amendment list, 31 July 2026
On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union
Document ECON-AM-791137 · (COM(2025)0943 – C100328/2025 – 2025/0383(COD))
Committee on Economic and Monetary Affairs
Full text
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Text 2,138 paragraphs
Amendment 1212
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 6 – paragraph 1 – point 17
Regulation (EU) 2019/1156
Article 18
| Text proposed by the Commission | Amendment |
|---|---|
| By [entry into application + 5 years] the Commission shall, on the basis of a public consultation and in light of discussions with ESMA and competent authorities, conduct an evaluation of the application of this Regulation. | By [entry into application + 5 years] the Commission shall, on the basis of a public consultation and in light of discussions with ESMA and competent authorities, conduct an evaluation of the application of this Regulation. That evaluation shall assess, in particular, whether this Regulation has reduced costs and time for cross-border marketing, duplicate requests for information, host Member States’ fees and administrative divergences between Member States and whether it has improved the capacity of AIFMs, EuVECA managers, EuSEF managers and UCITS to raise capital and invest in Union undertakings. |
Or. es
Amendment 1213
Regina Doherty
Proposal for a regulation
Article 6 – paragraph 1 – point 17
Read the rest (2,126 paragraphs)
Regulation (EU) 2019/1156
Article 18
| Text proposed by the Commission | Amendment |
|---|---|
| By [entry into application + 5 years] the Commission shall, on the basis of a public consultation and in light of discussions with ESMA and competent authorities, conduct an evaluation of the application of this Regulation. | By [entry into application + 3 years] the Commission shall, on the basis of a public consultation and in light of discussions with ESMA and competent authorities, conduct an EN 245 evaluation of the application of this Regulation. |
Or. en
Amendment 1214
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 7 – paragraph 1 – point 1 – point b
Regulation (EU) 2021/23
Article 2 – paragraph 1 – point 55
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the following point 55 is added: | deleted |
| ‘(55) ‘significant CCP’ means a significant CCP as defined in Article 2, point (1a), of Regulation (EU) No 648/2012;’ |
Or. en
Amendment 1215
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 7 – paragraph 1 – point 5
Regulation (EU) 2021/23
Article 6a
| Text proposed by the Commission | Amendment |
|---|---|
| (5) the following Article 6a is inserted: | deleted |
| ‘Article 6a | |
| Significant CCPs | |
| Articles 9 to 20, 70 and 79 of this Regulation shall apply to significant CCPs as follows: | |
| (a) for the purpose of Articles 9, 10, 13, 18, 19 and 70 of this Regulation, references to supervisory colleges shall be construed as references to the relevant authorities as defined in Article 2, point (13c), of Regulation (EU) No 648/2012; | |
| (b) the obligations laid down in Articles 18, 19 and 79 of this Regulation on the competent authority to notify ESMA shall not apply; | |
| (c) for the purpose of Article 10(2), (7), (9) and (10) of this Regulation, and by way of derogation from Article 11, ESMA shall coordinate with the relevant authorities, as defined in Article 2, point (13c), of Regulation (EU) No 648/2012 in accordance with the following coordination procedure: | |
| (a) the relevant authorities as defined in Article 2, point (13c), of Regulation (EU) No 648/2012 shall examine the recovery plan and, where any authority considers that there are material deficiencies in the recovery plan or any material impediment to its implementation, that authority shall make recommendations to ESMA with regard to those matters within two months of the transmission of the recovery plan by ESMA; | |
| (b) ESMA shall take decisions on the issues referred to in Article 11(2), points (a) and (b) taking into account the views of the relevant authorities as defined in Article 2, point (13c), of Regulation (EU) No 648/2012; | |
| (c) the cooperation arrangement referred to in Article 23(3), of Regulation (EU) No 648/2012 may specify procedural steps and arrangements concerning the coordination between ESMA and the relevant authorities as defined in Article 2, point (13c), of that Regulation..’ |
Or. en
Amendment 1216
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 2 a (new)
Regulation (EU) 2022/858
Article 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) the following Article 2a is inserted: | |
| Article 2a | |
| National DLT regimes | |
| 1. Member States that have in place laws, regulations or administrative provisions governing the issuance, the recording and the circulation of DLT financial instruments may decide to allow their competent authorities to grant permissions in accordance with their national DLT regime. For the purposes of this Article, laws, regulations or administrative provisions referred to in the first subparagraph of this paragraph shall be construed as national DLT regimes. | |
| 2. Permissions granted in accordance with laws, regulations or administrative provisions referred to in the first subparagraph of paragraph 1 shall be subject to the following conditions: (a) the criteria for the scrutiny of the applications, including but not limited to the completeness, the comprehensibility and the consistency of the information contained therein and the procedures for the approval shall be comparable with those laid down under this Regulation; (b) the competent authority notifies ESMA the permissions granted in accordance with laws, regulations or administrative provisions referred to in the first subparagraph of paragraph 1 without undue delay; the notification shall include a justification of this permission; (c) the differences in the criteria for the scrutiny of the applications and in the procedures for the approval will not increase over time after [OP please insert the date of application of this amending Regulation]. | |
| 3. Member States whose competent authorities decide to exercise the option referred to in the first subparagraph of paragraph 1 shall notify the Commission and ESMA thereof without undue delay. | |
| 4. By [OP please insert the date = 12 months after the date of entry into force of this amending Regulation] for the purpose of paragraph 2, letter a) of this Article, with a view to promoting the necessary consistency and coherence in the application of this Regulation pursuant to Article 16 of Regulation (EU) No 1095/2010 ESMA shall issue guidelines to ensure the comparability of the criteria for the scrutiny of the application and the procedures for the approval. |
Or. en
Amendment 1217
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 2 b (new)
Regulation (EU) 2022/858
Article 2 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (2b) The following Article 2b is inserted: | |
| Article 2b | |
| Publication of national DLT regimes | |
| 1. The texts of the national laws, regulations and administrative provisions Member States governing the issuance, the recording and the circulation of DLT financial instruments shall be made public and kept up to date by the relevant competent authority. For the purposes of this Article, laws, regulations or administrative provisions referred to in the first subparagraph of this paragraph shall be construed as national DLT regimes. | |
| 2. All competent authorities in a Member State shall maintain and keep up to date on their website a link to the texts referred to in the first subparagraph of paragraph 1. | |
| 3. The publication of the texts referred to in the first paragraph 1 of this Article shall only be for informational purposes and shall not create legal obligations or liabilities for the relevant competent authorities. |
Or. en
Amendment 1218
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 100 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 1000 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. |
Or. en
Amendment 1219
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 100 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 1500 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. |
Or. en
Amendment 1220
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 100 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 500 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. |
Or. en
Amendment 1221
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 100 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading on a DLT market infrastructure or that are recorded on a DLT market infrastructure shall not exceed EUR 80 billion at the moment of admission to trading, or initial recording, of a new DLT financial instrument. |
Or. en
Amendment 1222
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 100 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 1000 billion, the DLT market infrastructure shall be assessed by the competent authorising authority as to whether and under which conditions it shall be admitted to trading or record it. |
Or. en
Amendment 1223
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 100 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 1500 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. |
Or. en
Amendment 1224
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 100 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 500 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. |
Or. en
Amendment 1225
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 100 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 80 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it. |
Or. en
Amendment 1226
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| DLT market infrastructures operating in the regular regime that are part of the same group shall ensure that the threshold referred to in the first subparagraph is not exceeded on the basis of the consolidated situation of the group.; | deleted |
Or. en
Amendment 1227
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| DLT market infrastructures operating in the regular regime that are part of the same group shall ensure that the threshold referred to in the first subparagraph is not exceeded on the basis of the consolidated situation of the group.; | deleted |
Or. en
Justification
The application of the threshold at group level appears disproportionate, as authorisations, risk-management frameworks and supervisory assessments remain infrastructure-specific. The aggregation of unrelated DLT market infrastructures solely on the basis of group ownership does not appear necessary for prudential purposes and may discourage investment and innovation.
Amendment 1228
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point b
Regulation (EU) 2022/858
Article 3 – paragraph 2 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| DLT market infrastructures operating in the regular regime that are part of the same group shall ensure that the threshold referred to in the first subparagraph is not exceeded on the basis of the consolidated situation of the group.; | deleted |
Or. en
Amendment 1229
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 a
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 150 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 150 billion, the operator of the DLT market infrastructure shall be deemed to have demonstrated sufficient market maturity to operate under the full regulatory framework. |
| Each operator of a DLT market infrastructure shall, within 6 months of that threshold being reached: | |
| (a) apply for full authorisation under Regulation (EU) No 909/2014 and/or Directive 2014/65/EU; or | |
| (b) cease its operations under this Regulation. | |
| The operator shall notify the competent authority of its transition timeline within 30 calendar days of the threshold being reached. |
Or. en
Justification
DLT and tokenisation can only fulfil their promise of greater efficiency and connectivity if the regulatory framework provides a credible path from experimentation to mainstream adoption. Without a binding transition requirement, the Pilot risks becoming a permanent alternative regime rather than a bridge.
Amendment 1230
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 a
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 150 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached 150% of the value specified in paragraph 2, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1231
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 a
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 150 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 2000 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1232
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 a
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 150 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 2a. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the regular regime has reached EUR 100 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1233
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 10 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 100 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. |
Or. en
Amendment 1234
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 10 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 50 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. |
Or. en
Amendment 1235
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 10 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 25 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. |
Or. en
Amendment 1236
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 10 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. | The aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime shall not exceed EUR 6 billion at the moment of admission to trading or initial recording of a new DLT financial instrument. |
Or. en
Amendment 1237
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 10 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 100 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. |
Or. en
Amendment 1238
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 10 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 50 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. |
Or. en
Amendment 1239
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 10 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 25 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. |
Or. en
Amendment 1240
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point c
Regulation (EU) 2022/858
Article 3 – paragraph 2 b – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 10 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. | Where the admission to trading or initial recording of a new DLT financial instrument would result in the aggregate market value referred to in the first subparagraph reaching EUR 6 billion, the DLT market infrastructure shall not admit that DLT financial instrument to trading or record it, unless the DLT market infrastructure transitions to the regular regime. |
Or. en
Amendment 1241
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point d
Regulation (EU) 2022/858
Article 3 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached EUR [15] billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached 150% of the value specified in paragraph 2, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1242
Jaroslav Knot, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point d
Regulation (EU) 2022/858
Article 3 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached EUR [15] billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached EUR [200] billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1243
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point d
Regulation (EU) 2022/858
Article 3 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached EUR [15] billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. | 3. Where the aggregate market value of all the DLT financial instruments that are admitted to trading or recorded on a DLT market infrastructure that operates under the simplified regime has reached EUR 10 billion, the operator of the DLT market infrastructure shall activate the transition strategy referred to in Article 7(7). The operator of the DLT market infrastructure shall notify the competent authority of the activation of its transition strategy and of the timescale for the transition in the monthly report provided for in paragraph 5. |
Or. en
Amendment 1244
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point h
Regulation (EU) 2022/858
Article 3 – paragraph 7 a – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The Commission is empowered to adopt a delegated act according to Article 15a to amend paragraphs 2 and 2b of this Article by adjusting the thresholds specified therein in light of market developments. | ESMA is empowered to regularly assess the appropriateness of the thresholds referred to in paragraphs 2 and 2a in light of market developments, including the potential implications resulting from an increase of those thresholds. On the basis of that assessment, ESMA is empowered to develop draft Regulatory Technical Standards to amend paragraphs 2 and 2b of this Article by adjusting the thresholds specified therein in light of market developments. |
Or. en
Amendment 1245
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point h
Regulation (EU) 2022/858
Article 3 – paragraph 7 a – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The Commission is empowered to adopt a delegated act according to Article 15a to amend paragraphs 2 and 2b of this Article by adjusting the thresholds specified therein in light of market developments. | The Commission, after having consulted ESM, is empowered to adopt a delegated act according to Article 15a to amend paragraphs 2, 2a and 2b of this Article by adjusting the thresholds specified therein in light of market developments. |
Or. en
Amendment 1246
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point h
Regulation (EU) 2022/858
Article 3 – paragraph 7a – subparagraph 2 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| When considering the adjustment of thresholds set out in paragraphs 2 and 2b, the Commission shall take into account the following: | When considering the adjustment of thresholds set out in paragraphs 2 and 2b, ESMA shall take into account the following: |
Or. en
Amendment 1247
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point h
Regulation (EU) 2022/858
Article 3 – paragraph 7a – subparagraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) whether an adjustment or omission of adjustment poses risks to financial stability; | (a) whether an adjustment or omission of adjustment poses risks to market integrity, financial stability or investor protection; |
Or. en
Amendment 1248
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 8 – paragraph 1 – point 3 – point h a (new)
Regulation (EU) 2022/858
Article 3 – paragraph 7 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ha) the following paragraph is added: | |
| 7b. By [12 months after the date of entry into force of this amending Regulation] ESMA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to promote common, uniform and consistent application of paragraphs 2, 2a, 2b and 3. Those guidelines shall specify the methodology for calculating the aggregate market value of DLT financial instruments and the supervisory expectations concerning the activation of the transition strategy where the thresholds referred to in paragraphs 2a and 3 are reached or exceeded. |
Or. en
Amendment 1249
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a
| Text proposed by the Commission | Amendment |
|---|---|
| (5) [...] | deleted |
Or. en
Amendment 1250
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4a – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall provide the competent authority with a non-binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. | Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall address a decision to the competent authority with a binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. |
Or. en
Amendment 1251
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall provide the competent authority with a non-binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. | Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall address a decision to the competent authority on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. |
Or. en
Amendment 1252
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall provide the competent authority with a non-binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. | Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall address a decision to the competent authority on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. |
Or. en
Justification
The power to exempt regulated entities from Level 1 legislative requirements should be exercised in a way that ensures the uniform application of Union law across the internal market. To this effect, ESMA should be granted the power to adopt a decision, in accordance with the proposed Article 4a(3), that is binding on the competent authority handling the request.
