to paragraph 1, ESMA shall ensure that the measure does not:
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