Art. 16 Provision of advice on crypto-assets or portfolio management of crypto-assets | RTS on CASP authorisation | MiCA

This article sets out the specific information that applicants intending to provide crypto-asset advice or portfolio management services must submit to the competent authority as part of their authorisation application.

It builds directly on Article 62(2)(q) of MiCA (Regulation (EU) 2023/1114) and focuses heavily on demonstrating that the people carrying out these services are, and will remain, suitably knowledgeable and competent.

The core theme running through the article is staff quality assurance — applicants must show not just that their staff are currently qualified, but that they have concrete mechanisms to sustain and develop that competence over time.

Important points:

Applicants intending to provide crypto-asset advice or portfolio management services must submit detailed descriptions of how they control, assess and maintain the knowledge and expertise of the natural persons delivering those services.
Demonstrate that staff involved in advice or portfolio management are aware of and apply the relevant internal policies and procedures, including compliance with MiCA and Directive (EU) 2015/849.
Disclose the yearly human and financial resources planned for the professional development and training of staff giving crypto-asset advice or managing portfolios.

For the purposes of Article 62(2), point (q), of Regulation (EU) 2023/1114, applicants that intend to provide advice on crypto-assets or portfolio management of crypto-assets shall provide to the competent authority all of the following information:

a detailed description of the arrangements put in place by the applicant to comply with Article 81(7) of Regulation (EU) 2023/1114, including the following:
1. the mechanisms to control, assess and maintain effectively the knowledge and expertise of the natural persons giving advice on crypto-assets or managing portfolios of crypto-assets;
2. the arrangements ensuring that natural persons involved in the provision of advice or portfolio management are aware of, understand and apply the applicant’s internal policies and procedures established to comply with Regulation (EU) 2023/1114, in particular with Article 81(1) of that Regulation and with Directive (EU) 2015/849;
3. the amount of human and financial resources planned to be devoted on a yearly basis by the applicant to the professional development and training of the staff giving advice on crypto-assets or managing portfolio of crypto-assets;
the mechanisms to control, assess and maintain effectively the knowledge and competence of the natural persons giving advice on behalf of the applicant have the necessary knowledge and competence, according to the criteria for such assessment used in national legislation, so as to conduct the suitability assessment referred to in Article 81(1) of Regulation (EU) 2023/1114.