2020/0267(COD) Digital finance: Pilot regime on distributed ledger technology market infrastructures (DLT)
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
VAN OVERTVELDT Johan ( ECR)
|
POLFJÄRD Jessica ( EPP),
KAILI Eva ( S&D),
YON-COURTIN Stéphanie ( Renew),
URTASUN Ernest ( Verts/ALE),
BECK Gunnar ( ID),
MACMANUS Chris ( GUE/NGL)
|
| Committee Opinion | ITRE | ||
| Committee Opinion | IMCO | ||
| Committee Opinion | LIBE |
Lead committee dossier:
Legal Basis:
TFEU 114-p1
Legal Basis:
TFEU 114-p1Subjects
Events
2022/06/02
Final act published in Official Journal
2022/05/30
CSL - Draft final act
Documents
2022/05/30
CSL - Final act signed
2022/05/02
EC - Commission response to text adopted in plenary
Documents
2022/04/12
EP/CSL - Act adopted by Council after Parliament's 1st reading
2022/03/24
EP - Results of vote in Parliament
Documents
2022/03/24
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 527 votes to 28, with 31 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology.
The proposal for a regulation on a pilot scheme for market infrastructures based on distributed ledger technology (DLT) aims to provide legal certainty and flexibility for market participants wishing to operate a DLT market infrastructure by establishing uniform requirements for the operation of DLTs.
The European Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission's proposal as follows:
Subject matter and scope
The pilot regime lays down the conditions for acquiring permission to operate a DLT market infrastructure, defines which DLT financial instruments can be traded and details the cooperation between the operators of DLT market infrastructures, national competent authorities and ESMA.
The DLT pilot regime aims to test the development of the European infrastructure for trading, clearing and settlement of DLT-based financial instruments. Crypto-assets are one of the main DLT applications for finance. Distributed ledger, broadly defined, is a consensually shared database through which a transaction is validated.
The concept of DLT market infrastructure comprises DLT multilateral trading facilities (DLT MTF), DLT settlement systems (DLT SS) and DLT trading and settlement systems (DLT TSS).
Limitations on the financial instruments admitted to trading or recorded on DLT market infrastructure
DLT financial instruments should only be admitted to trading on a DLT market infrastructure, or be recorded on a DLT market infrastructure, if, at the moment of admission to trading or the moment of recording on a distributed ledger, the DLT financial instruments are:
- shares, the issuer of which has a market capitalisation, or a tentative market capitalisation, of less than EUR 500 million ;
- bonds, other forms of securitised debt, including depositary receipts in respect of such securities, or money market instruments, with an issue size of less than EUR 1 billion , excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved; or
- units in collective investment undertakings covered by Directive 2014/65/EU, the market value of the assets under management of which is less than EUR 500 million.
The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 6 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument.
Additional requirements for DLT market infrastructures
Operators of a DLT market infrastructure should:
- establish clear and detailed business plans in which they describe how they intend to provide their services and conduct their business, including a description of personnel in critical staff, technical aspects and the use of distributed ledger technology;
- make available to the public up-to-date, clear and detailed written documentation setting out the rules for the operation of DLT market infrastructures and their operators;
- set the rules for the operation of the distributed ledger technology they use, in order to ensure investor protection, market integrity and financial stability;
- provide their members, participants, issuers and customers with clear and unambiguous information on their websites about the way in which operators perform their functions, services and activities;
- ensure that all IT and cybersecurity arrangements related to the use of their distributed ledger technology are proportionate to the nature, scale and complexity of their business;
- put in place specific operational risk management procedures for the risks associated with the use of distributed ledger technology and crypto-assets and for how to address these risks if they materalise.
Consumer protection
In the event of a loss of funds, a loss of collateral or a loss of a DLT financial instrument, the operator of a DLT market infrastructure that lost the funds, collateral or DLT financial instrument should be liable for the loss , up to the market value of the asset lost, unless it proves that the loss arose as a result of an external event beyond its reasonable control.
Operators of DLT market infrastructure should establish transparent and adequate arrangements to ensure investor protection and should establish mechanisms for handling client complaints and procedures for compensation or redress in cases of investor loss as a result of any of the unavoidable circumstances.
Supervision
National competent authorities will remain in charge for the authorisation while the ESMA can issue an opinion on the application for authorisation to operate an DLT MTFs and DLT SSs. The opinion would be non-public and non-binding but an explanation would be needed in case the national competent authorities decide to significantly deviate from it.
This pilot scheme will be in place for three years , after which the Commission, based on ESMA's advice, should report to the Council and Parliament on the costs and benefits of extending, amending or abolishing it.
Documents
2022/03/23
EP - Debate in Parliament
Documents
2022/01/12
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2021/12/21
CSL - Coreper letter confirming interinstitutional agreement
Documents
2021/12/21
EP - Text agreed during interinstitutional negotiations
Documents
2021/10/26
IT_CHAMBER - Contribution
Documents
2021/09/15
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2021/09/13
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2021/08/05
EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2021/08/05
EP - Committee report tabled for plenary, 1st reading
Documents
2021/07/13
EP - Vote in committee, 1st reading
2021/07/13
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2021/05/25
EP - Amendments tabled in committee
Documents
2021/05/25
EP - Amendments tabled in committee
Documents
2021/05/09
RO_SENATE - Contribution
Documents
2021/04/23
EDPS - Document attached to the procedure
Documents
2021/03/11
EP - Committee draft report
Documents
2021/01/31
PT_PARLIAMENT - Contribution
Documents
2020/12/15
CZ_CHAMBER - Contribution
Documents
2020/11/13
EP - Committee referral announced in Parliament, 1st reading
2020/10/15
EP - VAN OVERTVELDT Johan (ECR) appointed as rapporteur in ECON
2020/09/24
EC - Document attached to the procedure
Documents
2020/09/24
EC - Document attached to the procedure
Documents
2020/09/24
EC - Document attached to the procedure
Documents
2020/09/24
EC - Legislative proposal published
Details
PURPOSE: to establish a common EU pilot regime for market infrastructures based on distributed ledger technology (DLT).
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
This package also includes a proposal for a proposal on crypto-asset markets, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
CONTENT: the Commission seeks to propose a pilot regime for market infrastructures that wish to try to trade and settle transactions in financial instruments in crypto-asset form. The regime follows the ‘sandbox’ approach which allows for temporary derogations from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments.
This proposed Regulation on a pilot regime for market infrastructures based on distributed ledger technology seeks to provide legal certainty and flexibility for market participants who wish to operate a DLT market infrastructure by establishing uniform requirements for operating these.
Permissions granted under this Regulation shall allow market participants to operate a DLT market infrastructure and to provide their services across all Member States.
Scope
The proposal establishes operating conditions for DLT market infrastructures, permission to make use of them and the supervision and cooperation of competent authorities and ESMA. It shall apply to market participants (either investment firms, market operators or central securities depositories, CSDs).
Limitations on the transferable securities admitted to trading on or settled by a DLT market infrastructure
The proposal sets out the limitations in terms of DLT transferable securities that can be admitted to trading on, or recorded by, DLT market infrastructures. For shares, the market capitalisation or the tentative market capitalisation of the issuer of DLT transferable securities should be less than EUR 200 million; for public bonds other than sovereign bonds, covered bonds and corporate bonds the limit is EUR 500 million.
DLT market infrastructures shall not admit to trading or record sovereign bonds.
In addition, the total market value of DLT transferable securities recorded by a CSD operating a DLT securities settlement system, or by a DLT MTF where allowed to record such DLT transferable securities, shall not exceed EUR 2.5 billion.
Additional requirements on DLT market infrastructures
Additional requirements are laid down to address the novel forms of risks raised using DLT. DLT market infrastructures must provide all members, participants, clients and investors with clear and unambiguous information on how they carry out their functions, services and activities.
DLT market infrastructures must also ensure that overall IT and cyber arrangements related to the use of DLT are adequate. Where the business model of a DLT market infrastructure involves the safekeeping of clients’ funds or DLT transferable securities, or the means to access these, they must have adequate arrangements to safeguard such assets.
Cooperation between operators of DLT market infrastructures, competent authorities and ESMA
It is proposed that DLT market infrastructures must inform competent authorities and ESMA of, for example: proposed material changes to their business plan including critical staff, evidence of hacking, fraud or other serious malpractice, material changes in the information contained in the initial application, technical or operational difficulties in delivering activities or services covered under the permission and any risks to investor protection, market integrity or financial stability that may have arisen and were not foreseen at the time the permission was given.
Where notified of such information, the competent authority may request the DLT market infrastructure to submit an application for another permission, exemption or take any corrective measure it deems appropriate.
In addition, the DLT market infrastructure shall produce and submit a report to the competent authority and ESMA detailing all of the information above including potential difficulties in applying EU financial services legislation.
Reporting
At the latest after a five-year period, ESMA shall produce a detailed report on the pilot regime to the Commission. On the basis of ESMA’s assessment, the Commission will produce a report including a cost-benefit analysis on whether the pilot regime should be maintained as it is or amended, whether it should be extended to new categories of financial instruments, whether targeted amendments to EU legislation should be considered to enable a widespread use of DLT and whether the pilot regime should be terminated.
Budgetary implications
This proposal holds implications in terms of costs and administrative burden for national competent authorities and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on DLT market infrastructures and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure) can range from EUR 150 000 to EUR 250 000 per year per DLT market infrastructure.
For ESMA, the estimated cost in relation to review and coordination are estimated at EUR 150 000-EUR 300 000 in total. These costs shall be covered by ESMA’s operating budget, which shall be increased.
In addition, ESMA is expected to maintain a register of DLT market infrastructures in operation, the costs related to this are considered to be covered by the costs relating to the maintenance of the register.
Documents
Documents
- Final act published in Official Journal: Regulation 2022/858
- Final act published in Official Journal: OJ L 151 02.06.2022, p. 0001
- Draft final act: 00088/2021/LEX
- Commission response to text adopted in plenary: SP(2022)214
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T9-0088/2022
- Debate in Parliament: Debate in Parliament
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE703.109
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2022)000118
- Text agreed during interinstitutional negotiations: PE703.109
- Contribution: COM(2020)0594
- Committee report tabled for plenary, 1st reading/single reading: A9-0240/2021
- Committee report tabled for plenary, 1st reading: A9-0240/2021
- Amendments tabled in committee: PE692.980
- Amendments tabled in committee: PE693.549
- Contribution: COM(2020)0594
- Document attached to the procedure: OJ C 229 15.06.2021, p. 0013
- Document attached to the procedure: N9-0034/2021
- Committee draft report: PE689.571
- Contribution: COM(2020)0594
- Contribution: COM(2020)0594
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2020)0308
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2020)0201
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2020)0202
- Legislative proposal published: COM(2020)0594
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SEC(2020)0308
- Document attached to the procedure: EUR-Lex SWD(2020)0201
- Document attached to the procedure: EUR-Lex SWD(2020)0202
- Committee draft report: PE689.571
- Document attached to the procedure: OJ C 229 15.06.2021, p. 0013 N9-0034/2021
- Amendments tabled in committee: PE692.980
- Amendments tabled in committee: PE693.549
- Committee report tabled for plenary, 1st reading/single reading: A9-0240/2021
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2022)000118
- Text agreed during interinstitutional negotiations: PE703.109
- Commission response to text adopted in plenary: SP(2022)214
- Draft final act: 00088/2021/LEX
- Contribution: COM(2020)0594
- Contribution: COM(2020)0594
- Contribution: COM(2020)0594
- Contribution: COM(2020)0594
Activities
- Nicola BEER
- Jonás FERNÁNDEZ
Plenary Speeches (1)
- France JAMET
Plenary Speeches (1)
- Eva KAILI
Plenary Speeches (1)
- Caroline NAGTEGAAL
Plenary Speeches (1)
- Johan VAN OVERTVELDT
Plenary Speeches (1)
- Andżelika Anna MOŻDŻANOWSKA
Plenary Speeches (1)
- Jessica POLFJÄRD
Plenary Speeches (1)
- Chris MACMANUS
Plenary Speeches (1)
- Michiel HOOGEVEEN
Plenary Speeches (1)
Votes
Régime pilote pour les infrastructures de marché reposant sur la technologie des registres distribués - Pilot regime for market infrastructures based on distributed ledger technology - Pilotregelung für auf der Distributed-Ledger-Technologie basierende Marktinfrastrukturen - A9-0240/2021 - Johan Van Overtveldt - Accord provisoire - Am 2 #
2022/03/24 Outcome: +: 527, 0: 31, -: 28
PPE
NI
The LeftRégime pilote pour les infrastructures de marché reposant sur la technologie des registres distribués - Pilot regime for market infrastructures based on distributed ledger technology - Pilotregelung für auf der Distributed-Ledger-Technologie basierende Marktinfrastrukturen - A9-0240/2021 - Johan Van Overtveldt - Accord provisoire - Am 2 #
2022/03/24 Outcome: +: 527, 0: 31, -: 28
| Amendments | Dossier |
| 365 |
2020/0267(COD)
2021/05/26
ECON
365 amendments...
