55 Amendments of Ivars IJABS related to 2020/0265(COD)
Amendment 17 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) In practice, DLT refers to the protocols and supporting infrastructure that enable nodes in a network to propose, validate, and record state changes(or updates) consistently across the network’s nodes – without the need to rely on a central trusted party to obtain reliable data. DLT is built upon public-key cryptography, a cryptographic system that uses pairs of keys: public keys, which are publicly known and essential for identification, and private keys, which are kept secret and are used for authentication and encryption.
Amendment 22 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) A crypto-asset can be seen as an asset that depends primarily on cryptography and DLT or similar technology as part of its perceived or inherent value, that is neither issued nor guaranteed by a central bank or public authority, and that can be used as a means of exchange and/or for investment purposes.
Amendment 71 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure consumer protection, prospective purchasers of crypto-assets should be informed about the characteristics, functions and risks of crypto-assets they intend to purchase. When making a public offer of crypto- assets in the Union or when seeking admission of crypto-assets to trading on a trading platform for crypto-assets, issuers of crypto-assets should produce, notify to their competent authority and publish an information document (‘a crypto-asset white paper’) containing mandatory disclosures. Such crypto-asset white paper should contain general information on the issuer and offeror, when different, on the project to be carried out with the capital raised, on the public offer of crypto-assets or on their admission to trading on a trading platform for crypto- assets, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such assets and on the related risks. To ensure fair and non- discriminatory treatment of holders of crypto-assets, the information in the crypto-asset white paper, and where applicable in any marketing communications related to the public offer, shall be fair, clear and not misleading.
Amendment 115 #
Proposal for a regulation
Recital 41
Recital 41
(41) To ensure that asset-referenced tokens are mainly used as a means of exchange and not as a store of value, issuers of asset-referenced tokens, and any crypto-asset service providers, should not grant interests to users of asset- referenced tokens for time such users are holding those asset-referenced tokens. Some asset-referenced tokens and e-money tokens should be considered significant due to the potential large customer base of their promoters and shareholders, their potential high market capitalisation, the potential size of the reserve of assets backing the value of such asset-referenced tokens or e- money tokens, the potential high number of transactions, the potential interconnectedness with the financial system or the potential cross- border use of such crypto-assets. Significant asset- referenced tokens or significant e-money tokens, that could be used by a large number of holders and which could raise specific challenges in terms of financial stability, monetary policy transmission or monetary sovereignty, should be subject to more stringent requirements than other asset- referenced tokens or e-money tokens.
Amendment 118 #
Proposal for a regulation
Recital 46
Recital 46
Amendment 119 #
Proposal for a regulation
Recital 47
Recital 47
(47) The crypto-asset white paper produced by an issuer or offeror of e- money tokens should contain all the relevant information concerning that issuer, when known, the offeror and the offer of e- money tokens or their admission to trading on a trading platform for crypto- assets that is necessary to enable potential buyers to make an informed purchase decision and understand the risks relating to the offer of e-money tokens. The crypto- asset white paper should also explicitly indicate that holders of e-money tokens are provided with a claim in the form of a right to redeem their e-money tokens against fiat currency at par value and at any moment.
Amendment 151 #
Proposal for a regulation
Article 1 – point a
Article 1 – point a
(a) transparency and disclosure requirements for the issuance, offering and admission to trading on a trading platform of crypto-assets;
Amendment 152 #
Proposal for a regulation
Article 1 – point b
Article 1 – point b
(b) the authorisation and supervision of crypto-asset service providers and issuers ofand offerors of both asset-referenced tokens and issuers of electronic money tokens;
Amendment 155 #
Proposal for a regulation
Article 1 –point c
Article 1 –point c
(c) the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
Amendment 158 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance or offering of crypto- assets for the purpose of trading or provideing services related to crypto- assets trading in the Union.
