BETA

Activities of Aurore LALUCQ related to 2020/0265(COD)

Plenary speeches (1)

Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
2023/04/19
Dossiers: 2020/0265(COD)

Amendments (112)

Amendment 51 #
Proposal for a regulation
Recital 8 a (new)
(8a) This legislation should not apply to crypto-assets that are unique and not fungible with other crypto-assets, such as digital art and collectibles, whose value is inherent in the crypto-asset’s unique characteristics and the utility it gives to the token holder. The fractional parts of a unique and non-fungible crypto-asset should not be considered unique and not fungible. The sole attribution of a unique identifier to a crypto-asset is not sufficient to classify it as unique or not fungible. Similarly, it also does not apply to crypto- assets representing services, digital or physical assets that are unique, indivisible and not fungible, such as product guarantees, personalised products or services, or real estate
2021/06/03
Committee: ECON
Amendment 162 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
(a) financial instrumentinvestment tokens as defined in Article 4(1), point (15), of Directive 2014/65/EU;
2021/06/03
Committee: ECON
Amendment 197 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
(2) ‘crypto-asset’ means a fungible digital representation of value or rights which may be transferred and stored electronically, using distributed ledger technology or similar technology;
2021/06/03
Committee: ECON
Amendment 203 #
Proposal for a regulation
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 tenderas defined in Article 2(2a) of Directive 2009/110/EC;
2021/06/03
Committee: ECON
Amendment 214 #
(6) ‘issuer of crypto-assets’ means any natural or 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-issues crypto- assets;
2021/06/03
Committee: ECON
Amendment 230 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
(7a) ‘offeror’ means any natural or legal person, including the issuer of crypto-assets, which offers crypto-assets to the public;
2021/06/03
Committee: ECON
Amendment 236 #
Proposal for a regulation
Article 3 – paragraph 1 – point 8
(8) ‘crypto-asset service provider’ means any person whose occupation or business is the provision of has been authorised to provide one or more crypto- asset services to third parties on a professional basisin accordance with art.53;
2021/06/03
Committee: ECON
Amendment 279 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
(b) the crypto-assets are automatically created through mining as a reward for the maintenance of the DLT or the validation of transactions;deleted
2021/06/03
Committee: ECON
Amendment 281 #
Proposal for a regulation
Article 4 – paragraph 2 – point c
(c) the crypto-assets are unique and not fungible with other crypto-assets;deleted
2021/06/03
Committee: ECON
Amendment 298 #
Proposal for a regulation
Article 4 – paragraph 3
3. Where the offer to the public of crypto-assets, other than asset-referenced tokens or e-money tokens, concerns utility tokens for agoods or services that is not yet in operation, the duration of the public offer as described in the crypto-asset white paper shall not exceed 12 months.
2021/06/03
Committee: ECON
Amendment 302 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
3a. No additional white paper shall be required in any subsequent offer of crypto-assets or when seeking admission to trading within a period of twelve months from the date of the initial offer as long as a white paper is available in accordance with Article 5, updated in accordance with Article 11, and the offeror responsible for drawing up such white paper consents to its use by means of a written agreement.
2021/06/03
Committee: ECON
Amendment 304 #
Proposal for a regulation
Article 4 – paragraph 3 b (new)
3b. The crypto-asset white paper shall contain a clear and unambiguous statement that: (a) the crypto-assets may lose their value in part or in full; (b) the crypto-assets may not always be transferable; (c) the crypto-assets may not be liquid; (d) where the offer to the public concerns utility tokens, that such utility tokens may not be exchangeable against the good or service promised in the crypto-asset white paper, especially in case of failure or discontinuation of the project; (e) where applicable, public protection schemes protecting the value of crypto assets and public compensation schemes do not exist and crypto-assets are not covered by public investor compensation or deposit guarantee schemes.
2021/06/03
Committee: ECON
Amendment 311 #
Proposal for a regulation
Article 5 – paragraph 1 – point a a (new)
(aa) a detailed description of the issuer, including a summary of key financial information regarding the issuer, a detailed description of the issuer’s project, and a presentation of the main participants involved in the project's design and development;
2021/06/03
Committee: ECON
Amendment 314 #
Proposal for a regulation
Article 5 – paragraph 1 – point a b (new)
(ab) if different from the issuer, the identification of the offeror, a description of the offeror’s relationship with the issuer, and a summary of key financial information regarding the offeror;
2021/06/03
Committee: ECON
Amendment 318 #
Proposal for a regulation
Article 5 – paragraph 1 – point b a (new)
(ba) if different from the issuer and the offeror, the identification of the person which prepared the white paper and the reason why that person prepared the white paper;
2021/06/03
Committee: ECON
Amendment 416 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point e
(e) detailed information on the nature and enforceability of the rights of holders, including any direct(i) redemption right or any claims,s that holders of asset- referenced tokens and any legal or natural person as referred in Article 35(3), may have on thehave against the issuer in accordance with [paragraph 1 of Article 32]; (ii) any other rights that holders of asset- resferve assets or against the issuerenced tokens may have against the issuer or in respect of the reserve assets, including how such rights may be treated in insolvency procedures. ;
2021/06/03
Committee: ECON
Amendment 419 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point f
(f) where the issuer does not offer a direct right on the reserve assets, dedetailed information on the stabiled information on theisation mechanisms referred to in Article 35(4), including, where applicable, any proposed arrangements to ensure the liquidity of the asset-referenced tokens;
2021/06/03
Committee: ECON
Amendment 423 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
For the purposes of point (e), where no direct claim or redemption right has been granted to all the holders of asset- referenced tokens, the crypto-asset white paper shall contain a clear and unambiguous statement that all the holders of the crypto-assets do not have a claim on the reserve assets, or cannot redeem those reserve assets with the issuer at any time.deleted
2021/06/03
Committee: ECON
Amendment 445 #
Proposal for a regulation
Article 19 – paragraph 2 – point c
(c) the applicant issuer’s business model may pose a serious threat to financial stability, monetary policy transmission or monetary sovereignty provided, however, that the competent authority shall act in accordance with the opinion of the ECB or the national central bank of issue of the relevant Union currency as regards the conduct of monetary policy and the promotion of the smooth operation of payment systems.
