Art. 1 Handling of complaints and complaints management policy and function | RTS on issuer complaints handling | MiCA

This foundational article sets the scene for the entire regulation by establishing two things: what constitutes a complaint, and what structural components issuers of asset-referenced tokens must have in place to handle them.

On the first point, a complaint is broadly defined to cover any statement of dissatisfaction related to the issuance, offer, or admission to trading of asset-referenced tokens, and can be submitted by a wide range of parties, including consumer associations.

On the second point, issuers are required to put in place both a complaints management policy and a complaints management function, with senior management firmly in the driving seat for ownership and compliance.

Important points:

Establish and maintain a complaints-handling procedure covering both a formal policy and a dedicated management function.
Senior management of the issuer is responsible for defining, endorsing, implementing, and monitoring the complaints management policy.
The obligation extends beyond issuers to third-party entities involved in distributing asset-referenced tokens.

1. Issuers of asset-referenced tokens and, where applicable, third-party entities shall establish and maintain procedures for handling of complaints, where a complaint is:
  1. a statement of dissatisfaction addressed to them by a natural or legal person or any other interested party, including consumer associations that represent holders of asset-referenced tokens, relating to the issuance, the offer or seeking admission to trading of asset-referenced tokens under Regulation (EU) 2023/1114;
  2. submitted by a ‘complainant’, which is a natural or legal person or any other interested party, including consumer associations that represent holders of asset-referenced tokens and where that person, or any other interested party, purports to be eligible to submit a complaint to an issuer of asset-referenced tokens or a third-party entity that have been distributing, totally or partially, asset-referenced tokens.
1. Issuers of asset-referenced tokens shall establish and maintain complaints-handling procedures that include all of the following:
  1. a ‘complaints management policy’, which shall be:
    defined and endorsed by the issuer of asset-referenced tokens’ senior management, that shall also be responsible for the implementation of that policy and for monitoring compliance with it;
    set out in a written document available in electronic or paper format;
    made available to all relevant staff of the issuer of asset-referenced tokens through an adequate internal channel.
  2. a ‘complaints management function’, which shall:
    enable complaints to be investigated fairly;
    identify and mitigate possible conflicts of interest.