6 Amendments of Francesca DONATO related to 2020/0267(COD)
Amendment 152 #
Proposal for a regulation
Recital 5
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 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 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.