Information inventory
Maintain a register of potential issuer, offeror, admission-to-trading, crypto-asset, client-order, treasury, custody, outage, incident, listing, and venue-rule events that could require Article 87 review.
What Article 87 changes operationally
Inside information: Regulation (EU) 2023/1114 Article 87 describes inside information as information of a precise nature, which has not been made public, relating directly or indirectly to issuers, offerors, persons seeking admission to trading, or crypto-assets, and which would likely have a significant price effect if made public.
For persons charged with executing orders for crypto-assets on behalf of clients, Article 87 also refers to information of a precise nature conveyed by a client and relating to the client's pending orders in crypto-assets.
The Article 87 precision test includes circumstances or events that exist, have occurred, or may reasonably be expected to occur, where the information is specific enough to draw a conclusion about possible price effects. It also refers to a reasonable holder using significant price-effect information as part of the basis for investment decisions.
This page is a control-mapping checklist. It is not a legal interpretation, inside-information determination, disclosure recommendation, trading recommendation, filing guide, broker recommendation, or assurance about the inside-information status of any fact pattern.
Inside-information evidence matrix
Precision assessment
Record whether the circumstance or event exists, has occurred, may reasonably occur, or is an intermediate step in a protracted process, plus the evidence used for that assessment.
Public-status check
Track whether the information has been made public, where it was published, who approved publication, and whether internal copies, drafts, or client communications differ from the public record.
Price-effect rationale
Document the reasonable-holder analysis, affected crypto-assets or related crypto-assets, liquidity assumptions, venues, comparable events, and unresolved legal or compliance questions.
Client pending orders
For execution desks, tag client pending-order information, access controls, routing restrictions, communications, order lifecycle records, and Article 78 execution-policy handoffs.
Disclosure and abuse handoffs
Connect Article 87 classification files to Article 88 disclosure workflow, Article 89-91 prohibitions, Article 92 detection controls, Article 66 conduct, Article 68 governance, and Article 72 conflicts evidence.
Review-ready tracker
- Classification owner: named owner for inside-information intake, triage, escalation, and evidence retention.
- Evidence sources: issuer announcements, admission files, order records, client instructions, venue notices, incident logs, wallet or custody events, and communications archives.
- Access controls: need-to-know groups, wall-crossing notes where relevant, personal-account-dealing controls, conflict checks, and audit trail ownership.
- Handoff pages: link the classification file to Article 86 scope, Article 88 disclosure, Article 78 execution evidence, Article 72 conflicts, and Article 68 governance controls.
FAQ
What does MiCA Article 87 define?
Article 87 defines inside-information concepts for MiCA, including precise non-public information relating to issuers, offerors, persons seeking admission to trading, crypto-assets, related crypto-assets, and certain client pending orders.
Why does Article 87 matter for CASP evidence packs?
It gives compliance, trading, execution, custody, governance, and incident-response teams a reason to keep structured records showing how potential inside information was identified, restricted, escalated, and connected to disclosure or market-abuse controls.
How does Article 87 connect to insurance or operational risk?
Inside-information controls can expose operational-risk questions around access control, trading restrictions, conflicts, client orders, communications, disclosures, incident records, and governance. Those gaps can matter in counsel, auditor, partner, broker, insurer, or internal-risk review, without turning this page into insurance advice.