Amendment 135 #
Proposal for a regulation – European Parliament rejects the proposal for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology.
Amendment 136 #
Draft legislative resolution Citation 5 — having regard to the opinion of the European Central Bank of 28 April 20212 , _________________ 2 OJ C xxx, xx.x.2021, p. xx.
Amendment 137 #
— having regard to opinion 6/2021 of the European Data Protection Supervisor of 23 April 2021,
Amendment 138 #
Proposal for a regulation Recital 1 (1) The European Commission’s communication on a Digital Finance Strategy32 aims to ensure that the Union financial services legislation is fit for the digital age and contributes to a future- ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a policy interest in exploring, developing and promoting the uptake of transformative technologies in the financial sector, such as blockchain and distributed ledger technology (‘DLT’). Crypto-assets are one of the main DLT applications for finance. _________________ 32Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the committee of the Regions on a Digital Finance Strategy for EU COM(2020)591
Amendment 139 #
Proposal for a regulation Recital 1 (1) The European Commission’s communication on a Digital Finance Strategy32 aims to ensure that the Union financial services legislation is fit for the digital age and contributes to a future- ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a policy interest in developing and promoting the uptake of transformative technologies in the financial sector, such as blockchain and distributed ledger technology (‘DLT’). Crypto-assets are one of the main DLT applications for finance. DLT comprises a diverse set of solutions that combine database technology and cryptography in order to tackle malicious behavior and address the risk that different users rely on inconsistent versions of the data due to network latency or the validation of conflicting forks, by allowing ultimate cryptographic auditing of users’ activity and by providing traditional and new mechanisms to achieve consensus among users on the status of the database over time. _________________ 32Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the committee of the Regions on a Digital Finance Strategy for EU COM(2020)591
Amendment 140 #
Proposal for a regulation Recital 2 (2) The majority of crypto-assets fall outside of the scope of EU legislation and raise, among others, challenges in terms of investor protection, market integrity and financial stability. They therefore require a dedicated regime at Union level. By contrast, other crypto-assets qualify as financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council (Markets in Financial Instruments Directive, MiFID II)33 . In so far as a crypto-asset qualifies as a financial instrument under that Directive, a full set of Union financial rules, including Regulation (EU) 2017/1129 of the European Parliament and of the Council (the Prospectus Regulation)34 , Directive 2013/50/EU of the European Parliament and of the Council (the Transparency Directive)35 , Regulation (EU) No 596/2014 of the European Parliament and of the Council (the Market Abuse Regulation)36 , Regulation (EU) No 236/2012 of the European Parliament and of the Council (the Short Selling Regulation)37 , Regulation (EU) No 909/2014 of the European Parliament and of the Council (the Central Securities Depositories Regulation)38 and Directive 98/26/EC of the European Parliament and of the Council (the Settlement Finality Directive)39 may apply to its issuer and firms conducting activities related to it. The so-called tokenisation of financial instruments, that is to say their transformation into crypto-assets to enable them to be issued, stored and transferred on a distributed ledger, is expected to open up opportunities for efficiency improvements in the
Amendment 141 #
Proposal for a regulation Recital 2 (2) The majority of crypto-assets fall outside of the scope of EU legislation and raise, among others, challenges in terms of investor protection, market integrity and financial stability. They therefore require a dedicated regime at Union level. By contrast, other crypto-assets qualify as financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council (Markets in Financial Instruments Directive, MiFID II)33 . In so far as a crypto-asset qualifies as a financial instrument under that Directive, a full set of Union financial rules, including Regulation (EU) 2017/1129 of the European Parliament and of the Council (the Prospectus Regulation)34 , Directive 2013/50/EU of the European Parliament and of the Council (the Transparency Directive)35 , Regulation (EU) No 596/2014 of the European Parliament and of the Council (the Market Abuse Regulation)36 , Regulation (EU) No 236/2012 of the European Parliament and of the Council (the Short Selling Regulation)37 , Regulation (EU) No
Amendment 142 #
Proposal for a regulation Recital 2 (2) The majority of crypto-assets fall outside of the scope of EU legislation and raise, among others, challenges in terms of investor protection, market integrity, energy consumption and financial stability. They therefore require a dedicated regime at Union level. By contrast, other crypto-assets qualify as financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council (Markets in Financial Instruments Directive, MiFID II)33 . In so far as a crypto-asset qualifies as a financial instrument under that Directive, a full set of Union financial rules, including Regulation (EU) 2017/1129 of the European Parliament and of the Council (the Prospectus Regulation)34 , Directive 2013/50/EU of the European Parliament and of the Council (the Transparency Directive)35 , Regulation (EU) No 596/2014 of the European Parliament and of the Council (the Market Abuse Regulation)36 , Regulation (EU) No 236/2012 of the European Parliament and of the Council (the Short Selling
Amendment 143 #
Proposal for a regulation Recital 3 (3) The Union financial services legislation was not designed with DLT and crypto-assets in mind40 , and there are provisions in existing EU financial services legislation that may preclude or limit the use of DLT in the issuance, trading and settlement of crypto-assets which qualify as financial instruments. There is also currently a lack of market infrastructures using DLT and providing trading and settlement services for crypto-assets that qualify as financial instruments.
Amendment 144 #
Proposal for a regulation Recital 3 (3) The Union financial services legislation was not designed with DLT and crypto-assets in mind40 , and there are provisions in existing EU financial services legislation that may preclude or limit the use of DLT in the issuance, trading and settlement of crypto-assets which qualify as financial instruments. There is also currently a lack of authorised financial market infrastructures using DLT and providing trading and settlement services for crypto-assets that
Amendment 145 #
Proposal for a regulation Recital 3 a (new) (3 a) In order to achieve a uniform Union digital financial market of security tokens and tokenised assets in general, the differences that exist across the national regimes of the Member States should be taken into consideration, including differences in the transposition of Union directives, such as Directive 2014/65/EU of the European Parliament and the Council (MiFIDII). According to ESMA's January 2019 opinion on ICOs and crypto-assets, one of the main obstacles to regulating crypto-assets with investment characteristics in a uniform manner across the Union is the transposition divergencies of Union directives into national law, such as the definition of 'financial instrument' or of 'transferable security', or the legal analysis and requirements in respect of investment services, activities and ancillary services, including the custody and administration of financial instruments on behalf of clients, or recordkeeping on behalf of security token issuers. It is of utmost importance to initiate discussions at Union level on the harmonisation of the national regimes in order to increase legal certainty and meet the goals of CMU while enabling the emergence of a competitive Union digital market of security tokens and tokenised assets in general.
Amendment 146 #
Proposal for a regulation Recital 3 b (new) (3 b) As regards the DLT landscape, at least the following specific types of DLT can be identified at present: (1) blockchains, where any changes to the identities of current users entitled to send an unspent transaction output (UTXO) representing asset holdings are processed in batches (blocks) which are then linked together via cryptographic techniques (hashing); (2) consensus ledgers, where snapshots of balances associated with each use are updated in rounds; and (3) synchronised bilateral ledgers, where counterparties can update the subset of information that refers directly to their bilateral activity, possibly with other elected parties also accessing these records, and make some of that information available to a broader set of users. Smart contracts are another type of technology that can be associated with DLTs when they are processed across nodes in the network. Those contracts are written as executable code. Under the contracts, the counterparties certify that the respective assets are to be sent or received on their behalf via automated procedures that are processed when a set of pre-specified events happen either inside the ledger (for example, holding balance of a user) or outside the ledger (for example, asset price).
Amendment 147 #
Proposal for a regulation Recital 4 (4) At the same time, regulatory gaps exist due to legal, technological and operational specificities related to the use of DLT and crypto-assets that qualify as financial instruments. For instance, there are no transparency, reliability and safety requirements imposed on the protocols and smart contracts underpinning crypto-assets that qualify as financial instruments which is highly problematic. The underlying technology could also pose some novel forms of cyber risks that are not appropriately addressed by existing rules. Several projects for the trading and post- trading of crypto-assets qualifying as
Amendment 148 #
Proposal for a regulation Recital 4 (4) At the same time, regulatory gaps exist due to legal, technological and operational specificities related to the use of DLT and crypto-assets that qualify as financial instruments. For instance, there are no transparency, reliability and safety requirements imposed on the protocols and smart contracts underpinning crypto-assets that qualify as financial instruments. The underlying technology could also pose some novel forms of cyber risks that are not appropriately addressed by existing
Amendment 149 #
Proposal for a regulation Recital 4 (4) At the same time, regulatory gaps exist due to legal, technological and operational specificities related to the use of DLT and crypto-assets that qualify as financial instruments. For instance, there are no transparency, reliability and safety
Amendment 150 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments
Amendment 151 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The main contribution of the pilot regime should be to test the avoidance of “intermediation” through CSDs when registering securities, by allowing registration on the blockchain. Much of the regulatory rationale behind Regulation (EU) No 909/2014 (CSDR) is to ensure trust, regarding investor protection and market integrity, following a trusted third party (TTP) approach. The aim of the pilot regime should be to allow for that approach to be redefined to one of confidence, by helping understand how new models of blockchain or DLT-based confidence should be built. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology, with a view to identifying the necessary targeted amendments to the existing Union legal framework as regards the issuance, safekeeping and asset servicing, trading and settlement of financial instruments based on DLT.
Amendment 152 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The establishment of the pilot regime should not adversely affect the tasks and responsibilities of the European Central Bank (ECB) and national central banks in the European System of Central Banks (ESCB), as provided for in the Treaty on the Functioning of the European Union and the Statute of the ESCB and of the ECB, to promote the smooth operation of payment systems and to ensure efficient and reliable clearing and payment systems within the Union and with other countries. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology.
Amendment 153 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. The creation of the pilot regime should be without prejudice to the tasks and responsibilities of the European Central Bank (ECB) and the national central banks in the European System of Central Banks (ESCB), set out in the Treaty on the Functioning of the European Union and the Statutes of the ESCB and of the ECB, to promote the smooth operation of payment systems and to ensure efficient and sound clearing and payment systems within the Union and with third countries. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology.
Amendment 154 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection and avoiding regulatory arbitrage, it would be useful to create a pilot regime
Amendment 155 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks
Amendment 156 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology. At the same time, the pilot regime should only introduce targeted adjustments to existing Union law, without resulting in a fundamental overhaul of the separation of trading and post-trading functions and of the landscape of financial market infrastructures.
Amendment 157 #
Proposal for a regulation Recital 5 (5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency
Amendment 158 #
Proposal for a regulation Recital 5 a (new) (5 a) The pilot regime for DLT-based market infrastructure should not result in the creation of regulatory arbitrage and loopholes. The general principle of 'same activity, same risk, same rules' should therefore be applied.
Amendment 159 #
Proposal for a regulation Recital 6 (6) To meet this objective, a new Union status of DLT market infrastructures should be created in order to ensure that the Union is able to maintain its competitive lead regarding tokenised assets and to contribute to the development of a secondary market for those assets. This status of DLT market infrastructure should be optional and should not prevent financial market infrastructures, such as trading venues, central securities depositories and central counterparties, from developing trading and post-trading services and activities for crypto-assets which qualify as financial instruments or are based on DLT, under the existing Union financial services legislation.
Amendment 160 #
Proposal for a regulation Recital 6 a (new) (6 a) Where CSDs operated by members of the ESCB, by Member States’ national bodies performing similar functions, or by other public bodies charged with or intervening in the management of public debt in the Union, operate a DLT securities settlement system, they should not be required to seek specific exemptions or permissions from a competent authority, since such CSDs are not required to report to competent authorities or to comply with their orders, and are subject to a limited set of requirements under Regulation (EU) No 909/2014, in accordance with Article 1(4) of that Regulation.
Amendment 161 #
Proposal for a regulation Recital 6 a (new) (6 a) Where CSDs operated by members of the ESCB, by Member States’ national bodies performing similar functions, or by other public bodies charged with or intervening in the management of public debt in the Union, operate a DLT SSS, they should not be required to seek specific exemptions or permissions from a competent authority, since such CSDs are not required to report to competent authorities or to comply with their orders, and are subject to a limited set of requirements under Regulation (EU) No 909/2014, in accordance with Article 1(4) of that Regulation.
Amendment 162 #
Proposal for a regulation Recital 7 (7) A DLT market infrastructure should be defined either as a DLT multilateral trading facility (DLT MTF) or a DLT securities settlement system. Those DLT market infrastructures should be able to cooperate with other market participants to find innovative solutions based on DLT on each segment of the value chain of the financial services.
