94 Amendments of Patryk JAKI related to 2020/0265(COD)
Amendment 18 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The Union is committed to setting an example of an assertive and positive attitude as a leader of regulatory progress in the crypto-assets field. Welcoming global players into a safe and intelligently regulated environment, with the simultaneous creation of the foundations for openness and flexibility to transformation and innovation, would enhance the Union’s role as a leader in this new technological era.
Amendment 21 #
Proposal for a regulation
Recital 2
Recital 2
(2) In finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs). When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. It is expected that numerous applications of blockchain technology that have not yet been fully studied will create new types of business activity and business models which, together with the crypto-asset sector itself, will lead to economic growth and new employment opportunities for EU citizens.
Amendment 29 #
Proposal for a regulation
Recital 4
Recital 4
(4) The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies. In addition, companies using crypto-assets will have no legal certainty on how their crypto-assets will be treated in the different Member States, which will undermine their efforts to use crypto-assets for digital innovation. The lack of an overall Union framework on crypto-assets could also lead to regulatory fragmentation, which will distort competition in the Single Market, make it more difficult for crypto-asset service providers to scale up their activities on a cross-border basis and will give rise to regulatory arbitrage. The crypto-asset market is still modest in size and does not yet pose a threat to financial stability. It is, however, likely that a subset of crypto- assets which aim to stabilise their price by linking their value to a specific asset or a basket of assets could be widely adopted by consumers. Such a development could raise additional challenges to financial stability, monetary policy transmission or monetary sovereignty. Regulation should be seen as a way of protecting consumers but also as a way of facilitating, rather than hindering, innovation and economic initiative. Failure to provide appropriate Union regulation of crypto currencies would threaten the competitiveness of the Union and its Member States at a global level and would jeopardise the Union’s ambitions of becoming a leader in the field of sustainable development, technology and digitisation.
Amendment 30 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The European Union seeks to fulfil a leading role on the world stage in the field of innovation and long-term economic growth. Cryptographic assets are rarely and inconsistently regulated in individual countries, which reduces the confidence of a number of companies and consumers in this area. Thanks to the creation of harmonised and predictable legal frameworks in all 27 Member States, the European Union will be able to attract a significant amount of investment and increase its competitiveness and leading position in the field of technology and innovation. By recognising and accepting the value of blockchain technology, the Union would set itself apart and put itself in a favourable position compared with world economies that are still reluctant or openly hostile towards crypto-assets.
Amendment 35 #
Proposal for a regulation
Recital 5
Recital 5
(5) A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto- assets and related activities and services and to clarify the applicable legal framework. Such harmonised framework should also cover services related to crypto-assets where these services are not yet covered by Union legislation on financial services. Such a framework should support innovation and fair competition, while ensuring a high level of consumer protection and market integrity in crypto-asset markets. A clear framework should enable crypto-asset service providers to scale up their business on a cross-border basis and should facilitate their access to banking services to run their activities smoothly. We should ensure the proportionate treatment of issuers of crypto-assets and service providers, guaranteeing an equal chance of market access and development in the Member States. It should also ensure financial stability and address monetary policy risks that could arise from crypto- assets that aim at stabilising their price by referencing a currency, an asset or a basket of such. While increasing consumer protection, market integrity and financial stability through the regulation of offers to the public of crypto-assets or services related to such crypto-assets, a Union framework on markets in crypto-assets should not regulate the underlying technology and should allow for the use of both permissionless and permission-based distributed ledgers. Union legislation does not impose unnecessary and disproportionate regulatory burdens in all cases of the use of technology since the Union and the Member States seek to maintain competitiveness on a global market. Correct regulation maintains the competitiveness of the Member States on international financial and technological markets and provides clients with significant benefits in terms of access to cheaper, faster and safer financial services and asset management.
Amendment 41 #
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 should therefore remain regulated under the general existing Union legislation, including Directive 2014/65/EU, regardless of the technology used for their issuance or their transfer. EU consumers will certainly still use blockchain technology and services provided via crypto-assets. The use of DLT is not compulsory since the technology is still being developed but crypto-asset service providers should have the option to use off-chain business models when this is appropriate and safe.
