Activities of Antonio Maria RINALDI related to 2020/0265(COD)
Plenary speeches (1)
Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937
Amendments (50)
Amendment 23 #
Proposal for a regulation
Recital 3
Recital 3
(3) Some crypto-assets qualify as financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU of the European Parliament and of the Council33. Because of the specific features linked to their innovative and technological aspects, however, it is necessary to clearly identify the requirements for classifying a crypto-asset as a financial instrument. For this purpose, the European Securities and Markets Authority (ESMA) should be tasked by the European Commission with publishing guidelines in order to reduce legal uncertainty and guarantee a level playing field for market operators. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services. There are no rules for services related to crypto-assets, including for the operation of trading platforms for crypto- assets, the service of exchanging crypto- assets against fiat currency or other crypto- assets, or the custody of crypto- assets. The lack of such rules leaves holders of crypto- assets exposed to risks, in particular in areas not covered by consumer protection rules. The lack of such rules can also lead to substantial risks to market integrity in the secondary market of crypto-assets, including market manipulation. To address those risks, some Member States have put in place specific rules for all – or a subset of – crypto-assets that fall outside Union legislation on financial services. Other Member States are considering to legislate in this area. _________________ 33Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
Amendment 37 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) When thinking about its harmonised framework, the Union should also consider the need for a global conference on the regulation of crypto- assets in order to find jointly agreed solutions and avoid legislative ‘dumping’ that would jeopardise the financial and banking stability of Member States, and to prevent the creation of legislative discrepancies that are detrimental to consumer protection.
Amendment 46 #
Proposal for a regulation
Recital 8
Recital 8
(8) Any legislation adopted in the field of crypto-assets should be specific, future- proof and be able to keep pace with innovation and technological developments and be based on incentivising approaches in order to ensure a consistent national legal competence, as well as rapid development for the industry. ‘Crypto- assets’ and ‘distributed ledger technology’ should therefore be defined as widely as possible to capture all types of crypto- assets which currently fall outside the scope of current Union legislation on financial services. Such legislation should also contribute to the objective of combating money laundering and the financing of terrorism. Any definition of ‘crypto-assets’ should therefore correspond to the definition of ‘virtual assets’ set out in the recommendations of the Financial Action Task Force (FATF)34. For the same reasonIn order to avoid damaging or infringing Member States’ national competences in relation to control over their fiscal and monetary policies, any list of crypto-asset services should also encompass virtual asset services that are likely to raise money- laundering concerns and that are identified as such by the FATF. _________________ 34FATF (2012-2019), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, FATF, Paris, France (www.fatf- gafi.org/recommendations.html).
Amendment 54 #
Proposal for a regulation
Recital 9
Recital 9
(9) A distinction should be made between three sub-categories of crypto- assets, which should be subject to more specific requirements. The first sub- category consists of a type of crypto-asset which is intended to provide digital access to a good or service, available on DLT, and that is only accepted by the issuer of that token (‘utility tokens’). Such ‘utility tokens’ have non-financial purposes related to the operation of a digital platform and digital services and should be considered as a specific type of crypto-assets. A second sub-category of crypto-assets are ‘asset-referenced tokens’. Such asset- referenced tokens aim at maintaining a stable value by referencing several currencies that are legal tender, one or several commodities, one or several crypto-assets, or a basket of such assets. By stabilising their value, those asset- referenced tokens often aim at being used by their holders as a means of paymentexchange to buy goods and services and as a store of value. A third sub-category of crypto- assets are crypto-assets that are intended primarily as a means of paymentexchange aim at stabilising their value by referencing only one fiat currency. The function of such crypto-assets is very similar to the function of electronic money, as defined in in Article 2, point 2, of Directive 2009/110/EC of the European Parliament and of the Council35. Like electronic money, such crypto-assets are electronic surrogates for coins and banknotes and are used for making payments. These crypto- assets are defined as ‘electronic money tokens’ or ‘e-money tokens’. _________________ 35Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).
