59 Amendments of Stéphanie YON-COURTIN related to 2020/0265(COD)
Amendment 17 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) In practice, DLT refers to the protocols and supporting infrastructure that enable nodes in a network to propose, validate, and record state changes(or updates) consistently across the network’s nodes – without the need to rely on a central trusted party to obtain reliable data. DLT is built upon public-key cryptography, a cryptographic system that uses pairs of keys: public keys, which are publicly known and essential for identification, and private keys, which are kept secret and are used for authentication and encryption.
Amendment 22 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) A crypto-asset can be seen as an asset that depends primarily on cryptography and DLT or similar technology as part of its perceived or inherent value, that is neither issued nor guaranteed by a central bank or public authority, and that can be used as a means of exchange and/or for investment purposes.
Amendment 71 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure consumer protection, prospective purchasers of crypto-assets should be informed about the characteristics, functions and risks of crypto-assets they intend to purchase. When making a public offer of crypto- assets in the Union or when seeking admission of crypto-assets to trading on a trading platform for crypto-assets, issuers of crypto-assets should produce, notify to their competent authority and publish an information document (‘a crypto-asset white paper’) containing mandatory disclosures. Such crypto-asset white paper should contain general information on the issuer and offeror, when different, on the project to be carried out with the capital raised, on the public offer of crypto-assets or on their admission to trading on a trading platform for crypto- assets, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such assets and on the related risks. To ensure fair and non- discriminatory treatment of holders of crypto-assets, the information in the crypto-asset white paper, and where applicable in any marketing communications related to the public offer, shall be fair, clear and not misleading.
Amendment 80 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable supervision, issuers of crypto-assets should, before any public offer of crypto-assets in the Union or before those crypto-assets are admitted to trading on a trading platform for crypto- assets, notify their crypto-asset white paper and, where applicable, their marketing communications, to the competent authority of the Member State where they have their registered office or a branch. Issuers that are established in a third country should notify their crypto-asset white paper, and, where applicable, their marketing communication, to the competent authority of the Member State where the crypto-assets are intended to be offered or where the admission to trading on a trading platform for crypto- assets is sought in the first place.
Amendment 119 #
Proposal for a regulation
Recital 47
Recital 47
(47) The crypto-asset white paper produced by an issuer or offeror of e- money tokens should contain all the relevant information concerning that issuer, when known, the offeror and the offer of e- money tokens or their admission to trading on a trading platform for crypto- assets that is necessary to enable potential buyers to make an informed purchase decision and understand the risks relating to the offer of e-money tokens. The crypto- asset white paper should also explicitly indicate that holders of e-money tokens are provided with a claim in the form of a right to redeem their e-money tokens against fiat currency at par value and at any moment.
Amendment 126 #
Proposal for a regulation
Recital 51
Recital 51
(51) This Regulation should not affect the possibility for persons established in the Union to receive crypto-asset services by a third-country firm at their own exclusive initiative. Where a third-country firm provides crypto-asset services at the own exclusive initiative of a person established in the Union, the crypto-asset services should not be deemed as provided in the Union. Where a third-country firm solicits clients or potential clients in the Union or promotes or advertises crypto- asset services or activities in the Union, it should not be deemed as a crypto-asset service provided at the own initiative of the client. In such a case, the third-country firm should be authorised as a crypto-asset service provider. A practise whereby a third-country firm includes general clauses in its Terms of Business or through the use of online pop-up “I agree” boxes whereby clients state that any transaction is executed on the exclusive initiative of the client, should not deemed as an attempt to circumvent the rules of this Regulation.
Amendment 151 #
Proposal for a regulation
Article 1 – point a
Article 1 – point a
(a) transparency and disclosure requirements for the issuance, offering and admission to trading on a trading platform of crypto-assets;
Amendment 152 #
Proposal for a regulation
Article 1 – point b
Article 1 – point b
(b) the authorisation and supervision of crypto-asset service providers and issuers ofand offerors of both asset-referenced tokens and issuers of electronic money tokens;
Amendment 155 #
Proposal for a regulation
Article 1 –point c
Article 1 –point c
(c) the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
Amendment 158 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance or offering of crypto- assets for the purpose of trading or provideing services related to crypto- assets trading in the Union.
