Activities of Ashley FOX related to 2018/0048(COD)
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business PDF (944 KB) DOC (151 KB)
Amendments (20)
Amendment 160 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) In order to allow for a competitive Union-framework, crowdfunding service providers should be permitted to raise capital through their platforms using tokens. Initial Coin Offerings (ICOs) offer new and innovative ways of funding but can also generate substantial market, fraud and cyber security risks to investors. Therefore, crowdfunding service providers that wish to offer ICOs through their platform, should comply with specific additional requirements under this Regulation. Whilst project owners can still opt for the private placement of an ICO or use a prospectus for an ICO, this regulation only covers those who opt to use a crowdfunding service provider as an intermediary. Further to this, ICOs raising in excess of EUR 8 000 000 or ICOs that do not use a centralised issuer should not fall within the scope of this Regulation. Only tokens that represent either a loan or transferable security and that have a central issuer who takes responsibility for the issuance of the tokens should be covered by the Regulation. Crowdfunding Service providers who offer ICOs via their platform should ensure that all requisite due diligence checks have been conducted in accordance with this regulation.
Amendment 170 #
Proposal for a regulation
Recital 25
Recital 25
(25) To enable crowdfunding service providers to operate cross-border without facing divergent rules and thereby facilitating the funding of projects across the Union by investors from different Member States, Member States should not be allowed to impose additional requirements on crowdfunding service providers that are authorised by ESMAunder this Regulation.
Amendment 196 #
Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)
Article 2 – paragraph 2 – point d a (new)
(da) crowdfunding service providers that facilitate the raising of capital through their platforms via Initial Coin Offerings (ICO) that issue tokens that do not have a centralised issuer.
Amendment 199 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – introductory part
Article 3 – paragraph 1 – point a – introductory part
(a) ‘crowdfunding service’ means the matching of business funding interest of investors and project owners through the useprovision of a crowdfunding platform and which consist ofenables any of the following:
Amendment 201 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point i
Article 3 – paragraph 1 – point a – point i
(i) the facilitation of granting of loans;Direct offer crowdfunding service:
Amendment 203 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point i – point a (new)
Article 3 – paragraph 1 – point a – point i – point a (new)
(a) the facilitation of only matching the investor with the project owner(s); and
Amendment 204 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point i – point b (new)
Article 3 – paragraph 1 – point a – point i – point b (new)
(b) the facilitation of only matching the project owner with investor(s).
Amendment 205 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point ii
Article 3 – paragraph 1 – point a – point ii
(ii) the placing without firm commitment, as referred to in point 7 of Section A of Annex I to Directive 2014/65/EU, of transferable securities issued by project owners and the reception and transmission of client orders, as referred to in point 1 of Section A to Annex I to Directive 2014/65, with regard to those transferable securities;Intermediated Crowdfunding Service:
Amendment 208 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point ii – point a (new)
Article 3 – paragraph 1 – point a – point ii – point a (new)
(a) the facilitation of at least matching the investor with the project owner(s) and determining the pricing and packaging of offers; and/or
Amendment 209 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point ii – point b (new)
Article 3 – paragraph 1 – point a – point ii – point b (new)
(b) the facilitation of at least matching the project owner with investor(s) and or determining pricing of offers.
Amendment 210 #
Proposal for a regulation
Article 3 – paragraph 1 – point a – point ii a (new)
Article 3 – paragraph 1 – point a – point ii a (new)
(iia) At least, the following activities (among others) shall be considered as services referred to in point ii: (a) the placing without firm commitment, as referred to in point 7 of Section A of Annex I to Directive 2014/65/EU, of transferable securities issued by project owners; (b) the offer of investment advice, as referred to in point5 of Section A to Annex I to Directive 2014/65/EU, with regards to those transferable securities; and (c) the reception and transmission of client orders, as referred to in point 1 of Section A to Annex I to Directive 2014/65, with regard to those transferable securities
Amendment 216 #
Proposal for a regulation
Article 3 – paragraph 1 – point l a (new)
Article 3 – paragraph 1 – point l a (new)
(la) ‘Initial Coin Offering’ or ‘ICO’ means a method of raising funds from the public using tokens that are put for sale by a business or an individual in exchange for fiat or cryptocurrencies.
Amendment 217 #
Proposal for a regulation
Article 3 – paragraph 1 – point l b (new)
Article 3 – paragraph 1 – point l b (new)
(lb) ‘token’ means any form of digital medium of exchange, a digital unit of account and/or a store of value that is used to serve as or represent an asset
Amendment 218 #
Proposal for a regulation
Article 3 – paragraph 1 – point l c (new)
Article 3 – paragraph 1 – point l c (new)
(lc) ‘cryptocurrency’ means a maths- based decentralised convertible virtual currency that is protected by cryptography, relies on public and private keys to transfer value from one person to another and may be cryptographically signed each time it is transferred;
Amendment 223 #
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
5. As regards the use of special purpose vehicles for the provision of crowdfunding services for investors who are not eligible counterparties, crowdfunding service providers shall only have the right to transfer one asset to the special purpose vehicle to enable investors to take exposure to that asset by means of acquiring securities. The decision to take exposure to that underlying asset shall exclusively lie with investors.
Amendment 224 #
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Provision of Initial Coin Offerings 1. This Regulation shall apply to crowdfunding service providers authorised in accordance with Article 10 who facilitates ICOs that fall within the scope of this Article 4a. 2. This Regulation shall only apply to ICOs of tokens where there is a centralised issuer of the tokens. 3. This Regulation shall only apply to ICOs of tokens that are either loans or transferable securities. 4. This Regulation shall only apply to the primary issuance or selling of tokens and not secondary trading of such tokens. 5. This Regulation shall not apply to private placement of tokens. 6. This Regulation shall not apply to ICOs with a consideration of more than EUR 8 000 000 per issuance in an ICO.
Amendment 300 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Crowdfunding service providers shall provide prospective investors with aA key investment information sheet drawn up by the project owner for each crowdfunding offer. The key investment information sheet shall be drafted in at least one of the official languages of the Member State concerned or in a language customary in the sphere of international financeEnglish.
Amendment 303 #
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1 (new)
Article 16 – paragraph 1 – subparagraph 1 (new)
Crowdfunding service providers who offer services referred to in point (i) of Article 3(1)(a) of this regulation shall provide prospective investors with the following:
Amendment 307 #
Proposal for a regulation
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. The requirement set out in point a of paragraph 2 shall not apply to crowdfunding service providers who offer services referred to in point (ii) of Article 3(1)(a) of this Regulation. Such providers shall instead draw up a key investment information sheet regarding the platform, which shall contain detailed information on the platform; its systems and controls for the management of risk and financial modelling for the crowdfunding offer; and its historic performance.
Amendment 312 #
Proposal for a regulation
Article 16 – paragraph 9 – subparagraph 1 (new)
Article 16 – paragraph 9 – subparagraph 1 (new)