Activities of Gunnar BECK related to 2020/0267(COD)
Shadow reports (1)
REPORT 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
Amendments (9)
Amendment 166 #
Proposal for a regulation
Recital 8
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 214 #
Proposal for a regulation
Recital 30
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 216 #
Proposal for a regulation
Recital 30 a (new)
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 286 #
Proposal for a regulation
Article 3 – paragraph 2
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 288 #
Proposal for a regulation
Article 3 – paragraph 3
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 295 #
Proposal for a regulation
Article 3 – paragraph 4 – point a
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 371 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
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 392 #
Proposal for a regulation
Article 6 – paragraph 6 a (new)
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 498 #
Proposal for a regulation
Article 10 a (new)
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.