Explanation of the AFM on the ESA guidelines
The text blocks below can be unfolded. This contains an explanation of how the AFM applies specific ESA guidelines and to which target group they apply.Joint Guidelines on the system established by the European Supervisory Authorities for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants by competent authorities
The joint Guidelines aim at establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS), and at ensuring the common, uniform and consistent application of Union law with regard to the use of the system established by the ESAs for the exchange by competent authorities of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants in accordance with the legal acts referred to in Articles 1(2) of the Founding Regulations.
What is the purpose of the guidelines?
These Guidelines clarify the use of the ESAs Information System by competent authorities and the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders in accordance with the legal acts referred to in Article 1(2) of Regulation (EU) 1093/2010, Article 1(2) of Regulation (EU) 1094/2010 and Article 1(2) of Regulation (EU) 1095/2010 on the basis of Articles 31a thereof.How does the AFM apply the guidelines in its supervision?
The AFM uses the information system set up by the ESAs to exchange information on the expertise and reliability of holders of qualifying holdings, directors, and key function holders of financial institutions. This includes entering, searching for, and requesting relevant data within two weeks of receiving an application or notification. Additionally, the AFM processes information requests from other authorities and responds within two weeks, in compliance with sectoral provisions. The AFM also keeps the contact points up to date.Which financial undertakings do the guidelines apply to?
These Guidelines are addressed to competent authorities referred to in Articles 4(2) of Regulation (EU) No 1093/2010 and Regulation (EU) No 1094/2010 and in Article 4(3) of Regulation (EU) No 1095/2010.
When will the guidelines come into effect?
These guidelines apply from 22 April 2025.More information
Download the full document here.Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers
These joint guidelines concern the National Competent Authorities (NCAs) suitability assessment of shareholders or members with qualifying holdings in supervised entities under Regulation (EU) 2023/1114 (MiCA) in order to promote uniformity in methodologies across financial sectors.
Key elements addressed include assessing the repute of shareholders, the legitimacy of funding sources, and the identification of indirect.
What is the purpose of the guidelines?
The guidelines concern broader assessment criteria for acquisitions or increases in qualifying holdings. These include five key suitability standards and prior notification to competent authorities, mirroring processes established in MiFID II and in CRD. The guidelines ensure consistency with existing frameworks, particularly the Joint European Supervisory Authorities Guidelines for assessing qualifying holdings. They do not introduce new criteria but reference to established methodologies, promoting uniformity across financial sectors.Key elements addressed include assessing the repute of shareholders, the legitimacy of funding sources, and the identification of indirect.
How does the AFM apply the guidelines in its supervision?
DNB is mandated to assess holders of qualifying holdings in CASPs. However, the AFM will take these guidelines in account in cases such as the rejection of a license application. In such a situation, the AFM will adopt DNB’s verdict.Which financial undertakings do the guidelines apply to?
Joint Guidelines lay down the methodology that NCAs should use for the assessment of the suitability of the shareholder or member that has qualifying holdings, whether direct or indirect;- in an applicant issuer seeking for an authorisation under Article 18 of MiCA, in accordance with the mandate set out by Article 21(3) of that Regulation
- in an applicant CASP seeking for authorisation under Article 62 of MiCA, in accordance with the mandate set out by Article 63(11) of that Regulation
And for the assessment of the suitability of a proposed acquirer of direct or indirect qualifying holdings:
- in an issuer of ARTs authorised under Article 21 of MiCA, in accordance with the criteria set out by Article 42(1), points (a) to (e) of that Regulation;
- in a CASP authorised under Article 63 of that Regulation, in accordance with the criteria set out by Article 84(1), points (a) to (e) of that Regulation.
When will the guidelines come into effect?
These guidelines apply from 4 February 2025.
More information
Joint EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of asset-referenced tokens and of crypto-asset service providers
These joint guidelines outline the criteria National Competent Authorities (NCAs) must take into consideration when assessing the suitability of management body members of issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 (MiCA).