Amendment 163 #
Proposal for a regulation Recital 8 (8) A DLT MTF should be a multilateral trading facility that is operated by an investment firm or a market operator that operate the business o
Amendment 164 #
Proposal for a regulation Recital 8 (8) A DLT MTF should be a multilateral trading facility that is operated by an investment firm or a market operator that operate the business or a regulated market and maybe the regulated market itself, authorised under Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II)
Amendment 165 #
Proposal for a regulation Recital 8 (8) A DLT MTF should be a multilateral trading facility that is operated by an entity, including but not limited to an investment firm or a market operator that operate the business or a regulated
Amendment 166 #
Proposal for a regulation Recital 8 (8) A DLT MTF should be a multilateral trading facility that is operated by an investment firm, an issuer of crypto- assets, or a market operator that operate the business or a regulated market and maybe the regulated market itself, authorised under Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II), and that has received a specific permission under this Regulation. Such a DLT MTF should be subject to all the requirements applicable to a multilateral trading facility under the framework of Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II), Regulation EU No 600/2014 of the European Parliament and of the Council (the Markets in Financial Instruments Regulation, MiFIR)41 , or any other EU financial services legislation, except if it has been granted one or several exemptions by its national competent authority, in accordance with this Regulation and Directive (EU) .../... of the European Parliament and of the Council42 . _________________ 41Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84) 42Proposal for a Directive of the European Parliament and of the Council amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU, 2011/61/EU, EU/2013/36, 2014/65/EU, (EU) 2015/2366 and EU/2016/2341 - COM(2020)596
Amendment 167 #
(8) A DLT MTF should be a multilateral trading facility that is operated by an investment firm or a market operator that operates the business o
Amendment 168 #
Proposal for a regulation Recital 8 a (new) (8 a) Entities that are not authorised under Directive 2014/65/EU should be allowed to apply for a specific permission under this Regulation to operate a DLT MTF, following a fast-track procedure.
Amendment 169 #
Proposal for a regulation Recital 9 (9) The use of distributed ledger technology, with all transactions recorded in a decentralised
Amendment 170 #
Proposal for a regulation Recital 9 (9) The use of distributed ledger technology, with all transactions recorded in a d
Amendment 171 #
Proposal for a regulation Recital 10 (10) A DLT securities settlement system should be a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the CSD operating it, should be subject to the relevant requirements of Regulation (EU) No 909/2014 (the Central Securities Depository Regulation), except
Amendment 172 #
Proposal for a regulation Recital 10 (10) A DLT securities settlement system should be a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the CSD operating it, should be subject to the relevant requirements of Regulation (EU) No 909/2014 (the Central Securities Depository Regulation)
Amendment 173 #
Proposal for a regulation Recital 10 (10) A DLT securities settlement system should be an entity, including but not limited to a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the
Amendment 174 #
Proposal for a regulation Recital 10 (10) A DLT securities settlement system should be a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the CSD operating it, should be subject to the relevant requirements of Regulation (EU) No 909/2014 (the Central Securities Depository Regulation), except where the national competent authority has granted
Amendment 175 #
Proposal for a regulation Recital 10 (10) A DLT securities settlement system should be a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the CSD operating it, should be subject to the relevant requirements of Regulation (EU) No 909/2014 (the Central Securities Depository Regulation), except where the
Amendment 176 #
Proposal for a regulation Recital 10 a (new) (10 a) Entities that are not authorised under Regulation (EU) No 909/2014 should be allowed to apply for a specific permission under this Regulation to operate a DLT securities settlement system, following a fast-track procedure.
Amendment 177 #
Proposal for a regulation Recital 11 (11) A DLT MTF or a CSD operating a DLT
Amendment 178 #
Proposal for a regulation Recital 11 (11) A DLT MTF or a CSD operating a DLT securities settlement system should only admit to trading or record DLT transferable securities on
Amendment 179 #
Proposal for a regulation Recital 11 (11) A DLT MTF or a
Amendment 180 #
Proposal for a regulation Recital 11 (11) A DLT MTF or a CSD operating a DLT securities settlement system should only admit to trading or record DLT transferable securities on their distributed ledger. DLT transferable securities should be crypto-assets that qualify as ‘transferable securities’ within the meaning of Directive 2014/65/EU (the Market in Financial Instruments Directive, MiFID II) and that are issued, transferred and stored on a distributed ledger. DLT market infrastructures should bear the liability for risks related to the functioning of the DLT they operate, notably ledger transparency risks, cyber risks and operational risks.
Amendment 181 #
Proposal for a regulation Recital 12 (12) In order to allow innovation and experimentation in a sound regulatory environment while preserving financial stability, the type of transferable securities admitted to trading o
Amendment 182 #
Proposal for a regulation Recital 12 (12) In order to allow innovation and experimentation in a sound regulatory environment while preserving financial stability, the type of transferable securities admitted to trading on a DLT MTF or recorded in a CSD operating a DLT securities settlement system should be limited to securities, such as shares and bonds
Amendment 183 #
Proposal for a regulation Recital 12 (12) In order to allow innovation and experimentation in a sound regulatory
Amendment 184 #
Proposal for a regulation Recital 13 (13) In order to ensure a level playing field with transferable securities admitted to trading on a traditional trading venue within the meaning of Directive 2014/65/EU (the Market in Financial Instruments Directive, MiFID II) and
Amendment 185 #
Proposal for a regulation Recital 13 (13) In order to ensure a level playing field with transferable securities admitted to trading on a traditional trading venue within the meaning of Directive 2014/65/EU (the Market in Financial Instruments Directive, MiFID II) and
Amendment 186 #
Proposal for a regulation Recital 14 (14) A DLT MTF should be able to request one or several exemptions on a temporary basis, as listed under this Regulation, to be granted by the competent authority, following a recommendation issued by ESMA, if it complies with the conditions attached to such exemptions as well as
Amendment 187 #
Proposal for a regulation Recital 14 (14) A DLT MTF should be able to request one or several exemptions on a temporary basis, as listed under this Regulation, to be granted by the competent authority after ESMA has issued its recommendation, if it complies with the conditions attached to such exemptions as well as additional requirements set under this Regulation to address novel forms of risks raised by the use of DLT.
Amendment 188 #
Proposal for a regulation Recital 14 (14) A DLT MTF should be able to request one or several exemptions on a temporary basis, as listed under this Regulation, to be granted by the competent authority after ESMA has issued a non- binding opinion, if it complies with the conditions attached to such exemptions as well as additional requirements set under this Regulation to address novel forms of risks raised by the use of DLT. The DLT MTF should also comply with any compensatory measure imposed by the competent authority in order to meet the objectives pursued by the provision for which an exemption has been requested.
Amendment 189 #
Proposal for a regulation Recital 15 (15) Where a financial instrument is admitted to trading on an MTF, it is to be recorded with an authorised Central Securities Depository (CSD) in accordance with Regulation (EU) No 909/2014 (the C
Amendment 190 #
Proposal for a regulation Recital 15 (15) Where a financial instrument is admitted to trading on an MTF, it is to be recorded with an authorised Central Securities Depository in accordance with Regulation (EU) No 909/2014 (the Central Securities Depository Regulation). While the recording of a transferable security and the settlement of related transactions could potentially take place on a distributed
Amendment 191 #
Proposal for a regulation Recital 16 (16) Where performing the settlement of transactions in DLT transferable securities, the DLT MTF should ensure that the payment for DLT transferable securities from the buyer occurs at the same time as DLT transferable securities are delivered from the seller (
Amendment 192 #
Proposal for a regulation Recital 18 (18) To be granted an exemption under this Regulation, the DLT MTF should demonstrate that the requested exemption is proportionate and limited to the use of DLT as described in its business plan and that the
Amendment 193 #
Proposal for a regulation Recital 18 (18) To be granted an exemption under this Regulation, the DLT MTF should demonstrate that the exemption is proportionate and limited to the use of DLT as described in its business plan and that the exemption requested is limited to the DLT MTF and, where the entity operating the DLT MTF is an investment firm or a market operator, not extended to any other MTF operated by the same investment firm or market operator.
Amendment 194 #
Proposal for a regulation Recital 19 (19) A CSD operating a DLT
Amendment 195 #
Proposal for a regulation Recital 19 (19) A
Amendment 196 #
Proposal for a regulation Recital 20 (20) A CSD operating a
Amendment 197 #
Proposal for a regulation Recital 20 (20) A CSD operating a securities settlement system should be allowed to request exemptions from
Amendment 198 #
Proposal for a regulation Recital 21 (21) Under Regulation (EU) No 909/2014 (the C
Amendment 199 #
Proposal for a regulation Recital 21 (21) Under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation), a CSD can only outsource one of its core activities, after receiving an authorisation from the competent authority. The CSD is also required to respect several conditions, so that the outsourcing does not result in a delegation of its responsibility or in a
Amendment 200 #
Proposal for a regulation Recital 21 (21) Under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation), a CSD can only outsource one of its core activities, after receiving an authorisation from the competent authority. The CSD is also required to respect several conditions, so that the outsourcing does not result in a delegation of its responsibility or in a modification of the obligations of the CSD towards its participants or issuers. Depending on its business plan, a CSD operating a DLT securities settlement
Amendment 201 #
Proposal for a regulation Recital 22 (22) The obligation of intermediation through a credit institution or an investment firm so that retail investors are not able to obtain direct access to the settlement and delivery systems operated by a CSD could potentially create a regulatory obstacle to the development of alternative models of settlement based on a DLT that allow direct access by retail clients. Therefore, the CSD operating a DLT
Amendment 202 #
Proposal for a regulation Recital 23 (23) The entities that are eligible to participate in a CSD covered by Regulation (EU) No 909/2014 (the C
Amendment 203 #
Proposal for a regulation Recital 24 (24) Regulation
Amendment 204 #
Proposal for a regulation Recital 24 a (new) (24 a) Natural persons could directly participate in DLT market infrastructures and if the payment leg of DLT transferable securities transactions were to occur on the books of a person who is not a licensed credit institution, the result would be cash accounts being held by natural persons as well by legal persons such as micro, small and medium-sized enterprises, with DLT market infrastructures not benefiting from the deposit guarantee scheme protection under Directive 2014/49/EU of the European Parliament and of the Council (the Deposit Guarantee Schemes Directive, DGSD) and from the depositor preference under Directive 2014/59/EU of the European Parliament and of the Council (the ‘BRRD’). The DGSD and the depositor preference under the BRRD only apply to deposits in the form of a credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution is required to repay. In those circumstances, DLT market infrastructures should explicitly disclose to their participants that they are not protected under the relevant DGSD and BRRD provisions.
Amendment 205 #
Proposal for a regulation Recital 25 (25) Regulation
Amendment 206 #
Proposal for a regulation Recital 26 (26) Irrespective of the rule for which an exemption is requested, a CSD operating a DLT
Amendment 207 #
Proposal for a regulation Recital 27 (27) DLT market infrastructures and their operators should also be subject to additional requirements, compared to traditional market infrastructures. These requirements are necessary to avoid risks raised by the use of DLT or by the new way the DLT market infrastructure would carry out its activities. Therefore, DLT market infrastructures and their operators should establish a clear business plan that details how the DLT would be used and the
Amendment 208 #
Proposal for a regulation Recital 27 (27) DLT market infrastructures should also be subject to additional requirements, compared to traditional market infrastructures. These requirements are necessary to avoid risks r
Amendment 209 #
Proposal for a regulation Recital 28 (28)
Amendment 210 #
Proposal for a regulation Recital 28 (28) A CSD operating a DLT
Amendment 211 #
Proposal for a regulation Recital 28 (28) A CSD operating a DLT securities settlement system, or DLT MTF where they are permitted to settle the transactions in DLT transferable securities themselves, should establish or document, as appropriate, the rules on the functioning of the
Amendment 212 #
Proposal for a regulation Recital 29 (29) A DLT market infrastructure should be required to inform members, participants, issuers and clients on how it
Amendment 213 #
Proposal for a regulation Recital 30 (30) A DLT market infrastructure should have specific and robust IT and cyber arrangements related to the use of DLT. These arrangements should be audited by the competent authority before any exemption is given, in order to check whether they are fit for purpose and proportionate to the nature, scale and complexity of the DLT market infrastructure’s business plan. The costs of such an audit should be borne by the DLT market infrastructure. These arrangements should also ensure the continued reliability, continuity and security of the services provided, including the reliability of smart contracts that are potentially used. DLT market infrastructures should also ensure the integrity, security, confidentiality, availability and accessibility of data stored on the DLT.