Amendment 179 #
Proposal for a regulation
Article 2 – paragraph 4 – point a
Article 2 – paragraph 4 – point a
(a) the provisions of chapter I of Title III, except Articles 21 and 22 and the information specified in Article 16(2)(c)- (o).;
Amendment 183 #
Proposal for a regulation
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Where providing one or more crypto-asset services, credit institutions authorised under Directive 2013/36/EU shall not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57 and 58.
Amendment 184 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
Amendment 185 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
5a. Where providing one or more crypto asset services, the management company of a UCITS authorised under Directive 2009/65/EC or an alternative fund investment manager authorised under Directive 2011/61/EU should not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57 and 58.
Amendment 187 #
Proposal for a regulation
Article 2 – paragraph 6 – introductory part
Article 2 – paragraph 6 – introductory part
6. Investment firms authorised under Directive 2014/65/EU shall not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57, 58, 60 and 61, where they only provide one or several crypto- asset services equivalent to the investment services and activities for which they are authorised under Directive 2014/65/EU. For that purpose:
Amendment 221 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) an 'offeror of crypto-assets' means a legal entity which offers any type of crypto-assets or asks for admission to trading of crypto-assets on a trading platform for crypto-assets;
Amendment 251 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point a
Article 3 – paragraph 1 – point 22 – point a
(a) where the issuer of crypto-assets, other than asset-referenced tokens or electronic money tokens, has its registered office or a branch in the Union, the Member State where the issuer of crypto- assets has its registered office or a branch;
Amendment 252 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point b
Article 3 – paragraph 1 – point 22 – point b
Amendment 253 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 – point c
Article 3 – paragraph 1 – point 22 – point c
(c) where the issuer of crypto-assets, other than asset-referenced tokens or electronic money tokens, is established in a third country and has no branch in the Union, at the choice of that issuer, either the Member State where the crypto- assets are intended to be offered to the public for the first time or the Member State where the first application for admission to trading on a trading platform for crypto- assets is made;
Amendment 268 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. No issuer or offeror of crypto- assets, other than asset-referenced tokens or e-money tokens, shall, in the Union, offer such crypto-assets to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto- assets, unless that issuer or offeror:
Amendment 269 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) is a legal entity, a natural person having its residence in the Union, or other entity established or having seat in the Union and subject to the rights and obligations of the Union;
Amendment 295 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
For the purpose of point (a), crypto-assets shall not be considered to be offered for free where purchasers are required to provide or to undertake to provide personal data to the issuer or offeror in exchange for those crypto-assets, or where the issuer or offeror of those crypto-assets receives from the prospective holders of those crypto-assets any third party fees, commissions, monetary benefits or non- monetary benefits in exchange for those crypto-assets.
Amendment 309 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) a detailed description of the issuer and offeror, when different, and a presentation of the main participants involved in the project's design and development;
Amendment 371 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
1. Issuers of crypto-assets, other than asset-referenced tokens and e-money tokens, shall offer a right of withdrawal to any consumer who buys such crypto-assets directly from the issuer or from a crypto- asset service provider placing crypto-assets on behalf of that issuer, and in case of modification of the white paper by the issuer.
Amendment 608 #
Proposal for a regulation
Article 39 – paragraph 1 – introductory part
Article 39 – paragraph 1 – introductory part
1. The EBESMA shall classify asset- referenced tokens as significant asset- referenced tokens on the basis of the following criteria, as specified in accordance with paragraph 6 and where at least three of the following criteria are met:
Amendment 618 #
Proposal for a regulation
Article 39 – paragraph 2
Article 39 – paragraph 2
2. Competent authorities that authorised an issuer of asset-referenced tokens in accordance with Article 19 shall provide the EBESMA with information on the criteria referred to in paragraph 1 and specified in accordance with paragraph 6 on at least a yearly basis.
Amendment 621 #
Proposal for a regulation
Article 39 – paragraph 3
Article 39 – paragraph 3
3. Where the EBESMA is of the opinion that asset-referenced tokens meet the criteria referred to in paragraph 1, as specified in accordance with paragraph 6, the EBESMA shall prepare a draft decision to that effect and notify that draft decision to the issuers of those asset-referenced tokens and the competent authority of the issuer’s home Member State. The EBESMA shall give issuers of such asset-referenced tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBESMA shall duly consider those observations and comments.