Amendment 59 #
Proposal for a regulation
Recital 10
Recital 10
(10) Despite their similarities, electronic money and crypto-assets referencing a single fiat currency differ in some important aspects. Holders of electronic money as defined in Article 2, point 2, of Directive 2009/110/EC are always provided with a claim on the electronic money institution and have a contractual right to redeem their electronic money at any moment against fiat currency that is legal tender at par value with that currency. By contrast, some of the crypto-assets referencing one fiat currency which is legal tender do not provide their holders with such a claim on the issuers of such assets and could fall outside the scope of Directive 2009/110/EC. Other crypto-asset referencing one fiat currency do not provide a claim at par with the currency they are referencing or limit the redemption period. The fact that holders of such crypto-assets do not have a claim on the issuers of such assets, or that such claim is not at par with the currency those crypto-assets are referencing, could undermine the confidence of users of those crypto-assets. To avoid circumvention of the rules laid down in Directive 2009/110/EC, any definition of ‘e-money tokens’ should be as wide as possible to capture all the types of crypto-assets referencing one single fiat currency that is legal tender. To avoid regulatory arbitrage, strict conditions on the issuance of e- money tokens should be laid down, including the obligation for such e-money tokens to be issued either by a credit institution as defined in Regulation (EU) No 575/2013 of the European Parliament and of the Council36, or by an electronic money institution authorised under Directive 2009/110/EC. For the same reason, issuers of such e-money tokens should also grant the users of such tokens with a claim to redeem their tokens at any moment and at par value against the currency referencing those tokens. E- money tokens should reference any global currency that is legal tender. Because e- money tokens are also crypto-assets and can also raise new challenges in terms of consumer protection and market integrity specific to crypto-assets, they should also be subject to rules laid down in this Regulation to address these challenges to consumer protection and market integrity. However, since the various crypto-assets pose different risks and challenges for national economies, partly because of unknown factors in determining their value, stabilising crypto-assets to a single legal currency provides more secure uses for consumers and investors. _________________ 36Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
Amendment 94 #
(29) A competent authority should be obliged to refuse authorisation where the prospective issuer of asset-referenced tokens’ business model may pose a serious threat to financial stability, monetary policy transmission and monetary sovereignty. The competent authority should be obliged to consult the EBA and ESMA and, where the asset- referenced tokens isare referencing Union currencies, the European Central Bank (ECB) and the national central bank of issue of such currencies before granting an authorisation or refusing an authorisation. The EBA, ESMA, and, where applicable, the ECB and the national central banks should provide the competent authority with a non-bindingn opinion on the prospective issuer’s application. Opinions should be non- binding with the exception of those of the ECB and the Member States’ central banks on monetary policy enforcement and ensuring the secure handling of payments. Where authorising a prospective issuer of asset- referenced tokens, the competent authority should also approve the crypto-asset white paper produced by that entity. The authorisation by the competent authority should be valid throughout the Union and should allow the issuer of asset-referenced tokens to offer such crypto-assets in the Single Market and to seek an admission to trading on a trading platform for crypto- assets. In the same way, the crypto-asset white paper should also be valid for the entire Union, without possibility for Member States to impose additional requirements.
Amendment 146 #
Proposal for a regulation
Recital 76 a (new)
Recital 76 a (new)
(76a) In order to avoid dysfunctional legislation that could hinder the development of crypto-assets and proper consumer protection, when transposing this Regulation Member States should ensure that their legislation does not create legislative discrepancies between national and European legislation that could give rise to legal uncertainty.
Amendment 167 #
Proposal for a regulation
Article 2 – paragraph 2 – point e a (new)
Article 2 – paragraph 2 – point e a (new)
(ea) payment instruments with restrictions on spending under point (k) in the first paragraph of Article 3 of Directive (EU 2015/2366.
