Art. 124 On-site inspections | MiCA regulation | MiCA

This article grants EBA the power to conduct on-site inspections at the business premises of issuers of significant asset-referenced tokens and significant e-money tokens, directly supporting EBA's broader supervisory role established under Article 117.

It sets out the full procedural framework for how such inspections are initiated, conducted, and enforced, including the rights and obligations of all parties involved — EBA, the issuers being inspected, national competent authorities, and where necessary, national courts.

Important points:

EBA is empowered to enter business premises, seal records, and conduct on-site inspections of issuers of significant asset-referenced tokens and significant e-money tokens, with inspections formally ordered by EBA decision.
Issuers subject to an inspection are required to submit to it, and national competent authorities are required to actively assist EBA upon request, including by involving police or equivalent enforcement if a person opposes the inspection.
Where national law requires court authorisation for an inspection, a national court may only verify the authenticity of EBA's decision and whether measures are proportionate — it cannot review the necessity of the investigation or access EBA's file, with the Court of Justice holding sole jurisdiction over the lawfulness of EBA's decision.

1. In order to carry out its supervisory responsibilities under Article 117, EBA may conduct all necessary on-site inspections at any business premises of the issuers of significant asset-referenced tokens and issuers of significant e-money tokens.
2. The college referred to in Article 119 shall be informed without undue delay of any findings that might be relevant for the execution of its tasks.
1. The officials and other persons authorised by EBA to conduct an on-site inspection may enter any business premises of the persons subject to an investigation decision adopted by EBA and shall have all of the powers provided for in Article 123(1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.
1. In due time before the inspection, EBA shall give notice of the inspection to the competent authority of the Member State where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, EBA, after informing that competent authority, may carry out the on-site inspection without giving prior notice to the issuer of the significant asset-referenced token or the issuer of the significant e-money token.
1. The officials and other persons authorised by EBA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 132 where the persons concerned do not submit to the inspection.
1. The issuer of the significant asset-referenced token or the issuer of the significant e-money token shall submit to on-site inspections ordered by a decision of EBA. The decision shall specify the subject matter and purpose of the inspection, appoint the date on which it is to begin and indicate the periodic penalty payments provided for in Article 132, the legal remedies available under Regulation (EU) No 1093/2010 as well as the right to have the decision reviewed by the Court of Justice.
1. Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, at the request of EBA, actively assist the officials and other persons authorised by EBA. Officials of the competent authority of the Member State concerned may also attend the on-site inspections.
1. EBA may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this Article and in Article 123(1) on its behalf.
1. Where the officials and other accompanying persons authorised by EBA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of the police or of an equivalent enforcement authority, so as to enable them to conduct their on-site inspection.
1. If the on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7 requires authorisation by a court pursuant to national law, EBA shall make an application for such authorisation. Such authorisation may also be applied for as a precautionary measure.
1. Where a court in a Member State receives an application for the authorisation of an on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7, that court shall verify whether:
  1. the decision adopted by EBA referred to in paragraph 4 is authentic;
  2. any measures to be taken are proportionate and not arbitrary or excessive.
1. For the purposes of paragraph 10, point (b), the court may ask EBA for detailed explanations, in particular relating to the grounds EBA has for suspecting that an infringement of this Regulation has taken place, the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. That court shall, however, not review the necessity for the investigation or demand that it be provided with the information on EBA’s file. The lawfulness of EBA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1093/2010.

Article 124 On-site inspections

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