Obligation to inform or obtain consent

Published: 25.10.2024

The regulatory acts governing the operation of the market participants stipulate cases when the market participant is obliged to inform Latvijas Banka or obtain its consent or authorisation.

The table summarises the regulatory requirements, provides basis for these requirements, and indicates the deadline for submitting information.

Abbreviations

EMTs	e-money tokens
ARTs	asset-referenced tokens
UCITS	an undertaking for collective investment in transferable securities
CASPs	crypto-asset service providers

More about classification of crypto-assets within the MiCA framework

White paper and marketing communications

Information to be submitted	Basis	Submission deadline	Market participants subject to the requirement
A notification of the white paper; a list of the Member States where it is intended to offer crypto-assets to the public or market them; the starting date of the intended offer to the public or admission to trading	Article 8(1) of MiCA Article 8(6) of MiCA	20 working days before the date of publication of the crypto-asset white paper	Issuers of crypto-assets (excluding EMTs and ARTs)
A marketing communication	Article 8(2) of MiCA Article 53(5) of MiCA	Upon request	Issuers of crypto-assets (excluding EMTs and ARTs), issuers of EMTs
A notification of a modified white paper and modified marketing communications	Article 12(2) of MiCA	Seven working days before the date of their publication	Issuers of crypto-assets (excluding EMTs and ARTs)
A notification of the white paper and the submission of the marketing communications	Article 16(2) of MiCA	Upon request	Issuers of ARTs
The submission of the draft modified crypto-asset white paper	Article 25(2) of MiCA	Without undue delay	Issuers of ARTs
The submission of the ART white paper for approval	Article 17(1) of MiCA	At least 90 working days before issuing the ART	Credit institutions that issue ARTs
A notification of the drawn-up white paper and the information specified in Article 109(4) of MiCA	Article 51(11) of MiCA Article 51(14) of MiCA	At least 20 working days before the date of its publication	Issuers of EMTs
A notification of a modified white paper	Article 51(12) of MiCA	Without undue delay	Issuers of EMTs

Issuers

Information to be submitted	Basis	Submission deadline	Market participants subject to the requirement
A description of the offer to the public and an explanation as to why the offer to the public is exempt from the execution of Title II of MiCA If the total annual consideration of an offer to the public exceeds 1 000 000 euro	Article 4(3) of MiCA	Without undue delay	Issuers of crypto-assets (excluding EMTs and ARTs)
A notification of the supervisory and investigatory powers used in relation to the marketing communications by the competent authority of a host Member State	Article 7(4) of MiCA	Without undue delay	Issuers of crypto-assets (excluding EMTs and ARTs), CASPs
The submission of a plan to ensure that the estimated quarterly average number and average aggregate value of transactions per day are kept below 1 million transactions and 200 000 000 euro respectively Where, for an ART, the estimated quarterly average number and average aggregate value of transactions per day associated to its uses as a means of exchange within a single currency area are higher than 1 million transactions and 200 000 000 euro respectively	Article 23(1) of MiCA	Within 40 working days of reaching that threshold	Issuers of ARTs
A notification, if: the issuer has been subject to a redemption plan; the issuer has expressly renounced its authorisation or has decided to cease operations	Article 24(1) of MiCA	Without undue delay	Issuers of ARTs
A notification of any intended change of their business model likely to have a significant influence on the purchase decision of any holders of ARTs	Article 25(1) of MiCA	30 working days before the intended changes take effect	Issuers of ARTs
A notification of any changes to the management body	Article 33 of MiCA	Immediately	Issuers of ARTs
A plan for approval of discontinuation of the issue of ARTs, if the issuer decides to discontinue the provision of its services and activities, the issue of ARTs	Article 34(7) of MiCA	Not specified	Issuers of ARTs
Information on the results of regular audits	Article 34(12) of MiCA	Not specified	Issuers of ARTs
A notification of the results of the independent audit of the reserve of assets	Article 36(10) of MiCA	Without delay, and at the latest within six weeks of the reference date of the valuation
A notification in the cases of acquiring, increasing, terminating or decreasing a qualifying holding If a person wishes to acquire or increase a holding that would reach or exceed 20%, 30%, or 50%, or the issuer would become that person's subsidiary. If a person wishes to terminate or reduce a holding that would fall below 10%, 20%, 30%, or 50%, or the issuer would cease to be that person's subsidiary	Article 41(1), (2) of MiCA	Prior to acquiring, increasing, or reducing a holding (Latvijas Banka's assessment within 60 working days)	Issuers of ARTs
A notification of the wish to classify an ART as a significant token	Article 44(1) of MiCA	Not specified	Issuers of ARTs
A recovery plan	Article 46(2) of MiCA	Within six months of the date of authorisation or within six months of the date of approval of the crypto-asset white paper	Issuers of ARTs
A redemption plan	Article 47(3) of MiCA	Within six months of the date of authorisation or within six months of the date of approval of the crypto-asset white paper	Issuers of ARTs
An application for the admission of EMTs to trading	Article 48(6) of MiCA	At least 40 working days before the date on which they intend to offer to the public those e-money tokens	Issuers of EMTs
Recovery and redemption plans	Article 55 of MiCA	Within six months of the date of the offer to the public or admission to trading	Issuers of EMTs
A notification of the wish to classify an EMT as a significant token	Article 57(1) of MiCA	Not specified	Issuers of EMTs