2021/06/03
Committee: ECON
Amendment 457 #
Proposal for a regulation
Article 21 – paragraph 3 – point b
(b) take any appropriate corrective measures to ensure financial stability. and the proper conduct of monetary policy and the promotion of the smooth operation of payment systems, after having requested and obtained a binding opinion from the ECB and/or the relevant central banks of Member States the currency of which is not the euro, provided, however, that the competent authorities shall act in accordance with such opinions as regards the conduct of monetary policy and the promotion of the smooth operation of payment systems.’
2021/06/03
Committee: ECON
Amendment 504 #
Proposal for a regulation
Article 32 – paragraph 1
1. Issuers of asset-references tokens shall at all times constitute and maintain a reserve of assets. The aggregate value of reserve assets shall always be at least equal to the aggregate face value of the claims on the issuer from holders of asset- referenced tokens in circulation. For the purpose of calculating the aggregate face value of tokenholders’ claims, and for any valuation of the reserve assets under paragraph 5, Article 30(11), point (c) of Article 35(2a), Article 41 and Article 42, the face value of claims, and the value of funds and other reserve assets, including other crypto-assets, shall be expressed in the same official currency.
2021/06/03
Committee: ECON
Amendment 511 #
Proposal for a regulation
Article 32 – paragraph 5
5. Without prejudice to Article 30(11), issuers of asset-referenced tokens shall mandate an independent audit of the reserve assets every six months, as of the date of its authorisation as referred to in Article 19. The result of the audit shall be notified to the competent authority without delay, at the latest within six weeks of the reference date of the valuation. The result of the audit shall be published within two weeks of the date of notification to the competent authority. The competent authority may instruct the issuer to delay the publication in the event that (a) the issuer has been required to implement recovery arrangement or measures in accordance with Article 41a(3); (b) the issuer has been required to implement an orderly wind-down of its activities in accordance with Article 42; (c) it is deemed necessary to protect the economic interests of holders of the asset- referenced token; (d) it is deemed necessary to avoid a significant adverse effect on the financial system of the home Member State or another Member State.
2021/06/03
Committee: ECON
Amendment 538 #
Proposal for a regulation
Article 35 – paragraph 1
1. Issuers 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.deleted
2021/06/03
Committee: ECON
Amendment 540 #
Proposal for a regulation
Article 35 – paragraph 1
1. Issuers of asset-referenced tokens shall establish, maintain and implement clear and detailed policies and procedurredeem these tokens at the request on the rights granted to holders of asset- referenced tokens, including any direct claim or redemption rights on the issf any holder at all times at a price that is not lower than the face valuer of those asset-referenced tokens or on the reserve assetse holder’s claim on the issuer.
2021/06/03
Committee: ECON
Amendment 547 #
Proposal for a regulation
Article 35 – paragraph 2
2. Where holders of asset-referenced tokens are granted rights as referred to in paragraph 1, issuers of asset-referenced tokens shall establish a policy setting out: (a) the conditions, including thresholds, periods and timeframes, for holders of asset-referenced tokens to exercise those rights; (b) the mechanisms and procedures to ensure the redemption of the asset- referenced tokens, including in stressed market circumstances, in case of an orderly wind-down of the issuer of asset- referenced tokens as referred to in Article 42, or in case of a cessation of activities by such issuer; (c) the valuation, or the principles of valuation, of the asset-referenced tokens and of the reserve assets when those rights are exercised by the holder of asset- referenced tokens; (d) the settlement conditions when those rights are exercised; (e) the fees applied by the issuers of asset- referenced tokens when the holders exercise those rights. The fees referred to in point (e) shall be proportionate and commensurate with the actual costs incurred by the issuers of asset-referenced tokens.deleted
2021/06/03
Committee: ECON
Amendment 548 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
2. Where holdersBy way of derogation from paragraph 1: (a) the issuer of an asset- referenced tokens are granted rights as referred to in paragraph 1, itoken may, in accordance with the applicable national law and subject to the conditions set out in the crypto-asset white paper, temporarily suspend the redemption of its tokens. In the event of a temporary suspension, the issuer shall, without delay, communicate its decision to its home Member State competent authorities. (b) the issuer’s home Member State may allow its competent authorities to require the suspension of the redemption of tokens in the interest of the tokenholders or of the public. The temporary suspension referred to in point (a) of the first subparagraph shall be provided for only in exceptional cases where circumstances so require and where suspension is justified having regard to the interests of the tokenholders. Issuers of asset-referenced tokens shall establish a policy setting out:
2021/06/03
Committee: ECON
Amendment 565 #
Proposal for a regulation
Article 35 – paragraph 2 –subparagraph 1 – point e
(e) the fees applied by the issuers of asset-referenced tokens when the holders exercise those rights.deleted
2021/06/03
Committee: ECON
Amendment 568 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 2
The fees referred to in point (e) shall be proportionate and commensurate with the actual costs incurred by the issuers of asset-referenced tokens.deleted
2021/06/03
Committee: ECON
Amendment 573 #
Proposal for a regulation
Article 35 – paragraph 3
3. Where issuers of asset-referenced tokens do not grant rights as referred to in paragraph 1 to all the holders of asset- referenced tokens, the detailed policies and procedures shall specify the natural or legal persons that are provided with such rights. The detailed policies and procedures shall also specify the conditions for exercising such rights and the obligations imposed on those persons. Issuers of asset-referenced tokens shall establish and maintain appropriate contractual arrangements with those natural or legal persons who are granted such rights. Those contractual arrangements shall precisely set out the roles, responsibilities, rights and obligations of the issuers of asset- referenced tokens and each of those natural or legal persons. A contractual arrangement with cross-jurisdictional implications shall provide for an unambiguous choice of law.deleted
2021/06/03
Committee: ECON
Amendment 574 #
Proposal for a regulation
Article 35 – paragraph 3
