1. Member States shall ensure that decisions taken by competent authorities under this Regulation are properly reasoned and subject to the right of appeal before a court. The right of appeal before a court shall also apply where, in respect of an application for authorisation which provides all of the required information, no decision is taken within six months of its submission.
2. Member States shall provide that one or more of the following bodies, as determined by national law, may, in the interests of consumers and in accordance with national law, take action before the courts or competent administrative bodies to ensure that this Regulation is applied:
(a) public bodies or their representatives;
(b) consumer organisations having a legitimate interest in protecting holders of crypto-assets;
(c) professional organisations having a legitimate interest in protecting their members.
Title VII: COMPETENT AUTHORITIES, EBA AND ESMA | Chapter 3
Article 113
Right of appeal
Related Recitals (Preamble)
Recitals provide interpretive context and policy rationale for the legislative provisions.
(99)
Penalty imposition powers
Summary: Competent authorities should also have the power to impose penalties on issuers, offerors or persons seeking admission to trading of crypto-assets, including asset-referenced tokens or e-money tokens, and on crypto-asset service providers.