CASPs

Information to be submitted	Basis	Submission deadline	Market participants subject to the requirement
A request for an extension of authorisation	Article 59(8) of MiCA	Not specified	CASPs
A notification by a financial institution of its wish to provide crypto-asset services, and the submission of the information referred to in Article 60(7) of MiCA	Article 60(1)–(7) of MiCA	At least 40 working days before providing those services for the first time	Credit institutions, central securities depositories, investment firms, electronic money institutions, UCITS management companies, alternative investment fund managers, market operators
An application for the cross-border provision of crypto-asset services: a list of the Member States in which the CASP intends to provide crypto-asset services; the crypto-asset services that the CASP intends to provide on a cross-border basis; the starting date of the intended provision of the crypto-asset services; a list of all other activities provided by the CASP not covered by MiCA	Article 65(1) of MiCA	If necessary	CASPs
A notification of changes to the management body	Article 69 of MiCA	Without delay, prior to the exercise of any activities by any new members of the management body	CASPs
Information necessary to assess compliance of the outsourced activities	Article 73(4) of MiCA	Upon request	CASPs and third parties
An explanation of the use of matched principal trading by CASPs	Article 76(6) of MiCA	Not specified	Trading platforms
Information on identified or attempted cases of market abuse	Article 76(8) of MiCA	Without undue delay	Trading platforms
A notification of maintaining resources and having back-up facilities in place	Article 76(14) of MiCA	Upon request	Trading platforms
The submission of data relating to all orders in crypto-assets that are advertised through their systems to monitor the trading activity	Article 76(15) of MiCA	Upon request	Trading platforms
A notification of intended changes to a qualifying holding If a person wishes to acquire or increase a holding that would reach or exceed 20%, 30%, or 50%, or the issuer would become that person's subsidiary. If a disposal of a direct or indirect qualifying holding is intended. If a person wishes to terminate or reduce a holding that would fall below 10%, 20%, 30%, or 50%, or the issuer would cease to be that person's subsidiary	Article 83(1), (2) of MiCA	Prior to disposing of that holding	CASPs
A notification, if the CASP has at least 15 million active users, on average, in one calendar year	Article 85(2) of MiCA	Within two months	Significant CASPs
The provision of information, if the disclosure of inside information is delayed, and the provision of an explanation of how the conditions of the disclosure of inside information are met	Article 88(3) of MiCA	Immediately	CASPs
A notification of any suspicion of market abuse	Article 92(1) of MiCA	Immediately	CASPs