3. Where issuers of asset-referenced tokens do not grant rights as referred to in paragraph 1 to all the holders of asset- referenced tokens, the detailed policies and procedures shall specify the natural or legal persons that are provided with such rights. The detailed policies and procedures shall also specify the conditions for exercising such rights and the obligations imposed on those persons. Issuers of asset-referenced tokens shall establish and maintain appropriate contractual arrangements with those natural or legal persons who are granted such rights. Those contractual arrangements shall precisely set out the roles, responsibilities, rights and obligations of the issuers of asset- referenced tokens and each of those natural or legal persons. A contractual arrangement with cross-jurisdictional implications shall provide for an unambiguous choice of law.deleted
2021/06/03
Committee: ECON
Amendment 578 #
Proposal for a regulation
Article 35 – paragraph 4
4. Issuers of asset-referenced tokens that do not grant rights as referred to in paragraph 1 to all the holders of such asset-referenced tokens shall put in place mechanisms to ensure the liquidity of the asset-referenced tokens. For that purpose, they shall establish and maintain written agreements with crypto-asset service providers authorised for the crypto-asset service referred to in Article 3(1) point (12). The issuer of asset-referenced tokens shall ensure that a sufficient number of crypto-asset service providers are required to post firm quotes at competitive prices on a regular and predictable basis. Where the market value of asset- referenced tokens varies significantly from the value of the reference assets or the reserve assets, the holders of asset- referenced tokens shall have the right to redeem the crypto-assets from the issuer of crypto-assets directly. In that case, any fee applied for such redemption shall be proportionate and commensurate with the actual costs incurred by the issuer of asset-referenced tokens. The issuer shall establish and maintain contractual arrangements to ensure that the proceeds of the reserve assets are paid to the holders of asset-referenced tokens, where the issuer decides to stop operating or where it has been placed under an orderly wind-down, or when its authorisation has been withdrawn.deleted
2021/06/03
Committee: ECON
Amendment 580 #
Proposal for a regulation
Article 35 – paragraph 4
4. Issuers of asset-referenced tokens that do not grant rights as referred to in paragraph 1 to all the holders of such asset-referenced tokens shall put in place mechanisms to ensure the liquidity of the asset-referenced tokens. For that purpose, they shall establish and maintain written agreements with crypto-asset service providers authorised for the crypto-asset service referred to in Article 3(1) point (12). The issuer of asset-referenced tokens shall ensure that a sufficient number of crypto-asset service providers are required to post firm quotes at competitive prices on a regular and predictable basis. Where the market value of asset- referenced tokens varies significantly from the value of the reference assets or the reserve assets, the holders of asset- referenced tokens shall have the right to redeem the crypto-assets from the issuer of crypto-assets directly. In that case, any fee applied for such redemption shall be proportionate and commensurate with the actual costs incurred by the issuer of asset-referenced tokens. The issuer shall establish and maintain contractual arrangements to ensure that the proceeds of the reserve assets are paid to the holders of asset-referenced tokens, where the issuer decides to stop operating or where it has been placed under an orderly wind-down, or when its authorisation has been withdrawn.deleted
2021/06/03
Committee: ECON
Amendment 583 #
Proposal for a regulation
Article 35 – paragraph 4 – subparagraph 2
Where the market value of asset- referenced tokens varies significantly from the value of the reference assets or the reserve assets, the holders of asset- referenced tokens shall have the right to redeem the crypto-assets from the issuer of crypto-assets directly. In that case, any fee applied for such redemption shall be proportionate and commensurate with the actual costs incurred by the issuer of asset-referenced tokens.deleted
2021/06/03
Committee: ECON
Amendment 587 #
Proposal for a regulation
Article 35 – paragraph 4 a (new)
4a. If issuers offer holders the possibility to acquire and redeem the token by paying in funds the sum equivalent to the market value of the assets referenced by the token, the issuer shall establish policies and procedures to: (a) Ensure a fair and transparent valuation by an independent person of the assets referenced by the assets referenced tokens; (b) adequately manage increase or decreases of the reserve to avoid any adverse impacts on the market of the assets included in the reserve. If issuers, when selling an asset -reference token, accept a payment in funds denominated in a given official currency of a country, they shall always provide the option to redeem the token in funds denominated in the same official currency.
2021/06/03
Committee: ECON
Amendment 588 #
Proposal for a regulation
Article 35 – paragraph 5
5. The EBA shall, in close cooperation with ESMA, develop draft regulatory technical standards specifying: (a) the obligations imposed on the crypto- asset service providers ensuring the liquidity of asset-referenced tokens as set out in the first subparagraph of paragraph 4; (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 right. EBA shall submit those draft regulatory technical standards to the Commission by ... [please insert 12 months after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.deleted
2021/06/03
Committee: ECON
Amendment 596 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – point b a (new)
(ba) (c) the conditions which need to be met by the issuer after the adoption of the temporary suspension of the redemption of tokens as referred to in paragraph 2(a), once the suspension has been decided.
2021/06/03
Committee: ECON
Amendment 600 #
Proposal for a regulation
Article 35 a (new)
Article 35a 1. Holders of asset-referenced tokens shall be provided with a claim on the issuer of such asset-referenced tokens or on the reserve assets. Any asset- referenced token that does not provide all holders with a claim shall be prohibited. Issuers of asset-referenced tokens shall establish a policy setting out: (a) the conditions, including thresholds, periods and timeframes, for holders of asset-referenced tokens to exercise those rights; (b) the mechanisms and procedures to ensure the redemption of the asset- referenced tokens, including in stressed market circumstances, in case of an orderly wind-down of the issuer of asset- referenced tokens as referred to in Article 42, or in case of a cessation of activities by such issuer; (c) the valuation, or the principles of valuation, of the asset-referenced tokens and of the reserve assets when those rights are exercised by the holder of asset- referenced tokens; (d) the settlement conditions when those rights are exercised.
