Activities of Markus FERBER related to 2020/0265(COD)
Plenary speeches (1)
Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
Amendments (210)
Amendment 44 #
Proposal for a regulation
Recital 7
Recital 7
(7) Crypto-assets and central bank money based on DLT or in a digital form issued by central banks acting in their monetary authority capacity or by other public authorities should not be subject to the Union framework covering crypto- assets, and neither should services related to crypto- assets and central bank money based on DLT or in a digital form that are provided by such central banks or other public authorities.
Amendment 49 #
Proposal for a regulation
Recital 8
Recital 8
(8) Any legislation adopted in the field of crypto-assets should be specific, future- proof and be able to keep pace with innovation and technological developments. ‘Crypto-assets’ and ‘distributed ledger technology’ should therefore be defined as widely as possible to capture all types of crypto-assets, which have or may have a financial use, can be transferred between holders and which currently fall outside the scope of Union legislation on financial services. Such legislation should also contribute to the objective of combating money laundering and the financing of terrorism. Any definition of ‘crypto-assets’ should therefore correspond to the definition of ‘virtual assets’ set out in the recommendations of the Financial Action Task Force (FATF)34 . For the same reason, any list of crypto-asset services should also encompass virtual asset services that are likely to raise money- laundering concerns and that are identified as such by the FATF. _________________ 34FATF (2012-2019), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, FATF, Paris, France (www.fatf- gafi.org/recommendations.html).
Amendment 70 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) Some types of crypto-assets are not issued by legal entities, but are managed by decentralised autonomous organisations (DAOs). Provided that such crypto assets are compatible with the requirements of this regulation and do not pose a risk for financial stability, market integrity or investor protection, competent authorities may decide to admit such crypto-assets for trading on a European trading platform for crypto-assets.
Amendment 75 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure a proportionate approach, the requirements to draw up and publish a crypto-asset white paper should not apply to offers of crypto-assets, other than asset-referenced tokens or e-money tokens, that are offered for free, or offers of crypto-assets that are exclusively offered to qualified investors as defined in Article 2, point (e), of Regulation (EU) 2017/1129 of the European Parliament and of the Council37 and can be exclusively held by such qualified investors, or that, per Member State, are made to a small number of persons, or that are unique and not fungible with other crypto-assets. This regulation shall also not apply to crypto assets that have a very narrow and precise use case, that are designed for use in only a specific store or limited network of stores and that cannot be transferred between holders. Such specific-purpose crypto assets include inter alia public transport tokens and tokens for vouchers or loyalty schemes. _________________ 37Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 91 #
Proposal for a regulation
Recital 28
Recital 28
(28) Offers to the public of asset- referenced tokens in the Union or seeking an admission of such crypto-assets to trading on a trading platform for crypto- assets should be possible only where the competent authority has authorised the issuer of such crypto-assets and approved the crypto-asset white paper regarding such crypto-assets. The authorisation requirement should however not apply where the asset-referenced tokens are only offered to qualified investors, or when the offer to the public of asset-referenced tokens is below a certain threshold. Credit institutions authorised under Directive 2013/36/EU of the European Parliament and of the Council41 should not need another authorisation under this Regulation in order to issue asset-referenced tokens. They should, however, notify at least three months prior to the issuance their respective competent authority of their intention to issue an asset-referenced token. In those cases, the issuer of such asset- referenced tokens should be still required to produce a crypto-asset white paper to inform buyers about the characteristics and risks of such asset- referenced tokens and to notify it to the relevant competent authority, before publication. _________________ 41Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
Amendment 99 #
Proposal for a regulation
Recital 30
Recital 30
(30) To ensure consumer protection, issuers of asset-referenced tokens should always provide holders of asset-referenced tokens with clear, fair and not misleading information. The crypto-asset white paper on asset-referenced tokens should include information on the stabilisation mechanism, on the investment policy of the reserve assets, on the custody arrangements for the reserve assets, and on the rights provided to holders. Where the issuers of asset-referenced tokens do not offer a direct claim or redemption right on the reserve assets to all the holders of such asset-referenced tokens, the crypto-asset white paper related to asset-referenced tokens should contain a clear and unambiguous warning in this respect. Marketing communications of an issuer of asset-referenced tokens should also include the same statement, where the issuers do not offer such direct rights to all the holders of asset-referenced tokens.
Amendment 108 #
Proposal for a regulation
Recital 37
Recital 37
(37) In order to stabilise the value of their asset-referenced tokens, issuers of asset-referenced tokens should constitute and maintain a reserve of assets backing those crypto-assets at all times. Issuers of asset-referenced tokens should ensure the prudent management of such a reserve of assets and should in particular ensure that the creation and destruction of asset- referenced tokens are always matched by a corresponding increase or decrease in the reserve assets and that such increase or decrease is adequately managed to avoid adverse impacts on the market of the reserve assets. Issuers of asset-backreferenced crypto-assets should therefore establish, maintain and detail policies that describe, inter alia, the composition of the reserve assets, the allocation of assets, the comprehensive assessment of the risks raised by the reserve assets, the procedure for the creation and destruction of the asset-referenced tokens, the procedure to purchase and redeem the asset-referenced tokens against the reserve assets and, where the reserve assets are invested, the investment policy that is followed by the issuer.
Amendment 110 #
Proposal for a regulation
Recital 38
Recital 38
(38) To prevent the risk of loss for asset- referenced tokens and to preserve the value of those assets issuers of asset-referenced tokens should have an adequate custody policy for reserve assets. That policy should ensure that the reserve assets are entirely segregated from the issuer’s own assets at all times, that the reserve assets are not encumbered or pledged as collateral, and that the issuer of asset- referenced tokens has prompt access to those reserve assets. The reserve assets should, depending on their nature, be kept in custody either by a credit institution within the meaning of Regulation (EU) No 575/2013, an authorised investment firm that specialises in the safe-keeping of assets or by an authorised crypto-asset service provider. Credit institutions or crypto-asset service providers that keep in custody the reserve assets that back the asset-referenced tokens should be responsible for the loss of such reserve assets vis-à-vis the issuer or the holders of asset-referenced tokens, unless they prove that such loss has arisen from an external event beyond reasonable control.
Amendment 112 #
Proposal for a regulation
Recital 39
Recital 39
(39) To protect holders of asset- referenced tokens against a decrease in value of the assets backing the value of the tokens, issuers of asset-referenced tokens should invest the reserve assets in secure, low risks assets with minimal market and credit, credit and concentration risk. As the asset- referenced tokens can be used as a means of payment, all profits or losses resulting from the investment of the reserve assets should be borne by the issuer of the asset- referenced tokens.
Amendment 113 #
Proposal for a regulation
Recital 40
Recital 40
(40) Some asset-referenced tokens may offer all their holders rights, such as redemption rights or claims on the reserve assets or on the issuer, while other asset- referenced tokens may not grant such rights to all their holders and may limit the right of redemption to specific holders. Any rules regarding asset-referenced tokens should be flexible enough to capture all those situations. Issuers of asset-referenced tokens should therefore informIssuers of asset-referenced tokens should provide the holders of asset- referenced tokens on whether they are provided with a direct claim on the issuer or redemption rights. Where issuers of asset-referenced tokens grant direct rights on the issuer or on the reserve assets to all the holders, the issuers should precisely set out the conditions under which such rights can be exercised. Where issuers of asset- referenced tokens restrict such direct rights on the issuer or on the reserve assets to a limited number of holders of asset-referenced tokens, the issuers should still offer minimum rights to all the holders of asset-referenced tokens. Issuers of asset-referenced tokens should ensure the liquidity of those tokens by concluding and maintaining adequate liquidity arrangements with crypto-asset service providers that are in charge of posting firm quotes on a predictable basis to buy and sell the asset-referenced tokens against fiat currency. Where the value of the asset-referenced tokens varies significantly from the value of the reserve assets, the holders of asset-referenced tokens should have a right to request the redemption of their asset-referenced tokens against reserve assets directly from the issuer. Issuers of asset-referenced tokens that voluntarily stop their operations or that are orderly wound- down should have contractual arrangements in place to ensure that the proceeds of the reserve assets are paid to the holders of asset-referenced tokenswith redemption rights. Issuers should make available to the holders of asset-referenced tokens sufficiently detailed and easily understandable information about the procedures governing the redemption.
