ESMA final report — Guidelines on reverse solicitation under MiCA

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ESMA final report — Guidelines on reverse solicitation under MiCA 17 December 2024 ESMA35-1872330276-1899 Final Report On the guidelines on reverse solicitation under the Markets in Crypto Assets Regulation (MiCA) ESMA - 201-203 rue de Bercy - CS 80910 - 75589 Paris Cedex 12 - France - Tel. +33 (0) 1 58 36 43 21 - www.esma.europa.eu 2 17 December 2024 ESMA35-1872330276-1899 Table of Contents 1 Executive Summary ........................................................................................................

5 2 Background and legal basis ...........................................................................................

5 3 Feedback statement for the guidelines on the solicitation of clients by third-country firms 9 4 Feedback statement for the guidelines on the supervision practices to detect and prevent the circumvention of the reverse solicitation exemption ........................................

17 5 Annex I – Cost benefit analysis ....................................................................................

18 6 Annex II – Advice of the SMSG ......................................................................................

1 7 Annex III – Guidelines .....................................................................................................

9 1.

Scope ..............................................................................................................................

9 2.

Legislative references, abbreviations and definitions ....................................................

9 3.

Purpose .........................................................................................................................

11 4.

Compliance and reporting obligations ..........................................................................

12 5.

Guidelines on the solicitation of clients by third-country firms .....................................

13 6 Guidelines on the supervision practices to detect and prevent the circumvention of the reverse solicitation exemption..............................................................................................

18 Annex – Non-exhaustive list of examples of circumstances where a third-country firmmaybe regarded as soliciting clients in the Union ...........................................................................

20 3 17 December 2024 ESMA35-1872330276-1899 Acronyms and definitions used CP Consultation Paper ESMA European Securities and Markets Authority ESMA Regulation Regulation (EU) 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and ESMA · guidelines_final_report · final_report_guideline

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