Art. 2 Identification of the parties involved in the order | RTS on trading platform order book records | MiCA

This article sets out the record-keeping obligations for crypto-asset service providers operating a trading platform, specifically regarding the identification of parties involved in each order.

It builds directly on Article 1's overarching requirement to maintain order book records, drilling down into who exactly must be identified for every order submitted.

The article covers the full chain of actors: the participant submitting the order (whether a legal entity or natural person), the client on whose behalf it is submitted, and the person or algorithm responsible for both the investment decision and the execution of that order.

It also addresses edge cases such as multiple decision-makers, unallocated orders, and aggregated orders from multiple clients.

Important points:

Maintain records identifying all key parties for every order, including the submitting participant, the underlying client, and the individuals or algorithms responsible for the investment decision and execution.
Where multiple persons share an investment decision, record only the person with primary responsibility, and only where the decision is made under a discretionary mandate.
For aggregated orders combining multiple clients, record client identification details separately for each individual client.

1. For all orders in crypto-assets, crypto-asset service providers operating a trading platform for crypto-assets shall keep records to identify all of the following:
  1. the participant to the trading platform for crypto-assets that is a legal entity and submits the order to the trading platform for crypto-assets, as identified in accordance with Article 4 and field 1 of Table 2 of the Annex;
  2. the participant to the trading platform for crypto-assets who is a natural person and submits the order to the trading platform for crypto-assets, as identified in accordance with field 2 of Table 2 of the Annex;
  3. the client on whose behalf the participant to the trading platform for crypto-assets referred to in points (a) or (b) submits the order to the trading platform for crypto-assets, as identified in accordance with field 3 of Table 2 of the Annex;
  4. the person or the computer algorithm within the participant to the trading platform for crypto-assets referred to in points (a) and (b) that is responsible for the investment decision in relation to the order, as identified in accordance with field 4 of Table 2 of the Annex;
  5. the person or the computer algorithm within the participant to the trading platform for crypto-assets referred to in points (a) and (b) that is responsible for the execution of the order, as identified in accordance with field 5 of Table 2 of the Annex.
2. For the purposes of point (d), where more than one persons take the investment decision, the crypto-asset service provider operating a trading platform for crypto-assets shall keep records of the person with primary responsibility for that decision. A crypto-asset service provider operating a trading platform for crypto-assets shall only identify such a person or computer algorithm where the investment decision is made on behalf of either the participant, or a client in accordance with a discretionary mandate to it by the client.
1. Where a participant to the trading platform for crypto-assets intends to allocate an order to its client following submission of the order to the trading platform for crypto-assets and has not yet allocated the order to its client at the time of the submission of the order, that client shall be identified as specified in field 3 of Table 2 of the Annex.
1. Where several orders of different clients are submitted to the trading platform for crypto-assets together as an aggregated order, the information referred to in field 3 of Table 2 of the Annex shall be recorded in respect of each client.

Article 2 Identification of the parties involved in the order

Relevant recitals