Amendment 117 #
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) In order to delineate significant from non-significant asset-reference tokens, appropriate thresholds should be set. The appropriateness of the thresholds should be reassessed by the European Commission on a regular basis. In case the European Commission determines that the thresholds need to be revised, the Commission should present a legislative proposal to adjust the thresholds accordingly.
Amendment 130 #
Proposal for a regulation
Recital 54
Recital 54
(54) Some firms, including operators of financial market infrastructures, subject to Union legislation on financial services should be allowed to provide crypto-asset services without prior authorisation. Credit institutions authorised under Directive 2013/36/EU should not need another authorisation to provide crypto-asset services. Central Counterparties authorised under of Regulation 648/2012/EU, Central Securities Depositories authorised under of Regulation 909/2014/EU and regulated markets authorized under Directive 2014/65/EU should not need another authorisation to provide crypto-asset services. Investment firms authorised under Directive 2014/65/EU to provide one or several investment services as defined under that Directive similar to the crypto- asset services they intend to provide should also be allowed to provide crypto-asset services across the Union without another authorisation.
Amendment 139 #
Proposal for a regulation
Recital 67
Recital 67
(67) The EBSMA should establish a college of supervisors for issuers of significant asset-referenced tokens. Those issuers are usually at the centre of a network of entities that ensure the issuance of such crypto-assets, their transfer and their distribution to holders. The members of the college of supervisors should therefore include all the competent authorities of the relevant entities and crypto-asset service providers that ensure, among others, the custody of the reserve assets, the operation of trading platforms for crypto-assets where the significant asset-referenced tokens are admitted to trading and the crypto-asset service providers ensuring the custody and administration of the significant asset- referenced tokens on behalf of holders. The college of supervisors should facilitate the cooperation and exchange of information among its members and should issue non- binding opinions on supervisory measures or changes in authorisation concerning the issuers of significant asset-referenced tokens or on the relevant entities providing services or activities in relation to the significant asset-referenced tokens. In case the issuer of a significant asset-referenced token is also the issue of a significant e- money token, there should only be a single college per entity. This will ensure that decisions are made holistically with all relevant information available.
Amendment 140 #
Proposal for a regulation
Recital 68
Recital 68
(68) Competent authorities in charge of supervision under Directive 2009/110/EC should supervise issuers of e-money tokens. However, given the potential widespread use of significant e-money tokens as a means of payment and the risks they can pose to financial stability, a dual supervision by both competent authorities and the EBSMA of issuers of significant e- money tokens is necessary. The EBSMA should supervise the compliance by issuers of significant e-money tokens with the specific additional requirements set out in this Regulation for significant e-money tokens.
Amendment 141 #
Proposal for a regulation
Recital 69
Recital 69
(69) The EBSMA should establish a college of supervisors for issuers of significant e- money tokens. Issuers of significant e- money tokens are usually at the centre of a network of entities which ensure the issuance of such crypto-assets, their transfer and their distribution to holders. The members of the college of supervisors for issuers of significant e- money tokens should therefore include all the competent authorities of the relevant entities and crypto-asset service providers that ensure, among others, the operation of trading platforms for crypto-assets where the significant e-money tokens are admitted to trading and the crypto-asset service providers ensuring the custody and administration of the significant e-money tokens on behalf of holders. The college of supervisors for issuers of significant e- money tokens should facilitate the cooperation and exchange of information among its members and should issue non- binding opinions on changes in authorisation or supervisory measures concerning the issuers of significant e- money tokens or on the relevant entities providing services or activities in relation to those significant e-money tokens. In case the issuer of a significant e-money token is also the issue of a significant asset-referenced token, there should only be a single college per entity. This will ensure that decisions are made holistically with all relevant information available.
Amendment 142 #
Proposal for a regulation
Recital 70
Recital 70
(70) To supervise the issuers of significant asset-referenced tokens, the EBSMA should have the powers, among others, to carry out on-site inspections, take supervisory measures and impose fines. The EBSMA should also have powers to supervise the compliance of issuers of significant e-money tokens with additional requirements set out in this Regulation.
Amendment 143 #
Proposal for a regulation
Recital 71
Recital 71
(71) The EBSMA should charge fees on issuers of significant asset-referenced tokens and issuers of significant e-money tokens to cover its costs, including overheads. For issuers of significant asset- referenced tokens, the fee should be proportionate to the size of their reserve assets. For issuers of significant e-money tokens, the fee should be proportionate to the amount of funds received in exchange for the significant e-money tokens.
Amendment 144 #
Proposal for a regulation
Recital 72
Recital 72
Amendment 145 #
Proposal for a regulation
Recital 73
Recital 73
(73) In order to promote the consistent application of this Regulation, including adequate protection of investors and consumers across the Union, technical standards should be developed. It would be efficient and appropriate to entrust the EBA and ESMA, as bodies with highly specialised expertise, with the development of draft regulatory technical standards which do not involve policy choices, for submission to the Commission. When developing said regulatory technical standards, the EBA and ESMA shall take due account of existing provisions in other pieces of EU financial services legislation in order to minimise the potential for regulatory arbitrage.
Amendment 148 #
Proposal for a regulation
Recital 79 a (new)
Recital 79 a (new)
(79a) The supervisory duties in relation to markets in crypto assets most resemble the supervisory tasks fulfilled by securities markets supervisors. Therefore, ESMA should be the lead authority in developing regulatory technical standards and for the supervisory duties in relation to markets in crypto assets.
Amendment 180 #
Proposal for a regulation
Article 2 – paragraph 4 a (new)
Article 2 – paragraph 4 a (new)
4a. Where issuing asset-referenced tokens, including significant asset- referenced tokens, credit institutions authorised under Directive 2013/36/EU shall notify their respective supervisory authority of the intention to issue an asset-referenced token at the latest three months prior to the intended date of initial issuance.
Amendment 182 #
Proposal for a regulation
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Where providing one or more crypto-asset services, credit institutions authorised under Directive 2013/36/EU, central counterparties authorised under regulation 648/2012/EU, central securities depositories authorised under regulation 909/2014/EU and regulated markets authorised under directive 2014/65/EU shall not be subject to the provisions of chapter I of Title V, except Articles 57 and 58.
Amendment 189 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) ‘distributed ledger technology’ or ‘DLT’ means a type of technology that support the distributed recording of encrypted data;refers to the protocols and supporting infrastructure that allow computers in different locations to propose and validate transactions and update records in a synchronised way across a network.
Amendment 193 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1 a (new)
Article 3 – paragraph 1 – point 1 a (new)
(1a) ’a decentralized autonomous organisation’ means a rule-based organisational system that is not controlled by any central authority; the decentralized autonomous organisation's rules are entirely routed in its algorithm;
Amendment 241 #
Proposal for a regulation
Article 3 – paragraph 1 – point 9 – point h a (new)
Article 3 – paragraph 1 – point 9 – point h a (new)
(ha) portfolio management;
Amendment 245 #
Proposal for a regulation
Article 3 – paragraph 1 – point 17 a (new)
Article 3 – paragraph 1 – point 17 a (new)
(17a) "portfolio management" means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto assets;
Amendment 260 #
Proposal for a regulation
Article 3 – paragraph 1 – point 28 a (new)
Article 3 – paragraph 1 – point 28 a (new)
(28a) "central counterparty" (CCP) means "CCP" as defined in point 1 of Article 2 of Regulation 648/2012/EU;
Amendment 262 #
Proposal for a regulation
Article 3 – paragraph 1 – point 28 b (new)
Article 3 – paragraph 1 – point 28 b (new)
(28b) "central securities depository" (CSD) means "central securities depository" as defined in point 1 of Article 2 (1) of Regulation 909/2014/EU;
Amendment 263 #
Proposal for a regulation
Article 3 – paragraph 1 – point 28 c (new)
Article 3 – paragraph 1 – point 28 c (new)
(28c) "regulated market" means "regulated market" as defined in point 21 of Article 4 (1) of Directive 2014/65/EU;
Amendment 270 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) is a legal entity or a decentralised autonomous organisation;
Amendment 292 #
Proposal for a regulation
Article 4 – paragraph 2 – point f a (new)
Article 4 – paragraph 2 – point f a (new)
(fa) the crypto assets are specific- purpose crypto assets that can only be used for purchases of a specific store or network of stores, cannot be transferred between holders and do not have a wider general-purpose use-case;
Amendment 303 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. Where the issuer is a decentralised autonomous organisation, competent authorities shall ensure that steps comparable to those set out in Paragraph 1, points (b) to (d) have been taken.