Amendment 1253
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public. | The competent authority shall comply with ESMA’s opinion. |
Or. en
Amendment 1254
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public. | The competent authority shall comply with ESMA's decision. |
Or. en
Amendment 1255
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4a – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public. | The competent authority shall comply with ESMA's decision. |
Or. en
Justification
The power to exempt regulated entities from Level 1 legislative requirements should be exercised in a way that ensures the uniform application of Union law across the internal market. To this effect, ESMA should be granted the power to adopt a decision, in accordance with the proposed Article 4a(3), that is binding on the competent authority handling the request.
Amendment 1256
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 5
Regulation (EU) 2022/858
Article 4 a – subparagraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. By [12 months after the date of entry into force of this amending Regulation], to promote supervisory convergence with regard to the assessment by the competent authority of a request for exemption of a DLT TV operator, ESMA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010. Those guidelines shall specify the circumstances under which: | |
| (a) compliance with the provision in respect of which an exemption has been requested is compatible or proportionate with the use of distributed ledger technology; | |
| (b) the exemption requested is not limited to the DLT TV and extends to a trading venue that is operated by the same entity; | |
| (c) the exemption requested, when assessed together with associated compensatory measures, undermines the objectives for which the provision has been adopted; | |
| (d) the exemption requested undermines financial stability, market integrity and investor protection; and | |
| (e) the compensatory measures are not appropriate to meet the objectives of the provision in respect of which an exemption has been requested.’ |
Or. en
Amendment 1257
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 a
| Text proposed by the Commission | Amendment |
|---|---|
| 8a. The settlement of payments shall be carried out through central bank money, including in tokenised form, where practical and available or, where not practical and available, through commercial bank money, including in tokenised form, using the accounts of a CSD or a credit institution, or using ‘e-money tokens. | 8a. The settlement of payments shall be carried out through central bank money, including in tokenised form, where practical and available or, where not practical and available, through commercial bank money, including in tokenised form, using the accounts of a CSD or a credit institution. |
Or. en
Amendment 1258
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 c – subparagraph 4 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| When the settlement of payments is carried out using representations in the DLT TSS of prefunded commercial bank money held in one or more accounts at a credit institution, it shall be considered settlement in the accounts of the credit institution, provided that the following conditions are met: | When the settlement of payments is carried out using tokenised representations of cash, issued by the operator of a DLT TSS fully backed by funds held in one or more accounts at a credit institution, it shall be considered settlement in commercial bank money provided that the following conditions are met: |
Or. en
Amendment 1259
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 c – subparagraph 4 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) where the DLT TSS is operated under the simplified regime: | deleted |
| (1) the DLT TSS operator is authorised as an investment firm; and | |
| (2) the DLT TSS operator identifies, measures, monitors, manages, and minimises any risks arising from this settlement model; |
Or. en
Amendment 1260
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 c – subparagraph 4 – point b – point (2 a) new
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) the tokenised representations of cash issued by the DLT TSS operator are used exclusively for the purpose of settlement in the DLT TSS; |
Or. en
Amendment 1261
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 c – subparagraph 4– point b – point 3
| Text proposed by the Commission | Amendment |
|---|---|
| (3) the credit institution holding the accounts with prefunded commercial bank money is subject to Title IV of Regulation (EU) No 909/2014, with the exception of Article 54b(5), point (c). | (3) the DLT TSS operator is authorised in accordance with Title IV of Regulation (EU) No 909/2014 to designate the credit institution holding the accounts in accordance with Article 54b of that Regulation, and the credit institution holding the accounts with prefunded commercial bank money complies with Article 54b(5) of that Regulation |
Or. en
Amendment 1262
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 c – subparagraph 4– point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) Point (3) of the previous subparagraph shall not apply when the DLT TSS is operated under the simplified regime. |
Or. en
Amendment 1263
Regina Doherty
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 d
| Text proposed by the Commission | Amendment |
|---|---|
| 8d. Settlement of payments in e-money tokens shall be carried out only in an e- money token referencing the value of an official EU currency, except where carried out for the settlement of a DLT financial instrument denominated in a non-EU currency. | deleted |
Or. en
Amendment 1264
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 d
| Text proposed by the Commission | Amendment |
|---|---|
| 8d. Settlement of payments in e-money tokens shall be carried out only in an e- money token referencing the value of an official EU currency, except where carried out for the settlement of a DLT financial instrument denominated in a non-EU currency. | deleted |
Or. en
Amendment 1265
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 e – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Where the settlement of payments is carried out in e-money tokens, the service of providing cash accounts for e-money tokens may be provided by the operator of a DLT SS, a credit institution, a CASP authorised to provide custody of e-money tokens in accordance with Regulation (EU) 2023/1114 or by any other financial entity permitted to provide custody of e-money tokens in accordance with Article 60 of that Regulation, subject to the notification procedure specified in that article. | deleted |
Or. en
Amendment 1266
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 e – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Where the settlement of payments is carried out in e-money tokens, the service of providing cash accounts for e-money tokens may be provided by the operator of a DLT SS, a credit institution, a CASP authorised to provide custody of e-money tokens in accordance with Regulation (EU) 2023/1114 or by any other financial entity permitted to provide custody of e-money tokens in accordance with Article 60 of that Regulation, subject to the notification procedure specified in that article. | Where the settlement of payments is carried out in e-money tokens, the service of providing cash accounts for e-money tokens may be provided by any of the following: |
| (a) the operator of the DLT SS, which shall comply with Title IV of Regulation (EU) No 909/2014; | |
| (b) a CSD designated by the operator of the DLT SS in accordance with Article 54a of Regulation (EU) No 909/2014, which shall be done in accordance with Title IV of that Regulation; or | |
| (c) a credit institution designated by the operator of the DLT SS in accordance with Article 54b of Regulation (EU) No 909/2014, in which case the operator of the DLT SS shall comply with the provisions of Title IV of that Regulation which apply to a CSD referred to in Article 54b(1) of that Regulation, and the credit institution shall comply with the requirements of Article 54b(5) of that Regulation, with the exception of point (c). | |
| The operator of the DLT SS shall ensure that all of the conditions of Article 54c(2) of Regulation (EU) No 909/2014 are met. |
Or. en
Amendment 1267
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 e – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Services related to e-money tokens, other than providing cash accounts for e-money tokens and processing of payments of e-money tokens, that amount to services listed in Section C of the Annex to Regulation (EU) No 909/2014 shall be provided by a credit institution complying with Title IV of Regulation (EU) No 909/2014, with the exception of Article 54b(5), point (c). | deleted |
Or. en
Amendment 1268
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – point 8 e – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Services related to e-money tokens, other than providing cash accounts for e-money tokens and processing of payments of e-money tokens, that amount to services listed in Section C of the Annex to Regulation (EU) No 909/2014 shall be provided by a credit institution complying with Title IV of Regulation (EU) No 909/2014, with the exception of Article 54b(5), point (c). | deleted |
Or. en
Amendment 1269
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 e – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| Where the credit institution provides the DLT notary and the DLT central account maintenance service in accordance with Articles 10b or 10c, the credit institution shall be additionally exempted from Article 54b(5), point (b), of Regulation (EU) No 909/2014. | Where the credit institution referred to in point (c) of the previous sub-paragraph provides the DLT notary and the DLT central account maintenance service in accordance with Articles 10b or 10c, the credit institution shall be additionally exempted from Article 54b(5), point (b), of Regulation (EU) No 909/2014. |
Or. en
Amendment 1270
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 e – subparagraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from the second subparagraph of this paragraph, Title IV of Regulation (EU) No 909/2014 shall not apply to a credit institution providing services listed in Section C of the Annex to Regulation (EU) No 909/2014 to a DLT market infrastructure operating in the simplified regime. | By way of derogation of the first 3 subparagraphs of this paragraph, where the DLT SS is operated under the simplified regime, the service of providing cash accounts for e-money tokens may be provided by the operator of a the DLT SS, a credit institution, a CASP authorised to provide custody of e-money tokens in accordance with Regulation (EU) 2023/1114 or by any other financial entity permitted to provide custody of e-money tokens in accordance with Article 60 of that Regulation, subject to the notification procedure specified in that article. Title IV of Regulation (EU) No 909/2014 shall not apply in that case. |
Or. en
Amendment 1271
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 f
| Text proposed by the Commission | Amendment |
|---|---|
| 8f. Where the settlement occurs using commercial bank money provided by a credit institution to which Title IV of Regulation (EU) No 909/2014 does not apply by virtue of the second subparagraph of paragraph 8c, or where the settlement of payments occurs using ‘e-money tokens’, the DLT SS shall identify, measure, monitor, manage, and minimise any risks arising from the use of such means. | 8f. Where a DLT SS operating under the simplified regime settles payments using commercial bank money or e-money tokens without complying with Title IV of Regulation (EU) No 909/2014the DLT SS operator shall identify, measure, monitor, manage, and minimise any risks arising from the use of such means. |
Or. en
Amendment 1272
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 f
| Text proposed by the Commission | Amendment |
|---|---|
| 8f. Where the settlement occurs using commercial bank money provided by a credit institution to which Title IV of Regulation (EU) No 909/2014 does not apply by virtue of the second subparagraph of paragraph 8c, or where the settlement of payments occurs using ‘e-money tokens’, the DLT SS shall identify, measure, monitor, manage, and minimise any risks arising from the use of such means. | 8f. Where the settlement occurs using commercial bank money provided by a credit institution to which Title IV of Regulation (EU) No 909/2014 does not apply by virtue of the second subparagraph of paragraph 8c, the DLT SS shall identify, measure, monitor, manage, and minimise any risks arising from the use of such means. |
Or. en
Amendment 1273
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 6 – point b
Regulation (EU) 2022/858
Article 5 – paragraph 8 g
| Text proposed by the Commission | Amendment |
|---|---|
| 8g. At the request of a DLT SS operator, the competent authority may exempt that DLT SS from Article 45a of Regulation (EU) No 909/2014, provided that that DLT SS demonstrates compliance with Article 7. | 8g. At the request of a DLT SS operator, the competent authority may exempt that DLT SS from Article 45a of Regulation (EU) No 909/2014, provided that that DLT SS demonstrates compliance with Article 7, where the DLT SS is operated under the simplified regime. |
Or. en
Amendment 1274
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a
| Text proposed by the Commission | Amendment |
|---|---|
| (7) [...] | deleted |
Or. en
Amendment 1275
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete application. Within two months of receiving the draft assessment, ESMA shall provide the competent authority with a non-binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. | Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete application. Within two months of receiving the draft assessment, ESMA shall transmit to the competent authority its decision on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. |
Or. en
Amendment 1276
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a – paragraph 3 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete application. Within two months of receiving the draft assessment, ESMA shall provide the competent authority with a non-binding opinion on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. | Within two months of declaring the request complete, the competent authority shall submit a draft assessment of the request referred to in paragraph 2 to ESMA, together with the complete request. Within two months of receiving the draft assessment, ESMA shall address a decision to the competent authority on the draft assessment and the exemptions requested, including, where it deems necessary, recommendations for additional compensatory measures. |
Or. en
Justification
The power to exempt regulated entities from Level 1 legislative requirements should be exercised in a way that ensures the uniform application of Union law across the internal market. To this effect, ESMA should be granted the power to adopt a decision, in accordance with the proposed Article 4a(3), that is binding on the competent authority handling the request.
Amendment 1277
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public. | The competent authority shall comply with ESMA’s opinion. |
Or. en
Amendment 1278
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a – paragraph 3 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public. | The competent authority shall comply with ESMA's decision. |
Or. en
Justification
The power to exempt regulated entities from Level 1 legislative requirements should be exercised in a way that ensures the uniform application of Union law across the internal market. To this effect, ESMA should be granted the power to adopt a decision, in accordance with the proposed Article 4a(3), that is binding on the competent authority handling the request.
Amendment 1279
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 7
Regulation (EU) 2022/858
Article 5 a – paragraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. By [12 months after the date of entry into force of this amending Regulation], to promote supervisory convergence with regard to the assessment by the competent authority of a request for exemption of a DLT SS operator, ESMA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010. Those guidelines shall specify the circumstances under which: | |
| (a) compliance with the provision in respect of which an exemption has been requested is compatible or proportionate with the use of distributed ledger technology; | |
| (b) the exemption requested is not limited to the DLT SS and extends to a securities settlement system that is operated by the same CSD; | |
| (c) the exemption requested undermines financial stability, market integrity and investor protection; and | |
| (d) the compensatory measures are not appropriate to meet the objectives of the provision in respect of which an exemption has been requested |
Or. en
Amendment 1280
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 8
Regulation (EU) 2022/858
Article 6 – paragraph 1 – subparagraph 1– introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| 4. An investment firm, market operator or a CASP operating a DLT TSS shall be subject to: | 1. An investment firm or a market operator operating a DLT TSS shall be subject to: |
Or. en
Amendment 1281
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 8
Regulation (EU) 2022/858
Article 6 – paragraph 1 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| Capital held in accordance with capital requirements applicable to an investment firm, market operator or a CASP operating a DLT TSS under Directive 2014/65/EU or Regulation (EU) 2023/1114, respectively, may count towards the capital required under Article 47 of Regulation (EU) No 909/2014. | Capital held in accordance with capital requirements applicable to an investment firm or a market operator operating a DLT TSS under Directive 2014/65/EU or Regulation (EU) 2023/1114, respectively, may count towards the capital required under Article 47 of Regulation (EU) No 909/2014. |
Or. en
Amendment 1282
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 8
Regulation (EU) 2022/858
Article 6 – paragraph 1 – subparagraph 4 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph does not apply in respect of those requirements from which the investment firm or market operator operating the DLT TSS has been exempted under Article 4(2) and (3) and Article 5(2) to (9), provided that that investment firm or market operator or CASP complies with: | The first subparagraph does not apply in respect of those requirements from which the investment firm or market operator operating the DLT TSS has been exempted under Article 4(2) and (3) and Article 5(2) to (9), provided that that investment firm or market operator complies with: |
Or. en
Amendment 1283
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 8
Regulation (EU) 2022/858
Article 6 – paragraph 2 – subparagraph 3 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph shall not apply in respect of those requirements from which the investment firm or market operator operating the DLT TSS has been exempted under Articles 4a or 5a, provided that the investment firm, market operator or a CASP complies with: | The first subparagraph shall not apply in respect of those requirements from which the investment firm or market operator operating the DLT TSS has been exempted under Articles 4a or 5a, provided that the investment firm or a market operator complies with: |
Or. en
Amendment 1284
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point -a (new)
Regulation (EU) 2022/858
Article 7 –paragraph 7 – subparagraph 1 – introductory part
| Present text | Amendment |
|---|---|
| (-a) the introductory part of paragraph 7 of Article 7 is replaced by the following: | |
| ‘An operator of a DLT market infrastructure shall establish and make publicly available a clear and detailed strategy for reducing the activity of a particular DLT market infrastructure or for transitioning out of, or ceasing to operate, a particular DLT market infrastructure (‘transition strategy’), including the transition or reversion of its distributed ledger technology operations to traditional market infrastructures, in the event:’ | ‘An operator of a DLT market infrastructure shall:’; |
Or. en
(Regulation (EU) 2022/858 (DLTPR))
Amendment 1285
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point b – point a
Regulation (EU) 2022/858
Article 7 – paragraph 7 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) that the threshold referred to in Article 3(2a) or (3), as applicable, has been exceeded; | (a) upon the relevant metrics referred to in Article 3(2) reaching 50% of the applicable threshold, establish, make publicly available, and submit to the competent authority a transition strategy for obtaining full authorisation under Regulation (EU) No 909/2014 and/or Directive 2014/65/EU; |
Or. en
Justification
DLT and tokenisation can only fulfil their promise of greater efficiency and connectivity if the regulatory framework provides a credible path from experimentation to mainstream adoption. Without a binding transition requirement, the Pilot risks becoming a permanent alternative regime rather than a bridge.