2021/06/03
Committee: ECON
Amendment 658 #
Proposal for a regulation
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, issuers 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 resilient liquidity profile that enable issuer of significant asset- referenced tokens to continue operating normally, including under liquidity stressed scenarios. 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. 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.’ .
2021/06/03
Committee: ECON
Amendment 661 #
Proposal for a regulation
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.
2021/06/03
Committee: ECON
Amendment 666 #
Proposal for a regulation
Article 41 – paragraph 6 a (new)
6a. The EBA, in close cooperation with ESMA, shall issue guidelines with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests in accordance with paragraphs 3 and 4. The guidelines should be updated periodically taking into account the latest market developments.’
2021/06/03
Committee: ECON
Amendment 671 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2
For the purpose of point (a), an ‘electronic money institution’ as defined in Article 2(1) of Directive 2009/110/EC shall be authorised to issue ‘e-money tokens’ and e-money tokens shall be deemed to be ‘electronic money’ as defined in Article 2(2) of Directive 2009/110/EC.deleted
2021/06/03
Committee: ECON
Amendment 696 #
Proposal for a regulation
Article 44 – paragraph 6
6. Redemption may be subject to a fee only if stated in the crypto-asset white paper. Any such fee shall be propor and only in any of the following cases: (a) where redemption is requested before the termination of the contract; (b) where the contract provides for a termination date and commensurate with the actual costs incurred by issuers of e-money tokensthe electronic money holder terminates the contract before that date; or (c) where redemption is requested more than one year after the date of termination of the contract.
2021/06/03
Committee: ECON
Amendment 732 #
Proposal for a regulation
Article 50 – paragraph 1
1. The EBA after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro 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 threewo of those criteria are met.
2021/06/03
Committee: ECON
Amendment 733 #
Proposal for a regulation
Article 50 – paragraph 2
2. Competent authorities of the issuer’s home Member State shall provide the EBA, the ECB and the relevant central banks of Member States whose currency is not the euro 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.
2021/06/03
Committee: ECON
Amendment 739 #
Proposal for a regulation
Article 50 – paragraph 3
3. Where the EBA, after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro, 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 of those e- money tokens and the competent authority of the issuer’s home Member State. The EBA shall give issuers of such e-money tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBA, after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro, shall duly consider those observations and comments.
2021/06/03
Committee: ECON
Amendment 747 #
Proposal for a regulation
Article 51 – paragraph 2 – subparagraph 1
2. Where, on the basis of the programme of operation, the EBA, after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro, is of the opinion that the e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBA shall prepare a draft decision to that effect and notify that draft decision to the competent authority of the issuer or applicant issuer’s home Member State. The EBA shall give the competent authority of the issuer or applicant issuer’s home Member State the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBA, after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro, shall duly consider those observations and comments.
2021/06/03
Committee: ECON
Amendment 751 #
Proposal for a regulation
Article 51 – paragraph 3 – subparagraph 1
3. Where, on the basis of the programme of operation, the EBA after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro is of the opinion that the e-money tokens do not meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBA shall prepare a draft decision to that effect and notify that draft decision to the issuer or applicant issuer and the competent authority of the issuer or applicant issuer’s home Member State.
2021/06/03
Committee: ECON
Amendment 755 #
Proposal for a regulation
Article 51 – paragraph 4
4. 4. The EBA, after consultation of the ECB and the relevant central banks of Member States whose currency is not the euro, shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 1 and immediately notify the issuers or applicant issuer of such e-money tokens and their competent authorities thereof. The decision shall be immediately notified to the issuer or applicant issuer of e-money tokens and to the competent authority of its home Member State.
2021/06/03
Committee: ECON
Amendment 761 #
Proposal for a regulation
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 beean authorised as crypto-asation which allows them to provide thoset service providers in accordance with Article 553a.
2021/06/03
Committee: ECON
Amendment 765 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 2
Crypto-asset service providers shall, at all times, meet the conditions for their authorisation. Such authorisation shall be granted by the competent authority of the home Member State,.
2021/06/03
Committee: ECON
Amendment 768 #
Proposal for a regulation
Article 53 – paragraph 2
2. Competent authorities that grant an authorisation under Article 55 shall ensure that such authorisation specifies the crypto-asset services that crypto-asset service providers are authorised to provide.deleted
2021/06/03
Committee: ECON
Amendment 769 #
Proposal for a regulation
Article 53 – paragraph 2 a (new)
2a. The authorisation as a crypto-asset service provider referred to in paragraph 1 shall be valid for the entire Union and shall allow crypto-asset service providers to provide throughout the Union the crypto-asset services for which they have been authorised, either through the right of establishment, including through a branch, or through the freedom to provide services. Crypto-asset service providers that provide crypto-asset services on a cross-border basis shall not be required to have a physical presence in the territory of a host Member State.
2021/06/03
Committee: ECON
Amendment 773 #
Proposal for a regulation
Article 53 – paragraph 4
4. Crypto-asset service providers seeking to add crypto-asset services to their authorisation shall request the competent authorities that granted the authorisation for an extension of their authorisation by complementing and updating the information referred to in Article 54. The request for extension shall be processed in accordance with Article 55.