Amendment 176 #
Proposal for a regulation
Article 2 – paragraph 3 – point g a (new)
Article 2 – paragraph 3 – point g a (new)
(ga) crypto-asset service providers, credit institutions and electronic money institutions, authorised under Article 2(1) of Directive 2009/110/EC, when they are operating or providing a service for the entities or persons referred to in points (a) to (g);
Amendment 177 #
Proposal for a regulation
Article 2 – paragraph 3 – point g b (new)
Article 2 – paragraph 3 – point g b (new)
(gb) persons that develop and enable services for open source crypto-assets in which the inspection, modification, use or redistribution of source code is permitted;
Amendment 191 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
(1) ‘distributed ledger technology’ or ‘DLT’ means a type of technology that support the distributed recording of encrypted dataprotocols that enable members to agree a single source of truth through consensus mechanisms in a distributed network;
Amendment 200 #
Proposal for a regulation
Article 3 – paragraph 1 – point 3
Article 3 – paragraph 1 – point 3
(3) ‘asset-referenced token’ means a type of crypto-asset that purports to maintain a stable value by referring to the value of several fiatofficial currencies that are legal tender, one or several commodities or one or several crypto-assets, or a combination of such assets;
Amendment 208 #
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 tendern official currency;
Amendment 219 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) ‘offeror of crypto-assets’ means a legal person who offers to the public any type of crypto-asset or seeks the admission of such crypto-assets to a trading platform for crypto-assets;
Amendment 224 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 b (new)
Article 3 – paragraph 1 – point 6 b (new)
(6b) ‘decentralised cryptocurrencies’ means cryptocurrencies issued and exchanged in a decentralised system, where no single entity has the effective control over the transactions, including the issuance and offering of such cryptocurrencies;
Amendment 229 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7
Article 3 – paragraph 1 – point 7
(7) ‘offer to the public’ means an offer made on a professional basis to third parties to acquire a crypto-asset in exchange for fiat currency or other crypto- assets;
Amendment 239 #
Proposal for a regulation
Article 3 – paragraph 1 – point 9 – point h a (new)
Article 3 – paragraph 1 – point 9 – point h a (new)
(ha) the exchange of crypto-assets for financial instruments
Amendment 242 #
Proposal for a regulation
Article 3 – paragraph 1 – point 9 – point h b (new)
Article 3 – paragraph 1 – point 9 – point h b (new)
(hb) the provision of a portfolio management service;
Amendment 246 #
Proposal for a regulation
Article 3 – paragraph 1 – point 28 a (new)
Article 3 – paragraph 1 – point 28 a (new)
(28a) ‘portfolio management service’ means the management, on a discretionary and tailored basis, of crypto- asset portfolios in accordance with mandates from clients;
Amendment 249 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘reserve assets’ means the basket of fiat currencies that are legal tenderofficial national currencies, commodities or crypto-assets, backing the value of an asset-referenced tokens, or the investment of such assets;
Amendment 264 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 278 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
Amendment 286 #
Proposal for a regulation
Article 4 – paragraph 2 – point e
Article 4 – paragraph 2 – point e
(e) over a period of 12 months, the total consideration of an offer to the public of crypto-assets in the Union does not exceed EUR 18 000 000, or the equivalent amount in another currency or in crypto- assets;
Amendment 348 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Competent authorities shall not require an ex ante approval of a crypto- asset white paper, nor of any marketing communications relating to it before their publication. It shall, however, be possible for issuers of crypto-assets, other than asset-referenced tokens or e-money tokens, to ask the competent authority for ex-ante approval of a white paper. The approval of the crypto-asset white paper shall be valid throughout the Union.
Amendment 355 #
Proposal for a regulation
Article 7 – paragraph 3 – point d a (new)
Article 7 – paragraph 3 – point d a (new)
(da) payment instruments with restrictions on spending under point (k) in the first paragraph of Article 3 of Directive (EU) 2015/2366;
Amendment 411 #
Proposal for a regulation
Article 16 – paragraph 5 – subparagraph 1
Article 16 – paragraph 5 – subparagraph 1
5. The EBA shall, in close cooperation with ESMA, develop draft implementing technical standards to establish standard forms, templates and procedures for the application for authorisation, including the standard requirements to be met by the legal opinion referred to in point (d) of paragraph 2,in order to ensure uniformity across the Union.