Amendment 1286
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point a a (new)
Regulation (EU) 2022/858
Article 7 – paragraph 7 – subparagraph 1
| Present text | Amendment |
|---|---|
| (aa) in the first subparagraph, point (b) is replaced by the following: | |
| ‘(b) that a specific permission or exemption granted under this Regulation is to be withdrawn or otherwise discontinued, including where the specific permission or exemption is discontinued as a consequence of the events envisaged under Article 14(2); or | ‘(b)"upon the relevant metrics reaching 75% of the applicable threshold, submit to the competent authority a binding transition timeline, including confirmation of whether it intends to apply for full authorisation or to wind down its operations;’; |
Or. en
(Regulation (EU) 2022/858 (DLTPR))
Justification
DLT and tokenisation can only fulfil their promise of greater efficiency and connectivity if the regulatory framework provides a credible path from experimentation to mainstream adoption. Without a binding transition requirement, the Pilot risks becoming a permanent alternative regime rather than a bridge.
Amendment 1287
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point a b (new)
Regulation (EU) 2022/858
Article 7 – paragraph 7 – subparagraph 1
| Present text | Amendment |
|---|---|
| (ab) in the first subparagraph, point (c) is replaced by the following: | |
| ‘(c) of any voluntary or involuntary cessation of the business of the DLT market infrastructure. ’ | ‘(c) upon the relevant metrics reaching 100% of the applicable threshold, immediately activate the transition strategy.’; |
Or. en
(Regulation (EU) 2022/858 (DLTPR))
Justification
DLT and tokenisation can only fulfil their promise of greater efficiency and connectivity if the regulatory framework provides a credible path from experimentation to mainstream adoption. Without a binding transition requirement, the Pilot risks becoming a permanent alternative regime rather than a bridge.
Amendment 1288
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point b – point a c (new)
Regulation (EU) 2022/858
Article 7 – paragraph 7 – subparagraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ac) the following subparagraph is inserted between the first and second subparagraph: ‘The specific permission shall expire 6 months after the event referred to in point (c), unless the operator has submitted a complete application for full authorisation and received confirmation that it is being assessed.’; |
Or. en
Justification
DLT and tokenisation can only fulfil their promise of greater efficiency and connectivity if the regulatory framework provides a credible path from experimentation to mainstream adoption. Without a binding transition requirement, the Pilot risks becoming a permanent alternative regime rather than a bridge.
Amendment 1289
Johan Van Overtveldt, Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 9 – point b a (new)
Regulation (EU) 2022/858
Article 7 – paragraph 7 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) the following paragraph 7a is inserted: | |
| 7a. By [12 months after the date of entry into force of this amending Regulation], ESMA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying the minimum content, testing, review and supervisory assessment of the transition strategy referred to in paragraph 7, including where a DLT market infrastructure participates in a settlement scheme. |
Or. en
Amendment 1290
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Where the market value of DLT financial instruments recorded with a DLT TSS is expected to remain below the threshold laid down in Article 3(2b) of this Regulation, an investment firm, market operator or a CASP applying for a specific permission to operate a DLT TSS in accordance with Article 10, shall be allowed to participate in the simplified regime under the conditions laid down in this Article. | 1. Where the market value of DLT financial instruments recorded with a DLT TSS is expected to remain below the threshold laid down in Article 3(2b) of this Regulation, an investment firm or a market operator applying for a specific permission to operate a DLT TSS in accordance with Article 10, shall be allowed to participate in the simplified regime under the conditions laid down in this Article. |
Or. en
Amendment 1291
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 5 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) Title III, Chapter II, with the exception of Articles 26(1) to 26(3), 26(5), 26(7), 27(1), 27(3), 27(5) to 27(7), 27a(1), 29(1) to 29(2), 30(1) to 30(3), 30(5), 32, 33(1), 36, 37, 38(1), 38(2), 39(3), 39(5), 40(1), 40(3), 41(1), 42 to 44, 45 (1) to (3), 45(6); and | (c) Title III, Chapter II, with the exception of Articles 26(1) to 26(3), 26(5), 26(7), 27(1), 27(3), 27(5) to 27 (10), 27a(1), 29(1) to 29(2), 30(1) to 30(3), 30(5), 32, 33(1), 33(4), 36, 37, 38(1), 38(2), 38(7), 39(3), 39(5) to 39(7), 40(1), 40(3), 41(1), 42 to 44, 45 (1) to (3), 45(5), 45(6), 46(1) to 46(3); and |
Or. en
Amendment 1292
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 5 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) Title III, Chapter II, with the exception of Articles 26(1) to 26(3), 26(5), 26(7), 27(1), 27(3), 27(5) to 27(7), 27a(1), 29(1) to 29(2), 30(1) to 30(3), 30(5), 32, 33(1), 36, 37, 38(1), 38(2), 39(3), 39(5), 40(1), 40(3), 41(1), 42 to 44, 45 (1) to (3), 45(6); and | (c) Title III, Chapter II, with the exception of Articles 26(1) to 26(3), 26(5), 26(7), 27(1), 27(3), 27(5) to 27(10), 27a(1), 29(1) to 29(2), 30(1) to 30(3), 30(5), 32, 33(1), 33(4) 36, 37, 38(1), 38(2), 38(7) 39(3), 39(5) to 39(7), 40(1), 40(3), 41(1), 42 to 44, 45 (1) to (3), 45 (5), 45(6), 46 (1) to (3); and |
Or. en
Amendment 1293
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 7 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) at the latest upon reaching the threshold laid down in Article 3(2b) it shall comply with 50 % of the capital requirements calculated in accordance with Article 47 of Regulation (EU) No 909/2014, as specified under Commission Delegated Regulation (EU) 2017/390(30 ). | (a) at the latest upon reaching the threshold laid down in Article 3(2b) it shall comply with 75 % of the capital requirements calculated in accordance with Article 47 of Regulation (EU) No 909/2014, as specified under Commission Delegated Regulation (EU) 2017/390(30 ). |
| 30 Commission Delegated Regulation (EU) 2017/390 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on certain prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary services (OJ L 65, 10.3.2017, pp. 9–43) | 30 Commission Delegated Regulation (EU) 2017/390 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on certain prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary services (OJ L 65, 10.3.2017, pp. 9–43) |
Or. en
Amendment 1294
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 7 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) at the latest upon reaching the threshold laid down in Article 3(3), it shall comply with 100 % of the capital requirements calculated in accordance with Article 47 of Regulation (EU) No 909/2014, as specified under Delegated Regulation (EU) 2017/390. | (b) at the latest upon reaching the threshold laid down in Article 3(3), it shall comply with 75 % of the capital requirements calculated in accordance with Article 47 of Regulation (EU) No 909/2014, as specified under Delegated Regulation (EU) 2017/390, as long as the aggregate market value of DLT [A1] financial instruments admitted to trading or recorded on the DLT market infrastructure remains below the threshold laid down in Article 3(2). |
Or. en
Amendment 1295
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 7 – point b a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) it shall comply with 100 % of the capital requirements calculated in accordance with Article 47 of Regulation (EU) No 909/2014, as specified under Delegated Regulation (EU) 2017/390, where it seeks authorisation under Regulation (EU) No 909/2014 for the purpose of operating beyond the threshold laid down in Article 3(2). |
Or. en
Amendment 1296
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Regulation (EU) 2022/858
Article 7 a – paragraph 12 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 12a. By [12 months after the date of entry into force of this amending Regulation] and every year thereafter, the competent authority shall assess whether the operator of a DLT SS or a DLT TSS authorised under the simplified regime continues to meet the conditions justifying the application of that regime. | |
| In accordance with Article 16 of Regulation (EU) No 1095/2010, with a view to promoting consistency, efficiency and coherence in the assessment of the conditions referred to in the first subparagraph, ESMA shall issue guidelines specifying the following factors: (a) the aggregate market value of DLT financial instruments recorded or admitted to trading on the DLT market infrastructure; (b) the number and type of participants and clients, including the extent of retail participation; (c) the complexity of the business model and of the DLT arrangements used; (d) the degree of interconnection with other DLT market infrastructures, CSDs, trading venues, settlement schemes or payment arrangements; and (e) the occurrence of material operational incidents, settlement fails or other events relevant for investor protection, market integrity or financial stability. | |
| Where the competent authority considers that the conditions justifying the application of the simplified regime are no longer met, it shall require the operator to submit, within an appropriate adaptation period, a plan to transition to the regular regime or to reduce its activity so as to remain compatible with the simplified regime. | |
| The competent authority shall require the operator to take all reasonable steps to ensure that any such transition or reduction of activity is carried out in an orderly manner, without prejudice to investor protection, legal certainty, system stability and the level playing field, and in accordance with the transition strategy referred to in Article 7(7). | |
| The adaptation period shall not exceed three months and may be extended once by a further period of one month. |
Or. en
Amendment 1297
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 11 – point g a (new)
Regulation (EU) 2022/858
Article 8 – paragraph 7
| Present text | Amendment |
|---|---|
| (ga) paragraph 7 is replaced by the following: | |
| ‘7. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a non- binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving the copy of that application. Before issuing a non-binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion. Where ESMA issues a non-binding opinion, the competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public.’ | ‘7. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving the copy of that application. Before issuing a binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion.’ |
Or. en
(32022R0858)
Amendment 1298
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 12 – point b a (new)
Regulation (EU) 2022/858
Article 9 – paragraph 7
| Present text | Amendment |
|---|---|
| (ba) the first three subparagraphs of paragraph 7 are replaced by the following: | |
| 7. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a non- binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving a copy of that application. | "7. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving a copy of that application. |
| Before issuing a non-binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion. | Before issuing a binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion. |
| Where ESMA issues a non-binding opinion, the competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public.’ |
Or. en
(32022R0858)
Amendment 1299
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 12 – point d – point a
Regulation (EU) 2022/858
Article 9 – paragraph 11 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The specific permission shall specify the exemptions that are granted in accordance with Article 5, any compensatory measures, any lower thresholds set by the competent authority in accordance with article 3(6) and whether the DLT SS operates under the simplified regime. | A specific permission shall be valid throughout the Union for a period of up to ten years from the date of issuance. The specific permission shall specify the exemptions that are granted in accordance with Article 5, any compensatory measures, any lower thresholds set by the competent authority in accordance with article 3(6) and whether the DLT SS operates under the simplified regime. |
Or. en
Amendment 1300
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point a
Regulation (EU) 2022/858
Article 10 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. An investment firm, or a market operator, or as a CASP trading platform under Regulation (EU) 2023/1114, or authorised as a CSD under Regulation (EU) No 909/2014, may apply for a specific permission to operate a DLT TSS under this Regulation. | 1. An investment firm, or a market operator authorised as a CSD under Regulation (EU) No 909/2014, may apply for a specific permission to operate a DLT TSS under this Regulation. |
Or. en
Amendment 1301
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point a
Regulation (EU) 2022/858
Article 10 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where a legal person applies for authorisation as an investment firm or for authorisation to operate a regulated market under Directive 2014/65/EU, or Regulation (EU) No 600/2014, or as a CSD under Regulation (EU) No 909/2014, or as a CASP trading platform under Regulation 2023/1114 and, simultaneously, applies for a specific permission under this Article, for the sole purpose of operating a DLT TSS, the competent authority shall not assess whether the applicant fulfils those requirements of Directive 2014/65/EU or Regulation (EU) No 600/2014, or those of Regulation (EU) No 909/2014 in respect of which the applicant has requested an exemption in accordance with Article 6 of this Regulation. | 2. Where a legal person applies for authorisation as an investment firm or for authorisation to operate a regulated market under Directive 2014/65/EU, or Regulation (EU) No 600/2014, or as a CSD under Regulation (EU) No 909/2014 and, simultaneously, applies for a specific permission under this Article, for the sole purpose of operating a DLT TSS, the competent authority shall not assess whether the applicant fulfils those requirements of Directive 2014/65/EU or Regulation (EU) No 600/2014, or those of Regulation (EU) No 909/2014 in respect of which the applicant has requested an exemption in accordance with Article 6 of this Regulation. |
Or. en
Amendment 1302
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point a
Regulation (EU) 2022/858
Article 10 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where, as referred to in paragraph 2 of this Article, a legal person simultaneously applies for authorisation as an investment firm or for authorisation to operate a regulated market, or for authorisation as a CSD, or for authorisation of a CASP, and for a specific permission, it shall submit in its application the information required under Article 7 of Directive 2014/65/EU or Article 17 of Regulation (EU) No 909/2014 or Article 7a of this Regulation or Article 62 of Regulation 2023/1114 respectively, except for information that would be necessary to demonstrate compliance with the requirements in respect of which the applicant has requested an exemption in accordance with Article 6 of this Regulation.; | 3. Where, as referred to in paragraph 2 of this Article, a legal person simultaneously applies for authorisation as an investment firm or for authorisation to operate a regulated market, or for authorisation as a CSD and for a specific permission, it shall submit in its application the information required under Article 7 of Directive 2014/65/EU or Article 17 of Regulation (EU) No 909/2014 or Article 7a of this Regulation or Article 62 of Regulation 2023/1114 respectively, except for information that would be necessary to demonstrate compliance with the requirements in respect of which the applicant has requested an exemption in accordance with Article 6 of this Regulation.; |
Or. en
Amendment 1303
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point b
Regulation (EU) 2022/858
Article 10 – paragraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| In addition to the information referred to in paragraph 4 of this Article, an applicant that intends to operate a DLT TSS as an investment firm, market operator or a CASP shall submit the information on how it intends to comply with the applicable requirements of Regulation (EU) No 909/2014 as referred to in Article 6(1) of this Regulation, or where applicable, requirements under the simplified regime, except for information that would be necessary to demonstrate compliance with requirements in respect of which the applicant has requested an exemption in accordance with that Article. | In addition to the information referred to in paragraph 4 of this Article, an applicant that intends to operate a DLT TSS as an investment firm, market operator shall submit the information on how it intends to comply with the applicable requirements of Regulation (EU) No 909/2014 as referred to in Article 6(1) of this Regulation, or where applicable, requirements under the simplified regime, except for information that would be necessary to demonstrate compliance with requirements in respect of which the applicant has requested an exemption in accordance with that Article. |