Amendment 214 #
Proposal for a regulation Recital 30 (30) A DLT market infrastructure should have specific and robust IT and cyber arrangements related to the use of DLT. These arrangements should be proportionate to the nature, scale and complexity of the DLT market infrastructure’s business plan. These arrangements should also ensure the continued reliability, continuity and security of the services provided, including the reliability of smart contracts that are potentially used. DLT market infrastructures should also ensure the integrity, security, confidentiality, availability and accessibility of data stored on the DLT. These measures should be in line with the obligations set out in Article 32 of Regulation (EU) 2016/679 ('the General Data Protection Regulation') concerning the implementation of technical and organisational security measures that can ensure a level of security appropriate to the risk. With regard to smart contracts, the provisions of Article 22(1) of the General Data Protection Regulation should apply, according to which a data subject shall have the right not to be subject to a decision based solely on automated processing, including profiling, which produces legal effects concerning him or her or similarly significantly affects him or her. The competent authority of a DLT market infrastructure should be allowed to request an audit to ensure that the overall IT and cyber arrangements are fit for purpose. The costs of such an audit should be borne by the DLT market infrastructure.
Amendment 215 #
Proposal for a regulation Recital 30 (30) A DLT market infrastructure should have specific and robust IT and cyber arrangements related to the use of DLT. These arrangements should be proportionate to the nature, scale and complexity of the DLT market infrastructure’s business plan. These arrangements should also ensure the continued reliability, continuity and security of the services provided, including the reliability of smart contracts that are potentially used, either created by the DLT market infrastructure itself or by a third party following contractual outsourcing procedures. DLT market infrastructures should also ensure the integrity, security, confidentiality, availability and accessibility of data stored on the DLT. The competent authority of a DLT market infrastructure should be allowed to
Amendment 216 #
Proposal for a regulation Recital 30 a (new) (30a) In the event of a personal data breach, the DLT market infrastructure operator should also notify the relevant data protection supervisory authority, in accordance with the General Data Protection Regulation. The notification referred to in Article 9(1)(b) should not be construed as an alternative to, or substitute for, the notification referred to in Article 33 of the aforementioned Regulation.
Amendment 217 #
Proposal for a regulation Recital 31 (31) Where the business plan of a DLT market infrastructure would involve the safekeeping of clients’ funds, such as cash or cash equivalent, or DLT transferable securities, or the means of access to such DLT transferable securities, including in the form of cryptographic keys, the DLT market infrastructure should have adequate arrangements in place to safeguard their clients’ assets. Th
Amendment 218 #
Proposal for a regulation Recital 31 (31) Where the business plan of a DLT market infrastructure would involve the safekeeping of clients’ funds, such as cash or cash equivalent, or DLT transferable securities, or the means of access to such DLT transferable securities, including in the form of cryptographic keys, the DLT market infrastructure should have adequate arrangements in place to safeguard their clients’ assets, which should be approved by the competent authority before any exemption is given. They should not use clients’ assets on own account, except with prior express consent from their clients. The DLT market infrastructure should segregate clients’ funds or DLT transferable securities, or the means of access to such assets, from its own assets or other clients’ assets. The overall IT and cyber arrangements of DLT market infrastructures should ensure that clients’ assets are protected against fraud, cyber threats or other malfunctions.
Amendment 219 #
Proposal for a regulation Recital 32 (32) At the time where the specific permission is granted, DLT market infrastructures should also have in place a credible exit strategy, in
Amendment 220 #
Proposal for a regulation Recital 33 (33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, where the entity operating the DLT MTF is an investment firm or a market operator, or a CSD where such a CSD is seeking to operate a new securities settlement system. However,
Amendment 221 #
Proposal for a regulation Recital 33 (33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, or a CSD where such a CSD is seeking to operate a new securities settlement system. However, when applying for a permission, the applicant DLT infrastructure should indicate the exemptions it would be seeking.
Amendment 222 #
Proposal for a regulation Recital 33 (33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, or a CSD where such a CSD is seeking to operate a new
Amendment 223 #
Proposal for a regulation Recital 33 (33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, or a CSD where such a CSD is seeking to operate a new securities settlement system. However, when applying for a permission, the applicant DLT infrastructure should indicate the exemptions it would be seeking. Before granting a permission to a DLT market infrastructure, the competent authority should consult ESMA. ESMA should issue a non-binding opinion and make any non- binding recommendations on the application or the exemptions requested. ESMA should also consult the competent authorities of the other Member States. Where issuing its non-binding opinion, ESMA should aim at ensuring financial stability, market integrity and investor protection. In order to ensure the level- playing field and fair competition across the single market, ESMA’s non-binding opinion should also
Amendment 224 #
Proposal for a regulation Recital 33 a (new) (33 a) Before granting a permission to a DLT market infrastructure, the competent authority should consult ESMA. ESMA should issue a non-binding opinion and make any recommendations on the application or the exemptions requested. ESMA should also consult the competent authorities of the other Member States. When issuing its non-binding opinion, ESMA should aim to ensure financial stability, market integrity and investor protection. In order to ensure a level- playing field and fair competition across the internal market, ESMA’s non-binding opinion should also aim to ensure the consistency and proportionality of the exemptions granted by different competent authorities across the Union. ESMA may adopt guidelines to further specify the conditions for granting exemptions and requiring compensatory measures, based on relevant experience from competent authorities and on its non-binding opinions.
Amendment 225 #
Proposal for a regulation Recital 33 a (new) (33 a) Access to the pilot regime should not be limited to incumbents, but instead should be open to new entrants. Thus, where an entity that is not authorised under MIFID II or under the Central Securities Depositories Regulation applies for an authorisation under those legal acts and, at the same time, applies for a specific permission under this Regulation, the competent authority should, in assessing the application for authorisation under MIFID II or under the Central Securities Depositories Regulation, only verify compliance with requirements in respect of which an exemption has not been requested and granted under the pilot regime. In such cases, authorisation under MIFID II or under the Central Securities Depositories Regulation should be given only for the purpose of operating a DLT market infrastructure under this Regulation.
Amendment 226 #
Proposal for a regulation Recital 34 (34) The competent authority which would examine the application submitted by a prospective DLT market infrastructure should
Amendment 227 #
Proposal for a regulation Recital 34 (34) The competent authority which w
Amendment 228 #
Proposal for a regulation Recital 35 (35) The specific permission given by a competent authority to a given DLT market infrastructure should indicate the exemptions granted to that DLT market infrastructure. Such a permission should be valid for the Union and only for the period of time during which the DLT pilot regime would be operating. ESMA should publish on its website the list of DLT market infrastructures and the list of exemptions granted to each of them.
Amendment 229 #
Proposal for a regulation Recital 36 (36) The specific permission and the exemptions granted by national competent authorities, following an ESMA recommendation, should be granted on a temporary basis, for a period of up to six years from the date of the specific permission
Amendment 230 #
Proposal for a regulation Recital 37 (37) Without prejudice to the relevant provisions of Directive 2014/65/EU (
Amendment 231 #
Proposal for a regulation Recital 38 (38) Since DLT market infrastructures could receive temporary exemptions from existing Union legislation, they should closely cooperate with competent authorities and the European Securities and Markets Authority (ESMA) during the time of their specific permission. DLT market infrastructures should inform the competent authorities and ESMA about any material change to its business plan and its critical staff, any evidence of cyber threats or attacks, fraud or serious malpractice, of any change in the information provided at the time of the initial application for permission, of any technical difficulties, and in particular
Amendment 232 #
Proposal for a regulation Recital 38 (38) Since DLT market infrastructures could receive temporary exemptions from existing Union legislation, they should closely cooperate with competent authorities and the European Securities and
Amendment 233 #
Proposal for a regulation Recital 38 a (new) (38 a) ESMA should create an ad hoc consultative committee, in the form of a stakeholders’ group, which would bring together representatives of both public and private stakeholders for a limited period of time equivalent to the duration of the operation of the pilot regime. Such ad hoc consultive committee should be mandated to undertake the preparatory and consultive work needed to support ESMA when issuing the recommendations envisaged under this Regulation, by transmitting a written statement to ESMA setting out the reasons for a refusal of an exemption, or for a permission that the committee considers to be insufficiently reasoned or ill-suited in relation to the requirements of this Regulation. Additionally, such ad hoc consultive committee should examine complaints submitted directly to ESMA in cases where an applicant considers that its exemption request or permission to participate under the pilot regime has been inappropriately denied by its relevant national competent authority. However, to avoid the submission of abusive complaints to ESMA by applicants, a specific procedure should be adopted to analyse only complete and well- documented complaints transmitted to the consultative committee. That procedure should provide for a shortened delay of transmission at the request of the consultative committee after the response of the relevant NCA and for a set of documentation to be transmitted to the consultative committee which would include in particular a summary of the applicant’s activities and the requested exemption(s). The relevant documents submitted, as well as the decision of the NCA refusing the requested exemption(s) or permissions, should be translated into English.
Amendment 234 #
Proposal for a regulation Recital 39 (39) DLT market infrastructures should also make regular reports to their competent authorities and ESMA. National competent authorities that have established an innovation hub or a regulatory sandbox should organise discussions among their competent departments in order to gain understanding and disseminate the knowledge they have gained. Additionally, through their participation in the European Forum for Innovation Facilitators (the EFIF), national competent authorities should be able to discuss cases with a view to exchanging knowledge and establishing best practices. ESMA should organise discussions on th
Amendment 235 #
Proposal for a regulation Recital 40 (40)
Amendment 236 #
(40)
Amendment 237 #
Proposal for a regulation Recital 40 (40) Five years after the entry into application of this Regulation, ESMA, after consulting the national competent authorities, should report to the Commission on this pilot regime for DLT market infrastructures, including on the potential benefits linked to the use of DLT, the risks raised and the technical difficulties. Based on ESMA’s report, the Commission should report to the Council and European Parliament. This report should assess the costs and benefits of extending this regime on DLT market infrastructures for another period of time, extending this regime to new type of financial instruments, making
Amendment 238 #
Proposal for a regulation Recital 40 a (new) (40 a) ESMA should publish annual reports in order to provide market participants with a better understanding of the functioning and development of the markets and to provide clarification on the application of the pilot regime. The reports should also include an update on the progress of the pilot regime regarding trends and emerging risks and be submitted to the European Parliament, the Council and the Commission.
Amendment 239 #
Proposal for a regulation Recital 40 a (new) (40 a) It would be undesirable to have two parallel regimes for DLT-based and non-DLT-based market infrastructures. If the pilot regime provided for in this Regulation is successful, it could be made permanent by amending the relevant Union financial services legislation in such a a way that establishes a single, coherent framework.
Amendment 240 #
Proposal for a regulation Recital 40 b (new) (40 b) In order to monitor the progress of the pilot regime, ESMA should provide the Commission, the European Parliament and the Council with an annual report about the most important trends, risks and vulnerabilities in relation to the pilot regime.
Amendment 241 #
Proposal for a regulation Recital 44 a (new) (44 a) The operation of DLT market infrastructures could involve the processing of personal data. Any processing of personal data under this Regulation should be carried out in accordance with applicable Union law on the protection of personal data. This Regulation is without prejudice to the rights and obligations under Regulations (EU) 2016/6791a and (EU) 2018/17251b. _________________ 1aRegulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1). 1bRegulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39).
Amendment 242 #
Proposal for a regulation Article 1 – paragraph 1 (1) This Regulation lays down requirements on
Amendment 243 #
Proposal for a regulation Article 1 – paragraph 1 (1) This Regulation lays down requirements on
Amendment 244 #
Proposal for a regulation Article 1 – paragraph 1 (1) This Regulation lays down requirements on
Amendment 245 #
Proposal for a regulation Article 1 – paragraph 2 – point f (f) cooperation between operators of DLT market infrastructures, national competent authorities and ESMA.
Amendment 246 #
Proposal for a regulation Article 1 – paragraph 2 – point f (f) cooperation between operators of DLT market infrastructures, national competent authorities and ESMA.