Amendment 48 #
Proposal for a regulation
Recital 8
Recital 8
(8) Any legislation adopted in the field of crypto-assets should be specific, future- proof an, should be able to keep pace with innovation and technological developments and should be based on incentives by providing adequate legal solutions for innovation within the sector. ‘Crypto- assets’ and ‘distributed ledger technology’ should therefore be defined as widely as possible to capture all types of crypto- assets 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 FATFdamage the monetary policy of the Member States. _________________ 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 57 #
Proposal for a regulation
Recital 10
Recital 10
(10) Despite their similarities, electronic money and crypto-assets referencing a single fiat currency differ in some important aspects. Holders of electronic money as defined in Article 2, point 2, of Directive 2009/110/EC are always provided with a claim on the electronic money institution and have a contractual right to redeem their electronic money at any moment against fiat currency that is legal tender at par value with that currency. By contrast, some of the crypto-assets referencing one fiat currency which is legal tender do not provide their holders with such a claim on the issuers of such assets and could fall outside the scope of Directive 2009/110/EC. Other crypto-asset referencing one fiat currency do not provide a claim at par with the currency they are referencing or limit the redemption period. The fact that holders of such crypto-assets do not have a claim on the issuers of such assets, or that such claim is not at par with the currency those crypto-assets are referencing, could undermine the confidence of users of those crypto-assets. To avoid circumvention of the rules laid down in Directive 2009/110/EC, any definition of ‘e-money tokens’ should be as wide as possible to capture all the types of crypto-assets referencing one single fiat currency that is legal tender. To avoid regulatory arbitrage, strict conditions on the issuance of e-money tokens should be laid down, including the obligation for such e-money tokens to be issued either by a credit institution as defined in Regulation (EU) No 575/2013 of the European Parliament and of the Council36 , or by an electronic money institution authorised under Directive 2009/110/EC. For the same reason, issuers of such e-money tokens should also grant the users of such tokens with a claim to redeem their tokens at any moment and at par value against the currency referencing those tokens. E- money tokens may be linked to any global fiduciary currency classed as legal tender. Because e-money tokens are also crypto- assets and can also raise new challenges in terms of consumer protection and market integrity specific to crypto-assets, they should also be subject to rules laid down in this Regulation to address these challenges to consumer protection and market integrity. However, since different crypto- assets are associated with different risks and challenges, the stabilisation of crypto- assets to a single fiduciary currency allows for its safe use for both consumers and investors. _________________ 36Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
Amendment 78 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises and start-ups should not be subject to excessive and disproportionate administrative burdens. Offers to the public of crypto- assets in the Union that do not exceed an adequate aggregate threshold over a period of 12 months should therefore be exempted from the obligation to draw up a crypto- asset white paper. However, EU horizontal legislation ensuring consumer protection, such as Directive 2011/83/EU of the European Parliament and of the Council38, Directive 2005/29/EC of the European Parliament and of the Council39 or the Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, including any information obligations contained therein40, remain applicable to these offers to the public of crypto-assets where involving business-to- consumer relations. _________________ 38Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council (OJ L 304, 22.11.2011, p. 64). 39Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to- consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (‘Unfair Commercial Practices Directive’) (OJ L 149, 11.6.2005, p. 22); 40Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts (OJ L 95, 21.4.1993, p. 29).
Amendment 103 #
Proposal for a regulation
Recital 34
Recital 34
(34) Issuers of asset-referenced tokens should have robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility and effective processes to identify, manage, monitor and report the risks to which they are or might be exposed. The management body of such issuers and their shareholders should have good repute and sufficient expertise and be fit and proper for the purpose of anti- money laundering and combatting the financing of terrorism. Issuers of asset- referenced tokens should also employ resources proportionate to the scale of their activities and should always ensure continuity and regularity in the performance of their activities. For that purpose, issuers of asset-referenced tokens should establish a business continuity policy aimed at ensuring, in the case of an interruption to their systems and procedures, the performance of their core payment activities. Issuers of asset- referenced tokens should also have a strong internal control and risk assessment mechanism, as well as a system that guarantees the integrity and confidentiality of information received. Fulfilment of this obligation aims to ensure the protection of basic rights and freedoms within the Union, not to create unnecessary barriers on the crypto-asset market.