Amendment 338 #
Proposal for a regulation
Article 5 – paragraph 9
Article 5 – paragraph 9
9. The crypto-asset white paper shall be drawn up in at least one of the official languages of the home Member State or in a language customary in the sphere of international financeEnglish.
Amendment 385 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. No issuer of asset-referenced tokens shall, within the Union, offer suchperson or legal entity shall offer asset-referenced tokens to the public, or seek an admission of such assets to trading on a trading platform for crypto- assets in the Union, unless suchthe issuers haveof such asset-referenced token has been authorised to do so in accordance with Article 19 by the competent authority of their home Member State.
Amendment 396 #
Proposal for a regulation
Article 15 – paragraph 7 – subparagraph 1
Article 15 – paragraph 7 – subparagraph 1
7. The EBSMA shall, in close cooperation with ESMA, develop draft regulatory technical standards to specify the procedure for the approval of a crypto- asset white paper referred to in paragraph 4.
Amendment 397 #
EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after the entry into force].
Amendment 408 #
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. Issuers that have already been authorised to issue an asset-referenced token previously, shall not be required to re-submit the information laid down in paragraph 2 if the issuer confirms that the information is still correct.
Amendment 409 #
Proposal for a regulation
Article 16 – paragraph 4 – subparagraph 1
Article 16 – paragraph 4 – subparagraph 1
4. The EBSMA shall, in close cooperation with ESMA, develop draft regulatory technical standards to specify the information that an application shall contain, in addition to the information referred to in paragraph 2.
Amendment 410 #
Proposal for a regulation
Article 16 – paragraph 4 – subparagraph 2
Article 16 – paragraph 4 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after the entry into force].
Amendment 412 #
Proposal for a regulation
Article 16 – paragraph 5 – subparagraph 1
Article 16 – paragraph 5 – subparagraph 1
5. The EBSMA shall, in close cooperation with ESMA, develop draft implementing technical standards to establish standard forms, templates and procedures for the application for authorisation.
Amendment 413 #
Proposal for a regulation
Article 16 – paragraph 5 – subparagraph 2
Article 16 – paragraph 5 – subparagraph 2
The EBSMA shall submit those draft implementing technical standards to the Commission by [please insert date 12 months after the entry into force].
Amendment 425 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. The crypto-asset white paper shall be drawn up in at least one of the official languages of the home Member State or in a language customary in the sphere of international financeEnglish.
Amendment 437 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Competent authorities shall, within one monthsix weeks after having received the non- binding opinion referred to in Article 18(4), take a fully reasoned decision granting or refusing authorisation to the applicant issuer and, and, within 5 working days, notify that decision to applicant issuers. Where an applicant issuer is authorised, its crypto-asset white paper shall be deemed to be approved.
Amendment 441 #
Proposal for a regulation
Article 19 – paragraph 1 a (new)
Article 19 – paragraph 1 a (new)
1a. If the competent authority fails to take a decision pursuant to paragraph 1, such failure shall not constitute a silent approval of the application.
Amendment 451 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1 – introductory part
Article 20 – paragraph 1 – subparagraph 1 – introductory part
1. Competent authorities shall have the power to withdraw the authorisation of issuers of asset-referenced tokens in any of the following situations:
Amendment 453 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1 – point g a (new)
Article 20 – paragraph 1 – subparagraph 1 – point g a (new)
(ga) the issuer's activities pose a serious risk to financial stability, market integrity, consumer protection or monetary policy transmission;
Amendment 466 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. Issuers of asset-referenced tokens shall publish as soon as possible and in aon their website a brief, clear, accurate and transparent manner disclosesummary onf their website the outcome of the audit of audit report as well as the full audit report in relation to the reserve assets referred to in Article 32.
Amendment 470 #
Proposal for a regulation
Article 27 – paragraph 5 – subparagraph 1
Article 27 – paragraph 5 – subparagraph 1
5. The EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards to specify the requirements, templates and procedures for complaint handling.
Amendment 471 #
Proposal for a regulation
Article 27 – paragraph 5 – subparagraph 2
Article 27 – paragraph 5 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by ... [please insert date 12 months after the date of entry into force of this Regulation].
Amendment 472 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – introductory part
Article 28 – paragraph 1 – subparagraph 1 – introductory part
1. Issuers of asset-referenced tokens shall maintain and implementimplement and maintain effective policies and procedures to prevent, identify, manage and disclose conflicts of interest between themselves and:
Amendment 473 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point d
Article 28 – paragraph 1 – subparagraph 1 – point d
(d) any natural persons who either own, directly or indirectly, more than 20% of the asset-backreferenced crypto-asset issuer's share capital or voting rights, or who exercise, by any other means, a power of control over the said issuer;
Amendment 476 #
Proposal for a regulation
Article 28 – paragraph 5 – subparagraph 1 – introductory part
Article 28 – paragraph 5 – subparagraph 1 – introductory part
5. The EBSMA shall develop draft regulatory technical standards to specify:
Amendment 477 #
Proposal for a regulation
Article 28 – paragraph 5 – subparagraph 2
Article 28 – paragraph 5 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by ... [please insert date 12 months after the date of entry into force of this Regulation].
Amendment 480 #
Proposal for a regulation
Article 30 – paragraph 5 – subparagraph 1 – point b
Article 30 – paragraph 5 – subparagraph 1 – point b
(b) the custody of the reserve assets, including the segregation of assets, as specified in Article 33;
Amendment 482 #
Proposal for a regulation
Article 30 – paragraph 10
Article 30 – paragraph 10
10. Issuers of asset-backed crypto- assetreferenced tokens shall have systems and procedures in place that are adequate to safeguard the security, integrity and confidentiality of information as required by Regulation (EU) 2021/xx of the European parliament and of the Council56 . Those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities. _________________ 56Proposal for a Regulation of the European Parliament and the Council on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014 and (EU) No 909/2014 - COM(2020)595
Amendment 485 #
Proposal for a regulation
Article 30 – paragraph 12 – subparagraph 1 – introductory part
Article 30 – paragraph 12 – subparagraph 1 – introductory part
12. The EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying the minimum content of the governance arrangements on:
Amendment 489 #
Proposal for a regulation
Article 30 – paragraph 12 – subparagraph 2
Article 30 – paragraph 12 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after entry into force].
Amendment 490 #
Proposal for a regulation
Article 30 – paragraph 12 a (new)
Article 30 – paragraph 12 a (new)
12a. When devising the RTS on governance arrangements referred to in paragraph 12, ESMA shall take into account the provisions in existing EU financial services legislation such as Directive 2014/65/EU.
Amendment 497 #
Proposal for a regulation
Article 31 – paragraph 4 – subparagraph 1 – introductory part
Article 31 – paragraph 4 – subparagraph 1 – introductory part
4. The EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards further specifying:
Amendment 501 #
Proposal for a regulation
Article 31 – paragraph 4 – subparagraph 2
Article 31 – paragraph 4 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after entry into force].
Amendment 507 #
Proposal for a regulation
Article 32 – paragraph 1 a (new)
Article 32 – paragraph 1 a (new)
1a. Issuers of asset-referenced tokens shall insulate the reserve assets against claims of other creditors in the interest of the holders of the asset-reference tokens.
Amendment 515 #
Proposal for a regulation
Article 33 – paragraph 2 – point b a (new)
Article 33 – paragraph 2 – point b a (new)
(ba) an investment firm registered in the Union in accordance with Directive (EU) 2019/2034 and Regulation (EU) 2019/2033 that provides the ancillary service of safekeeping and administration of financial instruments for the account of clients as defined in Annex I, Section B of Directive (EU) 2014/65.
Amendment 516 #
Proposal for a regulation
Article 33 – paragraph 4 – subparagraph 1 – point d a (new)
Article 33 – paragraph 4 – subparagraph 1 – point d a (new)
(da) excessive concentration risks in the custody of the reserve assets are avoided;
Amendment 521 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. Issuers of asset-referenced tokens that invest a part of the reserve assets shall invest those reserve assets only in highly liquid financial instruments with minimal market and credit, credit and concentration risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.
