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By Dr. Sebastiaan Niels Hooghiemstra*
On 29 June 2023, Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCAR”) entered into force that will apply in full as of 30 December 2024 onwards. MiCAR introduces a new licensing regime for investment advisers and portfolio managers modelled after Directive 2014/65/EU, as amended (“MiFID II”). This contribution analyzes the impact of the MiCAR licensing regime on (non-EU) investment advisers and portfolio managers appointed by Luxembourg fund managers.
Background
MiCAR establishes a harmonized framework for crypto-assets services in Europe. It aims to plug the gap in regulation at the EU level and harmonize existing regulation in EU Member States. Amongst...
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