Art. 1 Determination of the most relevant entities referred to in Article 119(2), points (d), (e), (f) and (h) of Regulation (EU) 2023/1114 | RTS on consultative supervisory colleges | MiCA

This article provides EBA with the criteria it must use to identify the most relevant entities when determining college membership under Regulation (EU) 2023/1114.

It directly supports Article 119(2) of that Regulation by operationalising how EBA selects candidates across four distinct entity categories: custodians of reserve assets or funds, trading platform operators, payment service providers, and crypto-asset custody service providers.

In each case, the selection is driven by measurable activity metrics — chiefly transaction volumes and values — recorded during a defined reference period.

The article also gives EBA the flexibility to limit college invitations to only those entities it considers genuinely relevant within their category.

Important points:

EBA is required to use volume- and value-based activity metrics to identify the top three entities in each relevant category when determining college membership.
The "top three" rule applies consistently across custodians, trading platform operators, payment service providers, and custody service providers, with the reference period defined in Article 3 of this Regulation.
EBA retains the discretion to invite only a subset of those identified entities to join the college, where it considers the others not relevant to the college's work.

1. For the purpose of determining the most relevant entities referred to in Article 119(2), point (d) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
  1. where a consultative supervisory college (‘college’) is established for an issuer of a significant asset-referenced token or for an electronic money institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest value of the reserve assets referred to in Article 37 of Regulation (EU) 2023/1114 during the reference period, as defined in Article 3 of this Regulation;
  2. where a college is established for a credit institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest percentage of the funds received in exchange of the e-money tokens, during the reference period, as defined in Article 3 of this Regulation.
1. For the purpose of determining the most relevant entities referred to in Article 119(2), point (e) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
  1. the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;
  2. the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average aggregated value of trans-actions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.
1. For the purpose of determining the most relevant entities referred to in Article 119(2), point (f) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
  1. the three payment service providers that have executed the highest average number of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366 of the European Parliament and of the Council(⁴), in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation;
  2. the three payment service providers that have executed the highest average aggregate value of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366, in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation.
1. For the purpose of determining the most relevant entities referred to in Article 119(2), point (h) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:
  1. the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;
  2. the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average aggregated value of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.
1. EBA may decide to invite the competent authorities of only some of the entities referred to in paragraphs 1 to 4 to be a member of the college where the EBA is of the view that those entities are the only ones relevant in their category for the work of the college.