Amendment 163 #
Proposal for a regulation
Article 2 – paragraph 2 – point a a (new)
Article 2 – paragraph 2 – point a a (new)
(aa) 'hybrid tokens', which combine elements of financial instruments as defined in paragraph 2(a) of this article, with elements of crypto-assets, thereby creating a hybrid 'financial crypto-asset';
Amendment 164 #
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
Amendment 165 #
Proposal for a regulation
Article 2 – paragraph 2 – point b b (new)
Article 2 – paragraph 2 – point b b (new)
(bb) funds, other than e-money tokens, included in a payments account as defined in Article 4 (12) of Directive 2015/2366/EU;
Amendment 179 #
Proposal for a regulation
Article 2 – paragraph 4 – point a
Article 2 – paragraph 4 – point a
(a) the provisions of chapter I of Title III, except Articles 21 and 22 and the information specified in Article 16(2)(c)- (o).;
Amendment 183 #
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 shall 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 184 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
Amendment 187 #
Proposal for a regulation
Article 2 – paragraph 6 – introductory part
Article 2 – paragraph 6 – introductory part
6. Investment firms authorised under Directive 2014/65/EU shall not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57, 58, 60 and 61, where they only provide one or several crypto- asset services equivalent to the investment services and activities for which they are authorised under Directive 2014/65/EU. For that purpose:
Amendment 192 #
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;
Amendment 195 #
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 that use cryptography for security and are coins or tokens of distributed ledgers, and which may be transferred and stored electronically, using distributed ledger technology or similar technology;
Amendment 204 #
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 tendermaintaining a portfolio which ensures that the token maintains the value of a fiat currency that is legal tender; e-money tokens which maintain the value of a fiat currency of the Union shall be deemed to be electronic money as defined in Article 2 (2) of Directive 2009/110/EC;
Amendment 210 #
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 that is used for purposes other than as a means of payment or exchange for external goods or services and which is intended to provide digital access to a good or service, available on DLT, and is only accepted by the issuer of that token;
Amendment 212 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5 a (new)
Article 3 – paragraph 1 – point 5 a (new)
(5a) 'financial market infrastructures' (FMIs) means payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories;
Amendment 216 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6
Article 3 – paragraph 1 – point 6
(6) ‘issuer of crypto-assets’ means a legal personnatural person , a legal person or other entity being subject of rights and obligations, 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 221 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) an 'offeror of crypto-assets' means a legal entity which offers any type of crypto-assets or asks for admission to trading of crypto-assets on a trading platform for crypto-assets;
Amendment 232 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
Article 3 – paragraph 1 – point 7 a (new)
(7a) "funds" means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;
Amendment 268 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. No issuer or offeror 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 issuer or offeror:
Amendment 269 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) is a legal entity, a natural person having its residence in the Union, or other entity established or having seat in the Union and subject to the rights and obligations of the Union;
Amendment 284 #
Proposal for a regulation
Article 4 – paragraph 2 – point d
Article 4 – paragraph 2 – point d
(d) the crypto-assets are offered to fewer than 1500 natural or legal persons per Member State where such persons are acting on their own account;
Amendment 287 #
Proposal for a regulation
Article 4 – paragraph 2 – point e
Article 4 – paragraph 2 – point e
(e) over a period of 12 months, the total consideration of an offer to the public of crypto-assets in the Union does not exceed EUR 18 000 000, or the equivalent amount in another currency or in crypto- assets;
Amendment 295 #
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 296 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 a (new)
Article 4 – paragraph 2 – subparagraph 1 a (new)
Where utility tokens in operation are offered to third parties for the sole purpose of ensuring access to the relevant good or service, they may be offered directly by issuers or offerors to third parties.
Amendment 309 #
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, when different, and a presentation of the main participants involved in the project's design and development;
Amendment 321 #
Proposal for a regulation
Article 5 – paragraph 1 – point d
Article 5 – paragraph 1 – point d
(d) a detailed description of the rights and obligations attached to the crypto- assets and the procedures and conditions forby which the issuer, offeror and the consumer may exercisinge those rights;
Amendment 492 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – point a
Article 31 – paragraph 1 – subparagraph 1 – point a
(a) EUR 35200 000;
Amendment 601 #
Proposal for a regulation
Article 36
Article 36
Amendment 672 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2 a (new)
Article 43 – paragraph 1 – subparagraph 2 a (new)
An e-money token offered to the public in the Union or admitted to trading on a trading platform of crypto-assets may reference a fiat currency of legal tender other than a currency of the Union.
