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S.I. No. 607/2024 - European Union (Markets in Crypto-Assets) Regulations 2024

S.I. No. 607/2024 - European Union (Markets in Crypto-Assets) Regulations 2024 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaei

Article 88

and €5,000,

Articles 89 to 92; (x) in respect of legal persons, maximum administrative fines of €2,500,

Article 88

and €15,000,

Articles 89 to 92, or 2 per cent for infringements of Article 88 and 15 per cent for infringements of Articles 89 to 92 of the total annual turnover of the legal person according to the last available accounts approved by the management body.

(5)For the purpose of paragraph
(4), where the legal person referred to in clauses (
  1. ii)to (
  2. iv)of subparagraph (
  3. b)or clause (
  4. x)of subparagraph (d), as the case may be, of paragraph
(4)is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU of the European Parliament and of the Council of 26 June 20134 , the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable European Union law in the field of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.
(6)For the purposes of a contravention specified in paragraph
(3), any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the administrative penalties and other administrative measures referred to in paragraph
(4).
(7)Where an administrative penalty or other administrative measure referred to in paragraph
(4)is imposed (or taken) in respect of a contravention specified in paragraph
(3), the type and level of any such penalty or measure, or penalties or measures, to be imposed (or taken) in respect of such a contravention shall be determined in accordance with Article 112 of the MiCA Regulation.
(8)Where an administrative penalty or other administrative measure referred to in paragraph
(4)is imposed (or taken) in respect of a contravention specified in paragraph
(3), the provisions of Article 114 of the MiCA Regulation shall apply in respect of the publication by the Bank of a decision to impose (or take) any such penalty or measure, or penalties or measures, and section 33BC of the Act of 1942 shall not apply. PART V ENFORCEMENT AGAINST NON-REGULATED FINANCIAL SERVICE PROVIDERS Interpretation 7. In this part – “adverse assessment” means an assessment in which the assessor has decided that the assessee is committing or has committed a prescribed contravention; “assessee” means a person the subject of an assessment referred to in Regulation 8
(1); “assessment” means an assessment referred to in Regulation 8; “assessor” means an assessor appointed by the Bank under Regulation 8; “contravene” includes a failure to comply, and also includes – (
  1. a)attempting to contravene, (
  2. b)aiding, abetting, counselling or procuring a person to commit a contravention, (
  3. c)inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention, (
  4. d)being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and (
  5. e)conspiring with others to commit a contravention; “non-regulated financial service provider” means a person who is not a regulated financial service provider (within the meaning of the Act of 1942) but who otherwise is a person subject to requirements imposed by the MiCA Regulation; “prescribed contravention” means a contravention of Title VI of the MiCA Regulation, or a failure to cooperate or to comply with an investigation, with an inspection or with a request as referred to in Article 94
(3)of the MiCA Regulation or Regulation 4, by a non-regulated financial service provider; “specified sanction”, in relation to an adverse assessment, means a sanction or sanctions referred to in Regulation 17 that may be imposed on the assessee. Appointment of assessor 8.
(1)Where the Bank has reason to suspect that a prescribed contravention is being committed or has been committed by a person who is a non-regulated financial service provider (in this Part referred to as the “assessee”), the Bank may appoint an assessor (or, if the Bank thinks fit to do so, more than one assessor) to conduct an assessment as to – (
  1. a)whether or not the assessee is committing or has committed the contravention, and (
  2. b)where the assessor finds that the assessee is committing or has committed the contravention, the specified sanction or sanctions, if any, which the assessor considers is or are appropriate to be imposed on the assessee in respect of the contravention.
(2)The Bank may appoint an assessor who is not an officer, employee or official of the Bank and any such assessor so appointed is an agent of the Bank for the purpose of performing the functions of an assessor under this Part.
(3)The Bank shall provide the assessor with such administrative services (including technical and legal advice) as the Bank considers necessary to enable the assessor to perform the assessor’s functions.
(4)The assessor shall, as soon as is practicable after his or her appointment as an assessor, give notice of the appointment to the assessee.
(5)The notice under paragraph
(4)shall contain – (
  1. a)a statement that the assessor is appointed by the Bank under this Regulation, (
  2. b)a statement in summary form of the grounds for conducting the assessment, (
  3. c)a statement that, within a reasonable time specified by the assessor in the notice, the assessee may – (
  4. i)make submissions in writing to the assessor, and (
  5. ii)request the assessor to be permitted to make oral submissions about the matters to which the notice relates, and (
  6. d)a statement that the assessor shall conduct the assessment even if no submissions referred to in subparagraph (
  7. c)are made.
(6)The assessor shall – (a) consider any submissions referred to in paragraph
(5)(
  1. c)made by the assessee, and (
  2. b)conduct such investigations relating to the assessment as the assessor considers appropriate before issuing the assessment.
(7)The assessor shall issue the assessment to the Bank when the assessment is made.
