112 Amendments of Aurore LALUCQ related to 2020/0265(COD)
Amendment 51 #
Proposal for a regulation
Recital 8 a (new)
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
Amendment 162 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) financial instrumentinvestment tokens as defined in Article 4(1), point (15), of Directive 2014/65/EU;
Amendment 197 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
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;
Amendment 203 #
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 tenderas defined in Article 2(2a) of Directive 2009/110/EC;
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;
Amendment 230 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
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;
Amendment 236 #
Proposal for a regulation
Article 3 – paragraph 1 – point 8
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;
Amendment 279 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
Amendment 281 #
Proposal for a regulation
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
Amendment 298 #
Proposal for a regulation
Article 4 – paragraph 3
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.
Amendment 302 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
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.
Amendment 304 #
Proposal for a regulation
Article 4 – paragraph 3 b (new)
Article 4 – paragraph 3 b (new)
Amendment 311 #
Proposal for a regulation
Article 5 – paragraph 1 – point a a (new)
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;
Amendment 314 #
Proposal for a regulation
Article 5 – paragraph 1 – point a b (new)
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;
Amendment 318 #
Proposal for a regulation
Article 5 – paragraph 1 – point b a (new)
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;
Amendment 416 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point e
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. ;
Amendment 419 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point f
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;
Amendment 423 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
Article 17 – paragraph 1 – subparagraph 2
Amendment 445 #
Proposal for a regulation
Article 19 – paragraph 2 – point c
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.
Amendment 457 #
Proposal for a regulation
Article 21 – paragraph 3 – point b
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.’
Amendment 504 #
Proposal for a regulation
Article 32 – paragraph 1
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.
Amendment 511 #
Proposal for a regulation
Article 32 – paragraph 5
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.
Amendment 538 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
Amendment 540 #
Proposal for a regulation
Article 35 – paragraph 1
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.
Amendment 547 #
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
Amendment 548 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
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:
Amendment 565 #
Proposal for a regulation
Article 35 – paragraph 2 –subparagraph 1 – point e
Article 35 – paragraph 2 –subparagraph 1 – point e
Amendment 568 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 2
Article 35 – paragraph 2 – subparagraph 2
Amendment 573 #
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 574 #
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 578 #
Proposal for a regulation
Article 35 – paragraph 4
Article 35 – paragraph 4
Amendment 580 #
Proposal for a regulation
Article 35 – paragraph 4
Article 35 – paragraph 4
Amendment 583 #
Proposal for a regulation
Article 35 – paragraph 4 – subparagraph 2
Article 35 – paragraph 4 – subparagraph 2
Amendment 587 #
Proposal for a regulation
Article 35 – paragraph 4 a (new)
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.
Amendment 588 #
Proposal for a regulation
Article 35 – paragraph 5
Article 35 – paragraph 5
Amendment 596 #
Proposal for a regulation
Article 35 – paragraph 5 – subparagraph 1 – point b a (new)
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.
Amendment 600 #
Proposal for a regulation
Article 35 a (new)
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.
Amendment 658 #
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. Issuers of significant asset- referenced tokens shall assess and monitor the liquidity needs to meet redemption requests or the exercise of rights, as referred to in Article 34, by holders of asset-referenced tokens. For that purpose, 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.’ .
Amendment 661 #
Proposal for a regulation
Article 41 – paragraph 4
Article 41 – paragraph 4
4. The percentage referred to in Article 31(1), point (b), shall be set at 3 % of the average amount of the reserve assets for issuers of significant asset-referenced tokens. In addition, issuers of significant asset-referenced tokens shall conduct, on a regular basis, stress testing that shall take into account severe but plausible financial (such as interest rate shocks) stress scenarios and non-financial(such as operational risk) stress scenarios. Where an issuer of significant asset referenced tokens offers two or more categories of crypto-asset tokens and/or provides crypto-asset services, these stress tests shall cover all of these activities in a comprehensive and holistic manner. Based on the outcome of such stress tests, the EBA where relevant, may impose additional own funds requirements on top of the 3%requirement.