Amendment 434 #
Proposal for a regulation
Article 18 – paragraph 4
Article 18 – paragraph 4
4. The EBA, ESMA, the ECB and, where applicable, a central bank as referred to in paragraph 3 shall, within 2 months after having received the draft decision and the application file, issue a non-bindingn opinion on the application and transmit their non-binding opinions to the competent authority concerned. Opinions shall be non-binding with the exception of those of the ECB and the Member States’ central banks on the application of monetary policy and ensuring the secure handling of payments. That competent authority shall duly consider those non-binding opinions and the observations and comments of the applicant issuer. If the ECB or, where applicable, a central bank referred to in paragraph 3, issues a negative opinion due to monetary policy or payment considerations, the competent authority must refuse the application for authorisation and inform the applicant issuer of the decision.
Amendment 520 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. Issuers of asset-referenced tokens that invest a part of the reserve assets shall invest those reserve assets only in highly liquid financial instruments with minimal market, concentration and credit risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.
Amendment 524 #
Proposal for a regulation
Article 34 – paragraph 4 –subparagraph 1 – point c a (new)
Article 34 – paragraph 4 –subparagraph 1 – point c a (new)
(ca) liquidity requirements establishing which percentage of the reserve assets should be made up of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving one working day’s prior notice or cash which is able to be withdrawn by giving one working day’s prior notice;
Amendment 526 #
Proposal for a regulation
Article 34 – paragraph 4 – subparagraph 1 – point c b (new)
Article 34 – paragraph 4 – subparagraph 1 – point c b (new)
(cb) liquidity requirements establishing which percentage of the reserve assets should be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving five working days’ prior notice or cash which is able to be withdrawn by giving five working days’ prior notice;
Amendment 529 #
Proposal for a regulation
Article 34 – paragraph 4 – subparagraph 1 – point c c (new)
Article 34 – paragraph 4 – subparagraph 1 – point c c (new)
(cc) concentration requirements preventing the issuer from investing more than a certain percentage of assets issued by a single body;
Amendment 532 #
Proposal for a regulation
Article 34 – paragraph 4 – subparagraph 1 – point c d (new)
Article 34 – paragraph 4 – subparagraph 1 – point c d (new)
(cd) concentration requirements preventing the issuer from keeping in custody more than a certain percentage of crypto-assets or assets with crypto-assets service providers or credit institutions belonging to the same group, as defined in Article 2(11) of Directive 2013/34/EU of the European Parliament and of the Council1a. _________________ 1aDirective 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).
Amendment 543 #
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 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 assetany direct claim or redemption rights on the reserve assets. Issuers of asset-referenced tokens shall grant the right of redemption of asset- referenced tokens, either immediately or, at the latest, within two working days.
Amendment 602 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Any natural or legal person or such persons acting in concert (the ‘proposed acquirer’), who intends to acquire, directly or indirectly, a qualifying holding in an issuer of asset-referenced tokens or to further increase, directly or indirectly, such a qualifying holding so that the proportion of the voting rights or of the capital held would reach or exceed 10 %, 20 %, 30 % or 50 %, or so that the issuer of asset- referenced tokens would become its subsidiary (the ‘proposed acquisition’), shall notify the competent authority of that issuer thereof in writing, indicating the size of the intended holding and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 38(4).
Amendment 603 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in an issuer of asset-referenced tokens (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating the size of such holding. Such a person shall likewise notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 % or so that the issuer of asset- referenced tokens would cease to be that person’s subsidiary.
Amendment 678 #
Proposal for a regulation
Article 43 – paragraph 2 a (new)
Article 43 – paragraph 2 a (new)
2a. E-money tokens offered to the public in Member States or admitted to trading on a trading platform for crypto- assets may reference any global currency that is legal tender.
Amendment 689 #
Proposal for a regulation
Article 44 – paragraph 5
Article 44 – paragraph 5
5. Issuers of e-money tokens shall prominently state the conditions of redemption, including any fees relating thereto, in the crypto-asset white paper as referred to in Article 46. In any event, redemption shall be immediate or within no more than two working days.