Amendment 623 #
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The EBESMA shall take its final decision on whether an asset-referenced token is a significant asset-referenced token within three months after the notification referred to in paragraph 3 and immediately notify the issuers of such asset-referenced tokens and their competent authorities thereof.
Amendment 625 #
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 1 – introductory part
Article 39 – paragraph 5 – subparagraph 1 – introductory part
5. The supervisory responsibilities on issuers of significant asset-referenced tokens shall be transferred to the EBESMA one month after the notification of the decision referred to in paragraph 4.
Amendment 627 #
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 2
Article 39 – paragraph 5 – subparagraph 2
Amendment 638 #
Proposal for a regulation
Article 39 – paragraph 6 – point c
Article 39 – paragraph 6 – point c
(c) the content and format of information provided by competent authorities to EBSMA under paragraph 2.
Amendment 641 #
Proposal for a regulation
Article 39 – paragraph 6 – point d
Article 39 – paragraph 6 – point d
(d) the procedure and timeframe for the decisions taken by the EBESMA under paragraphs 3 to 5.
Amendment 643 #
Proposal for a regulation
Article 40 – paragraph 1 – subparagraph 1
Article 40 – paragraph 1 – subparagraph 1
1. Applicant issuers of asset- referenced tokens that apply for an authorisation as referred to in Article 16, may indicate in their application for authorisation that they wish to classify their asset-referenced tokens as significant asset-referenced tokens. In that case, the competent authority shall immediately notify the request from the prospective issuer to the EBESMA.
Amendment 645 #
Proposal for a regulation
Article 40 – paragraph 2 – subparagraph 1
Article 40 – paragraph 2 – subparagraph 1
2. Where, on the basis of the programme of operation, the EBESMA is of the opinion that asset-referenced tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBESMA shall prepare a draft decision to that effect and notify that draft decision to the competent authority of the applicant issuer’s home Member State.
Amendment 647 #
Proposal for a regulation
Article 40 – paragraph 2 – subparagraph 2
Article 40 – paragraph 2 – subparagraph 2
Amendment 649 #
Proposal for a regulation
Article 40 – paragraph 3 – subparagraph 1
Article 40 – paragraph 3 – subparagraph 1
3. Where, on the basis of the programme of operation, the EBESMA is of the opinion that asset-referenced tokens do not meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBESMA shall prepare a draft decision to that effect and notify that draft decision to the applicant issuer and the competent authority of the applicant issuer’s home Member State.
Amendment 651 #
Proposal for a regulation
Article 40 – paragraph 3 – subparagraph 2
Article 40 – paragraph 3 – subparagraph 2
Amendment 653 #
Proposal for a regulation
Article 40 – paragraph 4
Article 40 – paragraph 4
4. The EBESMA shall take its final decision on whether an asset-referenced token is a significant asset-referenced token within three months after the notification referred to in paragraph 1 and immediately notify the issuers of such asset-referenced tokens and their competent authorities thereof.
Amendment 655 #
Proposal for a regulation
Article 40 – paragraph 5
Article 40 – paragraph 5
5. Where asset-referenced tokens have been classified as significant in accordance with a decision referred to in paragraph 4, the supervisory responsibilities shall be transferred to the EBESMA on the date of the decision by which the competent authority grants the authorisation referred to in Article 19(1).
Amendment 662 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 1 – introductory part
Article 41 – paragraph 6 – subparagraph 1 – introductory part
6. The EBESMA, in close cooperation with ESMthe EBA, shall develop draft regulatory technical standards specifying:
Amendment 665 #
Proposal for a regulation
Article 41 – paragraph 6 – subparagraph 2
Article 41 – paragraph 6 – subparagraph 2
Amendment 672 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2 a (new)
Article 43 – paragraph 1 – subparagraph 2 a (new)
An e-money token offered to the public in the Union or admitted to trading on a trading platform of crypto-assets may reference a fiat currency of legal tender other than a currency of the Union.