Or. en
Amendment 1304
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point b a (new)
Regulation (EU) No 2022/858
Article 10 – paragraph 8
| Present text | Amendment |
|---|---|
| (ba) the first three subparagraphs of paragraph 8 are replaced by the following: | |
| ‘8. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a non- binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving a copy of that application. Before issuing a non-binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion. Where ESMA issues a non-binding opinion, the competent authority shall give that opinion due consideration and shall provide ESMA with a statement regarding any significant deviations from that opinion if ESMA so requests. ESMA’s opinion and the competent authority’s statement shall not be made public.’ | ‘8. Where necessary to promote the consistency and proportionality of exemptions, or where necessary to ensure investor protection, market integrity and financial stability, ESMA shall provide the competent authority with a binding opinion on the exemptions requested or on the adequacy of the type of distributed ledger technology used for the purposes of this Regulation, within 30 calendar days of receiving a copy of that application. Before issuing a binding opinion, ESMA shall consult the competent authorities of the other Member States and shall take the utmost account of their views when issuing its opinion.’; |
Or. en
(32022R0858)
Amendment 1305
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 13 – point e – point a
Regulation (EU) 2022/858
Article 10 – paragraph 11
| Text proposed by the Commission | Amendment |
|---|---|
| 11. The specific permission shall specify the exemptions that are granted in accordance with Article 6, any compensatory measures and any lower thresholds set by the competent authority in accordance with Article 3(6) and whether the DLT TSS operates under the simplified regime.; | 11. A specific permission shall be valid throughout the Union for a period of up to ten years from the date of issuance. The specific permission shall specify the exemptions that are granted in accordance with Article 6, any compensatory measures and any lower thresholds set by the competent authority in accordance with Article 3(6) and whether the DLT TSS operates under the simplified regime.; |
Or. en
Amendment 1306
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. An authorised investment firm, regulated market, credit institution, CSD, or a CASP may apply to its competent authority for a specific permission to provide, on an individual basis, the DLT notary service or the DLT central maintenance service and non-banking type ancillary services of CSDs associated with those services as specified in Section B of Annex to Regulation (EU) No 909/2014. | 1. An authorised investment firm, regulated market, credit institution, CSD, or a CASP may apply to its competent authority for a specific permission of up to ten years to provide, on an individual basis, the DLT notary service or the DLT central maintenance service and non-banking type ancillary services of CSDs associated with those services as specified in Section B of Annex to Regulation (EU) No 909/2014. |
Or. en
Amendment 1307
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. An authorised investment firm, regulated market, credit institution, CSD, or a CASP may apply to its competent authority for a specific permission to provide, on an individual basis, the DLT notary service or the DLT central maintenance service and non-banking type ancillary services of CSDs associated with those services as specified in Section B of Annex to Regulation (EU) No 909/2014. | 1. An authorised investment firm, regulated market, credit institution, CSD may apply to its competent authority for a specific permission to provide, on an individual basis, the DLT notary service or the DLT central maintenance service and non-banking type ancillary services of CSDs associated with those services as specified in Section B of Annex to Regulation (EU) No 909/2014. |
Or. en
Amendment 1308
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 a – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. A credit institution, investment firm, regulated market, CSD or CASP may apply for a specific permission to provide both the DLT notary service and the DLT central maintenance service, either simultaneously or by means of a subsequent application. Where an entity applies for a specific permission to provide both services, the competent authority shall assess the application in an integrated manner and shall not require a separate authorisation process for each service where the requirements applicable to the two services are substantially the same. |
Or. en
Amendment 1309
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 a – paragraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| 6. ESMA may develop guidelines to establish standard forms, formats and templates for the purpose of the application referred to in paragraph 1. | 6. ESMA shall develop guidelines to establish standard forms, formats and templates for the purpose of the application referred to in paragraph 1. |
Or. en
Amendment 1310
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Article 10a a | |
| Consultation of ESMA on the granting of exemptions and specific permissions | |
| 1. Where a competent authority is responsible for granting an exemption or a specific permission under the regular regime pursuant to Articles 4a, 5a, 8, 9 or 10 of this Regulation and that competent authority is not ESMA, that competent authority shall consult ESMA before adopting its decision. | |
| 2. The competent authority shall provide ESMA with the draft decision and all information necessary for ESMA to assess the potential impact of the granting of the exemption or specific permission on the orderly functioning, integrity and stability of Union financial markets, or on investor protection. | |
| 3. ESMA shall provide its response within 10 working days of receipt of the consultation referred to in paragraph 1. | |
| 4. Where, in exceptional circumstances and on the basis of duly substantiated evidence, ESMA identifies that the granting of the exemption or specific permission would pose a serious risk to the financial stability of the Union, the integrity of Union financial markets or the protection of investors, ESMA may object to the granting of that exemption or specific permission within the period referred to in paragraph 3. | |
| 5. Where ESMA objects pursuant to paragraph 4, the competent authority shall not grant the exemption or specific permission. |
Or. en
Amendment 1311
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 b – paragraph 4 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. By derogation from the first subparagraph, DLT financial instruments not admitted to trading on any trading venue and for which no secondary market circulation is envisaged at the time of their initial recording may be settled directly by an operator authorised to provide the DLT central maintenance service in accordance with Article 10a(1), provided that such operator holds the relevant specific permission and complies with the applicable requirements of Title IV of Regulation (EU) No 909/2014. The derogation ceases to apply where those instruments are subsequently admitted to trading on a trading venue or secondary market transactions are otherwise initiated, and the operator shall ensure their transfer to a DLT SS, DLT TSS or a CSD operating solely under Regulation (EU) No 909/2014 within three months of such admission or initiation. |
Or. en
Amendment 1312
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 b – paragraph 5 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| A DLT SS, DLT TSS or a CSD operating solely under Regulation (EU) No 909/2014 may admit for settlement DLT financial instruments maintained in securities accounts managed by DLT account keepers that have an aggregate market value that amounts to no more than the amount specified under Article 3(2b) at the time of settlement of the first transaction. | The aggregate market value of all DLT financial instruments recorded by a DLT notary or maintained in securities accounts managed by a DLT account keeper shall not exceed the amount specified under Article 3(2) of Regulation (EU) No 2022/858 at the time of initial recording of a new DLT financial instrument. A DLT SS, DLT TSS or a CSD operating solely under Regulation (EU) No 909/2014 may admit for settlement DLT financial instruments maintained in securities accounts managed by DLT account keepers that have an aggregate market value that amounts to no more than the amount specified under Article 3(2b) at the time of settlement of the first transaction. |
Or. en
Amendment 1313
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 b – paragraph 10 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall develop regulatory technical standards to specify the provisions of Title III of Regulation (EU) No 909/2014 that apply to each of the DLT notary and the DLT central maintenance service, and, where necessary, supplement the non-essential elements of the provisions of that title and amend regulatory technical standards to adapt them to the use of DLT and the specificities of business models involving the distributed provision of CSD core services. | ESMA, in close cooperation with ESCB, shall develop regulatory technical standards to specify the provisions of Title III of Regulation (EU) No 909/2014 that apply to each of the DLT notary and the DLT central maintenance service, and, where necessary, supplement the non-essential elements of the provisions of that title and amend regulatory technical standards to adapt them to the use of DLT and the specificities of business models involving the distributed provision of CSD core services. |
Or. en
Amendment 1314
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) all transactions are settled only with central bank deposits that the DLT account keepers hold with the central bank of issue of the relevant currency; | (a) all transactions are settled with central bank deposits that the DLT account keepers hold with the central bank of issue of the relevant currency where practical and available; or, where not practical and available, through EMTs authorised under Regulation 2023/1114 or commercial bank money, including in tokenised form ; |
Or. en
Amendment 1315
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 2 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) all transactions in DLT financial instruments that involve a cash leg are settled on a DVP basis; | (b) they are capable of ensuring that all transactions in DLT financial instruments that involve a cash leg can be settled on a DVP basis; |
Or. en
Amendment 1316
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. DLT account keepers participating in a settlement scheme shall establish common, effective and clearly defined rules and procedures to manage the default of one or more of their clients that use the settlement service they provide through the settlement scheme. |
Or. en
Amendment 1317
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 8 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| DLT account keepers participating in a settlement scheme shall enter into a legally binding written agreement clearly specifying the roles and responsibilities of the DLT account keepers within the settlement scheme. | DLT account keepers participating in a settlement scheme shall enter into a legally binding written agreement clearly specifying the roles and responsibilities of the DLT account keepers within the settlement scheme. The written agreement shall establish common rules and procedures for the settlement scheme that are clear, understandable, and enforceable in all relevant jurisdictions. It shall be made available to the clients of the DLT account keepers that use the settlement service provided through the settlement scheme. |
Or. en
Amendment 1318
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10c – paragraph 8 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| A DLT account keeper shall be a member of no more than two settlement schemes. | The written agreement and the rules and procedures of the settlement scheme shall clearly set out, at least: (a) the rights, obligations and liabilities of each DLT account keeper participating in the settlement scheme; (b) the moment of entry, irrevocability and finality of transfer orders; (c) the arrangements ensuring settlement on a delivery-versus-payment basis; (d) the procedures for the prevention, monitoring and management of settlement fails; (e) the procedures applicable in the event of default, insolvency, suspension or withdrawal of a participating DLT account keeper; (f) the allocation of losses and liabilities in the event of operational incidents, cyber incidents, errors in the distributed ledger technology or malfunctioning of smart contracts; (g) the arrangements for reconciliation, correction of errors and continuity of access to records; and (h) the governance arrangements of the settlement scheme, including decision-making, admission and exit of participants, and management of conflicts of interest. |
Or. en
Amendment 1319
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10c – paragraph 9 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than the amount specified under Article 3(2b) at the time of settlement of the first transaction. | Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than EUR 30 billion at the time of settlement of the first transaction. |
Or. en
Amendment 1320
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than the amount specified under Article 3(2b) at the time of settlement of the first transaction. | Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than Eur 30 billion at the time of settlement of the first transaction. |
Or. en
Amendment 1321
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than the amount specified under Article 3(2b) at the time of settlement of the first transaction. | Each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by its participating DLT account keepers that have an aggregate market value that amounts to no more than EUR 30 billion at the time of settlement of the first transaction. |
Or. en
Justification
Settlement schemes constitute a distinct regulatory innovation and should not be tied to the threshold applicable to the simplified regime, as their risks and benefits warrant an independent assessment and a greater degree of flexibility. Given the remaining uncertainties regarding the risks they entail, however, the threshold should be set at a prudent level.
Amendment 1322
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached the amount specified under Article 3(3), the DLT account keepers shall activate the transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. | Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached EUR 45 billion, the DLT account keepers shall activate the transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. |
Or. en
Justification
This amendment sets the transition threshold at 150%, in line with the other provisions of the proposal.
Amendment 1323
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached the amount specified under Article 3(3), the DLT account keepers shall activate the transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. | Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached EUR 45 billion, the DLT account keepers shall activate the transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. |
Or. en
Amendment 1324
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached the amount specified under Article 3(3), the DLT account keepers shall activate the transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. | Where the aggregate market value of all the DLT financial instruments that are admitted to settlement by a settlement scheme has reached EUR 45 billion, the DLT account keepers shall activate their transition strategy referred to in Article 10(e). The DLT account keepers shall notify ESMA of the activation of its transition strategy and of the timescale for the transition. |
Or. en
Amendment 1325
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| By derogation from the first subparagraph, each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by DLT account keepers that have an aggregate market value that amounts to no more than EUR 30 billion at the time of settlement of the first transaction, where such DLT financial instruments are transferable securities issued by SMEs. The DLT account keepers shall activate its transition strategy when the market value of those transferable securities reaches EUR 45 billion. | deleted |
Or. en
Justification
Introducing separate thresholds for SMEs would add unnecessary complexity to the regime and is therefore not retained.
