Art. 5 Reply to a request for cooperation or exchange of information | ITS on competent authority information exchange | MiCA

This article governs how the requested authority must respond to a request for cooperation or exchange of information.

Building on the acknowledgement of receipt process established in Article 4, Article 5 moves to the substance of the reply itself, setting out the obligations of the requested authority in terms of format, effort, timeliness, and what must happen if it refuses to comply.

It covers both full responses and situations where the requested authority can only partially or not at all fulfil the request.

Important points:

The requested authority is required to reply in writing using the prescribed form in Annex III, addressed to the designated contact point unless the request specifies otherwise.
The requested authority must take all reasonable steps within its powers to provide the requested information or assistance, and act without undue delay.
Where the requested authority refuses to act, in full or in part, it must inform the requesting authority as soon as possible in writing, citing the specific grounds for refusal under Article 95(2) of Regulation (EU) 2023/1114.

1. The requested authority shall reply to a request for cooperation or exchange of information in writing, by post or by electronic means. The reply shall be addressed to the contact point designated pursuant to Article 2, unless otherwise specified in the request. Where the requested authority requires additional information in relation to the request for cooperation or exchange of information, it shall request further clarifications promptly by any means.
1. The requested authority shall reply to the request for cooperation or exchange of information using the form set out in Annex III and shall:
  1. take all reasonable steps within the scope of its powers to provide the requested information or assistance;
  2. act without undue delay, taking into account the complexity of the request and the necessity to involve third parties or another competent authority.
1. Where the requested authority refuses to act, in full or in part, upon a request for cooperation or exchange of information, it shall inform the requesting authority as soon as possible of its decision in writing, either by post or by electronic means, indicating which of the grounds for refusal set out in Article 95(2) of Regulation (EU) 2023/1114 it has relied upon.