(8)Where the assessor decides that a prescribed contravention is being committed or has been committed, the assessor shall ensure that the assessment includes – (
  1. a)a statement of the grounds upon which the assessor made the assessment that the assessee is committing or has committed the contravention, (
  2. b)a statement in summary form of the evidence upon which the assessment is based, and (
  3. c)a statement of the sanction or sanctions, if any, which the assessor considers is or are appropriate to be imposed on the assessee in respect of the contravention.
(9)The appointment of an assessor may be for a specified or unspecified period.
(10)Subject to Regulations 13 and 14
(2), the assessment referred to in paragraph
(7)shall constitute the decision of the Bank, and references in this Part to an adverse assessment shall be construed accordingly. Revocation of appointment of assessor 9.
(1)Where the Bank is satisfied that an assessor has contravened paragraph
(2)or is incapacitated, the Bank may revoke the appointment of the assessor at any time.
(2)An assessor (including a person proposed for appointment as an assessor) shall – (
  1. a)disclose to the Bank any material interest that the assessor may have in any matter that may arise during the assessment, (
  2. b)disclose to the Bank any actual or potential conflict of interest that the assessor may have in conducting an assessment, (
  3. c)not use any information obtained during an assessment for any purpose other than the performance of the assessor’s functions under this Part, (
  4. d)not engage in misconduct during the assessment, (
  5. e)perform the assessor’s functions in accordance with the procedures and requirements set out in this Part, and (
  6. f)issue an assessment that is not contrary to law. Power to require witnesses to appear and to give evidence 10.
(1)The assessor may, by notice given in or outside the State to a person, require the person to do one or more of the following: (
  1. a)appear before the assessor to give evidence (including giving evidence on oath); (
  2. b)produce documents specified in the notice which are in the person’s custody or control; (
  3. c)for the purposes of subparagraph (
  4. a)or (b), attend before the assessor from day to day, unless excused from attendance or released from further attendance by the assessor.
(2)The assessor may administer oaths for the purposes of the evidence referred to in paragraph
(1)(a).
(3)A witness at a hearing before the assessor has the same liabilities, privileges and immunities as a witness before the Court.
(4)Where a person (in this paragraph referred to as “person concerned”) – (a) fails to comply with a notice under paragraph
(1), (
  1. b)threatens or insults the assessor or any witness or person required to attend before the assessor, (
  2. c)interrupts the proceedings of, or does not behave in an appropriate manner before, the assessor, (
  3. d)obstructs or attempts to obstruct the assessor, (
  4. e)discloses, or authorises the disclosure of, evidence given before the assessor or any of the contents of a document produced to the assessor that the assessor has instructed not to be disclosed, or (
  5. f)does anything else that, if the assessor were a court of law having power to commit for contempt, would be contempt for that court, then – (
  6. i)the assessor may apply to the Court for an order requiring the person concerned to do one or both of the following: (I) comply with the notice under paragraph
(1); (II) discontinue or not repeat the behaviour falling within any of the provisions of subparagraphs (
  1. b)to (f), or behaviour of any similar kind, and (
  2. ii)the Court, if satisfied that there is no reasonable excuse for the failure to comply with the notice under paragraph
(1)or for the behaviour concerned, as the case may be, may grant the order and such other orders as it considers appropriate to ensure that the person concerned cooperates with the assessor. Referral to Court on question of law 11.
(1)The Bank or the assessor may (including at the request of the assessee) refer a question of law arising in an assessment to the Court for determination by the Court.
(2)Where a question of law is referred under paragraph
(1)– (
  1. a)the assessor shall send to the Court all documents before the assessor that are relevant to the matter in question, and (
  2. b)at the end of the proceedings in the Court in relation to the reference, the Court shall cause the documents to be returned to the assessor. Assessee to be issued copy of any adverse assessment, etc. 12.
(1)Where the assessment of an assessor is that the assessee is committing or has committed a prescribed contravention, the Bank shall – (a) issue the assessee with a copy of the adverse assessment or, as the Bank thinks fit, so much of the adverse assessment as constitutes the statement referred to in Regulation 8
(8), and (
  1. b)advise the assessee that – (
  2. i)the assessee may appeal against the adverse assessment to the Court under Regulation 13, and (
  3. ii)the Bank may apply to the Court under Regulation 16 for an order confirming the adverse assessment (including the specified sanctions).
(2)Where the assessment of an assessor is that the assessee is neither committing nor has committed a prescribed contravention, the Bank shall issue the assessee with a statement to that effect. Right of appeal against adverse assessment (including specified sanctions) 13.
(1)The assessee may appeal against an adverse assessment (including the specified sanctions) to the Court not later than 28 days after the Bank has complied with Regulation 12
(1)in relation to the assessee, or within such further period as the Court allows.
(2)Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable that the whole or any part of proceedings relating to an appeal under paragraph
(1)should not be heard in public then, where the Court so directs, the proceedings may be heard otherwise than in public.
(3)The Court may, pending the hearing and determination of an appeal under paragraph