Amendment 1326
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10c – paragraph 9 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| By derogation from the first subparagraph, each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by DLT account keepers that have an aggregate market value that amounts to no more than EUR 30 billion at the time of settlement of the first transaction, where such DLT financial instruments are transferable securities issued by SMEs. The DLT account keepers shall activate its transition strategy when the market value of those transferable securities reaches EUR 45 billion. | deleted |
Or. en
Amendment 1327
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 9 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| By derogation from the first subparagraph, each settlement scheme may admit for settlement DLT financial instruments maintained in securities accounts managed by DLT account keepers that have an aggregate market value that amounts to no more than EUR 30 billion at the time of settlement of the first transaction, where such DLT financial instruments are transferable securities issued by SMEs. The DLT account keepers shall activate its transition strategy when the market value of those transferable securities reaches EUR 45 billion. | deleted |
Or. en
Amendment 1328
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 c – paragraph 11
| Text proposed by the Commission | Amendment |
|---|---|
| 11. ESMA may develop guidelines to establish standard forms, formats and templates for the following purposes: | 11. ESMA shall develop guidelines to establish standard forms, formats and templates for the following purposes: |
Or. en
Amendment 1329
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 e – paragraph 1– subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) that the threshold referred to in Article 3(3), has been exceeded; | (a) that the threshold referred to in Article 10c(9), has been exceeded; |
Or. en
Amendment 1330
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 e – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) that the threshold referred to in Article 3(3), has been exceeded; | (a) that the threshold referred to in Article 10c(9), has been exceeded; |
Or. en
Amendment 1331
Johan Van Overtveldt
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 e – paragraph 1 – subparagraph 1 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) that the threshold referred to in Article 3(3), has been exceeded; | (a) that the threshold referred to in Article 10c(9), has been exceeded; |
Or. en
Justification
Introducing separate thresholds for SMEs would add unnecessary complexity to the regime and is therefore not retained.
Amendment 1332
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 14
Regulation (EU) 2022/858
Article 10 g – paragraph 1– subparagraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| The members of the industry group shall implement the industry standards in the appropriate segments of their operations, unless they have a clear justification for not doing so. | The members of the industry group shall implement the industry standards in the appropriate segments of their operations. |
Or. en
Amendment 1333
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 15 – point c a (new)
Regulation (EU) 2022/858
Article 11 – paragraph 5 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) paragraph 5a is inserted: | |
| 5a. Where a Member State has established a national DLT regime within the meaning of Article 2a, the competent authority responsible for the supervision of DLT market infrastructures under this Regulation shall cooperate with the authority responsible for the oversight of the national DLT regime, where those are different authorities, with a view to ensuring consistency of supervisory approaches and preventing regulatory overlaps. ESMA shall establish and maintain a publicly available register of national DLT regimes notified by Member States and shall periodically assess the compatibility of such regimes with the requirements of this Regulation, reporting its findings to the European Parliament and the Council. |
Or. en
Amendment 1334
Markus Ferber
Proposal for a regulation
Article 8 – paragraph 1 – point 15 – point c a (new)
Regulation (EU) 2022/858
Article 11 – paragraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) paragraph 6 is deleted. |
Or. en
Justification
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on the application of permissions and compensatory or corrective measures.
Amendment 1335
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 8 – paragraph 1 – point 16
Regulation (EU) 2022/858
Article 11 a – paragraph 2 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) EBA, where e-money tokens are used for the settlement of payments. | deleted |
Or. en
Amendment 1336
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 17 a (new)
Regulation (EU) 2022/858
Article 13 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (17a) The following Article 13a is inserted: | |
| Article 13a | |
| Metrics for determining the transition to the permanent regulatory framework | |
| 1. By [one year after the date of application of this Regulation], the Commission shall adopt an implementing act establishing objective indicators and measurable metrics for assessing whether the objectives of this Regulation have been achieved to an extent that justifies the integration of the pilot regime provided in this Regulation into other sectoral legislation. | |
| 2. The indicators and metrics referred to in paragraph 1 shall include, at least: | |
| (a) market adoption of the pilot regime and the services provided by the entities operation under the pilot regime; | |
| (b) commercial viability of the pilot regime as a permanent framework; | |
| (c) regulatory compliance of the entities operating under the pilot regime; | |
| (d) operational resilience of the entities operating under the pilot regime; | |
| (e) the impact or potential impact of the pilot regime on financial stability; | |
| (f) the impact or potential impact of the pilot regime on investor protection; and | |
| (g) settlement performance. | |
| 3. The indicators and metrics established pursuant to paragraph 1 shall be objective, measurable and proportionate. | |
| The metrics shall enable an assessment of whether the objectives of this Regulation can be achieved within the existing Union regulatory framework without recourse to the exemptions provided for under this Regulation and without impairing the objectives of the sectoral legislation. | |
| 4. The Commission shall review and, where appropriate, update the indicators and metrics established pursuant to paragraph 1 in light of technological, market and regulatory developments. |
Or. en
Amendment 1337
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point a – point 5
Regulation (EU) 2022/858
Article 14 – paragraph 1 – point j
| Text proposed by the Commission | Amendment |
|---|---|
| (5) point (j) is deleted; | (5) point (j) is replaced by the following: |
| ‘(j) any benefits and costs resulting from the unbundling of CSD core services;’; |
Or. en
Amendment 1338
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point a – point 5
Regulation (EU) 2022/858
Article 14 – paragraph 1 – point j
| Text proposed by the Commission | Amendment |
|---|---|
| (5) point (j) is deleted; | (5) point (j) is replaced by the following: |
| ‘(j) any benefits and costs resulting from the unbundling of CSD core services;’ |
Or. en
Amendment 1339
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point a – point 6 a (new)
Regulation (EU) 2022/858
Article 14 – paragraph 1 – point m a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (6a) the following point (ma) is inserted: | |
| (ma) any benefits and costs resulting from the unbundling of CSD core services; |
Or. en
Justification
The report should assess the advantages and disadvantages of unbundling CSD services, in light of possible changes to permanent regimes such as CSDR.
Amendment 1340
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point b
Regulation (EU) 2022/858
Article 14 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. On the basis of the report referred to in paragraph 1, the Commission shall assess whether the pilot regime provided for in this Regulation should be integrated into other sectoral legislation and submit, where appropriate, a legislative proposal to the European Parliament and to the Council.; | 2. On the basis of the report referred to in paragraph 1, the Commission shall present a report to the European Parliament and to the Council within one year. That report shall contain an assessment on: |
| (a) whether, as an exceptional measure, the pilot regime should be extended once for a further period of up to three years. The report shall provide a detailed reasoning on whether sufficient lessons have been drawn to also amend relevant Union financial services legislation; | |
| (b) whether this Regulation should be amended. The report shall provide a detailed reasoning on the need for an amendment; | |
| (c) the lessons learned from the pilot regime provided for in this Regulation, allowing for its termination. The report shall provide details on the Commission’s envisaged amendments to the relevant Union financial services legislation, allowing the use of DLT. | |
| For the purpose of the first subparagraph, the Commission shall provide an indicative timeline by when it will submit the legislative proposal(s) to the European Parliament and to the Council. |
Or. en
Amendment 1341
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point b
Regulation (EU) 2022/858
Article 14 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. On the basis of the report referred to in paragraph 1, the Commission shall assess whether the pilot regime provided for in this Regulation should be integrated into other sectoral legislation and submit, where appropriate, a legislative proposal to the European Parliament and to the Council.; | 2. On the basis of the report referred to in paragraph 1, the Commission shall present a report to the European Parliament and to the Council within one year. That report shall contain an assessment on: |
| (a) whether, as an exceptional measure, the pilot regime should be extended once for a further period of up to three years. The report shall provide a detailed reasoning on whether sufficient lessons have been drawn to also amend relevant Union financial services legislation; | |
| (b) whether this Regulation should be amended. The report shall provide a detailed reasoning on the need for an amendment; | |
| (c) the lessons learned from the pilot regime provided for in this Regulation, allowing for its termination. | |
| The report shall provide details on the Commission’s envisaged amendments to the relevant Union financial services legislation, allowing the use of DLT. | |
| For the purpose of the first subparagraph, the Commission shall provide an indicative timeline by when it will submit the legislative proposal(s) to the European Parliament and to the Council.’; |
Or. en
Amendment 1342
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point b
Regulation (EU) 2022/858
Article 14 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. On the basis of the report referred to in paragraph 1, the Commission shall assess whether the pilot regime provided for in this Regulation should be integrated into other sectoral legislation and submit, where appropriate, a legislative proposal to the European Parliament and to the Council.; | 2. On the basis of the report referred to in paragraph 1, within three months of receipt of that report, the Commission shall assess whether the pilot regime provided for in this Regulation should be integrated into other sectoral legislation. Where the Commission concludes that the indicators and metrics established pursuant to Article 13a have been met, it shall, unless duly justified in its report, submit a legislative proposal to the European Parliament and to the Council. |
| Where the Commission concludes that the indicators and metrics established pursuant to Article 13a have not been met or have been met but decides not to submit such a legislative proposal, it shall provide a detailed justification for that decision and specify: | |
| (a) a timetable for a reassessment of the indicators and metrics established pursuant to Article 13a; or | |
| (b) a timetable for the orderly cessation of the DLT Pilot Regime. |
Or. en
Amendment 1343
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point b
Regulation (EU) 2022/858
Article 14 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. On the basis of the report referred to in paragraph 1, the Commission shall assess whether the pilot regime provided for in this Regulation should be integrated into other sectoral legislation and submit, where appropriate, a legislative proposal to the European Parliament and to the Council.; | 2. On the basis of the report referred to in paragraph 1, the Commission shall present a report to the European Parliament and to the Council within two years after the date of entry into force of Article 8 of this Regulation. That report shall contain an assessment on: |
| (a) whether sufficient lessons have been drawn to also amend relevant Union financial services legislation; | |
| (b) whether this Regulation should be amended. The report shall provide a detailed reasoning on the need for amendments; | |
| (c) the lessons learned from the pilot regime provided for in this Regulation, allowing for its incorporation in the other relevant Union financial services legislation allowing the use of DLT. | |
| For the purpose of the first subparagraph, the Commission shall provide an indicative timeline by when it will submit the legislative proposal(s) to the European Parliament and to the Council. |
Or. en
Justification
The pilot regime can only fulfil its purpose if the lessons drawn from it are subsequently acted upon. This amendment therefore requires the Commission to report back within two years after the date of entry into force of Article 8 of this Regulation and to indicate the timeline for the resulting legislative proposals.
Amendment 1344
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point b a (new)
Regulation (EU) 2022/858
Article 14 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) the following paragraph is added: | |
| A legislative proposal referred to in paragraph 2 shall include transitional provisions governing the migration of DLT market infrastructures authorised under this Regulation to the applicable sectoral legislation. Those provisions shall ensure that: | |
| (a) operators authorised under this Regulation may continue to operate under their existing authorisation for a transitional period of [XX months] from the date of application of the new legislative framework; | |
| (b) during that transitional period, operators shall submit any additional information or documentation required under the applicable sectoral legislation to their competent authority; | |
| (c) the competent authority shall assess the information referred to in point (b) and notify the operator of its decision within one month of receipt of a complete application; and | |
| (d) where the competent authority has not adopted a decision before the expiry of the transitional period for reasons not attributable to the operator, the authorisation granted under this Regulation shall remain valid until a final decision has been adopted. |
Or. en
Amendment 1345
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 8 – paragraph 1 – point 18 – point a – point b a (new)
Regulation (EU) 2022/858
Article 14 – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1a) The following paragraph is inserted: | |
| 2a. In preparing the report referred to in the first paragraph, ESMA shall assess the operation of the DLT Pilot Regime against the indicators and metrics established pursuant to Article 13a. That assessment shall form part of the report submitted to the Commission. |
Or. en
Amendment 1346
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 8 – paragraph 1 – point 19
Regulation (EU) 2022/858
Article 15 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Every two years ESMA shall publish interim reports in order to provide market participants with information on the functioning of the markets, to address incorrect behaviour of operators of DLT market infrastructures, to provide clarifications on the application of this Regulation and to update previous indications based on the evolution of distributed ledger technology. Those reports shall also provide an overall description of the application of the pilot regime provided for in this Regulation, focusing on trends and emerging risks, and shall be submitted to the European Parliament, the Council and the Commission. The first such report shall be published by 24 March 2028.; | Every two years ESMA shall publish interim reports in order to provide market participants with information on the functioning of the markets, to address incorrect behaviour of operators of DLT market infrastructures, to provide clarifications on the application of this Regulation and to update previous indications based on the evolution of distributed ledger technology. Those reports shall also provide an overall description of the application of the pilot regime provided for in this Regulation, focusing on trends and emerging risks, and shall be submitted to the European Parliament, the Council and the Commission. The first such report shall be published one year after the date of entry into force of Article 8 of this Regulation.; |
Or. en
Amendment 1347
Markus Ferber
Proposal for a regulation
Article 8 – paragraph 1 – point 19
Regulation (EU) 2022/858
Article 15 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Every two years ESMA shall publish interim reports in order to provide market participants with information on the functioning of the markets, to address incorrect behaviour of operators of DLT market infrastructures, to provide clarifications on the application of this Regulation and to update previous indications based on the evolution of distributed ledger technology. Those reports shall also provide an overall description of the application of the pilot regime provided for in this Regulation, focusing on trends and emerging risks, and shall be submitted to the European Parliament, the Council and the Commission. The first such report shall be published by 24 March 2028.; | Every three years ESMA shall publish interim reports in order to provide market participants with information on the functioning of the markets, to address incorrect behaviour of operators of DLT market infrastructures, to provide clarifications on the application of this Regulation and to update previous indications based on the evolution of distributed ledger technology. Those reports shall also provide an overall description of the application of the pilot regime provided for in this Regulation, focusing on trends and emerging risks, and shall be submitted to the European Parliament, the Council and the Commission. The first such report shall be published by 24 March 2030.; |
Or. en
Justification
ESMA had originally proposed deletion of this empowerment altogether in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). The frequency of the reporting should be decreased.