Amendment 107 #
Proposal for a regulation
Recital 36
Recital 36
(36) To address the risks to financial stability of the wider financial system, issuers of asset-referenced tokens should be subject to capital requirements. Those capital requirements should be proportionate to the issuance size of the asset-referenced tokens and therefore calculated as a percentage of the reserve of assets that back the value of the asset- referenced tokens. Competent authorities should however be able to increase or decrease the amount of own fund requirements required on the basis of, inter alia, the evaluation of the risk-assessment mechanism of the issuer, the quality and volatility of the assets in the reserve backing the asset-referenced tokens or the aggregate value and number of asset- referenced tokens. In any case, it is recognised that excessive and disproportionate capital requirements may make the Union crypto-asset environment less attractive compared with rival external markets. There should be a sensible central management mechanism at a Union level in terms of openness of the market to new players and the avoidance of non-competitive regulation imposed at a regional level.
Amendment 131 #
Proposal for a regulation
Recital 56
Recital 56
(56) To ensure consumer protection, crypto-asset service providers should comply with some prudential requirements. Those prudential requirements should be set as a fixed amount or in proportion to their fixed overheads of the preceding year, depending on the types of services they provide. Nevertheless, this requirement must be proportionate and must not deter potential investors from the Union market.
Amendment 134 #
Proposal for a regulation
Recital 64
Recital 64
(64) It is necessary to ensure users’ confidence in crypto-asset markets and market integrity. It is therefore necessary to lay down rules to deter market abuse for crypto-assets that are admitted to trading on a trading platform for crypto-assets. However, as issuers of crypto-assets and crypto-asset service providers are very often SMEs, it would be disproportionate to apply all the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council 44 to them. It is therefore necessary to lay down specific rules prohibiting certain behaviours that are likely to undermine users’ confidence in crypto-asset markets and the integrity of crypto-asset markets, including insider dealings, unlawful disclosure of inside information and market manipulation related to crypto-assets. These bespoke rules on market abuse committed in relation to crypto-assets should be applied, where crypto-assets are admitted to trading on a trading platform for crypto-assets. The principles should be proportionate and should not constitute an excessive burden, especially for SMEs, which could easily set up their headquarters in another jurisdiction whilst still providing Union consumers with access to crypto-assets. _________________ 44Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1).
Amendment 149 #
Proposal for a regulation
Article 1 – point a
Article 1 – point a
(a) transparency and disclosure requirements for the issuance and offering and admission to trading of crypto-assets on a crypto-asset trading platform;
Amendment 160 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance of crypto- assets, the offering of crypto-assets, or provide services related to crypto- assets in the Union.
Amendment 168 #
Proposal for a regulation
Article 2 – paragraph 2 – point e a (new)
Article 2 – paragraph 2 – point e a (new)
(ea) - tokens issued by public entities for the purpose of the settlement of public levies.
Amendment 206 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
4. ‘electronic money token’ or ‘e- money token’ means a type of crypto-asset the main purpose of which is to be used as a means of exchange and that purports to maintain a stable value by referring to the value of a fiat currency that is legal tender; electronic money tokens means electronic money as defined by Directive 2009/110/EC;
Amendment 213 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6
Article 3 – paragraph 1 – point 6
6. ‘issuer of crypto-assets’ means a legal person who offers to the public any type of crypto-assets or seeks the admission of such crypto-assets to a trading platform forcontrols the creation of crypto-assets;
Amendment 218 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) ‘offeror of crypto-assets’ means a legal person who offers to the public any type of crypto-assets or seeks the admission of such crypto-assets to a trading platform for crypto-assets;
Amendment 227 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7
Article 3 – paragraph 1 – point 7
(7) ‘offer to the public’ means an offer message to third parties to acquire aproviding sufficient information about the conditions of the offer and the crypto- asset in exchange for fiat currency or others that may be offered via the trading platform, in order to enable the third party to make a decision regarding the purchase of such crypto-assets;
Amendment 248 #
Proposal for a regulation
Article 3 – paragraph 1 – point 18
Article 3 – paragraph 1 – point 18
(18) ‘management body’ means the body of an issuer of crypto-assets, offeror of crypto-assets or of a crypto-asset provider, as applicable, which is appointed in accordance with national law, and which is empowered to set the entity’s strategy, objectives, the overall direction and which oversees and monitors management decision-making and which includes persons who direct the business of the entity;
Amendment 254 #
Proposal for a regulation
Article 3 – paragraph 1 – point 24 – point a
Article 3 – paragraph 1 – point 24 – point a
(a) the authority, designated by each Member State in accordance with Article 81 for issuers and offerors of crypto- assets, issuers and offerors of asset- referenced tokens and crypto-asset service providers;
Amendment 255 #
Proposal for a regulation
Article 3 – paragraph 1 – point 24 – point b
Article 3 – paragraph 1 – point 24 – point b
(b) the authority, designated by each Member State, for the application of Directive 2009/110/EC for issuers and offerors of e- money tokens;
Amendment 256 #
Proposal for a regulation
Article 3 – paragraph 1 – point 26
Article 3 – paragraph 1 – point 26
(26) ‘qualifying holding’ means any direct or indirect holding in an issuer or offeror of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council53, taking into account the conditions regarding aggregation thereof laid down in paragraphs 4 and 5 of Article 12 of that Directive, or which makes it possible to exercise a significant influence over the management of the investment firm in which that holding subsists. _________________ 53 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).