2021/06/03
Committee: ECON
Amendment 774 #
1. Legal persons that intend to provide crypto-asset services shall apply for authorisation as a crypto-asset service provider to the competent authority of the Member State where they have their registered office.deleted
2021/06/03
Committee: ECON
Amendment 777 #
Proposal for a regulation
Article 54 – paragraph 2 – point a
(a) the name, including the legal name and any other commercial name to be used, the legal entity identifier of the applicant crypto-asset service provider, the website operated by that provider, and its physical address;deleted
2021/06/03
Committee: ECON
Amendment 780 #
Proposal for a regulation
Article 54 – paragraph 2 – point b
(b) the legal status of the applicant crypto-asset service provider;deleted
2021/06/03
Committee: ECON
Amendment 781 #
Proposal for a regulation
Article 54 – paragraph 2 – point c
(c) the articles of association of the applicant crypto-asset service provider;deleted
2021/06/03
Committee: ECON
Amendment 782 #
Proposal for a regulation
Article 54 – paragraph 2 – point d
(d) a programme of operations setting out the types of crypto-asset services that the applicant crypto-asset service provider wishes to provide, including where and how these services are to be markdeleted;
2021/06/03
Committee: ECON
Amendment 783 #
Proposal for a regulation
Article 54 – paragraph 2 – point e
(e) a description of the applicant crypto-asset service provider’s governance arrangements;deleted
2021/06/03
Committee: ECON
Amendment 785 #
Proposal for a regulation
Article 54 – paragraph 2 – point f
(f) for all natural persons involved in the management body of the applicant crypto-asset service provider, and for all natural persons who, directly or indirectly, hold 20% or more of the share capital or voting rights, proof of the absence of a criminal record in respect of infringements of national rules in the fields of commercial law, insolvency law, financial services law, anti-money laundering law, counter-terrorism legislation, and professional liability obligations;deleted
2021/06/03
Committee: ECON
Amendment 788 #
Proposal for a regulation
Article 54 – paragraph 2 – point g
(g) proof that the natural persons involved in the management body of the applicant crypto-asset service provider collectively possess sufficient knowledge, skills and experience to manage that provider and that those natural persons are required to commit sufficient time to the performance of their duties;deleted
2021/06/03
Committee: ECON
Amendment 792 #
Proposal for a regulation
Article 54 – paragraph 2 – point h
(h) a description of the applicant crypto-asset service provider’s internal control mechanism, procedure for risk assessment and business continuity plan;deleted
2021/06/03
Committee: ECON
Amendment 793 #
Proposal for a regulation
Article 54 – paragraph 2 – point i
(i) descriptions both in technical and non-technical language of applicant crypto-asset service provider’s IT systems and security arrangements;deleted
2021/06/03
Committee: ECON
Amendment 794 #
Proposal for a regulation
Article 54 – paragraph 2 – point j
(j) proof that the applicant crypto- asset service provider meets the prudential safeguards in accordance with Article 60;deleted
2021/06/03
Committee: ECON
Amendment 795 #
Proposal for a regulation
Article 54 – paragraph 2 – point k
(k) a description of the applicant crypto-asset service provider’s procedures to handle complaints from clients;deleted
2021/06/03
Committee: ECON
Amendment 796 #
Proposal for a regulation
Article 54 – paragraph 2 – point l
(l) a description of the procedure for the segregation of client’s crypto-assets and funds;deleted
2021/06/03
Committee: ECON
Amendment 797 #
Proposal for a regulation
Article 54 – paragraph 2 – point m
(m) a description of the procedure and system to detect market abuse.deleted
2021/06/03
Committee: ECON
Amendment 801 #
Proposal for a regulation
Article 54 – paragraph 2 – point n
(n) where the applicant crypto-asset service provider intends to ensure the custody and administration of crypto- assets on behalf of third parties, a description of the custody policy;deleted
2021/06/03
Committee: ECON
Amendment 802 #
Proposal for a regulation
Article 54 – paragraph 2 – point o
(o) where the applicant crypto-asset service provider intends to operate a trading platform for crypto-assets, a description of the operating rules of the trading platform;deleted
2021/06/03
Committee: ECON
Amendment 803 #
Proposal for a regulation
Article 54 – paragraph 2 – point p
(p) where the applicant crypto-asset service provider intends to exchange crypto-assets for fiat currency or crypto- assets for other crypto-assets, a description of the non-discriminatory commercial policy;deleted
2021/06/03
Committee: ECON
Amendment 806 #
Proposal for a regulation
Article 54 – paragraph 2 – point q
(q) where the applicant crypto-asset service provider intends to execute orders for crypto-assets on behalf of third parties, a description of the execution policy;deleted
2021/06/03
Committee: ECON
Amendment 807 #
Proposal for a regulation
Article 54 – paragraph 2 – point r
(r) where the applicant intends to receive and transmit orders for crypto- assets on behalf of third parties, proof that the natural persons giving advice on behalf of the applicant crypto-asset service provider have the necessary knowledge and expertise to fulfil their obligations.deleted
2021/06/03
Committee: ECON
Amendment 811 #
Proposal for a regulation
Article 54 – paragraph 3
3. Competent authorities shall not require an applicant crypto-asset service provider to provide any information they have already received pursuant to Directive 2009/110/EC, Directive 2014/65/EU, Directive 2015/2366/EU or national law applicable to crypto-asset services prior to the entry into force of this Regulation, provided that such information or documents are still up-to- date and are accessible to the competent authorities.deleted
2021/06/03
Committee: ECON
Amendment 812 #
Proposal for a regulation
Article 55 – paragraph 1
1. Competent authorities shall, within 25 working days of receipt of the application referred to in Article 54(1), assess whether that application is complete by checking that the information listed in Article 54(2) has been submitted. Where the application is not complete, the authorities shall set a deadline by which the applicant crypto-asset service providers are to provide the missing information.deleted
2021/06/03
Committee: ECON
Amendment 815 #
Proposal for a regulation
Article 55 – paragraph 2
2. Competent authorities may refuse to review applications where such applications remain incomplete after the deadline referred to in paragraph 1.deleted
2021/06/03
Committee: ECON
Amendment 817 #
Proposal for a regulation
Article 55 – paragraph 3
3. Competent authorities shall immediately notify applicant crypto-asset service providers of the fact that an application is complete.deleted
2021/06/03
Committee: ECON
Amendment 818 #
Proposal for a regulation
Article 55 – paragraph 4
4. Before granting or refusing to an authorisation as a crypto-asset service provider, competent authorities shall consult the competent authorities of another Member State in any of the following cases: (a) the applicant crypto-asset service provider is a subsidiary of a crypto-asset service provider authorised in that other Member State; (b) the applicant crypto-asset service provider is a subsidiary of the parent undertaking of a crypto-asset service provider authorised in that other Member State; (c) the applicant crypto-asset service provider is controlled by the same natural or legal persons who control a crypto- asset service provider authorised in that other Member State.deleted
2021/06/03
Committee: ECON
Amendment 819 #
Proposal for a regulation
Article 55 – paragraph 4 – point a
(a) the applicant crypto-asset service provider is a subsidiary of a crypto-asset service provider authorised in that other Member State;deleted
