Art. 138 Delegation of tasks by EBA to competent authorities | MiCA regulation | MiCA

This article sits within the supervisory framework for significant asset-referenced tokens and significant e-money tokens, directly supporting Article 117 which grants EBA its supervisory responsibilities over issuers of these token types.

It establishes a mechanism by which EBA can delegate specific supervisory tasks down to national competent authorities where this is necessary for the proper performance of those tasks.

The article sets out a clear process: prior consultation with the relevant competent authority, reimbursement of costs incurred, and an ongoing review right that includes the ability to revoke any delegation at any time.

Important points:

EBA may delegate specific supervisory tasks — including information requests, investigations, and on-site inspections — to national competent authorities in relation to issuers of significant asset-referenced tokens or significant e-money tokens.
Before delegating, EBA is required to consult the relevant competent authority on the scope, timetable, and information-sharing arrangements.
EBA is required to reimburse competent authorities for costs incurred in carrying out delegated tasks, and any delegation is subject to review and can be revoked at any time.

1. Where necessary for the proper performance of a supervisory task in respect of issuers of significant asset-referenced tokens or issuers of significant e-money tokens, EBA may delegate specific supervisory tasks to a competent authority. Such specific supervisory tasks may include the power to carry out requests for information in accordance with Article 122 and to conduct investigations and on-site inspections in accordance with Article 123 or 124.
1. Before delegating a task as referred to in paragraph 1, EBA shall consult the relevant competent authority about:
  1. the scope of the task to be delegated;
  2. the timetable for the performance of the task; and
  3. the transmission of necessary information by and to EBA.
1. In accordance with the delegated act on fees adopted by the Commission pursuant to Article 137(3) and Article 139, EBA shall reimburse a competent authority for the costs incurred as a result of carrying out delegated tasks.
1. EBA shall review the delegation of tasks at appropriate intervals. Such delegation may be revoked at any time.