Amendment 267 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. No issuer of crypto-assets, other than asset-referenced tokens or e-money tokens, shall, in the Union, offer such crypto-assets to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that issueofferor:
Amendment 293 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
For the purpose of point (a), crypto-assets shall not be considered to be offered for free where purchasers are required to provide or to undertake to provide personal data to the issuer or offeror in exchange for those crypto-assets, or where the issuer or offeror of those crypto-assets receives from the prospective holders of those crypto-assets any third party fees, commissions, monetary benefits or non- monetary benefits in exchange for those crypto-assets.
Amendment 300 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. If the offeror of crypto-assets or crypto-asset service provider publicly offers crypto-assets other than asset- referenced tokens or e-money tokens, or requests that such crypto-assets be authorised for trading on a trading platform for crypto-assets, this entity is obliged to observe the requirements of this regulation in relation to such crypto- assets, not the crypto-asset issuers.
Amendment 310 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) a detailed description of the issuer and offeror (if different entities) and a presentation of the main participants involved in the project's design and development;
Amendment 330 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The crypto-asset white paper shall contain the following statement: “The issueofferor of the crypto-assets is solely responsible for the content of this crypto- asset white paper. This crypto-asset white paper has not been reviewed or approved by any competent authority in any Member State of the European Union”.
Amendment 332 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. The crypto-asset white paper shall not contain any assertions on the future value of the crypto-assets, other than the statement referred to in paragraph 5, unless the issueofferor of those crypto-assets can guarantee such future value.
Amendment 336 #
Proposal for a regulation
Article 5 – paragraph 6
Article 5 – paragraph 6
6. Every crypto-asset white paper shall contain a statement from the management body of the issueofferor of the crypto-assets. That statement shall confirm that the crypto-asset white paper complies with the requirements of this Title and that, to the best knowledge of the management body, the information presented in the crypto-asset white paper is correct and that there is no significant omission.
Amendment 343 #
Proposal for a regulation
Article 6 –point d
Article 6 –point d
(d) the marketing communications shall clearly state that a crypto-asset white paper has been published and indicate the address of the website of the issuer and offeror of the crypto-assets concerned.
Amendment 352 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. IssueOfferors of crypto-assets, other than asset-referenced tokens or e-money tokens, shall notify their crypto-asset white paper, and, in case of marketing communications as referred to in Article 6, such marketing communications, to the competent authority of their home Member State at least 20 working days before publication of the crypto-asset white paper. That competent authority may exercise the powers laid down in Article 82(1).
Amendment 357 #
Proposal for a regulation
Article 7 – paragraph 4 – subparagraph 1
Article 7 – paragraph 4 – subparagraph 1
4. IssueOfferors of crypto-assets, other than asset-referenced tokens or e-money tokens, shall, together with the notification referred to in paragraphs 2 and 3, provide the competent authority of their home Member State with a list of host Member States, if any, where they intend to offer their crypto-assets to the public or intend to seek admission to trading on a trading platform for crypto-assets. They shall also inform their home Member State of the starting date of the intended offer to the public or intended admission to trading on such a trading platform for crypto-assets.