2021/06/03
Committee: ECON
Amendment 820 #
Proposal for a regulation
Article 55 – paragraph 4 – point b
(b) the applicant crypto-asset service provider is a subsidiary of the parent undertaking of a crypto-asset service provider authorised in that other Member State;deleted
2021/06/03
Committee: ECON
Amendment 821 #
Proposal for a regulation
Article 55 – paragraph 5
5. Competent authorities shall, within three months from the date of receipt of a complete application, assess whether the applicant crypto-asset service provider complies with the requirements of this Title and shall adopt a fully reasoned decision granting or refusing an authorisation as a crypto-asset service provider. That assessment shall take into account the nature, scale and complexity of the crypto-asset services that the applicant crypto-asset service provider intends to provide. Competent authorities may refuse authorisation where there are objective and demonstrable grounds for believing that: (a) the management body of the applicant crypto-asset service provider poses a threat to its effective, sound and prudent management and business continuity, and to the adequate consideration of the interest of its clients and the integrity of the market; (b) the applicant fails to meet or is likely to fail to meet any requirements of this Title.deleted
2021/06/03
Committee: ECON
Amendment 825 #
Proposal for a regulation
Article 55 – paragraph 6
6. Competent authorities shall inform ESMA of all authorisations granted under this Article. ESMA shall add all the information submitted in successful applications to the register of authorised crypto-asset service providers provided for in Article57. ESMA may request information in order to ensure that competent authorities grant authorisations under this Article in a consistent manner.deleted
2021/06/03
Committee: ECON
Amendment 827 #
Proposal for a regulation
Article 55 – paragraph 7
7. Competent authorities shall notify applicant crypto-asset service providers of their decisions to grant or to refuse authorisation within three working days of the date of that decision.deleted
2021/06/03
Committee: ECON
Amendment 828 #
Proposal for a regulation
Article 56 – paragraph 1
1. Competent authorities shall withdraw the authorisations in any of the following situations the crypto-asset service provider: (a) has not used its authorisation within 18 months of the date of granting of the authorisation; (b) has expressly renounced to its authorisation; (c) has not provided crypto-asset services for nine successive months; (d) has obtained its authorisation by irregular means, including making false statements in its application for authorisation; (e) no longer meets the conditions under which the authorisation was granted and has not taken the remedial actions requested by the competent authority within a set-time frame; (f) has seriously infringed this Regulation.deleted
2021/06/03
Committee: ECON
Amendment 830 #
Proposal for a regulation
Article 56 – paragraph 2
2. Competent authorities shall also have the power to withdraw authorisations in any of the following situations: (a) the crypto-asset service provider or the members of its management body have infringed national law implementing Directive (EU) 2015/84962 in respect of money laundering or terrorist financing; (b) the crypto-asset service provider has lost its authorisation as a payment institution in accordance with Article 13 of Directive (EU) 2015/2366 or its authorisation as an electronic money institution granted in accordance with Title II of Directive 2009/110/EC and that crypto-asset service provider has failed to remedy the situation within 40 calendar days. _________________ 62 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73–117)deleted
2021/06/03
Committee: ECON
Amendment 831 #
Proposal for a regulation
Article 56 – paragraph 3
3. Where a competent authority withdraws an authorisation, the competent authority designated as a single point of contact in that Member State in accordance with Article 81 shall notify ESMA and the competent authorities of the host Member States thereof without undue delay. ESMA shall register the information on the withdrawal of the authorisation in the register referred to in Article 57.deleted
2021/06/03
Committee: ECON
Amendment 832 #
Proposal for a regulation
Article 56 – paragraph 4
4. Competent authorities may limit the withdrawal of authorisation to a particular service.deleted
2021/06/03
Committee: ECON
Amendment 833 #
Proposal for a regulation
Article 56 – paragraph 5
5. Before withdrawing an the authorisation, competent authorities shall consult the competent authority of another Member State where the crypto- asset service provider concerned is: (a) a subsidiary of a crypto-asset service provider authorised in that other Member State; (b) a subsidiary of the parent undertaking of a crypto-asset service provider authorised in that other Member State; (c) controlled by the same natural or legal persons who control a crypto-asset service provider authorised in that other Member State.deleted
2021/06/03
Committee: ECON
Amendment 834 #
6. The EBA, ESMA and any competent authority of a host Member State may at any time request that the competent authority of the home Member State examines whether the crypto-asset service provider still complies with the conditions under which the authorisation was granted.deleted
2021/06/03
Committee: ECON
Amendment 835 #
Proposal for a regulation
Article 56 – paragraph 7
7. Crypto-asset service providers shall establish, implement and maintain adequate procedures ensuring the timely and orderly transfer of the clients’ crypto- assets and funds to another crypto-asset service provider when an authorisation is withdrawn.deleted
2021/06/03
Committee: ECON
Amendment 845 #
Proposal for a regulation
Article 60 – paragraph 1 – introductory part
1. Crypto-asset service providers shall, at all times, have in place prudential safeguards equal to an amount of at least the higher of the followingmeet, at least, the requirement for own funds and eligible liabilities, as applicable:
2021/06/03
Committee: ECON
Amendment 850 #
Proposal for a regulation
Article 60 – paragraph 2
2. The prudential safeguards referred to in paragraph 1 shall take any of the following forms: (a) own funds, consisting of Common Equity Tier 1 items referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions pursuant to Articles 46 and 48 of that Regulation; (b) an insurance policy covering the territories of the Union where crypto-asset services are actively provided or a comparable guarantee.deleted
2021/06/03
Committee: ECON
Amendment 851 #
Proposal for a regulation
Article 60 – paragraph 2 – point a
(a) own funds, consisting of Common Equity Tier 1 items referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions pursuant to Articles 46 and 48 of that Regulationfor credit institutions authorised to provide crypto-asset services in accordance with para. 1 of Article 53a the requirements for own funds and eligible liabilities in accordance with Regulation (EU) 575/2013 and Directive 2013/36/EU;
2021/06/03
Committee: ECON
Amendment 852 #
Proposal for a regulation
Article 60 – paragraph 2 – point b
(b) an insurance policy covering the territories of the Union where crypto-asset services are actively provided or a comparable guarantee.for investment firms authorised to provide crypto-asset services in accordance with para. 2, 4 or 5 of Article 53a the requirements for initial capital and own funds in accordance with Regulation (EU) 2019/2033 and Directive 2019/2034/EU;
2021/06/03
Committee: ECON
Amendment 853 #
Proposal for a regulation
Article 60 – paragraph 2 – point b a (new)
(ba) (c) firms authorised to provide crypto-asset services in accordance with para. 3 of Article 53a the requirements for initial capital and own funds in accordance with Directive 2009/110/EC.