Amendment 535 #
Proposal for a regulation
Article 34 – paragraph 4 – subparagraph 1 a (new)
Article 34 – paragraph 4 – subparagraph 1 a (new)
The ESMA shall devise suitable thresholds to determine liquidity and concentration requirements. When doing so, the ESMA shall take into account the relevant thresholds laid down in Directive 2009/65/EC.
Amendment 536 #
Proposal for a regulation
Article 34 – paragraph 4 – subparagraph 2
Article 34 – paragraph 4 – subparagraph 2
EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after entry into force].
Amendment 542 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. Issuers of asset-referenced tokens shall grant holders redemption rights on the reserve assets and shall establish, maintain and implement clear and detailed policies and procedures on the rights granted to holders ofthat outline the redemption of the asset- referenced tokens, including any direct claim or redemption rights on the issuer of those asset-referenced token at market value. The redemption request shall be processed without undue delay and without undue costs for on the reserve assetsholder.
Amendment 551 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
Article 35 – paragraph 2 – subparagraph 1 – introductory part
2. Where holders of asset-referenced tokens are granted rights as referred to in paragraph 1, iIssuers of asset-referenced tokens shall establish a policy setting out:
Amendment 572 #
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 579 #
Proposal for a regulation
Article 35 – paragraph 4
Article 35 – paragraph 4
Amendment 591 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – introductory part
Article 35 – paragraph 5 – subparagraph 1 – introductory part
5. The EBSMA shall, in close cooperation with ESMA, develop draft regulatory technical standards specifying:
Amendment 598 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 2
Article 35 – paragraph 5 – subparagraph 2
EBSMA shall submit those draft regulatory technical standards to the Commission by ... [please insert 12 months after the date of entry into force of this Regulation].
Amendment 604 #
Proposal for a regulation
Article 38 – paragraph 4 – subparagraph 1
Article 38 – paragraph 4 – subparagraph 1
Amendment 605 #
Proposal for a regulation
Article 38 – paragraph 4 – subparagraph 2
Article 38 – paragraph 4 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert 12 months after the entry into force of this Regulation].
Amendment 607 #
Proposal for a regulation
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
1. The EBESMA shall classify asset- referenced tokens as significant asset- referenced tokens on the basis of the following criteria, as specified in accordance with paragraph 6 and where at least three of the following criteria are met:
Amendment 617 #
Proposal for a regulation
Article 39 – paragraph 2
Article 39 – paragraph 2
2. Competent authorities that authorised an issuer of asset-referenced tokens in accordance with Article 19 shall provide the EBSMA with information on the criteria referred to in paragraph 1 and specified in accordance with paragraph 6 on at least a yearly basis.
Amendment 620 #
Proposal for a regulation
Article 39 – paragraph 3
Article 39 – paragraph 3
3. Where the EBSMA is of the opinion that asset-referenced tokens meet the criteria referred to in paragraph 1, as specified in accordance with paragraph 6, the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the issuers of those asset-referenced tokens and the competent authority of the issuer’s home Member State. The EBSMA shall give issuers of such asset-referenced tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 622 #
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The EBSMA shall take its final decision on whether an asset-referenced token is a significant asset-referenced token within three months after the notification referred to in paragraph 3 and immediately notify the issuers of such asset-referenced tokens and their competent authorities thereof.
Amendment 624 #
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 1 – introductory part
Article 39 – paragraph 5 – subparagraph 1 – introductory part
5. The supervisory responsibilities on issuers of significant asset-referenced tokens shall be transferred to the EBSMA one month after the notification of the decision referred to in paragraph 4.
Amendment 626 #
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 2
Article 39 – paragraph 5 – subparagraph 2
The EBSMA and the competent authority concerned shall cooperate in order to ensure the smooth transition of supervisory competences.
Amendment 628 #
Proposal for a regulation
Article 39 – paragraph 6 – point a – point i
Article 39 – paragraph 6 – point a – point i
i) the threshold for the customer base shall not be lower than twobe twenty million of natural or legal persons;
Amendment 629 #
Proposal for a regulation
Article 39 – paragraph 6 – point a – point ii
Article 39 – paragraph 6 – point a – point ii
ii) the threshold for the value of the asset-referenced token issued or, where applicable, the market capitalisation of such an asset-referenced token shall not be lower thanbe EUR 10 billion;
Amendment 631 #
Proposal for a regulation
Article 39 – paragraph 6 – point a – point iii
Article 39 – paragraph 6 – point a – point iii
iii) the threshold for the number and value of transactions in those asset- referenced tokens shall not be lower than 500 000be 5 million transactions per day or EUR 100 m billion per day respectively;
Amendment 633 #
Proposal for a regulation
Article 39 – paragraph 6 – point a – point iv
Article 39 – paragraph 6 – point a – point iv
iv) the threshold for the size of the reserve assets as referred to in point (d) shall not be lower thanbe EUR 10 billion;
Amendment 636 #
Proposal for a regulation
Article 39 – paragraph 6 – point a – point v
Article 39 – paragraph 6 – point a – point v
v) the threshold for the number of Member States where the asset-referenced tokens are used, including for cross-border payments and remittances, or where the third parties as referred to in Article 30(5), point (h), are established shall not be lower than sebe fiven;
Amendment 637 #
Proposal for a regulation
Article 39 – paragraph 6 – point a a (new)
Article 39 – paragraph 6 – point a a (new)
(aa) The European Commission, consulting EBA and ESMA, shall review the relevant thresholds at least every two years and make a legislative proposal to adjust those thresholds if appropriate.
Amendment 639 #
Proposal for a regulation
Article 39 – paragraph 6 – point c
Article 39 – paragraph 6 – point c
(c) the content and format of information provided by competent authorities to EBSMA under paragraph 2.
Amendment 640 #
Proposal for a regulation
Article 39 – paragraph 6 – point d
Article 39 – paragraph 6 – point d
(d) the procedure and timeframe for the decisions taken by the EBSMA under paragraphs 3 to 5.
Amendment 642 #
Proposal for a regulation
Article 40 – paragraph 1 – subparagraph 1
Article 40 – paragraph 1 – subparagraph 1
1. Applicant issuers of asset- referenced tokens that apply for an authorisation as referred to in Article 16, may indicate in their application for authorisation that they wish to classify their asset-referenced tokens as significant asset-referenced tokens. In that case, the competent authority shall immediately notify the request from the prospective issuer to the EBSMA.
Amendment 644 #
Proposal for a regulation
Article 40 – paragraph 2 – subparagraph 1
Article 40 – paragraph 2 – subparagraph 1
2. Where, on the basis of the programme of operation, the EBSMA is of the opinion that asset-referenced tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the competent authority of the applicant issuer’s home Member State.
Amendment 646 #
Proposal for a regulation
Article 40 – paragraph 2 – subparagraph 2
Article 40 – paragraph 2 – subparagraph 2
The EBSMA shall give competent authority of the applicant issuer’s home Member State the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 648 #
Proposal for a regulation
Article 40 – paragraph 3 – subparagraph 1
Article 40 – paragraph 3 – subparagraph 1
3. Where, on the basis of the programme of operation, the EBSMA is of the opinion that asset-referenced tokens do not meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the applicant issuer and the competent authority of the applicant issuer’s home Member State.
Amendment 650 #
Proposal for a regulation
Article 40 – paragraph 3 – subparagraph 2
Article 40 – paragraph 3 – subparagraph 2
The EBSMA shall give the applicant issuer and the competent authority of its home Member State the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 652 #
Proposal for a regulation
Article 40 – paragraph 4
Article 40 – paragraph 4
4. The EBSMA shall take its final decision on whether an asset-referenced token is a significant asset-referenced token within three months after the notification referred to in paragraph 1 and immediately notify the issuers of such asset-referenced tokens and their competent authorities thereof.
Amendment 654 #
Proposal for a regulation
Article 40 – paragraph 5
Article 40 – paragraph 5
5. Where asset-referenced tokens have been classified as significant in accordance with a decision referred to in paragraph 4, the supervisory responsibilities shall be transferred to the EBSMA on the date of the decision by which the competent authority grants the authorisation referred to in Article 19(1).
Amendment 659 #
Proposal for a regulation
Article 41 – paragraph 4
Article 41 – paragraph 4
4. The percentage referred to in Article 31(1), point (b), shall be set at 3% of the average amount of the reserve assets for issuers of significant asset- referenced tokenminimum own funds requirements referred to in Article 31(1) shall be multiplied with a factor of 1.5. The percentage of the reserve assets referred to in Article 31(1), point (b), shall be calculated over a period of 12 months.