Amendment 676 #
Proposal for a regulation
Article 43 – paragraph 2 – subparagraph 1 – point b
Article 43 – paragraph 2 – subparagraph 1 – point b
(b) if the average outstanding amount of e-money tokens does not exceed EUR 5 000 000, or the corresponding equivalent in another fiat currency, over a period of 12 months, calculated at the end of each calendar day.
Amendment 677 #
Proposal for a regulation
Article 43 – paragraph 2 – subparagraph 2
Article 43 – paragraph 2 – subparagraph 2
Amendment 702 #
Proposal for a regulation
Article 45
Article 45
Amendment 706 #
Proposal for a regulation
Article 46 – paragraph 2 – point a
Article 46 – paragraph 2 – point a
(a) a description of the issuer(s) of e- money tokens, when known;
Amendment 708 #
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 709 #
Proposal for a regulation
Article 46 – paragraph 2 – point b
Article 46 – paragraph 2 – point b
(b) a detailed description of the issuer’s project, and a presentation of the main participants involved in the project's design and development, when known;
Amendment 712 #
Proposal for a regulation
Article 46 – paragraph 2 – point f
Article 46 – paragraph 2 – point f
(f) the risks relating to the issuer of(s) of the e- money issuertokens, the offeror of the e- money tokens, the e-money tokens and the implementation of the project, including the technology;
Amendment 734 #
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
2. Competent authorities of the issuer’ or offeror'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 737 #
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 issuers or offerors of those e-money tokens and the competent authority of the issuer’ or offeror's home Member State. The EBA shall give issuers or offerors 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 741 #
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 issuers or offerors of such e-money tokens and their competent authorities thereof.
Amendment 924 #
Proposal for a regulation
Article 68 – paragraph 8
Article 68 – paragraph 8
8. Crypto-asset service providers that are authorised for the operation of a trading platform for crypto-assets shall complete the final settlement of a crypto-asset transaction on the DLT on the same date aswithin 72hrs of the transactions has been being executed on the trading platform.
Amendment 933 #
Proposal for a regulation
Article 68 – paragraph 10 a (new)
Article 68 – paragraph 10 a (new)
10a. Crypto-asset service providers that are authorised as offerors for the operation of a trading platform and of certain crypto-assets, shall ensure compliance with publication and audit requirements as laid down in this Regulation by having a dedicated page on their website and/or app on the crypto- assets that they offer.
Amendment 934 #
Proposal for a regulation
Article 69 – paragraph 3
Article 69 – paragraph 3
3. Crypto-asset service providers that are authorised for exchanging crypto-assets against fiat currency or other crypto-assets shall, if no fixed price has been agreed, execute the clients' orders at the average prices displayed atbetween the time of their receipt and the time of the execution of the order.
Amendment 971 #
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 978 #
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 981 #
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 989 #
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 1127 #
Proposal for a regulation
Article 122 – paragraph 2 – point j
Article 122 – paragraph 2 – point j
(j) an assessment of whether the scope of crypto-asset services covered by this Regulation is appropriate and whether any adjustment to the definitions set out in this Regulation is needed, and whether any additional innovative crypto-asset forms would need to be added to this regulation;
Amendment 1144 #
Proposal for a regulation
Article 123 – paragraph 2 a (new)
Article 123 – paragraph 2 a (new)
2a. By way of derogation from this Regulation, crypto-assets that are issued or made available and/or traded in the EU or admitted to trading on a trading platform for crypto-assets on or after [please insert the date of entry into application of this Regulation] in accordance with the laws applicable to such crypto assets prior to the date of application of this Regulation, may continue to do so until [please insert date 18 months after the date of application of this Regulation].