2021/06/03
Committee: ECON
Amendment 854 #
Proposal for a regulation
Article 60 – paragraph 3
3. Crypto-asset service providers that have not been in business for one year from the date on which they started providing services shall use, for the calculation referred to in paragraph 1, point (b), the projected fixed overheads included in their projections for the first 12 months’ of service provision, as submitted with their application for authorisation.deleted
2021/06/03
Committee: ECON
Amendment 857 #
Proposal for a regulation
Article 60 – paragraph 4
4. The insurance policy referred to in paragraph 2 shall have at least all of the following characteristics: (a) it has an initial term of no less than one year; (b) the notice period for its cancellation is at least 90 days; (c) it is taken out from an undertaking authorised to provide insurance, in accordance with Union law or national law; (d) it is provided by a third-party entity.deleted
2021/06/03
Committee: ECON
Amendment 861 #
Proposal for a regulation
Article 60 – paragraph 5
5. The insurance policy referred to in paragraph 2, point (b) shall include, coverage against the risk of: (a) loss of documents; (b) misrepresentations or misleading statements made; (c) acts, errors or omissions resulting in a breach of: i) legal and regulatory obligations; ii) the duty to act honestly, fairly and professionally towards clients; iii) obligations of confidentiality; (d) failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest; (e) losses arising from business disruption or system failures; (f) where applicable to the business model, gross negligence in safeguarding of clients’ crypto-assets and funds.deleted
2021/06/03
Committee: ECON
Amendment 863 #
Proposal for a regulation
Article 60 – paragraph 6
6. For the purposes of paragraph 1 point (b), crypto-asset service providers shall calculate their fixed overheads for the preceding year, using figures resulting from the applicable accounting framework, by subtracting the following items from the total expenses after distribution of profits to shareholders in their most recently audited annual financial statements or, where audited statements are not available, in annual financial statements validated by national supervisors: (a) staff bonuses and other remuneration, to the extent that those bonuses and that remuneration depend on a net profit of the crypto-asset service providers in the relevant year; (b) employees', directors' and partners' shares in profits; (c) other appropriations of profits and other variable remuneration, to the extent that they are fully discretionary; (d) non-recurring expenses from non- ordinary activities.deleted
2021/06/03
Committee: ECON
Amendment 935 #
Proposal for a regulation
Article 70 – paragraph 1
1. Crypto-asset service providers that are authorised to execute orders for crypto- assets on behalf of third parties shall take all necessary steps to obtain, when executing orders, the best possible result for their clients taking into account the best execution factors of price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order, unless the crypto-asset service provider concerned executes orders for crypto-assets following specific instructions given by its clients. Where a crypto-asset service provider executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing the price of the crypto-assets and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.
2021/06/03
Committee: ECON
Amendment 937 #
Proposal for a regulation
Article 70 – paragraph 1
1. Crypto-asset service providers that are authorised to execute orders for crypto- assets on behalf of third parties shall take all necessary steps to obtain, when executing orders, the best possible result for their clients taking into account the best execution factors of price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order, unless the crypto-asset service provider concerned executes orders for crypto-assets following specific instructions given by its clients. Where a crypto-asset service provider executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing the price of the crypto-assets and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.
2021/06/03
Committee: ECON
Amendment 939 #
Proposal for a regulation
Article 70 – paragraph 3
3. Crypto-asset service providers that are authorised to execute orders for crypto- assets on behalf of third parties shall provide appropriate and clear information to their clients on their order execution policy and any significant change to it.ask the client or potential client to provide information regarding that person’s knowledge and experience in crypto- assets, the client’s objectives, risk tolerance, financial situation including the ability to bear losses, and basic understanding of risks involved in purchasing crypto-assets so as to enable the crypto-asset service provider to assess whether the crypto-asset envisaged is appropriate for the client. Where the crypto-asset service provider considers, on the basis of the information received under the first subparagraph, that the crypto-asset is not appropriate to the client or potential client, it shall warn the client or potential client
2021/06/03
Committee: ECON
Amendment 941 #
Proposal for a regulation
Article 70 – paragraph 3 a (new)
3a. Crypto-asset service providers that are authorised to execute orders for crypto-assets on behalf of third parties shall ask the client or potential client to provide information regarding that person’s knowledge and experience in crypto-assets, the client’s objectives, risk tolerance, financial situation including the ability to bear losses, and basic understanding of risks involved in purchasing crypto-assets so as to enable the crypto-asset service provider to assess whether the crypto-asset envisaged is appropriate for the client. Where the crypto-asset service provider considers, on the basis of the information received under the first subparagraph, that the crypto-asset is not appropriate to the client or potential client, it shall warn the client or potential client.
