ESMA issues new compliance Q&As for crypto, crowdfunding and OTC derivatives

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ESMA new Q&As for compliance

Highlights

ESMA published updated Q&As on June 2024 covering Crypto-Asset Service Providers, crowdfunding platforms, and OTC derivatives related to central counterparties.
New guidance clarifies use of non-bank payment service providers for holding client funds and fee structures for 'investment club' crowdfunding platforms.
Additions on EMIR requirements address AAR 85% exemption, AAR threshold calculations, and representativeness, prompting compliance reviews for European financial firms.

Regulatory guidance spans three supervisory areas

As reported by ESMA, the new questions and answers address Crypto-Asset Service Providers, European crowdfunding service providers for business, and OTC derivatives related to central counterparties.

For CASPs, ESMA publishes guidance on the use of payment accounts provided by non-bank payment service providers for holding clients' funds. In crowdfunding, it addresses service providers that charge registration, membership or other access fees, described as "investment club" crowdfunding platforms.

In the EMIR-related section on CCPs, ESMA adds Q&As on the AAR 85% exemption, AAR thresholds calculation and the AAR representativeness obligation. The additions indicate continued supervisory attention on how market participants apply detailed operational and compliance requirements.

Compliance implications for European financial firms

The release is relevant for firms operating in regulated parts of Europe's capital markets, particularly businesses handling client money, platform access structures or clearing-related derivatives obligations. Updated Q&As typically help firms align internal procedures with supervisory expectations without changing the underlying legal framework.

For crypto-asset providers, the clarification may matter for safeguarding arrangements involving non-bank payment service providers. Crowdfunding operators and derivatives market participants may also need to review fee models, exemption treatment and calculation methods to ensure their practices remain consistent with ESMA's latest interpretive guidance.

Our earlier article on Mario Draghi’s warning about the debt–inflation trade-off explained how policymakers risk undermining long-term growth if tight monetary and fiscal settings squeeze productive investment. It also highlighted his call for clear central-bank communication and broader EU-level measures—such as market integration and targeted investment support—to protect productivity while keeping inflation under control.

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