Amendment 666 #
Proposal for a regulation
Article 41 – paragraph 6 a (new)
Article 41 – paragraph 6 a (new)
Amendment 671 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2
Article 43 – paragraph 1 – subparagraph 2
Amendment 696 #
Proposal for a regulation
Article 44 – paragraph 6
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.
Amendment 732 #
Proposal for a regulation
Article 50 – paragraph 1
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.
Amendment 733 #
Proposal for a regulation
Article 50 – paragraph 2
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.
Amendment 739 #
Proposal for a regulation
Article 50 – paragraph 3
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.
Amendment 747 #
Proposal for a regulation
Article 51 – paragraph 2 – subparagraph 1
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.
Amendment 751 #
Proposal for a regulation
Article 51 – paragraph 3 – subparagraph 1
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.
Amendment 755 #
Proposal for a regulation
Article 51 – paragraph 4
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.
Amendment 761 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 1
Article 53 – paragraph 1 – subparagraph 1
1. Crypto-asset services shall only be provided by legal persons that have a registered office in a Member State of the Union and that have beean authorised as crypto-asation which allows them to provide thoset service providers in accordance with Article 553a.
Amendment 765 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 2
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,.
Amendment 768 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
Amendment 769 #
Proposal for a regulation
Article 53 – paragraph 2 a (new)
Article 53 – paragraph 2 a (new)
Amendment 773 #
Proposal for a regulation
Article 53 – paragraph 4
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.
Amendment 774 #
Amendment 777 #
Proposal for a regulation
Article 54 – paragraph 2 – point a
Article 54 – paragraph 2 – point a
Amendment 780 #
Proposal for a regulation
Article 54 – paragraph 2 – point b
Article 54 – paragraph 2 – point b
Amendment 781 #
Proposal for a regulation
Article 54 – paragraph 2 – point c
Article 54 – paragraph 2 – point c
Amendment 782 #
Proposal for a regulation
Article 54 – paragraph 2 – point d
Article 54 – paragraph 2 – point d
Amendment 783 #
Proposal for a regulation
Article 54 – paragraph 2 – point e
Article 54 – paragraph 2 – point e
Amendment 785 #
Proposal for a regulation
Article 54 – paragraph 2 – point f
Article 54 – paragraph 2 – point f
Amendment 788 #
Proposal for a regulation
Article 54 – paragraph 2 – point g
Article 54 – paragraph 2 – point g
Amendment 792 #
Proposal for a regulation
Article 54 – paragraph 2 – point h
Article 54 – paragraph 2 – point h
Amendment 793 #
Proposal for a regulation
Article 54 – paragraph 2 – point i
Article 54 – paragraph 2 – point i
Amendment 794 #
Proposal for a regulation
Article 54 – paragraph 2 – point j
Article 54 – paragraph 2 – point j
Amendment 795 #
Proposal for a regulation
Article 54 – paragraph 2 – point k
Article 54 – paragraph 2 – point k
Amendment 796 #
Proposal for a regulation
Article 54 – paragraph 2 – point l
Article 54 – paragraph 2 – point l
Amendment 797 #
Proposal for a regulation
Article 54 – paragraph 2 – point m
Article 54 – paragraph 2 – point m
Amendment 801 #
Proposal for a regulation
Article 54 – paragraph 2 – point n
Article 54 – paragraph 2 – point n
Amendment 802 #
Proposal for a regulation
Article 54 – paragraph 2 – point o
Article 54 – paragraph 2 – point o
Amendment 803 #
Proposal for a regulation
Article 54 – paragraph 2 – point p
Article 54 – paragraph 2 – point p
Amendment 806 #
Proposal for a regulation
Article 54 – paragraph 2 – point q
Article 54 – paragraph 2 – point q
Amendment 807 #
Proposal for a regulation
Article 54 – paragraph 2 – point r
Article 54 – paragraph 2 – point r
Amendment 811 #
Proposal for a regulation
Article 54 – paragraph 3
Article 54 – paragraph 3
Amendment 812 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
Amendment 815 #