Amendment 663 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 1 – introductory part
Article 41 – paragraph 6 – subparagraph 1 – introductory part
6. The EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying:
Amendment 664 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 2
Article 41 – paragraph 6 – subparagraph 2
The EBSMA shall submit those draft regulatory technical standards to the Commission by [please insert date 12 months after entry into force].
Amendment 719 #
Proposal for a regulation
Article 46 – paragraph 7
Article 46 – paragraph 7
7. The crypto-asset white paper shall be drawn up in at least one of the official languages of the home Member State or in a language customary in the sphere of international financeEnglish.
Amendment 730 #
Proposal for a regulation
Article 50 – paragraph 1
Article 50 – paragraph 1
1. The EBSMA shall classify e-money tokens as significant e-money tokens on the basis of the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), and where at least three of those criteria are met.
Amendment 736 #
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
2. Competent authorities of the issuer’s home Member State shall provide the EBSMA with information on the criteria referred to in Article 39(1) of this Article and specified in accordance with Article 39(6) on at least a yearly basis.
Amendment 740 #
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. Where the EBSMA is of the opinion that e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the issuers of those e-money tokens and the competent authority of the issuer’s home Member State. The EBSMA shall give issuers of such e-money tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 743 #
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
4. The EBSMA shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 3 and immediately notify the issuers of such e-money tokens and their competent authorities thereof.
Amendment 745 #
Proposal for a regulation
Article 51 – paragraph 1 – subparagraph 1
Article 51 – paragraph 1 – subparagraph 1
1. An issuer of e-money tokens, authorised as a credit institution or as an ‘electronic money institution’ as defined in Article 2(1) of Directive 2009/110/EC or applying for such authorisation, may indicate that they wish to classify their e- money tokens as significant e-money tokens. In that case, the competent authority shall immediately notify the request from the issuer or applicant issuer to EBSMA.
Amendment 748 #
2. Where, on the basis of the programme of operation, the EBSMA is of the opinion that the e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the competent authority of the issuer or applicant issuer’s home Member State.
Amendment 749 #
Proposal for a regulation
Article 51 – paragraph 2 – subparagraph 2
Article 51 – paragraph 2 – subparagraph 2
The EBSMA shall give competent authority of the issuer or applicant issuer’s home Member State the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 750 #
Proposal for a regulation
Article 51 – paragraph 3 – subparagraph 1
Article 51 – paragraph 3 – subparagraph 1
3. Where, on the basis of the programme of operation, the EBSMA is of the opinion that the e-money tokens do not meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBSMA shall prepare a draft decision to that effect and notify that draft decision to the issuer or applicant issuer and the competent authority of the issuer or applicant issuer’s home Member State.
Amendment 752 #
Proposal for a regulation
Article 51 – paragraph 3 – subparagraph 2
Article 51 – paragraph 3 – subparagraph 2
The EBSMA shall give the issuer or applicant issuer and the competent authority of its home Member State the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBSMA shall duly consider those observations and comments.
Amendment 756 #
Proposal for a regulation
Article 51 – paragraph 4
Article 51 – paragraph 4
4. The EBSMA shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 1 and immediately notify the issuers or applicant issuer of such e-money tokens and their competent authorities thereof. The decision shall be immediately notified to the issuer or applicant issuer of e-money tokens and to the competent authority of its home Member State.
Amendment 813 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. Competent authorities shall, within 215 working days of receipt of the application referred to in Article 54(1), assess whether that application is complete by checking that the information listed in Article 54(2) has been submitted. Where the application is not complete, the authorities shall set a deadline by which the applicant crypto-asset service providers are to provide the missing information.
Amendment 822 #
Proposal for a regulation
Article 55 – paragraph 5 – subparagraph 1
Article 55 – paragraph 5 – subparagraph 1
5. Competent authorities shall, within threewo months from the date of receipt of a complete application, assess whether the applicant crypto-asset service provider complies with the requirements of this Title and shall adopt a fully reasoned decision granting or refusing an authorisation as a crypto-asset service provider. That assessment shall take into account the nature, scale and complexity of the crypto-asset services that the applicant crypto-asset service provider intends to provide.
Amendment 880 #
Proposal for a regulation
Article 61 – paragraph 9 a (new)
Article 61 – paragraph 9 a (new)
9a. Crypto-asset service providers shall have in place systems, procedures and arrangements to prevent money laundering and terrorist financing in accordance with Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
Amendment 904 #
Proposal for a regulation
Article 66 a (new)
Article 66 a (new)
Article 66a Orderly wind-down of crypto-asset service providers Crypto-asset service providers carrying out one of the services referred to in Articles 67-71 shall have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including continuity or recovery of any critical activities performed by those service providers or by any third-party entities. That plan shall demonstrate the ability of the crypto-asset service provider to carry out an orderly wind-down without causing undue economic harm to its users or to the stability of the markets of the reserve assets.
Amendment 919 #
Proposal for a regulation
Article 68 – paragraph 2
Article 68 – paragraph 2
2. These operating rules referred to in paragraph 1 shall be drafted in one of the official languages of the home Member States or in another language that is customary in the sphere of financeEnglish. Those operating rules shall be made public on the website of the crypto-asset service provider concerned.
Amendment 1006 #
Proposal for a regulation
Article 83 – paragraph 6 – subparagraph 1
Article 83 – paragraph 6 – subparagraph 1
6. By derogation to paragraph 5, the competent authorities may refer to the EBSMA in situations where a request for cooperation, in particular to exchange information, concerning an issuer of asset- referenced tokens or e-money tokens, or crypto-asset services related to asset- referenced tokens or e-money tokens, has been rejected or has not been acted upon within a reasonable time.
Amendment 1016 #
Proposal for a regulation
Title VII – Chapter 3 – title
Title VII – Chapter 3 – title
3 Supervisory responsibilities of EBSMA on issuers of significant asset- referenced tokens and significant e-money tokens and colleges of supervisors
Amendment 1017 #
Proposal for a regulation
Article 98 – title
Article 98 – title
Supervisory responsibilities of EBSMA on issuers of significant asset-referenced tokens and issuers of significant e-money tokens
Amendment 1018 #
1. Where an asset-referenced token has been classified as significant in accordance with Article 39 or Article 40, the issuer of such asset-referenced tokens shall carry out their activities under the supervision of the EBSMA.
Amendment 1019 #
Proposal for a regulation
Article 98 – paragraph 1 – subparagraph 2
Article 98 – paragraph 1 – subparagraph 2
The EBSMA shall exercise the powers of competent authorities conferred by Articles 21, 37 and 38 as regards issuers of significant asset-referenced tokens.
Amendment 1020 #
Proposal for a regulation
Article 98 – paragraph 3
Article 98 – paragraph 3
3. Where an asset-referenced token has been classified as significant in accordance with Article 39, the EBSMA shall conduct a supervisory reassessment to ensure that issuers of significant asset- referenced tokens comply with the requirements under Title III.
Amendment 1022 #
Proposal for a regulation
Article 98 – paragraph 4
Article 98 – paragraph 4
4. Where an e-money token has been classified as significant in accordance with Articles 50 or 51, the EBSMA shall be responsible of the compliance of the issuer of such asset-significant e-money tokens with the requirements laid down in Article 52.
Amendment 1024 #
Proposal for a regulation
Article 99 – paragraph 1
Article 99 – paragraph 1
1. Within 30 calendar days of a decision to classify an asset-referenced token as significant, the EBSMA shall establish, manage and chair a consultative supervisory college for each issuer of significant asset-referenced tokens to facilitate the exercise of its supervisory tasks under this Regulation.
Amendment 1025 #
Proposal for a regulation
Article 99 – paragraph 1 a (new)
Article 99 – paragraph 1 a (new)
1a. If the issuer of a significant asset- referenced token is also the issuer of a significant e-money token, there shall only be a single college to supervise the entire entity.