Amendment 247 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘distributed ledger technology’ or ‘DLT’ means a
Amendment 248 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘distributed ledger technology’ or ‘DLT’ means a class of technologies which
Amendment 249 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘distributed ledger technology’ or ‘DLT’ means a
Amendment 250 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 a (new) (1 a) the owner and accountable entity in charge of the DLT network should provide the information related to the underlying technical approach of DLT infrastructure and be liable in the event of any issues or disruptions. A delineation between permissioned and permission-less DLT infrastructures should be introduced in the text as liabilities linked to the two types of DLT infrastructures could be different;
Amendment 251 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – introductory part (3) ‘DLT multilateral trading facility’ or ‘DLT MTF’ means a ‘multilateral trading facility’
Amendment 252 #
(3) ‘DLT multilateral trading facility’ or ‘DLT MTF’ means a ‘multilateral trading facility’, operated by an investment firm or a market operator, that only admits to trading DLT transferable securities referred in Article 3 and that may be licensed or permitted, on the basis of transparent, non-discretionary, uniform rules and procedures, to:
Amendment 253 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) ‘DLT securities settlement system’ means a securities settlement system
Amendment 254 #
(4) ‘DLT securities settlement system’ means a securities settlement system, operated by a ‘central securities depository’, that
Amendment 255 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘DLT transferable securities’ means ‘transferable securities’ within the meaning of Article 4(1)(44) (a) and (b) of Directive 2014/65/EU that are issued, recorded, transferred and stored using a DLT, which is not built or based on a proof of work consensus mechanism;
Amendment 256 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘DLT transferable securities’ means ‘transferable securities’ within the meaning of Article 4(1)(44) (a) and (b) of Directive 2014/65/EU, including depositary receipts, that are issued, recorded, transferred and stored using a DLT;
Amendment 257 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 a (new) (5 a) ‘DLT exchange-traded fund units’ or ‘DLT ETF units’ means units or shares of an exchange-traded fund within the meaning of Article 4(1)(46) of Directive 2014/65/EU that are issued, recorded, transferred and stored using DLT;
Amendment 258 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 a (new) (5 a) ‘DLT exchange-traded fund units’ or ‘DLT ETF units’ means units or shares of an exchange-traded fund within the meaning of Article 4(1)(46) of Directive 2014/65/EU that are issued, recorded, transferred and stored using DLT;
Amendment 259 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) (6 a) “DLT units of collective investment undertakings” means units of collective investment undertakings mentioned in Annex III, section C, item 3 of Directive 2014/65/EU that are issued, recorded, transferred and stored using a DLT;
Amendment 260 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12 a) 'settlement coin’ means commercial bank money in a tokenised form;
Amendment 261 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – introductory part (13)
Amendment 262 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – introductory part (13) ‘sovereign bond’ means a bond issued by a sovereign issuer w
Amendment 263 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – point a Amendment 264 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – point b Amendment 265 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – point c Amendment 266 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 – point c Amendment 267 #
Proposal for a regulation Article 2 – paragraph 1 – point 14 – introductory part (14) ‘other public bond’ means a bond issued by any of the following
Amendment 268 #
Proposal for a regulation Article 2 – paragraph 1 – point 14 – point e Amendment 269 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 – point c (c)
Amendment 270 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 – point b a (new) (b a) an entity operating a DLT MTF that is neither an investment firm nor a market operator, the Member State in which the entity is registered or, if under the law of that Member State it has no registered office, the Member State in which the head office of the operator is situated;
Amendment 271 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 – point c a (new) (c a) an entity operating a DLT securities settlement system that is not a CSD, the Member State in which the operator is registered or, if under the law of that Member State it has no registered office, the Member State in which the head office of the operator is situated;
Amendment 272 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) shares, the issuer of which has a market capitalisation or a tentative market capitalisation of less than EUR
Amendment 273 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) shares, the issuer of which has a market capitalisation or a tentative market capitalisation of less than EUR
Amendment 274 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) convertible bonds, covered bonds, corporate bonds, sovereign bonds, other public bonds and other bonds, with an issuance size of less than EUR 500 million.
Amendment 275 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) convertible bonds, covered bonds, corporate bonds, sovereign bonds, other public bonds and other bonds, with an issuance size of less than EUR 500 million.
Amendment 276 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) convertible bonds, sovereign bonds, covered bonds, corporate bonds, other public bonds and other bonds, with an issuance size of less than EUR 500 million.
Amendment 277 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) convertible bonds, covered bonds, corporate bonds, other public bonds and other bonds, with an issuance size of less than EUR 25
Amendment 278 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) DLT ETF units, UCITS units, investing in the types of instruments referred to in points (a) and (b).
Amendment 279 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) DLT ETF units, investing in the types of instruments referred to in points (a) and (b).
Amendment 280 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) DLT ETF units, with an issuance size of less than EUR 500 million.
Amendment 281 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) units in collective investment undertakings, with an issuance size of less than EUR 500 million.
Amendment 282 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 283 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 284 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 285 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 286 #
Proposal for a regulation Article 3 – paragraph 2 2. An investment firm, issuer of crypto-assets, or market operator operating a DLT MTF shall not admit to trading sovereign bonds under this Regulation. A CSD operating a DLT securities settlement system, or an investment firm or market operator that is permitted to record DLT transferable securities on a DLT MTF, in accordance with paragraphs 2 and 3 of Article 4, shall not record sovereign bonds under this Regulation.
Amendment 287 #
Proposal for a regulation Article 3 – paragraph 3 3.
Amendment 288 #
Proposal for a regulation Article 3 – paragraph 3 3. The total market value of DLT transferable securities recorded in a CSD operating a DLT securities settlement system shall not exceed EUR 2.5 billion. Where a DLT MTF records the DLT transferable securities instead of a CSD, in accordance with paragraphs 2 and 3 of Article 4, the total market value of the DLT transferable securities recorded by the investment firm, issuer of crypto-assets, or market operator operating the DLT MTF shall not exceed EUR 2.5 billion.
Amendment 289 #
Proposal for a regulation Article 3 – paragraph 3 3. The total market value of DLT transferable securities recorded in a CSD operating a DLT
Amendment 290 #
Proposal for a regulation Article 3 – paragraph 3 3. The total market value of DLT transferable securities recorded in a
Amendment 291 #
Proposal for a regulation Article 3 – paragraph 3 3. The total market value of DLT transferable securities recorded in a CSD operating a DLT securities settlement system shall not exceed EUR 2
Amendment 292 #
Proposal for a regulation Article 3 – paragraph 3 3. The total market value of DLT transferable securities recorded in a CSD operating a DLT securities settlement system shall not exceed EUR
Amendment 293 #
Proposal for a regulation Article 3 – paragraph 3 a (new) 3 a. By way of derogation, corporate bonds issued by issuers whose market capitalisation did not exceed EUR 1 billion at the time of their issuance shall be excluded from the calculation of the threshold set out in paragraphs (1)(b) and (3).
Amendment 294 #
Proposal for a regulation Article 3 – paragraph 4 – point a (a) determined daily, either by the
Amendment 295 #
Proposal for a regulation Article 3 – paragraph 4 – point a (a) determined daily, either by the CSD or the investment firm, issuer of crypto- assets, or market operator concerned; and
Amendment 296 #
Proposal for a regulation Article 3 – paragraph 5 – subparagraph 1 Where the total market value of the DLT transferable securities reported under paragraph 1, has reached EUR
Amendment 297 #
Proposal for a regulation Article 3 – paragraph 5 – subparagraph 1 Where the total market value of the DLT transferable securities reported under paragraph 1, has reached EUR
Amendment 298 #
Proposal for a regulation Article 3 – paragraph 5 – subparagraph 2 Amendment 299 #
Proposal for a regulation Article 3 – paragraph 5 – subparagraph 2 The competent authority concerned may permit the DLT market infrastructure concerned to continue to operate until the total market value of the DLT transferable securities reported under paragraph 1 reaches EUR
Amendment 300 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A DLT MTF shall be subject to all the requirements applicable to an MTF under Directive 2014/65/EU, except in relation to an exemption granted in accordance with paragraph 1a (new), and Regulation (EU) No 2014/600,
Amendment 301 #
1. A DLT MTF shall be subject to all the requirements applicable to an MTF under Directive 2014/65/EU
Amendment 302 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A DLT MTF and its operator shall be subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600, except if the investment firm or the market operator operating the DLT MTF:
Amendment 303 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A DLT MTF shall be subject to all the requirements applicable to an MTF
Amendment 304 #
Proposal for a regulation Article 4 – paragraph 1 – point a Amendment 305 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1 a. At its request, an investment firm or market operator operating a DLT MTF may be exempted by ESMA from the application of Article 19 of Directive 2014/65/EU (MiFID) and may be permitted, under the rules governing access referred to in Article 18(3) of Directive 2014/65/EU (MiFID) and for a maximum of four years, to admit natural persons to the DLT MTF as members or participants, provided that those persons fulfil the following requirements: (a) they are of sufficiently good repute and are fit and proper; (b) they have sufficient level of trading ability, competence and experience, including knowledge of the trading and the functioning of DLT;and (c) they have given informed consent to be included in the pilot regime and are adequately informed of its experimental nature and the potential risks associated with it. Where ESMA grants the exemption referred to in the first subparagraph, it may impose additional investor protection measures for the protection of natural persons admitted as members of, or participants in, the DLT MTF. Such measures shall be proportionate to the risk profile of the participants or members.
Amendment 306 #
Proposal for a regulation Article 4 – paragraph 1 b (new) 1 b. ESMA shall develop draft regulatory technical standards to specify: (a) the criteria for assessing the fitness and propriety of natural persons for the purposes of anti-money laundering and combatting the financing of terrorism; (b) the criteria for assessing the ability, competence and experience required under Article 4(1a) and Article 5(4); (c) the investor protection measures referred to in Article 4(1). ESMA shall submit those draft regulatory technical standards to the Commission by... [six months after the date of entry into force of this Regulation]. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 307 #
Proposal for a regulation Article 4 – paragraph 2 – introductory part 2. At its request, an
Amendment 308 #
Proposal for a regulation Article 4 – paragraph 2 – introductory part 2. At its request, an investment firm or a market operator operating a DLT MTF may be permitted to admit to trading DLT transferable securities that are not recorded in a CSD in accordance with Article 3(2) of Regulation (EU) 909/2014 but instead recorded on the
Amendment 309 #
Proposal for a regulation Article 4 – paragraph 2 – subparagraph 1 – introductory part An
Amendment 310 #
Proposal for a regulation Article 4 – paragraph 2 – subparagraph 1 – point c (c) that the DLT MTF keeps records which enable the
Amendment 311 #
Proposal for a regulation Article 4 – paragraph 2 – subparagraph 1 – point c a (new) (c a) that the operations of the DLT MTF do not affect the operations and robustness of any other MTF operated by the operator of the DLT MTF, for instance, where one or more entities participate in both a regular and a DLT MTF operated by the same operator. In those circumstances, the DLT MTF operator shall clearly explain the insolvency and settlement finality risks to which its participants are exposed, as well as any measures that have been put in place in order to mitigate such risks.
Amendment 312 #
Proposal for a regulation Article 4 – paragraph 2 – subparagraph 2 Where no request for an exemption has been made by the DLT MTF in accordance with the first subparagraph, the DLT transferable securities shall either be recorded in book-entry form in a CSD or on
Amendment 313 #
Proposal for a regulation Article 4 – paragraph 2 – subparagraph 2 Where no request for an exemption has been made by the DLT MTF operator in accordance with the first subparagraph, the DLT transferable securities shall either be recorded in book-entry form in a CSD or on the distributed ledger technology of a CSD operating a DLT
Amendment 314 #
Proposal for a regulation Article 4 – paragraph 3 – introductory part 3. Where an investment firm or a market operator operating a DLT MTF has requested a
Amendment 315 #
Proposal for a regulation Article 4 – paragraph 3 – introductory part 3. Where an
Amendment 316 #
Proposal for a regulation Article 4 – paragraph 3 – point a (a) guarantees, in accordance with Article 37(2) and (3) of Regulation (EU) No 909/2014, that the number of DLT transferable securities in an issue or in part of an issue admitted by the investment firm or market operator operating the DLT
Amendment 317 #
Proposal for a regulation Article 4 – paragraph 3 – point a (a) guarantees, in accordance with Article 37(2) and (3) of Regulation (EU) No 909/2014, that the number of DLT transferable securities in an issue or in part of an issue admitted by the investment firm
Amendment 318 #
Proposal for a regulation Article 4 – paragraph 3 – point a (a) guarantees that the number of DLT transferable securities in an issue or in part of an issue admitted by the
Amendment 319 #
Proposal for a regulation Article 4 – paragraph 3 – point d (d) provides, in accordance with Article 39(5) of Regulation (EU) No 909/2014, clear, accurate and timely information in relation to the settlement of
Amendment 320 #
Proposal for a regulation Article 4 – paragraph 3 – point d (d) provides, in accordance with Article 39(5) of Regulation (EU) No 909/2014, clear, accurate and timely information in relation to the settlement of transactions, including settlement finality, by defining the moment from which transfer orders or other pre-identified instructions may not be revoked by a member, participant, issuer or client;
Amendment 321 #
Proposal for a regulation Article 4 – paragraph 3 – point d (d) provides clear, accurate and timely information in relation to the settlement of transactions, including settlement finality, by defining the moment from which transfer orders or other pre-identified instructions may not be revoked by a member, participant, issuer or client, in accordance with Article 39 of Regulation (EU) No 909/2014;
Amendment 322 #
Proposal for a regulation Article 4 – paragraph 3 – point f – paragraph 1 The settlement of the payment
Amendment 323 #
Proposal for a regulation Article 4 – paragraph 3 – point f – paragraph 2 Where settlement occurs through commercial bank money or e-money
Amendment 324 #
Proposal for a regulation Article 4 – paragraph 3 – point f – paragraph 2 Where settlement occurs through commercial bank money or e-money tokens, the
Amendment 325 #
Proposal for a regulation Article 4 – paragraph 3 – point g (g) either prevents or, if not possible, addresses settlement fails, in accordance with Articles 6 and 7 of Regulation (EU) No 909/2014 and Commission Delegated Regulation (EU) 2018/1229, mutatis mutandis.
