ESMA consults on reverse solicitation and classification of crypto assets as financial instruments under MiCA

January 29, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes two Consultations Papers on guidelines under Markets in Crypto Assets Regulation (MiCA), one on reverse solicitation and one on the classification of crypto-assets as financial instruments.

ESMA invites comments from stakeholders by 29 April 2024.
Consultation paper on guidelines on reverse solicitation

In this consultation, ESMA is seeking input on proposed guidance relating to the conditions of application of the reverse solicitation exemption and the supervision practices that National Competent Authorities (NCAs) may take to prevent its circumvention.

The proposed guidance confirms ESMA's previous message that the provision of crypto-asset services by a third-country firm is limited under MiCA to cases where the client is the exclusive initiator of the service. This exemption should be understood as very narrowly framed and must be regarded as the exception. A firm cannot use it to bypass MiCA.

ESMA publishes latest edition of its newsletter

January 9, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.

Amundi to shut its original 'multi' smart beta ETF

January 8, 2025--The fund made returns of nearly 20% last year but has failed to retain sufficient assets to be 'economically efficient'
Amundi is to close a multi-strategy smart beta exchange traded fund, the product it launched to enter the space a decade ago.

ESMA launches selection of the Consolidated Tape Provider for bonds

January 3, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider (CTP) for bonds. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 7 February 2025.

ECB-Monetary developments in the euro area: November 2024

January 2, 2025--Annual growth rate of broad monetary aggregate M3 increased to 3.8% in November 2024 from 3.4% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 1.5% in November from 0.2% in October
Annual growth rate of adjusted loans to households stood at 0.9% in November, compared with 0.8% in October