{"id":"circulars/cssf-25-887","title":"Circular CSSF 25/887","type":"circular","date":"2025-04-30","kind":"circular","html":"

Circular CSSF 25/887 is a CSSF circular, published 30 April 2025. Subject: Application of the Guidelines of the European Securities and Markets Authority on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2030).

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Relevant for: Issuers of ARTs, Issuers of E-Money Tokens (EMTs), Issuers of Tokens.

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Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.

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Circular CSSF 25/887 Application of the Guidelines of the European Securities and Markets Authority on situations in which a thirdcountry firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2030)

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Circular CSSF 25/887 Application of the Guidelines of the European Securities and Markets Authority on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2030) To all third-country firms, defined as firms that would be subject to Article 59 of Regulation (EU) 2023/1114 (“MiCAR”) 1 if their head office or registered office were located within the Union.

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Luxembourg, 30 April 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of the European Securities and Markets Authority (“ESMA”) on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2030) (the “Guidelines”), published on 26 February 2025. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.

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  1. The Guidelines The Guidelines are issued by ESMA on the basis of Article 61(3) of MiCAR pursuant to Article 16 of Regulation (EU) No 1095/2010. The Guidelines apply as from 27 April 2025. The Guidelines establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and ensure the common, uniform and consistent application of the provisions in Article 61 of MiCAR. In particular, they aim to promote greater convergence in the interpretation of, and supervisory approaches to, the situations in which a third-country firm is deemed to solicit clients established or situated in the Union. In addition, to foster convergence and promote consistent supervision in respect of the risk of abuse of Article 61 of MiCAR, these guidelines also aim to promote certain supervision practices to detect and prevent circumvention of MiCAR. The
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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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ESMA’s

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website

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https://www.esma.europa.eu/.

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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937

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    Scope of application This circular shall apply to third-country firms, defined as firms that would be subject to Article 59 of MiCAR if their head office or registered office were located within the Union, with regard to Section 5 of the ESMA Guidelines (ESMA35-1872330276-2030).

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    Date of application This circular shall apply as from 27 April 2025.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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