Amendment 326 #
Proposal for a regulation Article 4 – paragraph 3 – point g (g) either prevents or, if not possible, addresses settlement fails
Amendment 327 #
Proposal for a regulation Article 4 – paragraph 3 – point g (g) either prevents or, if not possible, addresses settlement fails, in accordance with Article 7 of Regulation (EU) No 909/2014 and Commission Delegated Regulation (EU) 2018/1229*. _________________ * Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (OJ L 230, 13.9.2018, p. 1).
Amendment 328 #
Proposal for a regulation Article 4 – paragraph 4 – introductory part 4. Where an
Amendment 329 #
Proposal for a regulation Article 4 – paragraph 4 – point b (b) limited to the DLT MTF and does not extended to any other MTF operated by the said
Amendment 330 #
Proposal for a regulation Article 4 – paragraph 4 a (new) 4 a. An entity that is not subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600 at the time of its application for a specific permission shall be allowed to apply in accordance with paragraphs 1 to 4 of this Article. Competent authorities shall put in place specific procedures for entities that are not subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600 at the time of their application.
Amendment 331 #
Proposal for a regulation Article 5 – paragraph 1 – introductory part 1. A CSD operating a DLT securities settlement system shall be subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014 and any other applicable Union financial services legislation, except if such a CSD:
Amendment 332 #
Proposal for a regulation Article 5 – paragraph 1 – introductory part 1. A
Amendment 333 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) complies with the conditions set out in paragraphs 2 to 7 and with any additional compensatory measures that the competent authority or ESMA after consulting the national competent authority, which granted the specific permission may deem appropriate in order to meet the objectives pursued by the provisions from which an exemption is requested or to ensure investor protection, market integrity and/or financial stability.
Amendment 334 #
(c) complies with the conditions set out in paragraphs 2 to 7 and with any additional compensatory or corrective measures that ESMA or the competent authority which granted the specific permission may deem appropriate in order to meet the objectives pursued by the provisions from which an exemption is requested or to ensure investor protection, market integrity and/or financial stability.
Amendment 335 #
Proposal for a regulation Article 5 – paragraph 2 – introductory part 2. At its request, a
Amendment 336 #
Proposal for a regulation Article 5 – paragraph 2 – point a (a) demonstrates that the use of a ‘securities account’ as defined under Article 2(28) of Regulation (EU) No 909/2014 or the use of book-entry form are incompatible with the
Amendment 337 #
Proposal for a regulation Article 5 – paragraph 2 – point a (a) demonstrates that the use of a ‘securities account’ as defined under Article 2(28) of Regulation
Amendment 338 #
Proposal for a regulation Article 5 – paragraph 2 – point b (b) proposes compensatory or corrective measures to meet the objectives pursued by the provisions from which an exemption is requested, and ensures at minimum that:
Amendment 339 #
Proposal for a regulation Article 5 – paragraph 3 Amendment 340 #
Proposal for a regulation Article 5 – paragraph 3 – introductory part 3. At its request, a CSD operating a DLT securities settlement system may be exempted by the competent authority from the application of Article 19
Amendment 341 #
Proposal for a regulation Article 5 – paragraph 3 – introductory part 3. At its request, a CSD operating a DLT
Amendment 342 #
Proposal for a regulation Article 5 – paragraph 3 – introductory part 3. At its request, a
Amendment 343 #
Proposal for a regulation Article 5 – paragraph 3 – point a (a) such provisions are incompatible with the use of a DLT as envisaged by the particular DLT operated by the
Amendment 344 #
Proposal for a regulation Article 5 – paragraph 3 – point b (b) the
Amendment 345 #
Proposal for a regulation Article 5 – paragraph 4 – introductory part 4. At its request, a
Amendment 346 #
Proposal for a regulation Article 5 – paragraph 4 – point b a (new) (b a) have given informed consent to be included in the pilot regime provided for in this Regulation and have been adequately informed of its experimental nature and the risks associated with it.
Amendment 347 #
5. At its request, a
Amendment 348 #
Proposal for a regulation Article 5 – paragraph 5 – introductory part 5. At its request, a CSD operating a DLT
Amendment 349 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 1 The settlement of the payment
Amendment 350 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 1 The settlement of the payment
Amendment 351 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 1 The settlement of payments
Amendment 352 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 2 Where settlement occurs through commercial bank money or e-money tokens, the investment firm or market operator operating the DLT
Amendment 353 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 2 Where settlement occurs through commercial bank money or e-money tokens, the
Amendment 354 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 2 Where settlement occurs through commercial bank money or e-money tokens, the
Amendment 355 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 2 Where settlement occurs through commercial bank money or e-money tokens, the
Amendment 356 #
Proposal for a regulation Article 5 – paragraph 5 – subparagraph 2 Where settlement occurs through commercial bank money or e-money tokens, the investment
Amendment 357 #
Proposal for a regulation Article 5 – paragraph 6 6. At its request, a
Amendment 358 #
Proposal for a regulation Article 5 – paragraph 6 6. At its request, a CSD operating a DLT
Amendment 359 #
Proposal for a regulation Article 5 – paragraph 7 – introductory part 7. Where a CSD operating a DLT
Amendment 360 #
Proposal for a regulation Article 5 – paragraph 7 – introductory part 7. Where a
Amendment 361 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – introductory part Where a
Amendment 362 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – introductory part Where a CSD operating a DLT
Amendment 363 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – point a (a) the exemption requested is proportionate to and justified by the use of
Amendment 364 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – point a (a) the exemption requested is proportionate to and justified by the use of
Amendment 365 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – point b (b) the exemption requested is limited to the DLT securities settlement system and does not extend to any other securities settlement system as defined in Article 2(10) of Regulation (EU) No 909/2014 operated by the same
Amendment 366 #
Proposal for a regulation Article 5 – paragraph 7 – subparagraph 1 – point b (b) the exemption requested is limited to the DLT
Amendment 367 #
Proposal for a regulation Article 5 – paragraph 8 8. Where a CSD has requested and been granted an exemption under paragraph 3, the requirement in Article 39(1) of Regulation (EU) No 909/2014/EU for Member States to designate and notify the
Amendment 368 #
Proposal for a regulation Article 5 – paragraph 8 8. Where a
Amendment 369 #
Proposal for a regulation Article 5 – paragraph 8 a (new) 8 a. An entity that is not subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014 at the time of the application for a specific permission to operate a DLT MTF under this Regulation, shall be allowed to apply in accordance with paragraphs 1 to 8 of this Article. Competent authorities shall put in place specific procedures for entities that are not subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014 at the time of their application.
Amendment 370 #
Proposal for a regulation Article 5 – paragraph 8 a (new) 8 a. At its request, and in accordance with Article 7, a CSD operating a DLT SSS may also operate a DLT MTF.
Amendment 371 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed publically available written documentation, which may be made available by electronic means, defining the rules under which the DLT market infrastructure shall operate, including the agreed upon associated legal terms defining the rights, obligations, responsibilities and liabilities of the operator of the DLT market infrastructure, as well as that of the members, participants, issuers and/or clients using the DLT market infrastructure concerned. The same documentation shall also include the privacy notice containing the list of processing operations carried out in connection with the DLT market infrastructure, together with the roles and responsibilities of the entities involved in the processing of personal data. Such legal arrangements shall specify the governing law, the pre-litigation dispute settlement mechanism and the jurisdiction for bringing legal action.
Amendment 372 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed public
Amendment 373 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed publically available written documentation, which may be made
Amendment 374 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed publically available written documentation, which may be made available by electronic means, defining the rules under which the DLT market infrastructure shall operate, including the agreed upon associated legal terms defining the rights, obligations, responsibilities and liabilities of the operator of the DLT market infrastructure, as well as that of the members, participants, issuers and/or clients using the DLT market infrastructure concerned. Such legal arrangements shall specify the governing law, the pre-litigation dispute settlement mechanism, any insolvency protection measures under Directive 98/26/EC and the jurisdiction for bringing legal action.
Amendment 375 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed public
Amendment 376 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 They shall also have up-to-date, clear and detailed public
Amendment 377 #
Proposal for a regulation Article 6 – paragraph 2 2.
Amendment 378 #
Proposal for a regulation Article 6 – paragraph 2 2. A CSD operating a DLT securities settlement system, and an investment firm or a market operator operating a DLT MTF requesting an exemption from Article 3(2) of Regulation (EU) No 909/2014, shall establish: (a) rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures; and (b) measures to mitigate the risks arising from insolvency, where insolvency protection measures under Directive 98/26/EC do not apply.
Amendment 379 #
Proposal for a regulation Article 6 – paragraph 2 2. A CSD operating a DLT securities settlement system, and an investment firm or a market operator operating a DLT MTF requesting an exemption from Article 3(2) of Regulation (EU) No 909/2014, shall establish or document, as appropriate, rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures.
Amendment 380 #
Proposal for a regulation Article 6 – paragraph 2 2.
Amendment 381 #
Proposal for a regulation Article 6 – paragraph 2 2. A CSD operating a DLT
Amendment 382 #
Proposal for a regulation Article 6 – paragraph 2 2. A CSD operating a DLT
Amendment 383 #
Proposal for a regulation Article 6 – paragraph 2 – point a (new) (a) rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures; and
Amendment 384 #
(b) measures to mitigate the risks arising from insolvency, where insolvency protection measures under Directive 98/26/EC do not apply.
Amendment 385 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2 a. Where an entity operating a DLT securities settlement system and an entity operating a DLT MTF use a public DLT and request an exemption from Article 3(2) of Regulation (EU) No 909/2014, they shall properly describe to the relevant competent authority the functioning of the DLT they use, the way they address potential conflicts of interest, and risk management measures.
Amendment 386 #
Proposal for a regulation Article 6 – paragraph 3 3. The operators of DLT market infrastructures shall provide their members, participants, issuers and clients with clear and unambiguous information on their website on how they carry out their functions, services and activities and how this performance of functions, services and activities deviates from an MTF or a
Amendment 387 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1 The operators of DLT market infrastructures shall have a specific operational risk management procedure for the risks posed by the use of a DLT and crypto-
Amendment 388 #
Proposal for a regulation Article 6 – paragraph 5 – subparagraph 3 The overall IT and cyber arrangements, referred to in paragraph 4, shall ensure that the said funds, collateral and DLT transferable securities, as well as the means of access to such assets, are protected from the risks of unauthorised access, hacking, degradation, loss, cyber-attack, theft, fraud, negligence or othe
Amendment 389 #
Proposal for a regulation Article 6 – paragraph 5 – subparagraph 3 a (new) The operator of a DLT market infrastructure shall be liable to its clients for any loss of funds, collateral and DLT transferable securities, or of means of access to such assets, resulting from unauthorised access, hacking, degradation, loss, fraud, cyber-attack, or from theft or negligence or other serious malfunctions up to an amount not exceeding the market value of the assets lost. The operator of a DLT market infrastructure shall establish transparent and adequate arrangements to ensure investor protection and provide clients with mechanisms for handling complaints and procedures for compensation or redress in cases of investor detriment as a result of the aforementioned serious malfunctions or of the cessation of the business due to any of the circumstances referred to in Article 7, paragraph 6, or Article 8, paragraph 6, as appropriate. The operator of a DLT market infrastructure shall have in place sufficient prudential safeguards in the form of own funds or insurance policy against any liability resulting from damages caused to its clients due to any of the aforementioned serious malfunctions and ensure investor protection.
Amendment 390 #
Proposal for a regulation Article 6 – paragraph 6 6. The operator of a DLT market infrastructure shall establish a clear, detailed and public
Amendment 391 #
Proposal for a regulation Article 6 – paragraph 6 a (new) 6 a. Where a DLT market infrastructure is authorised to operate with exemptions, in accordance with Article 7 (1a) and Article 8 (1a), and has not applied for authorisation under Directive 2014/65/EU or under Regulation (EU) No 909/2014, the transition strategy shall include specific arrangements with CSDs authorised under Regulation (EU) No 909/2014 to ensure business continuity in the best interest of the members, participants, issuers and clients. CSDs authorised under Regulation (EU) No 909/2014 shall offer to conclude such arrangements in a non-discriminatory manner against a reasonable commercial fee based on actual costs.
Amendment 392 #
Proposal for a regulation Article 6 – paragraph 6 a (new) 6a. Where activities relating to the operation of DLT market infrastructure involve the processing of personal data, at least one of the two conditions set out in Article 6(b) or (c) of of Regulation (EU) 2016/67 must be met.
Amendment 393 #
Proposal for a regulation Article 7 – paragraph 1 Amendment 394 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1 a. By way of derogation from paragraph 1 of this Article, any legal person that is not authorised as an investment firm in accordance with Directive 2014/65/EU may apply for a specific permission to operate a DLT MTF in accordance with paragraph 2 of this Article, provided that it complies with the authorisation requirements and all other obligations laid down in Directive 2014/65/EU, other than those requirements from which the applicant has been granted an exemption under this Regulation.
