Activities of Stefan BERGER related to 2020/0265(COD)
Plenary speeches (2)
Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937
Amendments (30)
Amendment 24 #
Proposal for a regulation
Recital 3
Recital 3
(3) Some crypto-assets qualify as financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU of the European Parliament and of the Council33 . Other crypto-assets may qualify as ´deposits´ as defined in Article 2 (1), point (3) of Directive 2014/49/EU of the European Parliament and the Council. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services. There are no rules for services related to crypto- assets, including for the operation of trading platforms for crypto-assets, the service of exchanging crypto-assets against fiat currency or other crypto-assets, or the custody of crypto-assets. The lack of such rules leaves holders of crypto-assets exposed to risks, in particular in areas not covered by consumer protection rules. The lack of such rules can also lead to substantial risks to market integrity in the secondary market of crypto-assets, including market manipulation. To address those risks, some Member States have put in place specific rules for all – or a subset of – crypto-assets that fall outside Union legislation on financial services. Other Member States are considering to legislate in this area. _________________ 33Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
Amendment 40 #
Proposal for a regulation
Recital 6
Recital 6
(6) Union legislation on financial services should not favour one particular technology. Crypto-assets that qualify as ‘financial instruments’ as defined in Article 4(1), point (15), of Directive 2014/65/EU or as ´deposits´ as defined in Article 2 (1), point (3) of Directive 2014/49/EU of the European Parliament and the Council should therefore remain regulated under the general existing Union legislation, including Directive 2014/65/EU and Directive 2014/49/EU respectively, regardless of the technology used for their issuance or their transfer.
Amendment 196 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘crypto-asset’ means a digital representation of value or rights for direct investment or finance purposes, which may be transferred and stored electronically, using distributed ledger technology or similar technology;
Amendment 211 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5
Article 3 – paragraph 1 – point 5
(5) ‘utility token’ means a type of crypto-asset which is intended to provide digital access to a fungible good or service, available on DLT, and is only accepted by the issuer of that token;
Amendment 539 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. IssuersEach unit of asset-referenced tokens shall establish, maintain and implement clear and detailed policies and procedures on the rights granted to holders of asset- referenced tokens, including any direct claim or redemption rights on the issuer of those asset-referenced tokens or on the reserve assets created shall be pledged at par value with an official currency unit of an EU Member State.
Amendment 552 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
Article 35 – paragraph 2 – subparagraph 1 – introductory part
2. Where holdIssuers of asset-referenced tokens are granted rights as shall issue asset-referrenced to in paragraph 1, issuers of asset-refeken at par value and on the renced tokens shall establish a policy setting out:ipt of funds within the meaning of Article 4(25) of Directive 2015/2366.
Amendment 553 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1– point a
Article 35 – paragraph 2 – subparagraph 1– point a
Amendment 555 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – point b
Article 35 – paragraph 2 – subparagraph 1 – point b
Amendment 558 #
Proposal for a regulation
Article 35 – paragraph 2 –subparagraph 1– point c
Article 35 – paragraph 2 –subparagraph 1– point c
Amendment 560 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – point d
Article 35 – paragraph 2 – subparagraph 1 – point d
Amendment 564 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – point e
Article 35 – paragraph 2 – subparagraph 1 – point e
Amendment 566 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 2
Article 35 – paragraph 2 – subparagraph 2
Amendment 575 #
Proposal for a regulation
Article 35 – paragraph 3 – subparagraph 1
Article 35 – paragraph 3 – subparagraph 1
Amendment 576 #
Proposal for a regulation
Article 35 – paragraph 3 – subparagraph 1
Article 35 – paragraph 3 – subparagraph 1
Amendment 581 #
Proposal for a regulation
Article 35 – paragraph 4 – subparagraph 1
Article 35 – paragraph 4 – subparagraph 1
Amendment 584 #
Proposal for a regulation
Article 35 – paragraph 4 – subparagraph 2
Article 35 – paragraph 4 – subparagraph 2
Amendment 586 #
Proposal for a regulation
Article 35 – paragraph 4 – subparagraph 3
Article 35 – paragraph 4 – subparagraph 3
Amendment 589 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – introductory part
Article 35 – paragraph 5 – subparagraph 1 – introductory part
5. TWhe EBA shall, in close cooperation with ESMA, develop draft regulatory technical standards specifyingre the issuer of an asset- referenced token does not fulfil legitimate redemption requests from holders of asset-referenced token within 30 days, the holder is entitled to claim redemption to any following third party entities that has been in contractual arrangements with issuers of asset-referenced tokens:
Amendment 592 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – point a
Article 35 – paragraph 5 – subparagraph 1 – point a
(a) the obligations imposed on the crypto-asset service providers ensuring the liquidity ofentities ensuring the safeguarding of funds received by issuers of asset- referenced token in exchange for asset- referenced tokens as set out in the first subparagraph of paragraph 4 in accordance with Article 7 of Directive2009/110/EC;
Amendment 593 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – point b
Article 35 – paragraph 5 – subparagraph 1 – point b
(b) the variations of value triggering a direct right of redemption from the issuer of asset-referenced tokens as set out in the second subparagraph of paragraph 4, and the conditions for exercising such a rightany natural or legal persons in charge of distributing e-money tokens on behalf of issuers of e-money tokens.