Amendment 879 #
Proposal for a regulation
Article 61 – paragraph 9 a (new)
Article 61 – paragraph 9 a (new)
9a. Crypto-asset service providers shall comply with their obligations under Directive (EU) 2015/849 and shall put in place the necessary procedures for the effective prevention, detection and investigation of money laundering and terrorist financing in accordance with Directive (EU) 2015/849.
Amendment 882 #
Proposal for a regulation
Article 61 – paragraph 9 b (new)
Article 61 – paragraph 9 b (new)
9b. Crypto-asset service providers that transfer crypto-assets for payment purposes must have internal control mechanisms and effective procedures to ensure full traceability of all crypto-asset transfers within the EEA and transfers of crypto-assets from the EEA to other regions and from other regions to the EEA, in accordance with the provisions of Regulation (EU) 2015/847.
Amendment 926 #
8. Crypto-asset service providers that are authorised for the operation of a trading platform for crypto-assets shall complete the final settlement of a crypto-asset transaction on the DLT, in the case of crypto-asset deposit or withdrawal activities only, on the same date as the transactions has been executed on the trading platform or, in the case of transactions settled outside the DLT, on the closing day of the various related transactions.
Amendment 964 #
Proposal for a regulation
Article 74 – paragraph 1
Article 74 – paragraph 1
1. Any natural or legal person or such persons acting in concert (the ‘proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a crypto-asset service provider or to further increase, directly or indirectly, such a qualifying holding in a crypto-asset service provider so that the proportion of the voting rights or of the capital held would reach or exceed 10 %, 20 %, 30 % or 50 % or so that the crypto- asset service provider would become its subsidiary (the ‘proposed acquisition’), shall notify the competent authority of that crypto-asset service provider thereof in writing indicating the size of the intended holding and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 75(4).
Amendment 965 #
Proposal for a regulation
Article 74 – paragraph 2
Article 74 – paragraph 2
2. Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a crypto-asset service provider (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating the size of such holding. Such a person shall likewise notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10%, 20%, 30% or 50% or so that the crypto-asset service provider would cease to be that person’s subsidiary.
Amendment 969 #
Proposal for a regulation
Article 77 – paragraph 1
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
Amendment 976 #
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
Amendment 982 #
Proposal for a regulation
Article 77 – paragraph 2 – point a
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or the offerors, as applicable;
Amendment 986 #
Proposal for a regulation
Article 77 – paragraph 2 – point c
Article 77 – paragraph 2 – point c
(c) the issuers or the offerors, as applicable, are able to ensure the confidentiality of that information.
Amendment 994 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point a
Article 82 – paragraph 1 – subparagraph 1 – point a
(a) to require crypto-asset service providers and the natural or legal persons that control them or are controlled by them, to provide information and documents; where there are reasonable grounds for believing that the information and documents provided are not in line with this Regulation, the competent authority may require crypto-asset service providers and the natural or legal persons who control them, or who are controlled by them, to amend the information and documents or to produce new ones, within one month of the request;
Amendment 995 #
Proposal for a regulation
Article 82 – paragraph 1 – subparagraph 1 – point b
Article 82 – paragraph 1 – subparagraph 1 – point b
(b) to require members of the management body of the crypto-asset service providers to provide information; where there are reasonable grounds for believing that the information provided is not in line with this Regulation, the competent authority may require the members of the management body of the crypto-asset service providers to amend the information and documents or to produce new ones, within one month of the request;
Amendment 1120 #
Proposal for a regulation
Article 122 – paragraph 1
Article 122 – paragraph 1
1. By … [3618 months after the date of entry into force of this Regulation] after consulting the EBA and ESMA, the Commission shall present a report to the European Parliament and the Council on the application of this Regulation, where appropriate accompanied by a legislative proposal.
Amendment 1142 #
Proposal for a regulation
Article 123 – paragraph 1
Article 123 – paragraph 1
1. By way of derogation from this Regulation and for a temporary period of six months from the entry into force of this Regulation, Articles 4 to 14 shall not apply to crypto-assets, other than asset- referenced tokens and e-money tokens, which were offered to the publicpublicly offered in the Union or admitted to trading on a trading platform for crypto-assets before [please insert date of entry into application]in the case of crypto- assets not subject to Articles 4 to 14.