Amendment 395 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1 a. Where a legal person applies for authorisation of a market operator or an investment firm under Directive 2014/65/EU and, at the same time, applies for a specific permission under this Article, with the sole purpose of operating a DLT MTF, the competent authority shall not assess compliance with the requirements of Directive 2014/65/EU in respect of which the applicant has requested and been granted an exemption pursuant to Article 4 of this Regulation.
Amendment 396 #
Proposal for a regulation Article 7 – paragraph 2 – point c (c) where applicable, the functioning of
Amendment 397 #
Proposal for a regulation Article 7 – paragraph 2 – point c (c) where applicable, the functioning of
Amendment 398 #
Proposal for a regulation Article 7 – paragraph 2 – point d a (new) (d a) evidence that the applicant has in place sufficient prudential safeguards to meet its liabilities and compensate its clients in the event of a serious malfunction of the DLT, as referred to in Article 6 (5b);
Amendment 399 #
Proposal for a regulation Article 7 – paragraph 2 – point e a (new) (e a) a description of the arrangements to ensure investor protection and the mechanisms for handling complaints and consumer redress, as referred to in Article 6 a (new);
Amendment 400 #
Proposal for a regulation Article 7 – paragraph 2 – point g (g) the exemptions it is requesting in accordance with Article 4, the justification for each exemption sought, any compensatory or corrective measures proposed as well as the means envisaged to comply with the conditions attached to such exemptions under Article 4.
Amendment 401 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall notify and provide all relevant information on the DLT MTF
Amendment 402 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall notify and provide all relevant information on the DLT MTF
Amendment 403 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, ESMA shall notify the competent authority of the home Member State
Amendment 404 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall notify and provide all relevant information on the DLT MTF to ESMA, an explanation of the exemptions requested, their justifications and any compensatory or corrective measures proposed by the applicant or required by the competent authority.
Amendment 405 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3.
Amendment 406 #
Proposal for a regulation Article 7 – paragraph 3 – subparagraph 1 Within three months of receipt of the
Amendment 407 #
Within three months of receipt of the notification, ESMA shall provide the competent authority with a
Amendment 408 #
Proposal for a regulation Article 7 – paragraph 3 – subparagraph 1 Within three months of receipt of the notification, ESMA shall provide the competent authority with a
Amendment 409 #
Proposal for a regulation Article 7 – paragraph 3 – subparagraph 1 Within three months of receipt of the notification, ESMA shall provide the competent authority with a non-binding opinion on the application and shall make any recommendations on the exemptions requested by the applicant, that are necessary to ensure investor protection, market integrity and financial stability. ESMA shall also promote the consistency and proportionality of exemptions granted by competent authorities to
Amendment 410 #
Proposal for a regulation Article 7 – paragraph 3 – subparagraph 1 a (new) With a view to establishing consistent, efficient and effective supervisory practices and to ensuring the common, uniform and consistent application of Union law, ESMA may adopt guidelines to further specify the conditions for granting exemptions and requiring compensatory measures, based on relevant experience from competent authorities and on ESMA's non-binding opinions.
Amendment 411 #
Proposal for a regulation Article 7 – paragraph 5 – introductory part 5. The specific permission granted to
Amendment 412 #
Proposal for a regulation Article 7 – paragraph 5 – introductory part 5. The specific permission granted to either an investment firm or a market operator to operate a DLT MTF shall be valid throughout the Union for up to
Amendment 413 #
Proposal for a regulation Article 7 – paragraph 5 – subparagraph 1 ESMA shall publish on its website (a) the list of DLT MTFs, the start and end dates of their specific permissions and the list of exemptions granted to each of them, and (b) the total number of requests for exemptions that have been made under this Regulation, indicating the number of exemptions accepted or refused together with the respective justifications, on an anonymous basis.
Amendment 414 #
Proposal for a regulation Article 7 – paragraph 5 – subparagraph 1 ESMA shall publish on its website the list of DLT MTFs, the start and end dates of their specific permissions and the list of exemptions granted to each of them. Furthermore, ESMA shall publish on its website all requests for exemptions that have been made under this Regulation, indicating in each case whether ESMA recommended that the exemption be accepted or refused.
Amendment 415 #
Proposal for a regulation Article 7 – paragraph 6 – introductory part 6. Without prejudice to Article 8 and Article 44 of Directive 2014/65/EU, the competent authority which granted a specific permission under this Regulation shall withdraw such permission or any of the exemptions granted, after consultation with ESMA, and informing the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a specific permission granted to a credit institution, its prudential supervisor, including the ECB for significant credit institutions, in accordance with paragraph 3, if any of the following has occurred:
Amendment 416 #
Proposal for a regulation Article 7 – paragraph 6 – introductory part 6. Without prejudice to Article 8 and Article 44 of Directive 2014/65/EU, the competent authority which granted a specific permission under this Regulation shall withdraw such permission or any of the exemptions granted, after consultation with ESMA and informing the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a specific permission granted to a credit institution, its prudential supervisor, including the ECB for significant credit institutions, in accordance with paragraph 3, if any of the following has occurred:
Amendment 417 #
Proposal for a regulation Article 7 – paragraph 6 – point b (b) the
Amendment 418 #
Proposal for a regulation Article 7 – paragraph 6 – point c (c) the
Amendment 419 #
Proposal for a regulation Article 7 – paragraph 6 – point d (d) the
Amendment 420 #
Proposal for a regulation Article 7 – paragraph 6 – point e (e) the
Amendment 421 #
Proposal for a regulation Article 7 – paragraph 6 – point f (f) the competent authority becomes
Amendment 422 #
Proposal for a regulation Article 7 – paragraph 7 – introductory part 7. Where in the course of its activity, an investment firm or a market operator operating a DLT MTF proposes to introduce
Amendment 423 #
Proposal for a regulation Article 7 – paragraph 7 – introductory part 7. Where in the course of its activity, an
Amendment 424 #
Proposal for a regulation Article 8 – paragraph 1 a (new) 1 a. Where a legal person applies for an authorisation of a CSD under Regulation (EU) No 909/2014 and, at the same time, applies for a specific permission under this Article, with the sole purpose of operating a DLT securities settlement system, the competent authority shall not assess compliance with the requirements of Regulation (EU) No 909/2014 in respect of which the applicant has requested and been granted an exemption pursuant to Article 5 of this Regulation.
Amendment 425 #
Proposal for a regulation Article 8 – paragraph 2 – point c (c) the functioning of
Amendment 426 #
Proposal for a regulation Article 8 – paragraph 2 – point c (c) the functioning of
Amendment 427 #
Proposal for a regulation Article 8 – paragraph 2 – point c (c) the functioning of its
Amendment 428 #
Proposal for a regulation Article 8 – paragraph 2 – point d a (new) (d a) evidence that the applicant has in place sufficient prudential safeguards to ensure consumer and investor protection and a description of the arrangements in place to ensure consumer and investor protection and of the mechanisms for handling complaints and consumer redress, as referred to in Article 6a (new);
Amendment 429 #
Proposal for a regulation Article 8 – paragraph 2 – point g (g) the exemptions it is requesting, in accordance with Article 5, the justifications for each exemption sought, any compensatory or corrective measures proposed as well as the measures envisaged to comply with the conditions attached to such exemptions under Article 5.
Amendment 430 #
Proposal for a regulation Article 8 – paragraph 2 a (new) 2 a. By way of derogation from paragraph 1, any legal person that is not authorised as a CSD under Regulation (EU) No 909/2014 may apply for a specific permission to operate a DLT securities settlement system in accordance with paragraph 2 of this Article, provided that it complies with the authorisation requirements and all other obligations laid down in Regulation (EU) No 909/2014, in a manner proportionate to the nature, scale and risks of the business, except for those requirements from which the applicant has been granted an exemption under this Regulation.
Amendment 431 #
Proposal for a regulation Article 8 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT MTF securities settlement system under this Regulation, the competent authority shall notify and provide all relevant information on the DLT securities settlement system to the relevant authorities specified in Article 12 of Regulation (EU) No909/2014 and shall consult those authorities on the features of the securities settlement system operated by the applicant and, in the case of an application by a credit institution, shall provide all such relevant information to the prudential supervisor, including the ECB for significant credit institutions, and, in all cases, to ESMA, and including an explanation of the exemptions requested, their justification and any compensatory
Amendment 432 #
Proposal for a regulation Article 8 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT
Amendment 433 #
Proposal for a regulation Article 8 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT
Amendment 434 #
Proposal for a regulation Article 8 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT
Amendment 435 #
Proposal for a regulation Article 8 – paragraph 3 – introductory part 3. Before deciding on an application for a specific permission to operate a DLT
Amendment 436 #
Proposal for a regulation Article 8 – paragraph 3 – subparagraph 1 Within three months of receipt of the
Amendment 437 #
Proposal for a regulation Article 8 – paragraph 3 – subparagraph 1 Within three months of receipt of the notification, the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 may respond to the competent authority, and ESMA shall provide the competent authority with a non-binding opinion on the application and shall make any recommendations on the exemptions requested by the applicant, that are necessary to ensure investor protection, market integrity and financial stability. ESMA shall also promote the consistency and proportionality of exemptions granted by competent authorities to CSDs operating DLT securities settlement systems, across the Union. In order to do so, ESMA, shall consult the competent authorities of the other Member States in a timely manner and take the utmost account of their views in its opinion.
Amendment 438 #
Proposal for a regulation Article 8 – paragraph 4 – introductory part 4. Without prejudice to Article 17 of Regulation (EU) No 909/2014, and after having informed the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a credit institution, its prudential supervisor, including the ECB for significant credit institutions, a competent authority shall refuse to grant a specific permission under this Regulation,
Amendment 439 #
Proposal for a regulation Article 8 – paragraph 4 – introductory part 4. Without prejudice to Article 17 of Regulation (EU) No 909/2014, and after having informed the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a credit institution, its prudential supervisor, including the ECB for significant credit institutions, a competent authority shall refuse to grant a specific permission under this Regulation, if there are grounds for believing any of the following:
Amendment 440 #
Proposal for a regulation Article 8 – paragraph 5 – subparagraph 1 ESMA shall publish on its website (a) the list of DLT
Amendment 441 #
Proposal for a regulation Article 8 – paragraph 6 – introductory part 6. Without prejudice to the application of Article 20 of Regulation (EU) No 909/2014, the competent authority which granted the specific permission, under this Regulation shall withdraw such permission or any of the exemptions granted, after consultation with ESMA and the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and informing, in the case of a credit institution, its prudential supervisor, including the ECB for significant credit institutions, in accordance with paragraph 3, if any of the following has occurred:
Amendment 442 #
Proposal for a regulation Article 8 – paragraph 6 – point a (a) a flaw has been discovered in the functioning of the DLT or in the services and activities provided by the
Amendment 443 #
Proposal for a regulation Article 8 – paragraph 6 – point b (b) the
Amendment 444 #
Proposal for a regulation Article 8 – paragraph 6 – point c (c) the
Amendment 445 #
Proposal for a regulation Article 8 – paragraph 6 – point d (d) the
Amendment 446 #
Proposal for a regulation Article 8 – paragraph 6 – point e (e) the competent authority becomes aware that the
Amendment 447 #
Proposal for a regulation Article 8 – paragraph 7 – introductory part 7. Where in the course of its activity, a
Amendment 448 #
Proposal for a regulation Article 8 – paragraph 7 – subparagraph 1 Where in the course of its activity, a
Amendment 449 #
Proposal for a regulation Article 8 – paragraph 7 a (new) Amendment 450 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. Without prejudice to the application of any relevant provisions of Directive 2014/65/EU and Regulation (EU) No 909/2014, the operators of DLT market infrastructures shall cooperate with the competent authorities, including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions, which are entrusted with granting specific permissions under this Regulation and with ESMA.
Amendment 451 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. Without prejudice to the application of any relevant provisions of Directive 2014/65/EU and Regulation (EU) No 909/2014, the operators of DLT market infrastructures shall cooperate with the competent authorities, including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions, which are entrusted with granting specific permissions under this Regulation and with ESMA.
Amendment 452 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. Without prejudice to the application of any relevant provisions of Directive 2014/65/EU and Regulation (EU) No 909/2014, the operators of DLT market infrastructures shall cooperate with the competent authorities which are entrusted with granting specific permissions under this Regulation
Amendment 453 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 – introductory part In particular, immediately upon becoming aware of any of the matters listed below, the operators of DLT market infrastructures shall notify, the said competent authorities, including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions, and ESMA, thereof. Such matters include, without limitation:
Amendment 454 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 – introductory part In particular, immediately upon becoming aware of any of the matters listed below, the operators of DLT market infrastructures shall notify, the said competent authorities including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions and ESMA, thereof. Such matters include, without limitation:
Amendment 455 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 – introductory part In particular, immediately upon becoming aware of any of the matters listed below, the operators of DLT market infrastructures shall notify, the said competent national authorities and ESMA, thereof. Such matters include, without limitation:
Amendment 456 #
Proposal for a regulation Article 9 – paragraph 2 2. The operators of DLT market infrastructures shall provide the competent authority which granted the specific permission and ESMA with any relevant information they may require. In the case of a DLT SSS or a DLT MTF providing core CSD services, the competent authority shall transmit information concerning the functioning of the securities settlement system to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 as soon as possible.
