Authority	EBA
Q&A ID	2024_7067
Status	Rejected
Legal basis	Articles 46, 47, 55 MiCA
Source	EBA Q&A

Reason for rejection: This question was rejected because it is not sufficiently clear and has not identified a specific provision of MiCAR that creates uncertainty requiring interpretation. The EBA Single Rulebook Q&A tool only covers questions about practical application of specific legislative provisions.

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In cases where the MiCAR authority differs from the prudential authority under CRD / recovery planning authority under BRRD, does MiCAR ensure the MiCAR authority has sufficient powers to gather the information needed to assess recovery and redemption plans? If not, what mechanisms exist to ensure information flow from the prudential authority to the MiCAR authority, and are Member States expected to implement special measures to protect sensitive information?

How should the flow of information from MiCAR supervisors to the CRD competent authority be ensured so that the CRD authority can perform its tasks?

MiCAR separates recovery and redemption plans for ART, EMT and CASP from general recovery plans under the BRRD. Where banks or investment firms issue ARTs or EMTs or act as CASPs, the national competent authorities under MiCAR, CRD and BRRD are likely to differ. The prudential authority (under CRD) holds detailed information about the issuer — key financial and risk indicators, internal controls, risk management, ICT functions — that is directly relevant to the assessment of MiCAR recovery and redemption plans.

Submitted by: Ministry of Finance, Bulgaria (resolution authority) · 26 April 2024

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Source: EBA Single Rulebook Q&A