Amendment 362 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. IssueOfferors of crypto-assets, other than asset-referenced tokens or e-money tokens, shall publish their crypto-asset white paper, and, where applicable, their marketing communications, on their website, which shall be publicly accessible, by no later than the starting date of the offer to the public of those crypto-assets or the admission of those crypto-assets to trading on a trading platform for crypto- assets. The crypto-asset white paper, and, where applicable, the marketing communications, shall remain available on the issuer’s website for as long as the crypto-assets are held by the public.
Amendment 373 #
Proposal for a regulation
Article 13 – title
Article 13 – title
Obligations of issuers and offerors of crypto-assets, other than asset-referenced tokens or e- money tokens
Amendment 374 #
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Issuers and offerors of crypto- assets, other than asset-referenced tokens or e-money tokens, shall:
Amendment 376 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. IssueOfferors of crypto-assets, other than asset-referenced tokens or e-money tokens, shall act in the best interests of the holders of such crypto-assets and shall treat them equally, unless any preferential treatment is disclosed in the crypto-asset white paper, and, where applicable, the marketing communications.
Amendment 377 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Where an offer to the public of crypto-assets, other than asset-referenced tokens or e-money tokens, is cancelled for any reason, issueofferors of such crypto-assets shall ensure that any funds collected from purchasers or potential purchasers are duly returned to them as soon as possible.
Amendment 380 #
Proposal for a regulation
Article 14 – title
Article 14 – title
Liability of issueofferors of crypto-assets, other than asset-referenced tokens or e-money tokens for the information given in a crypto-asset white paper
Amendment 381 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
1. Where an issueofferor of crypto-assets, other than asset-referenced tokens or e- money tokens, or its management body has infringed Article 5, by providing in its crypto-asset white paper or in a modified crypto-asset white paper information which is not complete, fair or clear or by providing information which is misleading, a holder of crypto-assets may claim damages from that issueofferor of crypto-assets, other than asset-referenced tokens or e- money tokens, or its management body for damage caused to her or him due to that infringement.
Amendment 384 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. It shall be the responsibility of the holders of crypto-assets to present evidence indicating that the issueofferor of crypto-assets, other than asset-referenced tokens or e- money tokens, has infringed Article 5 and that such an infringement had an impact on his or her decision to buy, sell or exchange the said crypto-assets.
Amendment 392 #
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 2
Article 15 – paragraph 3 – subparagraph 2
Amendment 436 #
Proposal for a regulation
Article 18 – paragraph 4
Article 18 – paragraph 4
4. The EBA, ESMA, the ECB and, where applicable, a central bank as referred to in paragraph 3 shall, within 2 months after having received the draft decision and the application file, issue a non-binding opinion on the application and transmit their non-binding opinions to the competent authority concerned. That competent authority shall duly consider those non-binding opinions and the observations and comments of the applicant issuer. If the ECB (or the central bank in the relevant cases) delivers a negative opinion because of monetary policy considerations, the competent authority should refuse the application for authorisation and inform the applicant issuer of the decision.
Amendment 443 #
Proposal for a regulation
Article 19 – paragraph 2 – point b
Article 19 – paragraph 2 – point b
(b) tThe applicant issuer fails to meet or is likely toofferor fails to meet any of the requirements of this Title;
Amendment 465 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. IssueOfferors of asset-referenced tokens shall at least every month and in a clear, accurate and transparent manner disclose on their website the amount of asset- referenced tokens in circulation and the value and the composition of the reserve assets referred to in Article 32.
Amendment 667 #
Proposal for a regulation
Title IV – Chapter 1 – title
Title IV – Chapter 1 – title
1 Requirements to be fulfilled by all issueofferors of electronic money tokens
Amendment 668 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 1 – introductory part
Article 43 – paragraph 1 – subparagraph 1 – introductory part
1. No electronic money tokens shall be offered to the public in the Union or shall be admitted to trading on a trading platform for crypto-assets unless the issuerofferors of such electronic money tokens:
Amendment 673 #
Proposal for a regulation
Article 43 – paragraph 1 a (new)
Article 43 – paragraph 1 a (new)
1a. The decision on whether to authorise e-money tokens linked to the euro should be made by the ECB, while the decision on whether to authorise e- money tokens linked to another EU currency should be made by the central bank of the currency in question. The ECB or the central bank of the currency in question should refuse such authorisation if it cannot exclude a threat to financial stability or monetary sovereignty in the euro area or in the area of the currency in question because of the business model, anticipated market volume or other detrimental circumstances of the proposed e-money token. The ECB or the central bank of the currency in question should adopt its decision within three months of receiving a complete application for authorisation and inform the applicant issuer of that decision within five working days of its adoption.
