29 Amendments of Olivier CHASTEL related to 2020/0265(COD)
Amendment 80 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable supervision, issuers of crypto-assets should, before any public offer of crypto-assets in the Union or before those crypto-assets are admitted to trading on a trading platform for crypto- assets, notify their crypto-asset white paper and, where applicable, their marketing communications, to the competent authority of the Member State where they have their registered office or a branch. Issuers that are established in a third country should notify their crypto-asset white paper, and, where applicable, their marketing communication, to the competent authority of the Member State where the crypto-assets are intended to be offered or where the admission to trading on a trading platform for crypto- assets is sought in the first place.
Amendment 126 #
Proposal for a regulation
Recital 51
Recital 51
(51) This Regulation should not affect the possibility for persons established in the Union to receive crypto-asset services by a third-country firm at their own exclusive initiative. Where a third-country firm provides crypto-asset services at the own exclusive initiative of a person established in the Union, the crypto-asset services should not be deemed as provided in the Union. Where a third-country firm solicits clients or potential clients in the Union or promotes or advertises crypto- asset services or activities in the Union, it should not be deemed as a crypto-asset service provided at the own initiative of the client. In such a case, the third-country firm should be authorised as a crypto-asset service provider. A practise whereby a third-country firm includes general clauses in its Terms of Business or through the use of online pop-up “I agree” boxes whereby clients state that any transaction is executed on the exclusive initiative of the client, should not deemed as an attempt to circumvent the rules of this Regulation.
Amendment 185 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
5a. Where providing one or more crypto asset services, the management company of a UCITS authorised under Directive 2009/65/EC or an alternative fund investment manager authorised under Directive 2011/61/EU should not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57 and 58.
Amendment 251 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point a
Article 3 – paragraph 1 – point 22 – point a
(a) where the issuer of crypto-assets, other than asset-referenced tokens or electronic money tokens, has its registered office or a branch in the Union, the Member State where the issuer of crypto- assets has its registered office or a branch;
Amendment 252 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point b
Article 3 – paragraph 1 – point 22 – point b
Amendment 253 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point c
Article 3 – paragraph 1 – point 22 – point c
(c) where the issuer of crypto-assets, other than asset-referenced tokens or electronic money tokens, is established in a third country and has no branch in the Union, at the choice of that issuer, either the Member State where the crypto- assets are intended to be offered to the public for the first time or the Member State where the first application for admission to trading on a trading platform for crypto- assets is made;
Amendment 371 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
1. Issuers of crypto-assets, other than asset-referenced tokens and e-money tokens, shall offer a right of withdrawal to any consumer who buys such crypto-assets directly from the issuer or from a crypto- asset service provider placing crypto-assets on behalf of that issuer, and in case of modification of the white paper by the issuer.
Amendment 608 #
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 618 #
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 EBESMA with information on the criteria referred to in paragraph 1 and specified in accordance with paragraph 6 on at least a yearly basis.
Amendment 621 #
Proposal for a regulation
Article 39 – paragraph 3
Article 39 – paragraph 3
3. Where the EBESMA is of the opinion that asset-referenced tokens meet the criteria referred to in paragraph 1, as specified in accordance with paragraph 6, the EBESMA 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 EBESMA 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 EBESMA shall duly consider those observations and comments.
Amendment 623 #
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The EBESMA 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 625 #
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 EBESMA one month after the notification of the decision referred to in paragraph 4.
Amendment 627 #
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 2
Article 39 – paragraph 5 – subparagraph 2
Amendment 638 #
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 641 #
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 EBESMA under paragraphs 3 to 5.
Amendment 643 #
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 EBESMA.
Amendment 645 #
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 EBESMA 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 EBESMA 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 647 #
Proposal for a regulation
Article 40 – paragraph 2 – subparagraph 2
Article 40 – paragraph 2 – subparagraph 2
Amendment 649 #
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 EBESMA 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 EBESMA 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 651 #
Proposal for a regulation
Article 40 – paragraph 3 – subparagraph 2
Article 40 – paragraph 3 – subparagraph 2
Amendment 653 #
Proposal for a regulation
Article 40 – paragraph 4
Article 40 – paragraph 4
4. The EBESMA 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 655 #
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 EBESMA on the date of the decision by which the competent authority grants the authorisation referred to in Article 19(1).
Amendment 662 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 1 – introductory part
Article 41 – paragraph 6 – subparagraph 1 – introductory part
6. The EBESMA, in close cooperation with ESMthe EBA, shall develop draft regulatory technical standards specifying:
Amendment 665 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 2
Article 41 – paragraph 6 – subparagraph 2
Amendment 760 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 1
Article 53 – paragraph 1 – subparagraph 1
1. Crypto-asset services shall only be provided by legal persons that have a registered office in a Member State of the Union and that have been authorised as crypto-asset service providers in accordance with Article 55Member States shall require crypto-asset service providers that intend to provide crypto-asset services, to obtain authorisation before commencing the provision of crypto-asset services. An authorisation shall only be granted to a legal person established in a Member State.
Amendment 767 #
Proposal for a regulation
Article 53 – paragraph 1 a (new)
Article 53 – paragraph 1 a (new)
1a. A crypto-asset service provider, which has been authorised in accordance with Article 55, shall have its head office in the same Member State as its registered office and shall carry out at least part of its crypto-asset service business there.
Amendment 770 #
Proposal for a regulation
Article 53 – paragraph 3 – subparagraph 1
Article 53 – paragraph 3 – subparagraph 1
3. An authorisation as a crypto-asset service provider shall be valid for the entire Union and shall allow crypto-asset service providers to provide throughout the Union the services for which they have been authorised, either through the right of establishment, including through a branch, or through the freedom to provide services.
Amendment 838 #
Proposal for a regulation
Article 56 a (new)
Article 56 a (new)
Article 56a Provision of crypto-asset services at the exclusive initiative of the client 1. Where a client established or located in the Union initiates at its own exclusive initiative the provision of a crypto-asset service by a third-country firm, the requirement for authorisation under Article 53 shall not apply to the provision of that service by the third-country firm to that person including a relationship specifically relating to the provision of that service or activity. Without prejudice to intragroup relations, where a third‐country firm, including through an entity acting on its behalf or having close links with such third‐country firm or any other person acting on behalf of such entity, solicits clients or potential clients in the Union, regardless of the means of communication used for solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client. The presumption of the second subparagraph shall apply regardless of any contractual clause or disclaimer purporting to state, for example, that the third country firm will be deemed to respond to the exclusive initiative of the client. 2. An initiative by a client as referred to in paragraph 1 shall not entitle the third‐country firm to market new categories of crypto-asset services.
Amendment 839 #
Proposal for a regulation
Article 57 – paragraph 2 – point a
Article 57 – paragraph 2 – point a
(a) the name, legal form and the legal entity identifier and the branches of the crypto-asset service provider;