Preparation is everything in securing your MiCAR CASP license. We recommend a staggered approach for current VASP license holders to transition smoothly to MiCAR. At EY we offer specialized support for capitalization, AML compliance, internal policies and other aspects essential for a successful MiCAR licensing.
Cross-border framework: Conducting thorough assessments of client activities to ensure compliance with relevant laws, providing training to staff on regulatory obligations, and developing robust compliance strategies to mitigate risks associated with reverse solicitation practices.
Establishing the right legal form, company registration, EU passporting: We can provide comprehensive guidance on selecting the appropriate legal structure for your financial services business, assist with company registration procedures, and facilitate EU passporting where applicable to ensure seamless operation across borders.
Support with licensing/authorization requirements: Our team of legal experts can navigate the complex process of obtaining the necessary licenses and authorizations for your financial services, ensuring compliance with regulatory requirements and expediting the approval process.
Coordination with regulators/authorities: We offer professional representation and communication with regulators and authorities on your behalf, ensuring transparent and proactive engagement to address any regulatory inquiries or concerns.
Advice on MiCAR’s scope and its exemptions: Leveraging our in-depth understanding of MiCAR and its exemptions, we can provide tailored advice on the regulatory implications for your business, including determining if specific assets, such as NFTs, fall under exemptions.
Drafting of required documents: Our experienced legal team can draft all necessary documents to meet regulatory standards, including white papers, internal policies, and contracts, ensuring compliance with MiCAR and other relevant regulations.
Setting up an adequate internal organization and risk management: We can assist in establishing robust internal organizational structures and risk management frameworks tailored to your business needs, including implementing effective systems and controls to mitigate risks.
Guidance on capital requirements: Drawing on our expertise in financial regulation, we can provide clear guidance on meeting capital requirements, ensuring financial stability and compliance with regulatory mandates.
Support with AML and Money Laundering Reporting Officer (MLRO): EY offers solutions for AML compliance support, including as outsourcing partner for Compliance Officer and MLRO functions to manage reporting requirements. Compliance officers play a crucial role in information analysis, reporting, periodic statements and overall adherence to AML requirements.