12 Amendments of Markus FERBER related to 2020/0267(COD)
Amendment 158 #
Proposal for a regulation
Recital 5 a (new)
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 239 #
Proposal for a regulation
Recital 40 a (new)
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)
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 247 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘distributed ledger technology’ or ‘DLT’ means a classtype of technologies which support the distributed recording of encrypted datay that refers to the protocols and supporting infrastructure that allow computers in different locations to propose and validate transactions and update records in a synchronised way across a network;
Amendment 284 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 376 #
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. Such legal arrangements shall specify the governing law, the pre-litigation dispute settlement mechanism and the jurisdiction for bringing legal action.
Amendment 408 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
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 promotensure the consistency and proportionality of exemptions granted by competent authorities to investment firms or market operators operating DLT MTFs 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 478 #
Proposal for a regulation
Article 10 – paragraph 1 – point h
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)
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 484 #
Proposal for a regulation
Article 10 – paragraph 1 – point l a (new)
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 494 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
(d) made permanent with or without amendment; orby adapting the relevant Union financial services legislation accordingly;
Amendment 499 #
Proposal for a regulation
Article 10 a (new)
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.