Amendment 681 #
Proposal for a regulation
Article 44 – title
Article 44 – title
Amendment 682 #
Proposal for a regulation
Article 44 – paragraph 1
Article 44 – paragraph 1
1. By derogation of Article 11 of Directive 2009/110/EC, only the following requirements regarding the issuanceoffering and redeemability of e-money tokens shall apply to issuers of e-money tokens.
Amendment 684 #
Proposal for a regulation
Article 44 – paragraph 2
Article 44 – paragraph 2
2. Holders of e-money tokens shall be provided with a claim on the issuer or offeror of such e-money tokens. Any e- money token that does not provide all holders with a claim shall be prohibited. The white paper clearly establishes the party against which the e-money token holders may file a claim.
Amendment 686 #
Proposal for a regulation
Article 44 – paragraph 3
Article 44 – paragraph 3
3. IssueOfferors of such e-money tokens shall issueoffer e-money tokens at par value and on the receipt of funds within the meaning of Article 4(25) of Directive 2015/2366.
Amendment 688 #
Proposal for a regulation
Article 44 – paragraph 4
Article 44 – paragraph 4
4. Upon request by the holder of e- money tokens, the respective issuerofferor or issuer, as applicable, must redeem, at any moment and at par value, the monetary value of the e-money tokens held to the holders of e-money tokens, either in cash or by credit transfer.
Amendment 692 #
Proposal for a regulation
Article 44 – paragraph 5
Article 44 – paragraph 5
5. IssueOfferors of e-money tokens shall prominently state the conditions of redemption, including any fees relating thereto, in the crypto-asset white paper as referred to in Article 46.
Amendment 698 #
Proposal for a regulation
Article 44 – paragraph 7 – introductory part
Article 44 – paragraph 7 – introductory part
7. Where issuers or offerors of e- money tokens does not fulfil legitimate redemption requests from holders of e- money tokens within the time period specified in the crypto-asset white paper and which shall not exceed 30 days, the obligation set out in paragraph 3 applies to any following third party entities that has been in contractual arrangements with issueofferors of e- money tokens:
Amendment 699 #
Proposal for a regulation
Article 44 – paragraph 7 – point a
Article 44 – paragraph 7 – point a
(a) entities ensuring the safeguarding of funds received by issueofferors of e-money tokens in exchange for e-money tokens in accordance with Article 7 of Directive 2009/110/EC;
Amendment 700 #
Proposal for a regulation
Article 44 – paragraph 7 – point b
Article 44 – paragraph 7 – point b
(b) any natural or legal persons in charge of distributing e-money tokens on behalf of issuers or offerors of e-money tokens.
Amendment 701 #
Proposal for a regulation
Article 44 – paragraph 7 – point b a (new)
Article 44 – paragraph 7 – point b a (new)
(ba) issuers of e-money tokens, if different from the offeror;
Amendment 705 #
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
1. Before the offeringor offers e-money tokens to the public in the EU or seekings an admission of such e-money tokens to trading on a trading platform, the issuer of e-money tokens shall publish a crypto-asset white paper on its website.
Amendment 707 #
Proposal for a regulation
Article 46 – paragraph 2 – point a a (new)
Article 46 – paragraph 2 – point a a (new)
(aa) a description of the offeror of e- money tokens;
Amendment 713 #
Proposal for a regulation
Article 46 – paragraph 2 – point f
Article 46 – paragraph 2 – point f
(f) the risks relating to the issuer of e- money issuer, offerors of e-money, the e- money tokens and the implementation of the project, including the technology;
Amendment 717 #
Proposal for a regulation
Article 46 – paragraph 4
Article 46 – paragraph 4
4. Every crypto-asset white paper shall also include a statement from the management body of the issueofferor of e- money confirming that the crypto-asset white paper complies with the requirements of this Title and specifying that, to their best knowledge, the information presented in the crypto-asset white paper is correct and that there is no significant omission.