Proposal for a regulation
Article 55 – paragraph 2
Article 55 – paragraph 2
Amendment 817 #
Proposal for a regulation
Article 55 – paragraph 3
Article 55 – paragraph 3
Amendment 818 #
Proposal for a regulation
Article 55 – paragraph 4
Article 55 – paragraph 4
Amendment 819 #
Proposal for a regulation
Article 55 – paragraph 4 – point a
Article 55 – paragraph 4 – point a
Amendment 820 #
Proposal for a regulation
Article 55 – paragraph 4 – point b
Article 55 – paragraph 4 – point b
Amendment 821 #
Proposal for a regulation
Article 55 – paragraph 5
Article 55 – paragraph 5
Amendment 825 #
Proposal for a regulation
Article 55 – paragraph 6
Article 55 – paragraph 6
Amendment 827 #
Proposal for a regulation
Article 55 – paragraph 7
Article 55 – paragraph 7
Amendment 828 #
Proposal for a regulation
Article 56 – paragraph 1
Article 56 – paragraph 1
Amendment 830 #
Proposal for a regulation
Article 56 – paragraph 2
Article 56 – paragraph 2
Amendment 831 #
Proposal for a regulation
Article 56 – paragraph 3
Article 56 – paragraph 3
Amendment 832 #
Proposal for a regulation
Article 56 – paragraph 4
Article 56 – paragraph 4
Amendment 833 #
Proposal for a regulation
Article 56 – paragraph 5
Article 56 – paragraph 5
Amendment 834 #
Amendment 835 #
Proposal for a regulation
Article 56 – paragraph 7
Article 56 – paragraph 7
Amendment 845 #
Proposal for a regulation
Article 60 – paragraph 1 – introductory part
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:
Amendment 850 #
Proposal for a regulation
Article 60 – paragraph 2
Article 60 – paragraph 2
Amendment 851 #
Proposal for a regulation
Article 60 – paragraph 2 – point a
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;
Amendment 852 #
Proposal for a regulation
Article 60 – paragraph 2 – point b
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;
Amendment 853 #
Proposal for a regulation
Article 60 – paragraph 2 – point b a (new)
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.
Amendment 854 #
Proposal for a regulation
Article 60 – paragraph 3
Article 60 – paragraph 3
Amendment 857 #
Proposal for a regulation
Article 60 – paragraph 4
Article 60 – paragraph 4
Amendment 861 #
Proposal for a regulation
Article 60 – paragraph 5
Article 60 – paragraph 5
Amendment 863 #
Proposal for a regulation
Article 60 – paragraph 6
Article 60 – paragraph 6
Amendment 935 #
Proposal for a regulation
Article 70 – paragraph 1
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.
Amendment 937 #
Proposal for a regulation
Article 70 – paragraph 1
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.
Amendment 939 #
Proposal for a regulation
Article 70 – paragraph 3
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
Amendment 941 #
Proposal for a regulation
Article 70 – paragraph 3 a (new)
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.
Amendment 943 #
Proposal for a regulation
Article 71 – paragraph 2 – point b a (new)
Article 71 – paragraph 2 – point b a (new)
(ba) c. incentives paid by the issuer to the crypto asset service provider.
Amendment 947 #
Proposal for a regulation
Article 73 – paragraph 1
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.
Amendment 949 #
Proposal for a regulation
Article 73 – paragraph 1
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.
Amendment 951 #
Proposal for a regulation
Article 73 – paragraph 1 a (new)
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.
Amendment 952 #
Proposal for a regulation
Article 73 – paragraph 1 a (new)
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.
Amendment 955 #
Proposal for a regulation
Article 73 – paragraph 3 – subparagraph 1
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.
Amendment 957 #
Proposal for a regulation
Article 73 – paragraph 3 a (new)
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.
Amendment 958 #
Proposal for a regulation
Article 73 – paragraph 4
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.
Amendment 960 #
Proposal for a regulation
Article 73 – paragraph 5
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.
Amendment 961 #
(a) specify the clients’ demands and needrequirements and preferences;