Amendment 1026 #
Proposal for a regulation
Article 99 – paragraph 2 – point a
Article 99 – paragraph 2 – point a
(a) the EBSMA, as the chair of the college;
Amendment 1027 #
Proposal for a regulation
Article 99 – paragraph 2 – point b
Article 99 – paragraph 2 – point b
(b) ESMBA;
Amendment 1029 #
Proposal for a regulation
Article 99 – paragraph 2 – point k
Article 99 – paragraph 2 – point k
(k) relevant supervisory authorities of third countries with which the EBSMA has concluded an administrative agreement in accordance with Article 108.
Amendment 1030 #
Proposal for a regulation
Article 99 – paragraph 5 – subparagraph 1 – point d
Article 99 – paragraph 5 – subparagraph 1 – point d
(d) the format and scope of the information to be provided by the EBSMA to the college members, especially with regard to the information to the risk assessment as referred to in Article 30(9);
Amendment 1031 #
Proposal for a regulation
Article 99 – paragraph 5 – subparagraph 2
Article 99 – paragraph 5 – subparagraph 2
The agreement may also determine tasks to be entrusted to the EBSMA or another member of the college.
Amendment 1032 #
Proposal for a regulation
Article 99 – paragraph 6 – subparagraph 1
Article 99 – paragraph 6 – subparagraph 1
6. In order to ensure the consistent and coherent functioning of colleges, the EBSMA shall, in cooperation with ESMBA and the European System of Central Banks, develop draft regulatory standards specifying the conditions under which the entities referred to in points (d) to (h) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.
Amendment 1033 #
Proposal for a regulation
Article 99 – paragraph 6 – subparagraph 2
Article 99 – paragraph 6 – subparagraph 2
The EBSMA shall submit those draft regulatory standards to the Commission by [please insert date 12 months after the entry into force].
Amendment 1034 #
Proposal for a regulation
Article 100 – paragraph 1 – point i
Article 100 – paragraph 1 – point i
(i) any delegation of supervisory tasks from the EBSMA to a competent authority pursuant to Article 120;
Amendment 1035 #
Proposal for a regulation
Article 100 – paragraph 2
Article 100 – paragraph 2
2. Where the college issues an opinion accordance with paragraph 1, at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 4, the opinion may include any recommendations aimed at addressing shortcomings of the envisaged action or measure envisaged by the EBSMA or the competent authorities.
Amendment 1036 #
Proposal for a regulation
Article 100 – paragraph 3
Article 100 – paragraph 3
3. The EBSMA shall facilitate the adoption of the opinion in accordance with its general coordination function under Article 31 of Regulation (EU) No 1093/2010.
Amendment 1040 #
Proposal for a regulation
Article 100 – paragraph 5
Article 100 – paragraph 5
5. The EBSMA and competent authorities shall duly consider the opinion of the college reached in accordance with paragraph 1, including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged on an issuer of significant asset-referenced tokens or on the entities and crypto-asset service providers referred to in points (d) to (h) of Article 99(2). Where the EBSMA or a competent authority does not agree with an opinion of the college, including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged, its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations.
Amendment 1041 #
Proposal for a regulation
Article 101 – paragraph 1 a (new)
Article 101 – paragraph 1 a (new)
1a. If the issuer of a significant e- money token is also the issuer of a significant asset-referenced token, there shall only be a single college to supervise the entire entity.
Amendment 1042 #
Proposal for a regulation
Article 101 – paragraph 2 – point a
Article 101 – paragraph 2 – point a
(a) the EBSMA, as the Chair;
Amendment 1043 #
Proposal for a regulation
Article 101 – paragraph 2 – point c
Article 101 – paragraph 2 – point c
(c) ESMBA;
Amendment 1045 #
Proposal for a regulation
Article 101 – paragraph 2 – point j
Article 101 – paragraph 2 – point j
(j) relevant supervisory authorities of third countries with which the EBSMA has concluded an administrative agreement in accordance with Article 108.
Amendment 1046 #
Proposal for a regulation
Article 101 – paragraph 6 – subparagraph 1
Article 101 – paragraph 6 – subparagraph 1
6. In order to ensure the consistent and coherent functioning of colleges, the EBSMA shall, in cooperation with ESMBA and the European System of Central Banks, develop draft regulatory standards specifying the conditions under which the entities referred to in points (d) to (g) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.
Amendment 1047 #
Proposal for a regulation
Article 101 – paragraph 6 – subparagraph 2
Article 101 – paragraph 6 – subparagraph 2
The EBSMA shall submit those draft regulatory standards to the Commission by [please insert date 12 months after the entry into force].
Amendment 1048 #
Proposal for a regulation
Article 102 – paragraph 1 – point g
Article 102 – paragraph 1 – point g
(g) any delegation of supervisory tasks from the competent authority of the issuer of significant e-money tokens to the EBSMA or another competent authority, or from the EBSMA to the competent authority in accordance with Article 120;
Amendment 1049 #
Proposal for a regulation
Article 102 – paragraph 2
Article 102 – paragraph 2
2. Where the college issues an opinion in accordance with paragraph 1, at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 4, the opinion may include any recommendations aimed at addressing shortcomings of the envisaged action or measure envisaged by the competent authorities or by the EBSMA.
Amendment 1050 #
Proposal for a regulation
Article 102 – paragraph 3
Article 102 – paragraph 3
3. The EBSMA shall facilitate the adoption of the opinion in accordance with its general coordination function under Article 31 of Regulation (EU) No 1093/2010.
Amendment 1054 #
Proposal for a regulation
Article 102 – paragraph 5
Article 102 – paragraph 5
5. The competent authority of the issuer of significant e-money tokens, EBSMA or any competent authority for the entities and crypto-asset service providers referred to in points (d) to (g) of Article 101(2) shall duly consider the opinion of the college reached in accordance with paragraph 1, including any recommendations aimed at addressing shortcomings of any envisaged action or supervisory measure. Where the EBSMA or a competent authority do not agree with an opinion of the college, including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure, its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations.
Amendment 1055 #
Proposal for a regulation
Title VII – Chapter 4 – title
Title VII – Chapter 4 – title
4 the EBA’SMA's powers and competences on issuers of significant asset- referenced tokens and issuers of significant e-money tokens
Amendment 1056 #
Proposal for a regulation
Article 103
Article 103
The powers conferred on the EBSMA by Articles 104 to 107, or on any official or other person authorised by the EBSMA, shall not be used to require the disclosure of information which is subject to legal privilege.
Amendment 1057 #
Proposal for a regulation
Article 104 – paragraph 1 – introductory part
Article 104 – paragraph 1 – introductory part
1. In order to carry out its duties under Article 98, the EBSMA may by simple request or by decision require the following persons to provide all information necessary to enable the EBSMA to carry out its duties under this Regulation:
Amendment 1058 #
Proposal for a regulation
Article 104 – paragraph 3 – introductory part
Article 104 – paragraph 3 – introductory part
3. When requiring to supply information under paragraph 1 by decision, the EBSMA shall:
Amendment 1059 #
Proposal for a regulation
Article 104 – paragraph 3 – point g
Article 104 – paragraph 3 – point g
(g) indicate the right to appeal the decision before the EBSMA’s Board of Appeal and to have the decision reviewed by the Court of Justice of the European Union (‘Court of Justice’) in accordance with Articles 60 and 61 of Regulation (EU) No 1093/2010.
Amendment 1060 #
Proposal for a regulation
Article 104 – paragraph 5
Article 104 – paragraph 5
5. The EBSMA shall without delay send a copy of the simple request or of its decision to the competent authority of the Member State where the persons referred to in paragraph 1 concerned by the request for information are domiciled or established.
Amendment 1061 #
Proposal for a regulation
Article 105 – paragraph 1 – subparagraph 1 – introductory part
Article 105 – paragraph 1 – subparagraph 1 – introductory part
1. In order to carry out its duties under Article 98 of this Regulation, EBSMA may conduct investigations on issuers of significant asset-referenced tokens and issuers of significant e-money tokens. To that end, the officials and other persons authorised by the EBSMA shall be empowered to:
Amendment 1062 #
Proposal for a regulation
Article 105 – paragraph 2
Article 105 – paragraph 2
2. The officials and other persons authorised by the EBSMA for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 114 where the production of the required records, data, procedures or any other material, or the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are not provided or are incomplete, and the fines provided for in Article 113, where the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are incorrect or misleading.
Amendment 1063 #
Proposal for a regulation
Article 105 – paragraph 3
Article 105 – paragraph 3
3. The issuers of significant asset- referenced tokens and issuers of significant e-money tokens are required to submit to investigations launched on the basis of a decision of the EBSMA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 114, the legal remedies available under Regulation (EU) No 1093/2010 and the right to have the decision reviewed by the Court of Justice.