Amendment 718 #
Proposal for a regulation
Article 46 – paragraph 5 – point b
Article 46 – paragraph 5 – point b
(b) the conditions of redemption, including any fees relating thereto and the parties against which redemption rights may be exercised. .
Amendment 722 #
Proposal for a regulation
Article 46 – paragraph 9 – subparagraph 1
Article 46 – paragraph 9 – subparagraph 1
9. The issueofferor of e-money tokens shall notify its draft crypto-asset white paper, and where applicable their marketing communications, to the relevant competent authority as referred to in Article 3(1) point (24)(b) at least 20 working days before its date of its publication.
Amendment 724 #
Proposal for a regulation
Article 47 – paragraph 1 – subparagraph 1
Article 47 – paragraph 1 – subparagraph 1
1. Where an issueofferor of e-money tokens or its management body has infringed Article 46, by providing in its crypto-asset white paper or in a modified crypto-asset white paper information which is not complete, fair or clear or by providing information which is misleading, a holder of such e-money tokens may claim damages from that issueofferor of e-money tokens or its management body for damage caused to her or him due to that infringement.
Amendment 725 #
Any contractual exclusion of civil liability contrary to this paragraph shall be deprived of any legal effect.
Amendment 726 #
Proposal for a regulation
Article 47 – paragraph 2
Article 47 – paragraph 2
2. It shall be the responsibility of the holders of e-money tokens to present evidence indicating that the issueofferor of e- money tokens has infringed Article 46 and that such an infringement had an impact on his or her decision to buy, sell or exchange the said e-money tokens.
Amendment 727 #
Proposal for a regulation
Article 48 – paragraph 2
Article 48 – paragraph 2
2. The marketing communications shall contain a clear and unambiguous statement that all the holders of the e- money tokens have a redemption right at any time and at par value on the issueofferor.
Amendment 729 #
Proposal for a regulation
Article 49
Article 49
Funds received by issuers or offerors of e- money tokens in exchange of e-money tokens and that are invested in secure, low- risk assets in accordance with Article 7(2) of Directive 2009/110/EC shall be invested in assets denominated in the same currency as the one referenced by the e-money token.
Amendment 731 #
Proposal for a regulation
Article 50 – paragraph 1
Article 50 – paragraph 1
1. The EBA 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, and where the cross-border criterion for a given e-money token has been met (it is used in more than one Member State).
Amendment 735 #
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
2. Competent authorities of the issueofferor’s home Member State shall provide the EBA 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 738 #
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. Where the EBA 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 EBA shall prepare a draft decision to that effect and notify that draft decision to the issueofferors of those e-money tokens and the competent authority of the issueofferor’s home Member State. The EBA shall give issueofferors 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 EBA shall duly consider those observations and comments.
Amendment 742 #
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
4. The EBA 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 offerors of such e-money tokens and their competent authorities thereof.
Amendment 744 #
Proposal for a regulation
Article 51 – paragraph 1 – subparagraph 1
Article 51 – paragraph 1 – subparagraph 1
1. An issueofferor 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 issueofferor or applicant issueofferor to EBA.
Amendment 746 #
Proposal for a regulation
Article 51 – paragraph 1 – subparagraph 2
Article 51 – paragraph 1 – subparagraph 2
For the e-money tokens to be classified as significant, the issueofferor or applicant issueofferor of e-money tokens shall demonstrate, through a detailed programme of operations, that it is likely to meet at least three criteria referred to in Article 39(1), as specified in accordance with Article 39(6) and that it will be of a cross-border nature.
Amendment 753 #
Proposal for a regulation
Article 51 – paragraph 3 – subparagraph 2
Article 51 – paragraph 3 – subparagraph 2
The EBA shall give the issueofferor or applicant issueofferor 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 EBA shall duly consider those observations and comments.
Amendment 754 #
Proposal for a regulation
Article 51 – paragraph 4
Article 51 – paragraph 4
4. The EBA 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 issuersofferor or applicant issueofferor of such e- money tokens and their competent authorities thereof. The decision shall be immediately notified to the issueofferor or applicant issueofferor of e-money tokens and to the competent authority of its home Member State.
