A new requirement was added obligating competent authorities to establish complaint handling procedures and report them to EBA and ESMA.
Before
Competent authorities had to notify designated authorities and laws, but no duty to set up complaint handling procedures.
After
Competent authorities must set up procedures for clients and others to submit complaints and must communicate these procedures to EBA and ESMA.
Source: ESMA — MiCA CASP Authorization & Guidance
View original source →What this means for you
Centralized Exchange
Doesn't applyWhy this matters
The regulatory change imposes obligations exclusively on 'competent authorities' (regulators), not on the regulated entities themselves. As a CEX, the company is the subject of regulation, not the authority establishing the complaint procedures for the regulator.
DeFi Protocol
Doesn't applyWhy this matters
The regulatory change imposes obligations on 'competent authorities' (government regulators), not on the entities they regulate. Furthermore, as a fully decentralized protocol with no operator, there is no legal entity to which such administrative requirements could attach.
Custodian
Doesn't applyWhy this matters
The regulatory change imposes obligations exclusively on 'competent authorities' (regulators), not on the regulated entities themselves. As a custodian, the company is the subject of oversight, not the authority responsible for reporting procedures to EBA and ESMA.