Amendment 597 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 2
Article 35 – paragraph 5 – subparagraph 2
Amendment 599 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 3
Article 35 – paragraph 5 – subparagraph 3
Amendment 657 #
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. Issuers of significant asset- referenced tokens shall assess and monitor the liquidity needs to meet redemption requests or the exercise of rights, as referred to in Article 34, by holders of asset-referenced tokens. For that purpose, iIssuers of significant asset-referenced tokens shall establish, maintain and implement a liquidity management policy and procedures. That policy and those procedures shall ensure that the reserve assets have a resilialso conduct liquidity stress testing, on a regular basis, and depending on the outcome of such tests, the EBA may decide to strengthent liquidity profile that enablerisk requirements. Where an issuer of significant asset- referenced tokens to continue operating normally, including under liquidity stressed scenarios.offers two or more categories of crypto-asset tokens and/or provides crypto asset services, these stress tests shall cover all of these activities in a comprehensive and holistic manner.’
Amendment 660 #
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 tokens. In addition, issuers of significant asset-referenced tokens shall conduct, on a regular basis, stress testing that shall take into account severe but plausible financial (such as interest rate shocks) stress scenarios and non-financial (such as operational risk) stress scenarios. Where an issuer of significant asset referenced tokens offers two or more categories of crypto-asset tokens and/or provides crypto-asset services, these stress tests shall cover all of these activities in a comprehensive and holistic manner. Based on the outcome of such stress tests, the EBA where relevant, may impose additional own funds requirements on top of the 3% requirement. Moreover, issuers of significant asset-referenced tokens shall also conduct liquidity stress testing, on a regular basis, and depending on the outcome of such tests, the EBA may decide to strengthen liquidity risk requirements.
Amendment 759 #
Proposal for a regulation
Article 52 – point b
Article 52 – point b
(b) Article 41, paragraphs 1, 2, 3 and 34 of this Regulation;
Amendment 881 #
Proposal for a regulation
Article 61 – paragraph 9 a (new)
Article 61 – paragraph 9 a (new)
9a. Crypto-asset service providers shall have internal control mechanisms and effective procedures for prevention, detection and investigation of money laundering and terrorist financing in accordance with the Anti-Money Laundering Directive ((EU) 2015/849/EC).
Amendment 883 #
Proposal for a regulation
Article 61 – paragraph 9 b (new)
Article 61 – paragraph 9 b (new)
9b. Crypto-asset service providers transferring crypto-assets for payment purposes shall have internal control mechanisms and effective procedures in place for the full traceability of all transfers of funds within the EEA, as well as those sent from within the EEA to another region and vice versa as defined the EU Funds Transfer Regulation ((EU) 847/2015).
Amendment 892 #
Proposal for a regulation
Article 63 – paragraph 3 – subparagraph 1
Article 63 – paragraph 3 – subparagraph 1
3. Crypto-asset service providers shall, promptly place any client’s funds, with a central bank or a credit institutionredit institution or, where the relevant eligibility criteria and conditions for opening an account are met, a central bank.
Amendment 893 #
Proposal for a regulation
Article 63 – paragraph 3 – subparagraph 2
Article 63 – paragraph 3 – subparagraph 2
Crypto-asset service providers shall take all necessary steps to ensure that the clients’ funds held with a central bank or a credit institutionredit institution or, where the relevant eligibility criteria and conditions for opening an account are met, with a central bank, are held in an account or accounts separately identifiable from any accounts used to hold funds belonging to the crypto-asset service provider.
Amendment 911 #
Proposal for a regulation
Article 67 – paragraph 8
Article 67 – paragraph 8
8. Crypto-asset service providers that are authorised for the custody and administration of crypto-assets on behalf of third parties shall bnot restrict the liableility to their clients for loss of crypto- assets as a resulting from a malfunction or hacks up to the market value of the crypto-assets lostwilful misconduct or gross negligence in performing their duties and obligations under their respective agreements, including losses resulting from a malfunction or hacks.