(1), make such interim or interlocutory orders as the Court considers necessary in the circumstances.
(4)The Court shall determine an appeal under paragraph
(1)by making – (a) subject to paragraph
(6), an order confirming, varying or setting aside the adverse assessment (including the specified sanctions), whether in whole or in part, or (b) an order remitting the case to be decided again by the Bank in accordance with the directions of the Court.
(5)The determination of the Court on the hearing of an appeal under paragraph
(1)shall be final, except that a party to the appeal may apply to the Court of Appeal to review the determination on a question of law.
(6)No variation of an adverse assessment under paragraph
(4)(a) may provide for the imposition of a sanction on the assessee which is not a sanction referred to in Regulation 17. Power to correct assessments 14.
(1)Where the assessor or the Bank is satisfied that there is an obvious error in the text of an assessment, the assessor or the Bank, as the case may be, may alter the text of the assessment to remove the error.
(2)Where the text of an assessment is altered under paragraph
(1), the text as so altered shall be taken to be the decision of the Bank under Regulation 8
(10).
(3)In paragraph
(1), “obvious error”, in relation to the text of an assessment, includes – (
  1. a)a clerical or typographical error, (
  2. b)an error arising from an accidental slip or omission, or (
  3. c)a defect of form. When specified sanctions take effect 15.
(1)Where – (
  1. a)no appeal under Regulation 13 against the adverse assessment (including the specified sanctions) is lodged with the Court within the period for lodging an appeal, or (
  2. b)an appeal under Regulation 13 against the adverse assessment (including the specified sanctions) which has been lodged with the Court within the period for lodging the appeal is withdrawn or abandoned, then, the specified sanctions pursuant to Regulation 8
(8)(c), as confirmed or varied in the order, if any, obtained under Regulation 16
(2)(a), shall take effect on the date of that order or such other date as the Court may specify in that order.
(2)Where an appeal under Regulation 13 against the adverse assessment is lodged with the Court within the period allowed for lodging the appeal, then, the specified sanctions pursuant to Regulation 8
(8)(c), as confirmed or varied in the order, if any, obtained under Regulation 13
(4)(a), shall take effect on the date of that order or such other date as the Court may specify in that order. Enforcement of adverse assessment (including specified sanctions) 16.
(1)Where – (
  1. a)no appeal under Regulation 13 against an adverse assessment (including the specified sanctions) is lodged with the Court within the period for lodging an appeal, or (
  2. b)an appeal under Regulation 13 against an adverse assessment (including the specified sanctions) which has been lodged with the Court within the period for lodging the appeal is withdrawn or abandoned, then, the Bank may apply to the Court for an order confirming the adverse assessment (including the specified sanctions).
(2)The Court shall determine an application under paragraph
(1)by making – (a) subject to paragraph
(7), an order confirming, varying or setting aside the adverse assessment (including the specified sanctions) whether in whole or in part, or (b) an order remitting the case to be decided again by the Bank in accordance with the directions of the Court.
(3)The Court shall not hear an application under paragraph
(1)unless – (
  1. a)the assessee appears at the hearing as respondent to the application, or (
  2. b)if the assessee does not so appear, the Court is satisfied that a copy of the application under paragraph
(1)has been served on the assessee.
(4)Where the Court is satisfied that it is desirable that the whole or any part of proceedings relating to an application under paragraph
(1)be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice, the Court may make an order that the proceedings shall, in whole or in part, be heard otherwise than in public.
(5)The Court may, on an application under paragraph
(1), make such interim or interlocutory orders as the Court considers necessary in the circumstances.
(6)The determination of the Court on the hearing of an application under paragraph
(1)shall be final, except that the Bank or the respondent, if any, may apply to the Court of Appeal to review the determination on a question of law.
(7)No variation of an adverse assessment under paragraph
(2)(a) may provide for the imposition of a sanction on the assessee that is not a sanction referred to in Regulation 17. Sanctions that may be imposed by Bank 17.
(1)In the case of an adverse assessment, the Bank may impose on the assessee concerned the following sanctions: (
  1. a)a public statement indicating the natural or legal person responsible and the nature of the infringement; (
  2. b)an order requiring the natural or legal person responsible to cease the conduct constituting the infringement and to desist from a repetition of that conduct; (
  3. c)the disgorgement of the profits gained or losses avoided due to the infringement insofar as they can be determined; (
  4. d)a temporary ban of any natural person who is held responsible for the infringement, from exercising management functions in crypto-asset service providers; (
  5. e)in the event of a repeated infringement of Article 89, 90, 91 or 92 of the MiCA Regulation, a ban of 10 years for any natural person who is held responsible for the infringement, from exercising management functions in a crypto-asset service provider; (
  6. f)a temporary ban of any natural person who is held responsible for the infringement, from dealing on own account; (
  7. g)maximum administrative fines of three times the amount of the profits gained or losses avoided because of the infringement, where those can be determined, even if it exceeds the maximum amounts set out in paragraph (
  8. h)or (i), as applicable; (
  9. h)in respect of a natural person, maximum administrative fines of €1,000,