Amendment 1348
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 20
Regulation (EU) 2022/858
Article 15a – paragraph 6 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 6a. Before adopting any delegated act pursuant to this Regulation, the Commission shall conduct an open public consultation, allowing all stakeholders a period of no less than three months to provide their views. The Commission shall give due consideration to the feedback received and shall, where it decides not to follow the views expressed by a significant number of stakeholders, provide a public statement of reasons. |
Or. en
Amendment 1349
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 20
Regulation (EU) 2022/858
Article 15a – paragraph 6 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 6b. A delegated act adopted pursuant to this Regulation shall not enter into force before the expiry of a transitional period of at least six months from its publication in the Official Journal of the European Union, unless a shorter period is objectively justified by reasons of urgency or financial stability. During the transitional period, the Commission shall provide clear technical guidance to operators and competent authorities on the practical implementation of the new requirements. |
Or. en
Amendment 1350
Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
Proposal for a regulation
Article 8 – paragraph 1 – point 20 a (new)
Regulation (EU) 2022/858
Article 19 – paragraphs 2 a (new) and 2 b (new)
| Commission proposal | Amendment |
| (20a) in Article 19, the following paragraphs are added: | |
| 2a. Specific permissions granted before [the day before the date of entry into force of this amending Regulation] in accordance with Articles 8, 9 and 10 of Regulation (EU) 2022/858 shall continue to be subject to that Regulation until the end of their validity or until 12 months have elapsed after [the date of application of this amending Regulation], whichever occurs first. | |
| 2b. By way of derogation from paragraph 2a, a legal person authorised before [the day before the date of entry into force of this amending Regulation] to operate a DLT TV under Article 8, a DLT SS under Article 9 or a DLT TSS under Article 10 of Regulation (EU) 2022/858 may choose to be subject to this amending Regulation on an optional and irrevocable basis, provided that the competent authority is notified thereof." |
Or. en
Amendment 1351
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point -1 (new)
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 16 – point j a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (-1) in Article 3(1), point (16), the following point is added: | |
| '(ja) providing crypto-asset lending, staking and borrowing services;' |
Or. en
Amendment 1352
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point -1 (new)
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – points 16 a and 16 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (-1) in Article 3(1), the following points are inserted: | |
| ‘(16a) ‘significant crypto-asset service provider’ means a crypto-asset service provider identified as significant in accordance with Article 59a; | |
| (16b) ‘ESMA-supervised crypto-asset service provider’ means a crypto-asset service provider subject to direct supervision by ESMA pursuant to Article 59a or Article 59b;’ |
Or. en
Amendment 1353
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point -1 a (new)
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – points 26 a, 26 b and 26 c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (-1a) in Article 3(1), the following points are inserted: | |
| '(26a) ‘Crypto lending’ means an activity consisting of a provider (lender) transferring a certain value of crypto-assets or funds to a user (borrower) in exchange for the user placing a certain value of crypto-assets or funds as collateral and a commitment that the borrower will return to the lender a value equivalent to the transferred value of crypto-assets or funds and potential additional interests on a future date (or in the event of some other trigger event) to the lender; | |
| (26b) ‘Crypto borrowing’ means an activity consisting of a user (lender) transferring a certain value of crypto-assets or funds to another user (borrower) in exchange for a commitment that the borrower will return to the lender an equivalent value of crypto-assets or funds and potential additional interests on a future date (or in the event of some other trigger event); | |
| (26c) ‘Crypto staking’ means the process of immobilising crypto-assets to support the operations of proof-of-stake (PoS) and PoS-like blockchain consensus mechanisms in exchange for the granting of validator privileges that can generate economic rewards including in kind;' |
Or. en
Amendment 1354
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point -1 b (new)
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 32 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (-1b) in Article 3 (1), the following point is inserted: | |
| ‘(32a) ‘third-country multi-issuer scheme’ means an arrangement under which an issuer established in the Union and regulated under EU law, and an issuer established in a third country and not regulated under EU law, issue asset-referenced tokens or e-money tokens that are technically and fully fungible and are marketed as the same token;’ |
Or. en
Amendment 1355
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point a
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 35 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, and issuers of asset-referenced tokens; | (a) designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens and crypto-asset service providers that are not significant under Article 85 or that have not elected ESMA as their competent authority under Article 85a; |
Or. en
Amendment 1356
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 35 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (b) The following point (c) is added: | deleted |
| ‘(c) ESMA for: | |
| (i) crypto-asset service providers authorised pursuant to Article 63; | |
| (ii) entities allowed to provide crypto-asset services pursuant to Article 60(2) to (6), whose main activity is the provision of crypto-asset services as referred to in Article 138a(2).’ |
Or. en
Amendment 1357
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 35 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) crypto-asset service providers authorised pursuant to Article 63; | (i) significant crypto-asset service providers identified in accordance with Article 85 and authorised pursuant to Article 63; |
Or. en
Justification
This amendment limits ESMA's supervisory powers to significant CASPs.
Amendment 1358
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1– point 35 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) crypto-asset service providers authorised pursuant to Article 63; | (i) significant crypto-asset service providers authorised pursuant to Article 63; |
Or. en
Amendment 1359
Dirk Gotink
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1– point 35 – point c – point i
| Text proposed by the Commission | Amendment |
|---|---|
| (i) crypto-asset service providers authorised pursuant to Article 63; | (i) all crypto-asset service providers authorised pursuant to Article 63; |
Or. en
Amendment 1360
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1– point 35 – point c – point i a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ia) ESMA-supervised crypto-asset service provider pursuant to Article 59b; |
Or. en
Amendment 1361
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 35 – point c – point ii a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (iia) crypto-asset service providers that have elected direct supervision by ESMA in accordance with Article 85a. |
Or. en
Amendment 1362
Nikos Papandreou
Proposal for a regulation
Article 9 – paragraph 1 – point 1 a (new)
Regulation (EU) 2023/1114
Article 3 – paragraph 1 – point 51 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1a) in Article 3(1), the following point is added: (51a) ‘Union holder’ means any EU national or legal entity established in the Union, and also a non-Union national or a non-Union based legal entity maintaining a wallet with an Union based Crypto-Asset Service Provider when at least 5 days have elapsed since the transfer of the stablecoin in the Union. |
Or. en
Amendment 1363
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 1 a (new)
Regulation (EU) 2023/1114
Article 16 – paragraph 1 – subparagraph 1
| Present text | Amendment |
|---|---|
| (1a) in Article 16(1), the first subparagraph is replaced by the following: | |
| 1. A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: | "1. A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: |
| (a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or | (a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or |
| (b) a credit institution that complies with Article 17. | (b) a credit institution that complies with Article 17; and |
| (c) the asset-referenced token is not fungible with a crypto-asset issued by an issuer established in a third country; | |
| (d) when redeeming asset-referenced tokens, shall prioritise the reimbursement in favour of token holders who are either nationals of a Member State or legal entities established in a Member State. " |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Amendment 1364
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 1 b (new)
Regulation (EU) 2023/1114
Article 36 – paragraph 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1b) in Article 36, the following paragraph is inserted: | |
| '3a. The reserve of assets shall not be used to cover liabilities arising from tokens issued by an issuer established in a third country.' |
Or. en
Amendment 1365
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 1 c (new)
Regulation (EU) 2023/1114
Article 39 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1c) in Article 39, the following paragraph is inserted: | |
| '1a. Issuers of asset-referenced tokens and issuers of e-money tokens shall have in place effective systems and procedures to ensure that the asset-referenced tokens and e-money tokens they issue are unique and non-fungible with other crypto-assets and they can be clearly distinguished from crypto-assets issued by any issuer established in a third country outside the regulatory framework established by this Regulation.' |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Amendment 1366
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 1 d (new)
Regulation (EU) 2023/1114
Article 48 – paragraph 1 – subparagraph 1
| Present text | Amendment |
|---|---|
| (1d) in Article 48(1), the first subparagraph is replaced by the following: | |
| 1. A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and | ‘1. A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and |
| (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51. | (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51, and |
| (c) the e-money token is unique and is not fungible with any crypto-asset issued by an issuer established in a third country; | |
| (d) when redeeming e-money tokens, shall prioritise the reimbursement in favour of token holders who are either nationals of a Member State or legal entities established in a Member State.’ |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Amendment 1367
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 1 a (new)
Regulation (EU) 2023/1114
Article 48 – paragraph 1 a (new)
| Present text | Amendment |
|---|---|
| (1a) in Article 48, the following paragraph is inserted: | |
| ‘1a. A third-country multi-issuer stablecoin scheme, whereby a Union-based issuer and one or more third-country entities jointly issue an electronic money token that is technically identical and presented as fungible or interchangeable, shall not be considered as permitted under this Regulation. Competent authorities shall refuse authorisation, or withdraw an existing authorisation, granted to an issuer participating in such a scheme, without prejudice to Articles 43 and 56.’. |
Or. en
(32023R1114)
Amendment 1368
Ľudovít Ódor, Gilles Boyer, Billy Kelleher, Stéphanie Yon-Courtin
Proposal for a regulation
Article 9 – paragraph 1 – point 1 a (new)
Regulation (EU) 2023/1114
Article 48 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1a) the following Article is inserted: | |
| 'Article 48a | |
| Requirements to be fulfilled by issuers of e-money tokens under multi-issuance arrangements | |
| 1. At the request of the competent authority of a Member State, the Commission shall, by way of an implementing act, within 90 days of obtaining a reasoned opinion from the European Banking Authority, decide whether to authorise an issuer of e-money tokens to operate a multi-issuance arrangement involving entities established in third countries. The competent authority shall indicate why it considers that the conditions for such an arrangement are met. In particular, the competent authority shall demonstrate that the issuer: | |
| (a) ensures that the reserve of assets is composed of high-quality and liquid assets, meeting standards equivalent in outcome to MiCA requirements on asset quality, liquidity and credit risk; | |
| (b) ensures that the global reserve of assets at all times adequately reflects the total value of e-money tokens in circulation, including those issued outside the Union and is not fragmented or ring-fenced in a manner that would impair its availability across jurisdictions; maintains arrangements to dynamically adjust and, where necessary, recalibrate the reserve of assets sufficiently frequently to ensure it remains in line with the value of e-money tokens marketed, held or redeemed; | |
| (c) ensures that the global reserve of assets is at all times safeguarded and segregated from the issuer’s own assets, including in insolvency with legally enforceable protections ensuring insolvency remoteness; | |
| (d) ensures that holders of e-money tokens benefit from the right of redemption set out in Article 49, exercisable directly against the issuer of the e-money token established in the Union irrespective of the entity within the multi-issuance arrangement that originally issued the tokens held or the jurisdiction in which they were acquired, supported by operational arrangements that ensure effective access to such rights in practice; | |
| (e) has established robust governance and risk management arrangements covering all entities involved in the multi-issuance structure in line with Article 34, including clear allocation of responsibilities, group-wide risk oversight, and effective internal controls; | |
| (f) has concluded appropriate cooperation and information-sharing arrangements with relevant third-country entities and, where relevant third-country, authorities have legal frameworks in place, including binding mechanisms, that ensure effective supervision and the availability of reserve assets in a stress scenario; | |
| (g) ensures that, for all multi-issuance arrangements involving a third country entity, the issuer complies with Article 58, as if the money token were classified as significant, and maintains, in addition to the local Union reserve reflecting the issue liability to Union EMT holders, prudential safeguards such as rebalancing and liquidity stress test are put in place to appropriately respond to any potential temporary increase in Union redemptions; | |
| (h) maintains a recovery plan and redemption plan in accordance with Article 55, including scenarios in which the third-country entity is unable to transfer assets to rebalance the Union reserve; | |
| 2. An issuer of an e-money token already operating a multi-issuance arrangement involving entities established in third countries may continue to operate such an arrangement if the European Commission by 2027 assesses and considers that the conditions set out in paragraph 1 are fulfilled. The Commission may in any case prolong the authorisation of such multi-issuance arrangement only until the end of 2028, in view of the MiCAR review; | |
| 3. Having due regard to commercially sensitive information, the implementing act referred to in paragraph 1 shall be accompanied by the evidence presented by the competent authority requesting the permission. | |
| 4. The Commission and the competent authority shall regularly review whether the conditions for permitting the multi-issuance arrangement continue to be fulfilled.' |
Or. en
Amendment 1369
Nikos Papandreou
Proposal for a regulation
Article 9 – paragraph 1 – point 1 b (new)
Regulation (EU) 2023/1114
Article 48 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1b) the following Article is inserted: | |
| ‘Article 48a Requirements to be fulfilled by third countries under multi-issuance arrangements for electronic money tokens | |