Amendment 457 #
Proposal for a regulation Article 9 – paragraph 2 2. The operators of DLT market infrastructures shall provide the competent authority which granted the specific permission and ESMA with any relevant information they may require. In the case of a DLT SSS or a DLT TSS, the competent authority shall transmit information concerning the functioning of the securities settlement system to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 as soon as possible.
Amendment 458 #
Proposal for a regulation Article 9 – paragraph 4 – introductory part 4. Every six months from the date of the specific permission, the operator of a DLT market infrastructure shall submit a report to the competent authority
Amendment 459 #
Proposal for a regulation Article 9 – paragraph 4 – introductory part 4. Every six months from the date of the specific permission, the operator of a DLT market infrastructure shall submit a report to the competent authorit
Amendment 460 #
Proposal for a regulation Article 9 – paragraph 4 – point b (b) the number and value of DLT transferable securities admitted to trading on the DLT MTF, the number and value of DLT transferable securities recorded by a
Amendment 461 #
Proposal for a regulation Article 9 – paragraph 4 – point b (b) the number and value of DLT transferable securities admitted to trading on the DLT MTF, the number and value of DLT transferable securities recorded by a CSD operating DLT
Amendment 462 #
Proposal for a regulation Article 9 – paragraph 4 – point c (c) the number and value of transactions traded on a DLT MTF and settled either by a
Amendment 463 #
Proposal for a regulation Article 9 – paragraph 4 – point c (c) the number and value of transactions traded on a DLT MTF and settled either by a CSD operating a DLT
Amendment 464 #
Proposal for a regulation Article 9 – paragraph 4 a (new) 4 a. ESMA shall make the reports referred to in the first subparagraph publicly available on its website.
Amendment 465 #
Proposal for a regulation Article 9 – paragraph 5 – introductory part 5. ESMA shall fulfil a coordination role between competent authorities, with a view to building a common understanding of distributed ledger technology and DLT market infrastructure as well as a common supervisory culture and convergent supervisory practices, ensuring consistent approaches and convergence in supervisory outcomes. ESMA shall create an ad hoc consultative committee in the form of a stakeholders’ group, bringing together representatives of both public and private stakeholders for a limited period of time equivalent to the duration of the operation of the pilot regime. The ad hoc consultative committee shall undertake the preparatory and consultative work needed to support ESMA in the issuance of the recommendations envisaged under this Regulation, by transmitting a written statement to ESMA setting out the reasons for a refusal of an exemption, or for a permission that the committee considers to be insufficiently reasoned or ill-suited to the requirements of this Regulation. The ad hoc consultative committee shall examine complaints submitted directly to ESMA in cases where an applicant considers that its exemption request or permission to participate under the pilot regime has been inappropriately denied by its relevant national competent authority. In order to avoid the submission of abusive complaints to ESMA by applicants, only complete and well-documented complaints transmitted to the consultative committee shall be analysed. The ad hoc consultative committee may request a shortened delay of transmission after the response of the relevant NCA and may also request that a set of documentation be transmitted to the consultative committee, including in particular a summary of the applicant’s activities and the requested exemption(s). The relevant documents submitted, as well as the decision of the NCA refusing the requested exemption(s) and or permission, shall be translated into English.
Amendment 466 #
Article 9 a Reporting of breaches and protection of reporting persons Directive (EU) 2019/1937 shall apply to the reporting of breaches of this Regulation and the protection of persons reporting such breaches. ESMA shall provide one or more secure communication channels for reporting breaches of this Regulation and comply with the requirements set out in the Directive (EU) 2019/1937.
Amendment 467 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1.
Amendment 468 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1.
Amendment 469 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1.
Amendment 470 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1. Five years from the entry into application of this Regulation,
Amendment 471 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the number of DLT MTFs and
Amendment 472 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) the number of DLT MTFs and CSDs operating a DLT
Amendment 473 #
Proposal for a regulation Article 10 – paragraph 1 – point d (d) the number and value of DLT transferable securities admitted to trading on DLT MTFs, the number and value of DLT transferable securities recorded by
Amendment 474 #
Proposal for a regulation Article 10 – paragraph 1 – point d (d) the number and value of DLT transferable securities admitted to trading on DLT MTFs, the number and value of DLT transferable securities recorded by CSDs operating DLT
Amendment 475 #
Proposal for a regulation Article 10 – paragraph 1 – point e (e) the number and value of transactions traded on DLT MTFs and settled by
Amendment 476 #
Proposal for a regulation Article 10 – paragraph 1 – point e (e) the number and value of transactions traded on DLT MTFs and settled by CSDs operating DLT
Amendment 477 #
(h) any risks presented by the use of a DLT to investor protection, market integrity and financial stability, including novel types of legal, systemic and operational risks, which are not sufficiently addressed by existing rules and any unintended effects on liquidity and volatility and financial stability;
Amendment 478 #
Proposal for a regulation Article 10 – paragraph 1 – point h (h) any risks, vulnerabilities and inefficiences presented by the use of a DLT;
Amendment 479 #
Proposal for a regulation Article 10 – paragraph 1 – point h a (new) (h a) risks of regulatory arbitrage or level playing field issues compared to non-DLT market infrastructure;
Amendment 480 #
Proposal for a regulation Article 10 – paragraph 1 – point j (j)
Amendment 481 #
Proposal for a regulation Article 10 – paragraph 1 – point j (j) the benefits and costs resulting from the use of a DLT, in terms of any efficiency improvements, energy consumption and risk
Amendment 482 #
Proposal for a regulation Article 10 – paragraph 1 – point j (j) the benefits and costs resulting from the use of a DLT, in terms of any efficiency improvements and risk
Amendment 483 #
Proposal for a regulation Article 10 – paragraph 1 – point l a (new) (l a) the potential implications resulting from an increase of the thresholds referred to in Article 3, taking into account in particular systemic considerations and different types of DLT;
Amendment 484 #
Proposal for a regulation Article 10 – paragraph 1 – point l a (new) (l a) an overall assessment of the costs and benefits of the pilot project and a recommendation whether or not and under which conditions to proceed with the pilot regime;
Amendment 485 #
Proposal for a regulation Article 10 – paragraph 2 – introductory part 2. Based on the report referred to in paragraph 1, the Commission shall present a report to the European Parliament and Council
Amendment 486 #
Proposal for a regulation Article 10 – paragraph 2 – introductory part 2. Based on the reports referred to in paragraph 1, the Commission shall present a report to the European Parliament and Council within three months of receipt of each report, including a cost-benefit analysis on whether the regime for DLT market infrastructures under this Regulation should be:
Amendment 487 #
Proposal for a regulation Article 10 – paragraph 2 – point a Amendment 488 #
Proposal for a regulation Article 10 – paragraph 2 – point a (a) extended for another period
Amendment 489 #
Proposal for a regulation Article 10 – paragraph 2 – point b Amendment 491 #
Proposal for a regulation Article 10 – paragraph 2 – point d Amendment 492 #
Proposal for a regulation Article 10 – paragraph 2 – point d Amendment 493 #
Proposal for a regulation Article 10 – paragraph 2 – point d (d) made permanent
Amendment 494 #
Proposal for a regulation Article 10 – paragraph 2 – point d (d) made permanent
Amendment 496 #
Proposal for a regulation Article 10 – paragraph 2 – subparagraph 1 Amendment 497 #
Proposal for a regulation Article 10 a (new) Article 10 a Interim reports ESMA shall publish annual interim reports in order to provide market participants with information on the functioning of the markets, to address incorrect behaviour of operators, to provide clarifications on the application of this Regulation and to update previous indications based on the evolution of DLT. Those reports shall also provide an overall description of the pilot regime focusing on trends and emerging risks and shall be submitted to the European Parliament, the Council and the Commission. The first such report shall be published... [12 months after the date of entry into application of this Regulation].
Amendment 498 #
Proposal for a regulation Article 10 a (new) Article 10a Where it considers it necessary, ESMA may provide for the publication of interim reports to provide market participants with information on the functioning of the markets, to address any misconduct by operators, to provide clarifications on the application of this Regulation and its implementing acts and to update previous indications in accordance with the evolution of DLT.
Amendment 499 #
Proposal for a regulation Article 10 a (new) Article 10 a Periodic Review One year from the entry into application of this Regulation, at the latest, and every year thereafter ESMA shall present a report to the European Parliament, the Council and the Commission highlighting the most important trends, risks and vulnerabilities in relation to the pilot project.
source: 693.549
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History
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| events/3/summary |
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2021-09-16Show (2) Changes | Timetravel
| events/4 |
|
| events/5 |
|
2021-08-18Show (2) Changes | Timetravel
| docs/8 |
|
| events/3/docs |
|
2021-08-07Show (1) Changes | Timetravel
| events/3/date |
Old
2021-07-21T00:00:00New
2021-08-05T00:00:00 |
2021-07-21Show (2) Changes | Timetravel
| events/3 |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's position in 1st reading |
2021-07-14Show (4) Changes | Timetravel
| events/1 |
|
| events/2 |
|
| forecasts |
|
| procedure/Other legal basis |
Rules of Procedure EP 159
|
2021-06-30Show (1) Changes | Timetravel
| forecasts |
|
2021-06-15Show (9) Changes | Timetravel
| docs/0 |
|
| docs/4 |
|
| docs/5 |
|
| docs/5 |
|
| docs/6 |
|
| docs/6/docs/0/url |
https://www.europarl.europa.eu/doceo/document/ECON-AM-692980_EN.html
|
| docs/7 |
|
| docs/7/docs/0/url |
https://www.europarl.europa.eu/doceo/document/ECON-AM-693549_EN.html
|
| events/0 |
|
2021-06-03Show (1) Changes | Timetravel
| docs/7 |
|
2021-05-26Show (3) Changes | Timetravel
| docs/4 |
|
| docs/5 |
|
| docs/5/date |
Old
2021-05-21T00:00:00New
2021-05-25T00:00:00 |
2021-05-25Show (3) Changes | Timetravel
| docs/4 |
|
| docs/5 |
|
| docs/5/date |
Old
2021-05-21T00:00:00New
2021-05-25T00:00:00 |
2021-05-21Show (2) Changes | Timetravel
| docs/4 |
|
| docs/5 |
|
2021-05-03Show (1) Changes | Timetravel
| events/1/body |
EP
|
2021-04-30Show (5) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
| docs/0 |
|
| events/0 |
|
| procedure/title |
Old
Pilot regime for market infrastructures based on distributed ledger technologyNew
Digital finance: Pilot regime on distributed ledger technology market infrastructures (DLT) |
2021-04-13Show (9) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
| docs/0 |
|
| docs/3 |
|
| docs/4 |
|
| docs/4/docs/0/url |
Old
https://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE689.571New
https://www.europarl.europa.eu/doceo/document/ECON-PR-689571_EN.html |
| events/0 |
|
| events/0 |
|
| events/1 |
|
2021-03-27Show (3) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
| docs/3/docs/0/url |
https://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE689.571
|
2021-03-16Show (2) Changes | Timetravel
| docs/3 |
|
| docs/5 |
|
2021-03-03Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2021-02-25Show (1) Changes | Timetravel
| committees/0/shadows/5 |
|
2021-02-24Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2021-02-17Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2021-02-16Show (4) Changes | Timetravel
| committees/0 |
|
| committees/0 |
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| docs/3 |
|
| procedure/Legislative priorities |
|
2020-12-09Show (3) Changes | Timetravel
| commission |
|
| committees/0 |
|
| committees/0 |
|
2020-11-20Show (3) Changes | Timetravel
| events/1 |
|
| procedure/dossier_of_the_committee |
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2020-11-17Show (2) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
2020-11-13Show (2) Changes | Timetravel
| otherinst |
|
| procedure/other_consulted_institutions |
European Economic and Social Committee
|
2020-11-12Show (2) Changes | Timetravel
| committees/0/rapporteur |
|
| committees/2/opinion |
False
|
2020-11-10Show (1) Changes | Timetravel
| committees/0/shadows/1 |
|
2020-10-24Show (1) Changes | Timetravel
| committees/0/shadows/0 |
|
2020-10-23Show (2) Changes | Timetravel
| committees/1/opinion |
False
|
| committees/3/opinion |
False
|
2020-10-19Show (2) Changes | Timetravel
| committees/0/shadows |
|
| docs/0/docs/0 |
|
2020-10-13Show (2) Changes
| docs/0 |
|
| events/0/summary |
|