Article 88of the Mi

CA Regulation and €5,000,

Articles 89 to 92 of the MiCA Regulation; (i) in respect of legal persons, maximum administrative fines of €2,500,

Article 88of the Mi

CA Regulation and €15,000,

Articles 89 to 92 of the MiCA Regulation, or 2 per cent for infringements of Article 88 of the MiCA Regulation and 15 per cent for infringements of Articles 89 to 92 of the MiCA Regulation of the total annual turnover of the legal person according to the last available accounts approved by the management body.

(2)For the purpose of paragraph
(1)(i), where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU of the European Parliament and of the Council of 26 June 20135 , the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable European Union law in the field of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.
(3)The Bank may impose, in relation to infringements committed by legal persons, maximum administrative fines of: (
  1. a)€5,000,000 for the infringements referred to in paragraph 1, first subparagraph, points (
  2. a)to (
  3. d)of Article 111 of the MiCA Regulation; (
  4. b)3 per cent of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (
  5. a)of Article 111 of the MiCA Regulation; (
  6. c)5 per cent of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (
  7. d)of Article 111 of the MiCA Regulation; (
  8. d)12.5 per cent of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, points (
  9. b)and (
  10. c)of Article 111 of the MiCA Regulation.
(4)For the purpose of paragraph
(3)(a), where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU of the European Parliament and of the Council of 26 June 20136 , the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable European Union law in the field of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking. Power of Bank to resolve suspected contraventions, etc. 18.
(1)Where the Bank has reason to suspect, based on reasonable grounds, that an assessee is committing or has committed a prescribed contravention, it may enter into an agreement in writing with the assessee to resolve the matter (including at any time before an assessment, if any, has been issued in respect of the assessee).
(2)An agreement entered into under paragraph
(1)– (
  1. a)is binding on the Bank and the assessee, and (
  2. b)may include terms under which the assessee accepts the imposition of sanctions.
(3)An agreement entered into under paragraph
(1)may be enforced by the Bank or the assessee in a court of competent jurisdiction. PART VI APPEALS Right of appeal 19.
(1)A decision of the Bank under the MiCA Regulation or these Regulations shall be properly reasoned.
(2)A decision imposing a measure, condition, requirement or sanction on a person, or to give a direction to a person, or to refuse to grant an application for authorisation to a person, under these Regulations or the MiCA Regulation is an appealable decision for the purpose of Part VIIA of the Act of 1942.
(3)A failure to make a decision in respect of an application for an authorisation under the MiCA Regulation within 6 months after the submission of the application in a case where the application contains all the information required under the MiCA Regulation is an appealable decision for the purpose of Part VIIA of the Act of 1942. PART VII TRANSITIONAL MEASURES Transitional measures 20. Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 30 December 2025 or until they are granted or refused an authorisation pursuant to Article 63 of the MiCA Regulation, whichever is sooner. PART VIII CONSEQUENTIAL AMENDMENTS Amendment of Act of 1942 21. The Act of 1942 is amended – (
  1. a)in section 2(2A), by the substitution of the following paragraphs for paragraphs (bf), (
  2. bg)(inserted by Regulation 13(a)(
  3. ii)of the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 ( S.I. No. 547 of 2022 )) and (
