3 Amendments of Billy KELLEHER related to 2020/0268(COD)
Amendment 43 #
Proposal for a directive
Recital 8
Recital 8
(8) A DLT multilateral trading facility should be a multilateral system, operated by an investment firm or a market operator authorised under Directive 2014/65/EU, that has received a specific permission under Regulation (EU) xx/20xx of the European Parliament and of the Council27 [Proposal for a regulation on a pilot regime on DLT market infrastructure]. DLT multilateral trading facilities should be subject to all the requirements applicable to a multilateral trading facility under that Directive, except if it were to be granted an exemption by its national competent authority in accordance with this Directive. One potential regulatory barrier to the development of a multilateral trading facility for transferable securities issued on a DLT could be the obligation of intermediation set out in Directive 2014/65/EU. A traditional multilateral trading facility can only admit as members and participants investment firms, credit institutions and other persons who have a sufficient level of trading ability and competence and who dispose of appropriate organisational arrangements and resources. A DLT multilateral trading facility should be allowed to request a derogation from such an obligation so that is can provide retail investors with easy access to the trading venue, provided that adequate safeguards are in place in terms of investor protection. _________________ 27 [full title] (OJ L […], […], p. […]).
Amendment 52 #
Proposal for a directive
Article 6 – paragraph 1 – point 4
Article 6 – paragraph 1 – point 4
Directive 2014/65/EU
Article 19 – paragraph 3 – introductory part
Article 19 – paragraph 3 – introductory part
3. However, where the investment firm or market operatoran entity operates a distributed ledger technology multilateral trading facility (“DLT multilateral trading facility”) as defined in Article 2(3) of Regulation xx/20xx [proposal for a regulation on a pilot regime for DLT market infrastructure], the competent authority may permit that, under its rules governing access as referred to in Article 18(3) and for a maximum of four years, the investment firm or market operatorentity operating a DLT multilateral trading facility admits natural persons to the DLT multilateral trading facility as members or participants, provided that those persons fulfil the following requirements:
Amendment 56 #
Proposal for a directive
Article 7 – paragraph 1 – point 2 – point c
Article 7 – paragraph 1 – point 2 – point c
Directive (EU) 2015/2366
Article 95 – paragraph 5
Article 95 – paragraph 5
5. EBA and its independent director in charge of digital operational resilience shall promote cooperation, including the sharing of information, in the area of operational risks associated with payment services among the competent authorities, and between the competent authorities and the ECB.;