| 1. At the request of the competent authority, the Commission may, by way of a delegated act, in accordance with Title VIII of this Regulation, permit a multi-issuance arrangement of an electronic-money token with third country entities. The Commission shall only adopt such delegated act where the third-country legal and supervisory frameworks ensure requirements that are strictly equivalent to those laid down in this Regulation, including with regard to: (a) authorisation requirements; (b) governance arrangements and fit and proper requirements; (c) own funds requirements; (d) liquidity management and reserve asset composition; (e) segregation, custody and protection of reserve assets; (f) redemption rights at par value and without undue delay; (g) holders unconditional legal right to redeem electronic money tokens at par value at any time; (h) prudential supervision, including ongoing supervisory powers and enforcement measures; (i) recovery planning and crisis management arrangements; (j) reporting, disclosure and audit requirements; (k) anti-money laundering and counter-terrorist financing requirements that are equivalent requirements of Regulation (EU) 2024/1624; (l) powers enabling competent authorities to suspend or withdraw an authorisation where financial stability, monetary policy transmission, monetary sovereignty, smooth functioning of the payment system or consumer protection is at risk. For the purposes of the second subparagraph, “strictly equivalent” means that the third-country legal and supervisory framework produces outcomes that are at least as protective as those established under this Regulation with respect to each of the requirements listed in points (a) to (l) of the second subparagraph, assessed individually. The Commission shall not consider a third country framework as ensuring strict equivalence where it contains derogations, exemptions or lower standards in respect of any of the requirements listed in points (a) to (l) of the second subparagraph that, individually or in combination, could expose Union holders or Union financial markets to risks not adequately mitigated under that framework. The Commission shall adopt the delegated act only if the third-country framework ensures effective cooperation arrangements are in place among the competent authority of the third country, the European Banking Authority, the European Central Bank and the competent authority under this Regulation, in accordance with Article 138d. The Commission, in close cooperation with the competent authority, shall review that the conditions laid down for such multi-issuance arrangement are still met every 6 months. The Commission shall withdraw such delegated act where any of the conditions laid down in this paragraph are no longer fulfilled or where the arrangement gives rise to material risks to financial stability, monetary sovereignty, monetary policy transmission or the smooth functioning of payment systems within the Union. 2. Prior to the adoption of the delegated act, the Commission shall, in close cooperation with the competent authority, prepare a comprehensive assessment report about all the items mentioned in the first paragraph of this Article. The Commission shall transmit the draft assessment report to the competent authority, the European Banking Authority, the European Central Bank and the European Systemic Risk Board. Those authorities shall provide their opinion within three months. The Commission shall take the opinions received into due account and shall publish a reasoned response explaining how those opinions have been reflected in its assessment. The final assessment report, together with the opinions received, shall be transmitted simultaneously to the European Parliament and to the Council. 3. Before authorising a multi-issuance arrangement involving an electronic money token, the competent authority shall request a reasoned opinion from the European Central Bank assessing the potential impact on financial stability, monetary policy transmission, monetary sovereignty and the smooth functioning of payment systems. The ECB shall deliver its opinion within three months of the request. Where the European Central Bank concludes in its opinion that material risks to financial stability, monetary policy transmission, monetary sovereignty or the smooth functioning of payment systems have not been adequately addressed, the competent authority shall not grant the authorisation unless it adopts a detailed written decision explaining specifically how each concern identified by the European Central Bank has been addressed or mitigated by the conditions attached to the authorisation. The competent authority shall transmit its written decision, together with the ECB opinion, simultaneously to ESMA, the European Banking Authority and the European Systemic Risk Board at the moment of granting the authorisation. ESMA shall, within 20 working days of receipt, assess whether the competent authority has adequately addressed the concerns identified by the European Central Bank and may exercise its powers under Article 17 of Regulation (EU) No 1095/2010 where it concludes that Union law has not been correctly applied. Upon receipt of a reasoned ECB opinion identifying material risks at any point following authorisation, the competent authority shall immediately initiate a supervisory review and shall notify ESMA and the European Systemic Risk Board. Where the competent authority concludes, following that review, that the identified risks cannot be adequately mitigated, it shall withdraw the authorisation without undue delay. 4. This Regulation is solely applicable to electronic money tokens issued by EU issuers. EU issuers participating in a multi-issuance scheme shall not reimburse their tokens if this would cause a deterioration of their liquidity or own funds requirement as well as non-compliance with their requirements about the composition of the reserve of assets. 5. EU issuers participating in a multi-issuance scheme shall not proceed to the reimbursement of electronic money tokens if held through self-hosted address, in accordance with Regulation (EU) 2023/1113 Article 3 (20). If an electronic money token is moved from a self-hosted address to one with an EU based CASP, the redemption shall be permitted only after 5 working days after the transfer. 6. Issuers participating in multi-issuer arrangements shall perform dedicated stress tests covering severe cross-border redemption scenarios, legal impediments to reserve transfers and disruptions affecting reserve assets held in third countries. Reserve assets referenced by Union-issued electronic money tokens shall not be used, directly or indirectly, to satisfy redemption claims relating to tokens issued by third-country entities. 7. Issuers participating in multi-issuance arrangements shall report on a daily basis to their authorities the consolidated position regarding: (a) total outstanding tokens worldwide; (b) reserve assets held globally; (c) geographical distribution of reserve assets; (d) geographical distribution of tokens issued; (e) redemption flows between jurisdictions; (f) transfer of reserve across jurisdictions. 8. The reserve assets supporting a multi-issuer arrangement shall be subject to a semi-annual consolidated independent audit covering all participating issuers. |
Or. en
Amendment 1370
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 1 e (new)
Regulation (EU) 2023/1114
Article 48a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1e) the following Article is inserted: | |
| ‘Article 48a Transitional arrangements for existing third-country multi-issuer schemes | |
| 1. An issuer established in the Union that operates under a third-country multi-issuer scheme on the date of entry into force of this Regulation shall: | |
| (a) stop issuing the asset-referenced token or e-money token issued under the multi-issuer scheme within six months after the date of entry into force of this Regulation; | |
| (b) within 40 working days, submit to the competent authority a plan for the orderly termination of its participation in the scheme, including arrangements for the separation or redemption of the tokens issued in the Union; | |
| (c) inform holders of the termination of the scheme and of the arrangements for the exercise of their redemption rights. | |
| 2. Competent authorities shall not grant any new authorisation relating to a token that forms part of a third-country multi-issuer scheme after the date of entry into force of this Regulation.’ |
Or. en
Amendment 1371
Markus Ferber
Proposal for a regulation
Article 9 – paragraph 1 – point 1 a (new)
Regulation (EU) 2023/1114
Article 54 – paragraph 1 – point b
| Present text | Amendment |
|---|---|
| (1a) in Article 54(1), point (b) is replaced by the following: | |
| (b) the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token. | '(b) the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token. These assets are to be kept in custody by a custodian in accordance with Article 37(3) and (6).' |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Justification
Clarifies that funds safeguarded by e-money token issuers under Article 54(b) must be held in custody on the same terms already applying to reserve assets of asset-referenced tokens. Closes an interpretative gap that could otherwise allow safekeeping of investor funds outside a licensed institution or the Union, strengthening investor protection and regulatory consistency between MiCA's two token regimes without adding new compliance burden on issuers.
Amendment 1372
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 2 – point c
Regulation (EU) 2023/1114
Article 59 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| (c) Paragraph 8 is replaced by the following: | deleted |
| ‘8. Crypto-asset service providers seeking to add crypto-asset services to their authorisation as referred to in Article 63 shall request ESMA for an extension of their authorisation by complementing and updating the information referred to in Article 62. The request for extension shall be processed in accordance with Article 63.’ |
Or. en
Amendment 1373
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 2 – point c
Regulation (EU) 2023/1114
Article 59 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| 8. Crypto-asset service providers seeking to add crypto-asset services to their authorisation as referred to in Article 63 shall request ESMA for an extension of their authorisation by complementing and updating the information referred to in Article 62. The request for extension shall be processed in accordance with Article 63. | 8. Significant crypto-asset service providers seeking to add crypto-asset services to their authorisation as referred to in Article 63 shall request ESMA for an extension of their authorisation by complementing and updating the information referred to in Article 62. The request for extension shall be processed in accordance with Article 63. |
Or. en
Amendment 1374
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 2 a (new)
Regulation (EU) 2023/1114
Article 59 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) the following article is inserted: | |
| ‘Article 59a | |
| Designation of significant crypto-asset service providers | |
| 1. ESMA shall, by … [date 18 months after entry into force] and thereafter annually, assess whether a crypto-asset service provider meets the criteria set out in paragraph 2. | |
| 2. ESMA shall designate as significant a crypto-asset service provider that meets at least two of the following three criteria: | |
| (a) the number of clients to whom the crypto-asset service provider provides crypto-asset services in the Union exceeds 15 000 000; | |
| (b) the total value of crypto-assets held in custody or administered on behalf of clients exceeds EUR 15 000 000 000; | |
| (c) the crypto-asset service provider is authorised to provide, actively provides, or markets crypto-asset services in two or more Member States; | |
| Where the crypto-asset service provider is part of a group, the significance shall be assessed at group-wide level. | |
| 3. Where a crypto asset service provider does not meet the criteria in paragraph 2, ESMA may nonetheless designate a crypto-asset service provider as significant where ESMA determines on the basis of a reasoned assessment that the cross-border nature, systemic interconnectedness, or complexity of the entity's activities poses a material risk to market integrity or financial stability at Union level. | |
| 4. Where a crypto asset service provider does not meet the criteria in paragraph 2, the home competent authority of the crypto-asset service provider may nonetheless make a request to ESMA to assume the supervisory competence over an entity | |
| 4. Before adopting a designation under paragraph 3, ESMA shall notify the relevant competent authority of the Member State where the entity has its registered office and invite written observations within 20 working days. ESMA shall take those observations into account and shall provide a reasoned response where it departs from them. | |
| 5. ESMA shall publish and maintain a register of significant crypto-asset service providers. | |
| 6. A crypto-asset service provider that ceases to meet the criteria in paragraph 2 for two consecutive annual assessments shall be de-designated by ESMA, which shall notify the relevant competent authority accordingly. Supervision shall transfer to the relevant competent authority within 12 months of dedesignation.' |
Or. en
Amendment 1375
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 2 b (new)
Regulation (EU) 2023/1114
Article 59 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (2b) the following article is inserted: | |
| Article 59b | |
| Voluntary direct supervision by ESMA | |
| 1. A legal person or other undertaking may elect to be placed under the direct supervision of ESMA in accordance with this Article where it: | |
| (a) intends to apply for authorisation as a crypto-asset service provider; or | |
| (b) is authorised pursuant to Article 63 and is not significant within the meaning of Article 59a. | |
| 2. A legal person or other undertaking referred to in paragraph 1, point (a), shall submit its application for authorisation as a crypto-asset service provider pursuant to Article 62 to ESMA. | |
| 3. A crypto-asset service provider referred to in paragraph 1, point (b), shall submit a notice of election to ESMA and shall transmit a copy thereof to the competent authority of its home Member State. The notice of election shall contain: | |
| (a) the identification details referred to in Article 109(5), points (a) and (b); | |
| (b) a reference to the authorisation granted pursuant to Article 63 and the crypto-asset services covered by that authorisation; | |
| (c) a declaration that, to the best of its knowledge, none of the grounds set out in paragraph 6 applies; and | |
| (d) a contact email address, a contact telephone number and a physical address for the purposes of the transfer of supervision. | |
| 4. Within five working days of receipt of the notice of election, ESMA shall acknowledge receipt thereof in writing to the applicant crypto-asset service provider and shall inform the competent authority of the home Member State. Within 10 working days of receipt of the copy of the notice of election, the competent authority of the home Member State shall inform ESMA whether any of the grounds set out in paragraph 6, points (a) or (b), applies and shall provide ESMA with the information necessary to prepare the transfer of supervision referred to in paragraph 7. | |
| 5. Within 20 working days of receipt of the notice of election, ESMA shall adopt a reasoned decision granting or refusing the election and shall notify that decision to the applicant crypto-asset service provider and to the competent authority of the home Member State within five working days of its adoption. The assessment shall be confined to verifying the eligibility conditions set out in paragraph 1 and the absence of the grounds set out in paragraph 6. | |
| 6. ESMA may refuse the election only on one or more of the following grounds: | |
| (a) the applicant does not satisfy the eligibility conditions set out in paragraph 1, including where it is not authorised pursuant to Article 63, where it is significant within the meaning of Article 59a, or where proceedings for the suspension or withdrawal of its authorisation pursuant to Article 64 are ongoing; | |
| (b) the competent authority of the home Member State has informed ESMA that supervisory or enforcement proceedings, or an investigation, concerning the applicant are ongoing and that an immediate transfer of supervision would prejudice those proceedings or that investigation; | |
| (c) the notice of election remains incomplete after the expiry of a reasonable period specified by ESMA for the submission of the missing information. | |
| 7. Where ESMA grants the election, it shall assume responsibility for the direct supervision of the crypto-asset service provider from the date of transfer specified in the decision referred to in paragraph 5. That date shall be no later than three months after the date of that decision. From that date, Article 143a(2) to (5) shall apply mutatis mutandis to the transfer of supervision from the competent authority of the home Member State to ESMA. | |
| 8. A crypto-asset service provider that has made the election referred to in paragraph 1 shall be subject to the supervisory fees charged by ESMA in accordance with Article 138j from the date of transfer referred to in paragraph 7. | |
| 9. ESMA shall record, in the register referred to in Article 109, the election made pursuant to paragraph 1 and the date on which the transfer of supervision takes effect. |
Or. en
Amendment 1376
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 4 – point a
Regulation (EU) 2023/1114
Article 62 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| (a) paragraph 1 is replaced by the following: | deleted |
| ‘1. Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to ESMA.’ |
Or. en
Amendment 1377
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 4 – point a
Regulation (EU) 2023/1114
Article 62 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to ESMA. | 1. Legal persons or other undertakings that intend to provide crypto-asset services that qualify as significant under Article 85 or that designate ESMA as their supervisor in accordance with the Article 85a, shall submit their application for an authorisation as a crypto-asset service provider to ESMA. |
Or. en
Justification
In line with the distinction between significant and non-significant CASPs under the amended Article 85 MiCAR, ESMA should remain responsible for the assessment and authorisation of significant CASPs, while NCAs should continue to process applications and grant authorisations for non-significant CASPs. ESMA should also be responsible for the assessment and authorisation of legal persons or other undertakings that intend to provide crypto-asset services and wish to benefit from the opt-in regime under proposed Article 85a.
Amendment 1378
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 4 – point a
Regulation (EU) 2023/1114
Article 62 – Paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to ESMA. | 1. Legal persons or other undertakings that intend to provide crypto-asset services shall submit their application for an authorisation as a crypto-asset service provider to ESMA or to the national competent authority of the country in which it is based. |
Or. en
Amendment 1379
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 4 – point a a
Regulation (EU) 2023/1114
Article 62 – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) the following paragraph is inserted: 1a. Legal persons or other undertakings that intend to provide crypto-asset services, that do not qualify as significant under Article 85 or do not designate ESMA as their supervisor in accordance with the Article 85a, shall submit their application for an authorisation as a crypto-asset service provider to the competent authority of their home Member State. |
Or. en
Justification
In line with the distinction between significant and non-significant CASPs under the amended Article 85 MiCAR, ESMA should remain responsible for the assessment and authorisation of significant CASPs, while NCAs should continue to process applications and grant authorisations for non-significant CASPs. ESMA should also be responsible for the assessment and authorisation of legal persons or other undertakings that intend to provide crypto-asset services and wish to benefit from the opt-in regime under proposed Article 85a.