  4. bg)(inserted by Regulation 10(a)(
  5. ii)of the European Union (Pan – European Personal Pension Product) Regulations 2022 ( S.I. No. 435 of 2022 ): “(
  6. bf)Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 20207 ; (
  7. bg)Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20198 ; (
  8. bh)Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 20209 ; (
  9. bi)Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 202310 .”, (
  10. b)in section 33AK
(10), in the definition of “supervisory EU legal acts”, by the insertion of the following paragraph after paragraph (an): “(
  1. ao)Regulation (EU) No. 2023/1114 of the European Parliament and of the Council of 31 May 202311 ;”, (
  2. c)in section 33AN
(1)– (
  1. i)in the definition of “designated enactment”, by the insertion of “or Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 but (in relation to the last-mentioned Regulation) wherever and only in so far as it imposes a requirement on a person who is not a regulated financial service provider” after “or the Securitisation Regulation but (in relation to the Securitisation Regulation) wherever and only is so far as it imposes a requirement on a person who is not a regulated financial service provider,”, and (
  2. ii)in the definition of “designated statutory instrument”, by the insertion of “or the European Union (Markets in Crypto-Assets) Regulations 2024 (S.I. No. 607 of 2024) but (in relation to the last-mentioned Regulations) wherever and only in so far as they impose a requirement on a person who is not a regulated financial service provider” after “or the European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022 ( S.I. No. 46 of 2022 );”, (
  3. d)in section 33BC, by the insertion of the following subsection after subsection
(20): “
(21)This section does not apply where Article 114 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 202312 applies.”, and (
  1. e)in Part 2 of Schedule 2, by the insertion of the following item: “ 84 S.I. No. 607 of 2024 European Union (Markets in Crypto-Assets) Regulations 2024 The whole instrument ”. Amendment of European Union (Capital Requirements) Regulations 2014 22. The Schedule to the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ) is amended – (
  2. a)in paragraph 15, by the insertion of “including electronic-money tokens as defined in Article 3
(1), point
(7), of Regulation (EU) No. 2023/1114 of the European Parliament and of the Council of 31 May 202313 )” after “electronic money”, and (b) by the insertion of the following paragraphs after paragraph 15: “
(16)Issuing of asset-referenced tokens as defined in Article 3
(1), point
(6), of Regulation (EU) No. 2023/1114 of the European Parliament and of the Council of 31 May 202314 .
(17)Crypto-asset services as defined in Article 3
(1), point
(16), of Regulation (EU) No. 2023/1114 of the European Parliament and of the Council of 31 May 202315 .”. Amendment of Protected Disclosures Act 2014
  1. The Protected Disclosures Act 2014 (No. 14 of 2014) is amended in Part II of Schedule 6 by the insertion of the following point in Point A, sub-point 1: “(xii) Regulation (EU)2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ No. L 150, 9.6.2023, p.40).”. GIVEN under my Official Seal, 7 November,
  2. JACK CHAMBERS, Minister for Finance. 1 OJ No. L 150, 9.6.2023, p.40 2 OJ No. L 150, 9.6.2023, p.40 3 OJ No. L 287, 29.10.2013, p. 63 4 OJ L 182, 29.6.2013, p. 19 5 OJ L 182, 29.6.2013, p. 19 6 OJ L 182, 29.6.2013, p. 19 7 OJ No. L. 347, 20.10.2020, p. 1 8 OJ No. L. 198, 25.7.2019, p.1 9 OJ No. L 22, 22.1.2021, p. 1 10 OJ No. L 150, 9.6.2023, p.40 11 OJ No. L 150, 9.6.2023, p.40 12 OJ No. L 150, 9.6.2023, p.40 13 OJ No. L 150, 9.6.2023, p.40 14 OJ No. L 150, 9.6.2023, p.40 15 OJ No. L 150, 9.6.2023, p.40 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

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