Amendment 1064 #
Proposal for a regulation
Article 105 – paragraph 4
Article 105 – paragraph 4
4. In due time before an investigation referred to in paragraph 1, the EBSMA shall inform the competent authority of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall, upon the request of the EBSMA, assist those authorised persons in carrying out their duties. Officials of the competent authority concerned may also attend the investigations upon request.
Amendment 1065 #
Proposal for a regulation
Article 105 – paragraph 6 – point a
Article 105 – paragraph 6 – point a
(a) the decision adopted by the EBSMA referred to in paragraph 3 is authentic;
Amendment 1066 #
Proposal for a regulation
Article 105 – paragraph 7
Article 105 – paragraph 7
7. For the purposes of point (b) paragraph 6, the national judicial authority may ask the EBSMA for detailed explanations, in particular relating to the grounds the EBSMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the EBSMA’s file. The lawfulness of the EBSMA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1093/2010.
Amendment 1067 #
Proposal for a regulation
Article 106 – paragraph 1 – subparagraph 1
Article 106 – paragraph 1 – subparagraph 1
1. In order to carry out its duties under Article 98 of this Regulation, the EBSMA may conduct all necessary on-site inspections at any business premises of the issuers of significant asset-referenced tokens and issuers of significant e-money tokens.
Amendment 1068 #
Proposal for a regulation
Article 106 – paragraph 2
Article 106 – paragraph 2
2. The officials and other persons authorised by the EBSMA to conduct an on- site inspection may enter any business premises of the persons subject to an investigation decision adopted by the EBSMA and shall have all the powers stipulated in Article 105(1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.
Amendment 1069 #
Proposal for a regulation
Article 106 – paragraph 3
Article 106 – paragraph 3
3. In due time before the inspection, the EBSMA shall give notice of the inspection to the competent authority of the Member State where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, the EBSMA, after informing the relevant competent authority, may carry out the on- site inspection without prior notice to the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens.
Amendment 1070 #
Proposal for a regulation
Article 106 – paragraph 4
Article 106 – paragraph 4
4. The officials and other persons authorised by the EBSMA to conduct an on- site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 114 where the persons concerned do not submit to the inspection.
Amendment 1071 #
Proposal for a regulation
Article 106 – paragraph 5
Article 106 – paragraph 5
5. The issuer of significant asset- referenced tokens or the issuer of significant e-money tokens shall submit to on-site inspections ordered by decision of the EBSMA. The decision shall specify the subject matter and purpose of the inspection, appoint the date on which it is to begin and indicate the periodic penalty payments provided for in Article 114, the legal remedies available under Regulation (EU) No 1093/2010 as well as the right to have the decision reviewed by the Court of Justice.
Amendment 1072 #
Proposal for a regulation
Article 106 – paragraph 6
Article 106 – paragraph 6
6. Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, at the request of the EBSMA, actively assist the officials and other persons authorised by the EBSMA. Officials of the competent authority of the Member State concerned may also attend the onsite inspections.
Amendment 1073 #
Proposal for a regulation
Article 106 – paragraph 7
Article 106 – paragraph 7
7. The EBSMA may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this Article and in Article 105(1) on its behalf.
Amendment 1074 #
Proposal for a regulation
Article 106 – paragraph 8
Article 106 – paragraph 8
8. Where the officials and other accompanying persons authorised by the EBSMA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of the police or of an equivalent enforcement authority, so as to enable them to conduct their on-site inspection.
Amendment 1075 #
Proposal for a regulation
Article 106 – paragraph 10 – point a
Article 106 – paragraph 10 – point a
(a) the decision adopted by the EBSMA referred to in paragraph 4 is authentic;
Amendment 1076 #
Proposal for a regulation
Article 106 – paragraph 11
Article 106 – paragraph 11
11. For the purposes of paragraph 10, point (b), the national judicial authority may ask the EBSMA for detailed explanations, in particular relating to the grounds the EBSMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the EBSMA’s file. The lawfulness of the EBSMA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1093/2010.
Amendment 1077 #
Proposal for a regulation
Article 107 – introductory part
Article 107 – introductory part
In order to carry out its duties under Article 98 and without prejudice to Article 84, the EBSMA and the competent authorities shall provide each other with the information required for the purposes of carrying out their duties under this Regulation without undue delay. For that purpose, competent authorities shall exchange with the EBSMA any information related to:
Amendment 1078 #
Proposal for a regulation
Article 108 – title
Article 108 – title
Administrative agreements on exchange of information between the EBSMA and third countries
Amendment 1079 #
Proposal for a regulation
Article 108 – paragraph 1
Article 108 – paragraph 1
1. In order to carry out its duties under Article 98, the EBSMA may conclude administrative agreements on exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in Article 111.
Amendment 1080 #
Proposal for a regulation
Article 108 – paragraph 2
Article 108 – paragraph 2
2. Exchange of information referred to in paragraph 1 shall be intended for the performance of the tasks of the EBSMA or those supervisory authorities.
Amendment 1081 #
Proposal for a regulation
Article 108 – paragraph 3
Article 108 – paragraph 3
3. With regard to transfer of personal data to a third country, the EBSMA shall apply Regulation (EU) No 2018/1725.
Amendment 1082 #
Proposal for a regulation
Article 109
Article 109
The EBSMA may disclose the information received from supervisory auth -orities of third countries only where the EBSMA or a competent authority has obtained the express agreement of the supervisory authority that has transmitted the information and, where applicable, the information is disclosed only for the purposes for which that supervisory authority gave its agreement or where such disclosure is necessary for legal proceedings.
Amendment 1083 #
Proposal for a regulation
Article 110
Article 110
Where an issuer of significant asset- referenced tokens or an issuer of significant e-money tokens engages in activities other than those covered by this Regulation, the EBSMA shall cooperate with the authorities responsible for the supervision or oversight of such other activities as provided for in the relevant Union or national law, including tax authorities.
Amendment 1084 #
Proposal for a regulation
Article 111
Article 111
The obligation of professional secrecy shall apply to the EBSMA and all persons who work or who have worked for the EBSMA or for any other person to whom the EBSMA has delegated tasks, including auditors and experts contracted by the EBSMA.
Amendment 1085 #
Proposal for a regulation
Article 112 – title
Article 112 – title
Supervisory measures by the EBSMA
Amendment 1086 #
Proposal for a regulation
Article 112 – paragraph 1 – introductory part
Article 112 – paragraph 1 – introductory part
1. Where the EBSMA finds that an issuer of a significant asset-referenced tokens has committed one of the infringements listed in Annex V, it may take one or more of the following actions:
Amendment 1087 #
Proposal for a regulation
Article 112 – paragraph 2 – introductory part
Article 112 – paragraph 2 – introductory part
2. Where the EBSMA finds that an issuer of a significant e-money tokens has committed one of the infringements listed in Annex VI, it may take one or more of the following actions:
Amendment 1088 #
Proposal for a regulation
Article 112 – paragraph 3 – introductory part
Article 112 – paragraph 3 – introductory part
3. When taking the actions referred to in paragraphs 1 and 2, the EBSMA shall take into account the nature and seriousness of the infringement, having regard to the following criteria:
Amendment 1089 #
Proposal for a regulation
Article 112 – paragraph 4
Article 112 – paragraph 4
4. Before taking the actions referred in points (d) to (g) and point (j) of paragraph 1, the EBSMA shall inform ESMBA and, where the significant asset-referenced tokens refers Union currencies, the central banks of issues of those currencies.
Amendment 1090 #
Proposal for a regulation
Article 112 – paragraph 5
Article 112 – paragraph 5
5. Before taking the actions referred in points (a) to (c) of paragraph 2, the EBSMA shall inform the competent authority of the issuer of significant e-money tokens and the central bank of issue of the currency that the significant e-money token is referencing.
Amendment 1091 #
Proposal for a regulation
Article 112 – paragraph 6
Article 112 – paragraph 6
Amendment 1092 #
Proposal for a regulation
Article 112 – paragraph 7 – point c
Article 112 – paragraph 7 – point c
(c) a statement asserting that it is possible for EBASMA ’s Board of Appeal to suspend the application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 10935/2010.