2021/06/03
Committee: ECON
Amendment 943 #
Proposal for a regulation
Article 71 – paragraph 2 – point b a (new)
(ba) c. incentives paid by the issuer to the crypto asset service provider.
2021/06/03
Committee: ECON
Amendment 947 #
Proposal for a regulation
Article 73 – paragraph 1
1. Crypto-asset service providers that are authorised to provide advice on crypto- assets shall assess whether compatibility of such crypto-assets with the needs of the clients and recommend them only when this is in the interest of the clientrypto-asset services or crypto-assets are suitable for the clients, considering the clients’ knowledge and experience in crypto- assets, objectives and ability to bear losses.
2021/06/03
Committee: ECON
Amendment 949 #
Proposal for a regulation
Article 73 – paragraph 1
1. Crypto-asset service providers that are authorised to provide advice on crypto- assets shall assess the compatibility of such crypto-assets with the needs of the clients and recommend them only when this is in the interest of the clientrequirements and preferences of the client or potential client and recommend them only when they are suitable for the client or potential client and, in particular, are in accordance with his or her risk tolerance and ability to bear losses.
2021/06/03
Committee: ECON
Amendment 951 #
Proposal for a regulation
Article 73 – paragraph 1 a (new)
1a. Crypto-asset service providers that are authorised to provide advice on crypto-assets shall in good time before providing advice on crypto-assets inform potential clients: (a) whether or not the advice is provided on an independent basis; (b) whether the advice is based on a broad or on a more restricted analysis of different crypto-assets and, in particular, whether the range is limited to crypto- assets issued or offered by entities having close links with the crypto-asset service provider or any other legal or economic relationships, such as contractual relationships, so close as to pose a risk of impairing the independent basis of the advice provided; Crypto-asset service providers shall also provide potential clients with information on all costs and associated charges, including the cost of advice, where relevant, the cost of crypto-assets recommended or marketed to the client and how the client may pay for it, also encompassing any third-party payments.
2021/06/03
Committee: ECON
Amendment 952 #
Proposal for a regulation
Article 73 – paragraph 1 a (new)
1a. Crypto-asset service providers that are authorised to provide advice on crypto-assets shall in good time before providing advice on crypto-assets inform potential clients: (a) whether or not the advice is provided on an independent basis; (b) whether the advice is based on a broad or on a more restricted analysis of different crypto-assets and, in particular, whether the range is limited to crypto- assets issued or offered by entities having close links with the crypto-asset service provider or any other legal or economic relationships, such as contractual relationships, so close as to pose a risk of impairing the independent basis of the advice provided; Crypto-asset service providers shall also provide potential clients with information on all costs and associated charges, including the cost of advice, where relevant, the cost of crypto-assets recommended or marketed to the client and how the client may pay for it, also encompassing any third-party payments.
2021/06/03
Committee: ECON
Amendment 955 #
Proposal for a regulation
Article 73 – paragraph 3 – subparagraph 1
3. For the purposes of the assessment referred to in paragraph 1, crypto-asset service providers that are authorised to provide advice on crypto-assets shall request information about the client or prospectiveotential client’s knowledge of, and experience in crypto-assets, the clients' objectives, financial situation including risk tolerance, financial situation including the ability to bear losses, and a basic understanding of risks involved in purchasing crypto-assets. Crypto-asset service providers that are authorised to provide advice on crypto-assets shall warn clients that, due to their nature, (a) the crypto-assets may lose their value in part or in full; (b) the crypto-assets may not always be transferable; (c) the crypto-assets may not be liquid; (d) the value of crypto-assets may fluctuate; (e) where applicable, public protection schemes protecting the value of crypto assets and public compensation schemes do not exist and crypto-assets are not covered by public investor compensation or deposit guarantee schemes.
2021/06/03
Committee: ECON
Amendment 957 #
Proposal for a regulation
Article 73 – paragraph 3 a (new)
3a. For the purposes of the assessment referred to in paragraph 1, crypto-asset service providers that are authorised to provide advice on crypto-assets shall request information about the client or potential client’s knowledge of, and experience in crypto-assets, the clients' objectives, financial situation including risk tolerance, financial situation including the ability to bear losses, and basic understanding of risks involved in purchasing crypto-assets. Crypto-asset service providers that are authorised to provide advice on crypto- assets shall warn clients that, due to their nature, (a) the crypto-assets may lose their value in part or in full; (b) the crypto-assets may not always be transferable; (c) the crypto-assets may not be liquid; (d) the value of crypto-assets may fluctuate; (e) where applicable, public protection schemes protecting the value of crypto assets and public compensation schemes do not exist and crypto-assets are not covered by public investor compensation or deposit guarantee schemes.
2021/06/03
Committee: ECON
Amendment 958 #
Proposal for a regulation
Article 73 – paragraph 4
4. Crypto-asset service providers that are authorised to provide advice on crypto- assets shall establish, maintain and implement policies and procedures to enable them to collect and assess all information necessary to conduct this assessment for each client. They shall take reasonable steps to ensure that the information collected about their clients or prospectiveotential clients is reliable.
2021/06/03
Committee: ECON
Amendment 960 #
Proposal for a regulation
Article 73 – paragraph 5
5. Where clients do not provide the information required pursuant to paragraph 4, or where crypto-asset service providers that are authorised to provide advice on crypto-assets consider, on the basis of the information received under paragraph 4, that the prospectiveotential clients or clients have insufficient knowledge, crypto-asset service providers that are authorised to provide advice on crypto-assets shall inform those clients or prospectiveotential clients that the crypto-assets or crypto-asset services may be inappropriatnot be suitable for them and issue them a warning on the risks associated with crypto-assets. That risk warning shall clearly state the risk of losing the entirety of the money invested or converted into crypto-assets. Clients shall expressly acknowledge that they have received and understood the warning issued by the crypto-asset service provider concerned.
2021/06/03
Committee: ECON
Amendment 961 #
(a) specify the clients’ demands and needrequirements and preferences;
2021/06/03
Committee: ECON