Amendment 706 #
Proposal for a regulation
Article 46 – paragraph 2 – point a
Article 46 – paragraph 2 – point a
(a) a description of the issuer(s) of e- money tokens, when known;
Amendment 708 #
Proposal for a regulation
Article 46 – paragraph 2 – point a a (new)
Article 46 – paragraph 2 – point a a (new)
(aa) a description of the offeror of e- money tokens;
Amendment 709 #
Proposal for a regulation
Article 46 – paragraph 2 – point b
Article 46 – paragraph 2 – point b
(b) a detailed description of the issuer’s project, and a presentation of the main participants involved in the project's design and development, when known;
Amendment 712 #
Proposal for a regulation
Article 46 – paragraph 2 – point f
Article 46 – paragraph 2 – point f
(f) the risks relating to the issuer of(s) of the e- money issuertokens, the offeror of the e- money tokens, the e-money tokens and the implementation of the project, including the technology;
Amendment 734 #
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
2. Competent authorities of the issuer’ or offeror's home Member State shall provide the EBA with information on the criteria referred to in Article 39(1) of this Article and specified in accordance with Article 39(6) on at least a yearly basis.
Amendment 737 #
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. Where the EBA is of the opinion that e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBA shall prepare a draft decision to that effect and notify that draft decision to the issuers or offerors of those e-money tokens and the competent authority of the issuer’ or offeror's home Member State. The EBA shall give issuers or offerors of such e- money tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBA shall duly consider those observations and comments.
Amendment 741 #
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
4. The EBA shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 3 and immediately notify the issuers or offerors of such e-money tokens and their competent authorities thereof.
Amendment 760 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 1
Article 53 – paragraph 1 – subparagraph 1
1. Crypto-asset services shall only be provided by legal persons that have a registered office in a Member State of the Union and that have been authorised as crypto-asset service providers in accordance with Article 55Member States shall require crypto-asset service providers that intend to provide crypto-asset services, to obtain authorisation before commencing the provision of crypto-asset services. An authorisation shall only be granted to a legal person established in a Member State.
Amendment 767 #
Proposal for a regulation
Article 53 – paragraph 1 a (new)
Article 53 – paragraph 1 a (new)
1a. A crypto-asset service provider, which has been authorised in accordance with Article 55, shall have its head office in the same Member State as its registered office and shall carry out at least part of its crypto-asset service business there.
Amendment 770 #
Proposal for a regulation
Article 53 – paragraph 3 – subparagraph 1
Article 53 – paragraph 3 – subparagraph 1
3. An authorisation as a crypto-asset service provider shall be valid for the entire Union and shall allow crypto-asset service providers to provide throughout the Union the services for which they have been authorised, either through the right of establishment, including through a branch, or through the freedom to provide services.
Amendment 838 #
Proposal for a regulation
Article 56 a (new)
Article 56 a (new)
Article 56a Provision of crypto-asset services at the exclusive initiative of the client 1. Where a client established or located in the Union initiates at its own exclusive initiative the provision of a crypto-asset service by a third-country firm, the requirement for authorisation under Article 53 shall not apply to the provision of that service by the third-country firm to that person including a relationship specifically relating to the provision of that service or activity. Without prejudice to intragroup relations, where a third‐country firm, including through an entity acting on its behalf or having close links with such third‐country firm or any other person acting on behalf of such entity, solicits clients or potential clients in the Union, regardless of the means of communication used for solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client. The presumption of the second subparagraph shall apply regardless of any contractual clause or disclaimer purporting to state, for example, that the third country firm will be deemed to respond to the exclusive initiative of the client. 2. An initiative by a client as referred to in paragraph 1 shall not entitle the third‐country firm to market new categories of crypto-asset services.
Amendment 839 #
Proposal for a regulation
Article 57 – paragraph 2 – point a
Article 57 – paragraph 2 – point a
(a) the name, legal form and the legal entity identifier and the branches of the crypto-asset service provider;
Amendment 933 #
Proposal for a regulation
Article 68 – paragraph 10 a (new)
Article 68 – paragraph 10 a (new)
10a. Crypto-asset service providers that are authorised as offerors for the operation of a trading platform and of certain crypto-assets, shall ensure compliance with publication and audit requirements as laid down in this Regulation by having a dedicated page on their website and/or app on the crypto- assets that they offer.
Amendment 971 #
Proposal for a regulation
Article 77 – paragraph 1
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
Amendment 978 #
Proposal for a regulation
Article 77 – paragraph 2 – introductory part
Article 77 – paragraph 2 – introductory part
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
Amendment 981 #
Proposal for a regulation
Article 77 – paragraph 2 – point a
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or offerors;
Amendment 989 #
Proposal for a regulation
Article 77 – paragraph 2 – point c
Article 77 – paragraph 2 – point c
(c) the issuers or offerors are able to ensure the confidentiality of that information.