Art. 79 Placing of crypto-assets | MiCA regulation | MiCA

This article sets out the specific obligations that apply to crypto-asset service providers engaged in the placing of crypto-assets.

It covers two distinct areas: pre-agreement disclosure requirements toward the offeror or issuer, and conflict of interest management.

The article connects directly to the broader conflicts of interest framework established in Article 72(1), extending those general rules to specific scenarios that arise in the placing context.

Important points:

Before entering into a placing agreement, disclose the type of placement, associated fees, timing and price of the operation, and information about targeted purchasers to the offeror or relevant third party — and obtain their agreement on these terms before proceeding.
Have specific procedures in place to identify, prevent, manage, and disclose conflicts of interest arising from placing crypto-assets with your own clients, mispriced placements, or incentives received from the offeror.
The conflict of interest obligations here are an extension of the general requirements under Article 72(1), meaning they build on rather than replace existing rules.

1. Crypto-asset service providers placing crypto-assets shall communicate the following information to the offeror, to the person seeking admission to trading, or to any third party acting on their behalf, before entering into an agreement with them:
  1. the type of placement under consideration, including whether a minimum amount of purchase is guaranteed or not;
  2. an indication of the amount of transaction fees associated with the proposed placing;
  3. the likely timing, process and price for the proposed operation;
  4. information about the targeted purchasers.
2. Crypto-asset service providers placing crypto-assets shall, before placing those crypto-assets, obtain the agreement of the issuers of those crypto-assets or any third party acting on their behalf as regards the information listed in the first subparagraph.
1. Crypto-asset service providers’ rules on conflicts of interest referred to in Article 72(1) shall have specific and adequate procedures in place to identify, prevent, manage and disclose any conflicts of interest arising from the following situations:
  1. crypto-asset service providers place the crypto-assets with their own clients;
  2. the proposed price for placing of crypto-assets has been overestimated or underestimated;
  3. incentives, including non-monetary incentives, are paid or granted by the offeror to crypto-asset service providers.

Article 79 Placing of crypto-assets

Relevant recitals