MiCA Article 104 — held text

Article 104 EBA temporary intervention powers 1. In accordance with Article 9(5) of Regulation (EU) No 1093/2010, EBA may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict: (a) the marketing, distribution or sale of certain asset-referenced tokens or e-money tokens or asset-referenced tokens or emoney tokens with certain specified features; or (b) a type of activity or practice related to asset-referenced tokens or e-money tokens. A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by EBA. 2. EBA shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union; (b) the regulatory requirements under Union law that are applicable to the relevant asset-referenced tokens, e-money tokens or crypto-asset services related to them do not address the threat at issue; (c) a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat. 3. When taking a measure pursuant to paragraph 1, EBA shall ensure that the measure does not: (a) have a detrimental effect on the efficiency of markets in crypto-assets or on holders of asset-referenced tokens or emoney tokens or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and (b) create a risk of regulatory arbitrage. Where competent authorities have taken a measure pursuant to Article 105, EBA may take any of the measures referred to in paragraph 1 of this Article without issuing an opinion pursuant to Article 106(2). 4. Before deciding to take a measure pursuant to paragraph 1, EBA shall notify the relevant competent authorities of the measure it intends to take. 5. EBA shall publish on its website a notice of a decision to take a measure pursuant to paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to activities after the measure has taken effect. 6. EBA shall review a prohibition or restriction imposed pursuant to paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on a proper analysis assessing the impact on consumers, EBA may decide on the annual renewal of the prohibition or restriction. 7. Measures taken by EBA pursuant to this Article shall prevail over any previous measure taken by the relevant competent authority on the same matter. 8. The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by EBA in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union for the purposes of paragraph 2, point (a), of this Article.