Art. 10 Result of the offer to the public and safeguarding arrangements | MiCA regulation | MiCA

This article sets out the ongoing transparency and safeguarding obligations that apply to offerors of crypto-assets (excluding asset-referenced tokens and e-money tokens) once a public offer is underway.

It draws a clear distinction between time-limited offers and open-ended ones, applying different disclosure requirements to each.

It also connects directly to Article 13, which governs the retail holder's right of withdrawal, since the custody and safeguarding obligations for open-ended offers run until that right has expired.

Important points:

If your offer has a fixed subscription period, publish the results on your website within 20 working days of it closing, and ensure all funds or crypto-assets raised are held in custody by a credit institution or an authorised crypto-asset service provider.
If your offer has no time limit, publish the number of units in circulation on your website at least monthly.
For open-ended offers, the custody and safeguarding arrangements must remain in place until the retail holder's right of withdrawal under Article 13 has expired.

1. Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that set a time limit on their offer to the public of those crypto-assets shall publish on their website the result of the offer to the public within 20 working days of the end of the subscription period.
1. Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that do not set a time limit on their offer to the public of those crypto-assets shall publish on their website on an ongoing basis, at least monthly, the number of units of the crypto-assets in circulation.
1. Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that set a time limit on their offer to the public of crypto-assets shall have effective arrangements in place to monitor and safeguard the funds or other crypto-assets raised during the offer to the public. For that purpose, those offerors shall ensure that the funds or crypto-assets collected during the offer to the public are kept in custody by one or both of the following:
  1. a credit institution, where funds are raised during the offer to the public;
  2. a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients.
1. When the offer to the public has no time limit, the offeror shall comply with paragraph 3 of this Article until the right of withdrawal of the retail holder pursuant to Article 13 has expired.