Amendment 757 #
Proposal for a regulation
Article 52 – title
Article 52 – title
Specific additional obligations for issueofferors of significant e-money tokens
Amendment 758 #
Proposal for a regulation
Article 52 – introductory part
Article 52 – introductory part
Amendment 972 #
Proposal for a regulation
Article 77 – paragraph 1
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
Amendment 980 #
Proposal for a regulation
Article 77 – paragraph 2 – introductory part
Article 77 – paragraph 2 – introductory part
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
Amendment 984 #
Proposal for a regulation
Article 77 – paragraph 2 – point a
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or offerors;
Amendment 988 #
Proposal for a regulation
Article 77 – paragraph 2 – point c
Article 77 – paragraph 2 – point c
(c) the issuers or offerors are able to ensure the confidentiality of that information.
Amendment 998 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point l
Article 82 – paragraph 1 – subparagraph 1 – point l
(l) to require issueofferors of crypto-assets, including asset-referenced tokens and e- money tokens, or persons asking for admission to trading on a trading platform for crypto-assets, and the persons that control them or are controlled by them, to provide information and documents;
Amendment 999 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point n
Article 82 – paragraph 1 – subparagraph 1 – point n
(n) to require issuers (or, where appropriate, offerors) of crypto-assets, including asset-referenced tokens and e- money tokens, to include additional information in their crypto-asset white papers, where necessary for consumer protection or financial stabilityto ensure compliance with existing legislation on consumer protection or financial stability requirements in accordance with the Union’s legislation;
Amendment 1000 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point s
Article 82 – paragraph 1 – subparagraph 1 – point s
(s) to make public the fact that an issuer or offeror of crypto-assets, including an issuer or offeror of asset-referenced tokens or e-money tokens, or a person asking for admission to trading on a trading platform for crypto-assets is failing to comply with its obligations;
Amendment 1001 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point t
Article 82 – paragraph 1 – subparagraph 1 – point t
(t) to disclose, or to require the issuer of crypto-assetsr offeror, where applicable, including an issuer or offeror of asset-referenced tokens or e-money tokens, to disclose, all material information which may have an effect on the assessment of the crypto-assets offered to the public or admitted to trading on a trading platform for crypto-assets in order to ensure consumer protection or the smooth operation of the market;
Amendment 1002 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – subparagraph 1
Article 82 – paragraph 1 – subparagraph 1 – subparagraph 1
Supervisory and investigative powers exercised in relation to e-money token issuers are without prejudice to powers granted to relevant competent authorities under national laws transposing Directive 2009/110/EC, with the exception of significant e-money tokens, where the powers are exercised only by the EBA in accordance with Article [98(3)(a)].
Amendment 1003 #
Proposal for a regulation
Article 82 – paragraph 1 a (new)
Article 82 – paragraph 1 a (new)
1a. In the case of significant asset- referenced tokens or significant e-money tokens, the supervisory and investigative powers granted under this article are executed exclusively by the EBA.
Amendment 1004 #
Proposal for a regulation
Article 82 – paragraph 6
Article 82 – paragraph 6
6. A person making information available to the competent authority in accordance with this Regulation shall not be considered to be infringing any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and shall not be subject to liability of any kind related to such notification, unless it is established through the appropriate procedure that that person was acting in bad faith or with the intention of harming third parties.
Amendment 1021 #
Proposal for a regulation
Article 98 – paragraph 3 a (new)
Article 98 – paragraph 3 a (new)
3a. Where an e-money token is classified as significant under Article 50 or Article 51, issuers of such e-money tokens carry out their activity under the exclusive supervision of the EBA. The EBA executes the powers of competent authorities as granted to them in Articles 82, 92 and 93, with reference to issuers of significant e-money tokens.
Amendment 1039 #
Proposal for a regulation
Article 100 – paragraph 4 – subparagraph 3
Article 100 – paragraph 4 – subparagraph 3
Where the ECB is a member of the college pursuant to Article 99(2), point (i), it shall have twoone votes.
Amendment 1053 #
Proposal for a regulation
Article 102 – paragraph 4 – subparagraph 3
Article 102 – paragraph 4 – subparagraph 3
Where the ECB is a member of the college pursuant to point (h) of Article 101(2), it shall have twoone votes.