that work. we have produced new publications, enhanced our internal processes and responded to the changes in the authorisation landscape, including the increase in the number of complex applications. you can expect that continuous improvement and innovation to continue. so today, we want to : outline our approach to implementing micar ; inform you of our risk appetite ; clearly communicate our authorisation and supervisory expectations ; and set out potential next steps, specifically when our micar gateway engagement will open. lastly, we want to hear from you. 4 / 5 bis - central bankers'speeches following mary - elizabeth's remarks, we will have a panel discussion and welcome your questions. i know some of you have already submitted questions via email that you would like us to address today. we will do our best to answer your queries today, but if not possible, the central bank will be engaging bilaterally with you over the coming months. with this said, i would again like to welcome you to the central bank and i look forward to your engagement today. i hope that this briefing session is informative and helpful and provides you clarity on the next steps that you may take regarding your micar journey. mary - elizabeth mcmunn will now tell you more about the plans for the session thank you. 5 / 5 bis - central bankers'speeches

for the central bank. regardless of the services, the target customer base, or whether it is retail focused or aimed at institutional clients, governance and safeguarding of client assets are key in shaping our view of risk. the role of regulation and our work at an eu level the intention of micar is to address the risks to consumer protection and market integrity from crypto, along with specific risks to financial stability and monetary policy, while also bringing regulatory clarity to the sector. it will provide a consistent framework across the eu for the on - going development of this innovation, and bring much needed legal clarity to the market. importantly, we expect micar to be an iterative process 3 / 5 bis - central bankers'speeches that will be tailored over time to address emerging activities and risks in the crypto sector. a priority for the bank has been working with our eu peer regulators and the european supervisory authorities ( esas ) to ensure the necessary coordination and consistency across europe as we implement micar across the 27 jurisdictions of the eu. this work is focused on completion of the level 2 and level 3 texts, the more detailed regulations, technical standards and guidelines. the esas have sought and continue to seek stakeholders'input on the proposed level 2 and level 3 texts through their consultation processes. i would encourage you to engage with these remaining processes in order to convey your observations and insights. crucially, this european work is focused on driving a convergent approach to the implementation of micar in authorities authorisation and supervision processes. we see this as crucially important throughout the micar implementation phase and beyond. it will ensure clarity and consistency for industry and regulators alike, aiding firms in their approaches towards transitioning to micar. importantly, it will help prevent arbitrage or jurisdiction shopping based on actual or perceived differences in approach. this should ensure a strong grounding for this new important regulation. our purpose today so finally, this brings me to our purpose today. today, we are seeking to engage with you as a sector, to facilitate an open and constructive engagement that enables us to outline our approach to implementing micar, and for you as an industry to have greater clarity and transparency on the next steps. over recent years, we have been working to continually improve our authorisation process. through engagement with industry, other public bodies and applicants, we have sought to better explain our expectations, resulting in increased clarity and predictability. better risk assessment, better communication and better supervisory outcomes have been the output of