Amendment 1093 #
Proposal for a regulation
Article 113 – paragraph 4
Article 113 – paragraph 4
4. For issuers of significant e-money tokens, the maximum amount of the fine referred to in paragraph 1 shall up to 15% of the annual turnover, as defined under relevant Union law, in the preceding business year, or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.
Amendment 1094 #
Proposal for a regulation
Article 114 – paragraph 1 – introductory part
Article 114 – paragraph 1 – introductory part
1. The EBSMA shall, by decision, impose periodic penalty payments in order to compel:
Amendment 1095 #
Proposal for a regulation
Article 114 – paragraph 4
Article 114 – paragraph 4
4. A periodic penalty payment shall be imposed for a maximum period of six months following the notification of the EBA’s decision. Following the end of the period, the EBSMA shall review the measure.
Amendment 1096 #
Proposal for a regulation
Article 115 – paragraph 1
Article 115 – paragraph 1
Amendment 1097 #
Proposal for a regulation
Article 115 – paragraph 3
Article 115 – paragraph 3
3. Where the EBSMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the competent authorities of the Member State concerned accordingly and shall set out the reasons for its decision.
Amendment 1098 #
Proposal for a regulation
Article 116 – paragraph 1
Article 116 – paragraph 1
1. Where, in carrying out its duties under Articles 98, the EBSMA finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in Annexes V or VI, the EBSMA shall appoint an independent investigation officer within the EBSMA to investigate the matter. The appointed officer shall not be involved or have been directly or indirectly involved in the supervision of the issuers of significant asset-referenced tokens or issuers of significant e-money tokens and shall perform its functions independently from the EBSMA.
Amendment 1099 #
Proposal for a regulation
Article 116 – paragraph 2
Article 116 – paragraph 2
2. The investigation officer referred to in paragraph 1 shall investigate the alleged infringements, taking into account any comments submitted by the persons who are subject to the investigations, and shall submit a complete file with his findings to EBSMA.
Amendment 1100 #
Proposal for a regulation
Article 116 – paragraph 4
Article 116 – paragraph 4
4. Where carrying out his tasks, the investigation officer shall have access to all documents and information gathered by the EBSMA in its supervisory activities.
Amendment 1101 #
Proposal for a regulation
Article 116 – paragraph 5
Article 116 – paragraph 5
5. Upon completion of his or her investigation and before submitting the file with his findings to the EBSMA, the investigation officer shall give the persons subject to the investigations the opportunity to be heard on the matters being investigated. The investigation officer shall base his or her findings only on facts on which the persons concerned have had the opportunity to comment.
Amendment 1102 #
Proposal for a regulation
Article 116 – paragraph 7
Article 116 – paragraph 7
7. When submitting the file with his findings to the EBSMA, the investigation officer shall notify the persons who are subject to the investigations. The persons subject to the investigations shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information affecting third parties or the EBSMA’s internal preparatory documents.
Amendment 1103 #
Proposal for a regulation
Article 116 – paragraph 8
Article 116 – paragraph 8
8. On the basis of the file containing the investigation officer’s findings and, when requested by the persons subject to the investigations, after having heard those persons in accordance with Article 117, the EBSMA shall decide if one or more of the infringements of provisions listed in Annex V or VI have been committed by the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens subject to the investigations and, in such a case, shall take a supervisory measure in accordance with Article 112 and/or impose a fine in accordance with Article 113.
Amendment 1104 #
Proposal for a regulation
Article 116 – paragraph 9
Article 116 – paragraph 9
9. The investigation officer shall not participate in EBSMA’s deliberations or in any other way intervene in EBSMA’s decision- making process.
Amendment 1105 #
Proposal for a regulation
Article 116 – paragraph 11
Article 116 – paragraph 11
11. The EBSMA shall refer matters to the appropriate national authorities for investigation and possible criminal prosecution where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, the EBSMA shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical fact or facts which are substantially the same has already acquired the force of res judicata as the result of criminal proceedings under national law.
Amendment 1107 #
Proposal for a regulation
Article 117 – paragraph 1
Article 117 – paragraph 1
1. Before taking any decision pursuant to Articles 112, 113 and 114, the EBSMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. The EBSMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.
Amendment 1108 #
Proposal for a regulation
Article 117 – paragraph 2
Article 117 – paragraph 2
2. Paragraph 1 shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial stability or consumer protection. In such a case the EBSMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.
Amendment 1109 #
Proposal for a regulation
Article 117 – paragraph 3
Article 117 – paragraph 3
3. The rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. They shall be entitled to have access to the EBESMA’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or the EBSMA’s internal preparatory documents.
Amendment 1110 #
Proposal for a regulation
Article 119 – paragraph 1
Article 119 – paragraph 1
1. The EBSMA shall charge fees to the issuers of significant asset-referenced tokens and the issuers of significant e- money tokens in accordance with this Regulation and in accordance with the delegated acts adopted pursuant to paragraph 3. Those fees shall cover the EBSMA’s expenditure relating to the supervision of issuers of significant asset- referenced tokens and the supervision of issuers of significant e-money token issuers in accordance with Article 98, as well as the reimbursement of costs that the competent authorities may incur carrying out work pursuant to this Regulation, in particular as a result of any delegation of tasks in accordance with Article 120.
Amendment 1111 #
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 1
Article 119 – paragraph 2 – subparagraph 1
2. The amount of the fee charged to an individual issuer of significant asset- referenced tokens shall be proportionate to the size of its reserve assets and shall cover all costs incurred by the EBSMA for the performance of its supervisory tasks in accordance with this Regulation.
Amendment 1112 #
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 2
Article 119 – paragraph 2 – subparagraph 2
The amount of the fee charged to an individual issuer of significant e-money tokens shall be proportionate to the size of the e-money issued in exchanged of funds and shall cover all costs incurred by the EBSMA for the performance of its supervisory tasks in accordance with this Regulation.
Amendment 1113 #
Proposal for a regulation
Article 119 – paragraph 3
Article 119 – paragraph 3
3. The Commission shall adopt a delegated act in accordance with Article 121 by [please insert date 12 months after entry into force] to specify the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid and the methodology to calculate the maximum amount per entity under paragraph 2 that can be charged by the EBSMA.
Amendment 1114 #
Proposal for a regulation
Article 120 – title
Article 120 – title
Delegation of tasks by the EBSMA to competent authorities
Amendment 1115 #
Proposal for a regulation
Article 120 – paragraph 1
Article 120 – paragraph 1
1. Where necessary for the proper performance of a supervisory task for issuers of significant asset-referenced tokens or significant e-money tokens, the EBSMA may delegate specific supervisory tasks to the competent authority of a Member State. Such specific supervisory tasks may, in particular, include the power to carry out requests for information in accordance with Article 104 and to conduct investigations and on-site inspections in accordance with Article 105 and Article 106.
Amendment 1116 #
Proposal for a regulation
Article 120 – paragraph 2 – introductory part
Article 120 – paragraph 2 – introductory part
2. Prior to delegation of a task, the EBSMA shall consult the relevant competent authority about:
Amendment 1117 #
Proposal for a regulation
Article 120 – paragraph 2 – point c
Article 120 – paragraph 2 – point c
(c) the transmission of necessary information by and to the EBSMA.
Amendment 1118 #
Proposal for a regulation
Article 120 – paragraph 3
Article 120 – paragraph 3
3. In accordance with the regulation on fees adopted by the Commission pursuant to Article 119(3), the EBSMA shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks.
Amendment 1129 #
Proposal for a regulation
Article 122 – paragraph 2 – point j a (new)
Article 122 – paragraph 2 – point j a (new)
(ja) an assessment of the appropriateness of the thresholds to determine significant asset-referenced tokens and significant e-money tokens set out in Article 39 of this regulation;
Amendment 1132 #
Proposal for a regulation
Article 122 – paragraph 2 – point q
Article 122 – paragraph 2 – point q
(q) an evaluation of the cooperation between the competent authorities, the EBA and ESMA, and an assessment of advantages and disadvantages of the competent authorities and the EBSMA being responsible for supervision under this Regulation;
Amendment 1136 #
Proposal for a regulation
Article 122 – paragraph 2 a (new)
Article 122 – paragraph 2 a (new)
2a. Every year thereafter, the ESMA shall present a brief report on the state of European markets in crypto assets describing the most important statistics, trends and risks.