Amendment 1380
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 5
Regulation (EU) 2023/1114
Article 63
| Text proposed by the Commission | Amendment |
|---|---|
| [...] | deleted |
Or. en
Justification
Shifting all CASP authorisations to ESMA is not needed to ensure consistent supervision. Coordinated supervision by NCAs supported by ESMA’s convergence tools can ensure consistent authorisation standards without creating a single operational bottleneck or reducing responsiveness in a rapidly evolving sector.
Amendment 1381
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point a
Regulation (EU) 2023/1114
Article 63 – Title
| Text proposed by the Commission | Amendment |
|---|---|
| Assessment of the application for authorisation and grant or refusal of authorisation by ESMA; | Assessment of the application for authorisation and grant or refusal of authorisation by ESMA or the national competent authority; |
Or. en
Amendment 1382
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall promptly, and in any event within five working days of receipt of an application under Article 62(1), acknowledge receipt thereof in writing to the applicant crypto-asset service provider. | 1. ESMA or the national competent authority shall promptly, and in any event within five working days of receipt of an application under Article 62(1), acknowledge receipt thereof in writing to the applicant crypto-asset service provider. |
| (This amendment shall apply throughout Article 9 - paragraph 1 - point 5) |
Or. en
Amendment 1383
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) may consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider has not been the subject of an investigation into conduct relating to money laundering or terrorist financing; | (a) shall consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider and entities of the same group have not been the subject of an investigation into conduct relating to money laundering or terrorist financing; |
Or. en
Amendment 1384
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) may consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider has not been the subject of an investigation into conduct relating to money laundering or terrorist financing; | (a) shall consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider and entities of the same group have not been the subject of an investigation into conduct relating to money laundering or terrorist financing; |
Or. en
Amendment 1385
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) may consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider has not been the subject of an investigation into conduct relating to money laundering or terrorist financing; | (a) shall consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units of the home Member State, in order to verify that the applicant crypto-asset service provider and entities of the same group have not been the subject of an investigation into conduct relating to money laundering or terrorist financing; |
Or. en
Amendment 1386
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) may consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; | (b) shall consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; |
Or. en
Amendment 1387
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) may consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; | (b) shall consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; |
Or. en
Amendment 1388
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) may consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; | (b) shall consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State, to ensure that the applicant crypto-asset service provider that operates establishments or relies on third parties established in high-risk third countries identified pursuant to [Article 9 of Directive (EU) 2015/849 complies with the provisions of national law transposing Articles 26(2), 45(3) and 45(5) of that Directive]; |
Or. en
Amendment 1389
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 5 – point b
Regulation (EU) 2023/1114
Article 63 – paragraph 6 – point c
| Text proposed by the Commission | Amendment |
|---|---|
| (c) shall, where appropriate, consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State to ensure that the applicant crypto-asset service provider has put in place appropriate procedures to comply with the provisions of national law transposing [Article 18a(1) and (3) of Directive (EU) 2015/849]. | (c) shall consult the competent authorities for anti-money laundering and counter-terrorist financing of the home Member State to ensure that the applicant crypto-asset service provider has put in place appropriate procedures to comply with the provisions of national law transposing [Article 18a(1) and (3) of Directive (EU) 2015/849]. |
Or. en
Amendment 1390
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 6
Regulation (EU) 2023/1114
Article 64
| Text proposed by the Commission | Amendment |
|---|---|
| (6) Article 64 is amended as follows: | deleted |
| (a) paragraphs 1, 2, 3 and 4 are replaced by the following: | |
| ‘1. ‘ESMA shall withdraw the authorisation referred to in Article 63 of a crypto-asset service provider in the cases referred to in Article [39h(2)] of Regulation (EU) No 1095/2010 and in addition, if the crypto-asset service provider does any of the following: | |
| (a) has not used its authorisation within 12 months of the date of the authorisation; | |
| (b) has not provided crypto-asset services for nine consecutive months; | |
| (c) fails to have in place effective systems, procedures and arrangements to detect and prevent money laundering and terrorist financing in accordance with [Directive (EU) 2015/849]; | |
| 2. ESMA may withdraw authorisation as a crypto-asset service provider in any of the following situations: | |
| (a) it has been informed by the relevant competent authority for the supervision of [Directive (EU) 2015/849] that the crypto-asset service provider has infringed the provisions of national law transposing [Directive (EU) 2015/849]; | |
| (b) the crypto-asset service provider has lost its authorisation as a payment institution or its authorisation as an electronic money institution, and that crypto-asset service provider has failed to remedy the situation within 40 calendar days. | |
| 3. Where ESMA withdraws an authorisation as a crypto-asset service provider, it shall make such information available in the register referred to in Article 109. | |
| 4. ESMA may limit the withdrawal of authorisation to a particular crypto-asset service.’ | |
| (c) paragraphs 6 and 7 are replaced by the following: | |
| ‘6. Before withdrawing an authorisation as a crypto-asset service provider, ESMA may consult the authority competent for supervising compliance of the crypto-asset service provider with the rules on anti-money laundering and counter-terrorist financing. | |
| 7. EBA and the competent authorities of the Member States where the crypto-asset service provider provides crypto-asset services may at any time request that ESMA examine whether the crypto-asset service provider still complies with the conditions under which the authorisation under Article 63 was granted, when there are grounds to suspect it may no longer be the case.’ |
Or. en
Justification
As a consequence of retaining NCAs as the authorities responsible for granting CASP authorisations, the competence to withdraw those authorisations should likewise remain with NCAs.
Amendment 1391
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 6 – point a
Regulation (EU) 2023/1114
Article 64 – paragraph 1 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ‘ESMA shall withdraw the authorisation referred to in Article 63 of a crypto-asset service provider in the cases referred to in Article [39h(2)] of Regulation (EU) No 1095/2010 and in addition, if the crypto-asset service provider does any of the following: | 1. ‘ESMA or the national competent authority shall withdraw the authorisation referred to in Article 63 of a crypto-asset service provider in the cases referred to in Article [39h(2)] of Regulation (EU) No 1095/2010 and in addition, if the crypto-asset service provider does any of the following: |
| (This amendment shall apply throughout Article 9 - paragraph 1 - point 6) |
Or. en
Amendment 1392
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 7 – point b – point i
Regulation (EU) 2023/1114
Article 65 – paragraph 1 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| A crypto-asset service provider authorised pursuant to Article 63 that intends to provide crypto-asset services in the Union shall submit the following information to ESMA:; | A crypto-asset service provider authorised pursuant to Article 63 that intends to provide crypto-asset services in the Union shall submit the following information to ESMA or the national competent authority:; |
| (This amendment shall apply throughout Article 9 - paragraph 1- point 7) |
Or. en
Amendment 1393
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 7 a (new)
Regulation (EU) 2023/1114
Article 67
| Text proposed by the Commission | Amendment |
|---|---|
| (7a) Article 67 is amended as follows: | |
| (a) in paragraph 1, the following point is added: | |
| ‘(c) the K-factor requirement calculated in accordance with Article 15 of Regulation (EU) 2019/2033 of the European Parliament and of the Council | |
| ‘(b) in paragraph 1, the following subparagraph is added: ‘For the purpose of point (c) of the first subparagraph, the K-factor methodology shall apply to crypto-asset services under this Regulation by reference to their equivalent activities under Directive 2014/65/EU, ensuring that custody and administration of crypto-assets corresponds to K-AUM, the operation of a trading platform corresponds to K-NPR, execution and transmission of orders and placement correspond to K-COH, exchange of crypto-assets for funds or other crypto-assets corresponds to K-DTF, and lending or borrowing of crypto-assets corresponds to K-TCD.’; | |
| (c) the following paragraphs are inserted: | |
| ‘1a. ESMA shall require a crypto-asset service provider to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1 where the crypto-asset service provider is exposed to risks or elements of risk, not or not sufficiently covered, by paragraph 1 or where other institution-specific circumstances raise material supervisory concerns. | |
| 1b. ESMA shall take the necessary measures to prevent the multiple use of elements eligible for own funds where the crypto-asset service provider belongs to the same group as another financial institution. This paragraph shall also apply where a crypto-asset service provider is of a hybrid character and carries out activities other than crypto-asset services.’; |
Or. en
Amendment 1394
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 7 a (new)
Regulation (EU) 2023/1114
Article 67
| Text proposed by the Commission | Amendment |
|---|---|
| (7a) Article 67 is amended as follows: | |
| (a) in paragraph 1, the following point is added: | |
| ‘(c) the K-factor requirement calculated in accordance with Article 15 of Regulation (EU) 2019/2033 of the European Parliament and of the Council. (b) in paragraph 1, the following subparagraph is added: ‘For the purpose of point (c) of the first subparagraph, the K-factor methodology shall apply to crypto-asset services under this Regulation by reference to their equivalent activities under Directive 2014/65/EU, ensuring that custody and administration of crypto-assets corresponds to K-AUM, the operation of a trading platform corresponds to K-NPR, execution and transmission of orders and placement correspond to K-COH, exchange of crypto-assets for funds or other crypto-assets corresponds to K-DTF, and lending or borrowing of crypto-assets corresponds to K-TCD.’; | |
| (c) the following paragraphs are inserted: | |
| ‘1a. ESMA shall require a crypto-asset service provider to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1 where the crypto-asset service provider is exposed to risks or elements of risk, not or not sufficiently covered, by paragraph 1 or where other institution-specific circumstances raise material supervisory concerns. | |
| 1b. ESMA shall take the necessary measures to prevent the multiple use of elements eligible for own funds where the crypto-asset service provider belongs to the same group as another financial institution. This paragraph shall also apply where a crypto-asset service provider is of a hybrid character and carries out activities other than crypto-asset services.’; |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Amendment 1395
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point b
Regulation (EU) No 2023/1114
Article 68 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| 8. Crypto-asset service providers shall have in place mechanisms, systems and procedures as required by Regulation (EU) 2022/2554, as well as effective procedures and arrangements for risk assessment, to comply with the provisions of national law transposing [Directive (EU) 2015/849] in their home Member State.; | 8. Crypto-asset service providers shall establish and maintain strategies and policies for taking up, managing, monitoring and mitigating the risks that the said crypto-asset service provider is or might be exposed to, including those posed by the macroeconomic environment in which they operate. They shall have in place mechanisms, systems and procedures as required by Regulation (EU) 2022/2554, as well as effective procedures and arrangements for risk assessment, to comply with the provisions of national law transposing [Directive (EU) 2015/849] in their home Member State; |
Or. en
Amendment 1396
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point b
Regulation (EU) 2023/1114
Article 68 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| 8. Crypto-asset service providers shall have in place mechanisms, systems and procedures as required by Regulation (EU) 2022/2554, as well as effective procedures and arrangements for risk assessment, to comply with the provisions of national law transposing [Directive (EU) 2015/849] in their home Member State.; | 8. Crypto-asset service providers shall establish and maintain strategies and policies for taking up, managing, monitoring and mitigating the risks that the said crypto-asset service provider is or might be exposed to, including those posed by the macroeconomic environment in which they operate. They shall have in place mechanisms, systems and procedures as required by Regulation (EU) 2022/2554, as well as effective procedures and arrangements for risk assessment, to comply with the provisions of national law transposing [Directive (EU) 2015/849] in their home Member State. |
Or. en
Amendment 1397
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point c
Regulation (EU) 2023/1114
Article 68 – paragraph 9
| Text proposed by the Commission | Amendment |
|---|---|
| (c) paragraph 9 is replaced by the following: | deleted |
| ‘9. | |
| Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable ESMA to fulfil its supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market. | |
| The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by competent authorities or ESMA for crypto-asset service providers authorised pursuant to Article 63, before five years have elapsed, for a period of up to seven years.’ |
Or. en
Justification
This deletion follow the logic of retaining NCAs as the authorities responsible for granting and withdrawing CASP authorisations.
Amendment 1398
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point c
Regulation (EU) 2023/1114
Article 68 – paragraph 9 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| ‘9. Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable ESMA to fulfil its supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market. | ‘9. Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable ESMA to fulfil its supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market. Crypto-asset service providers conducting any of the activities listed in Class 2 or 3 of Annex IV of this Regulation, shall be considered public-interest entities as defined by Article 2, point 13, of Directive 2006/43/EC of the European Parliament and of the Council(*) and thus subject to statutory audit as set out by Regulation (EU) 537/2014 of the European Parliament and of the Council(**). |
Or. en
Amendment 1399
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point c
Regulation (EU) 2023/1114
Article 68 – paragraph 9 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable ESMA to fulfil its supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market. | Crypto-asset service providers shall arrange for records to be kept of all crypto-asset services, activities, orders, and transactions undertaken by them. Those records shall be sufficient to enable ESMA to fulfil its supervisory tasks and to take enforcement measures, and in particular to ascertain whether crypto-asset service providers have complied with all obligations including those with respect to clients or prospective clients and to the integrity of the market. Crypto-asset service providers conducting any of the activities listed in Class 2 or 3 of Annex IV of this Regulation, shall be considered public-interest entities as defined by Article 2, point 13, of Directive 2006/43/EC of the European Parliament and of the Council and thus subject to statutory audit as set out by Regulation (EU) 537/2014 of the European Parliament and of the Council. |
Or. en
Amendment 1400
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point c
Regulation (EU) 2023/1114
Article 68 – paragraph 9 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by competent authorities or ESMA for crypto-asset service providers authorised pursuant to Article 63, before five years have elapsed, for a period of up to seven years. | The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by competent authorities or ESMA, before five years have elapsed, for a period of up to seven years. |
Or. en
Amendment 1401
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 8 – point c
Regulation (EU) 2023/1114
Article 68 – paragraph 9 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by competent authorities or ESMA for crypto-asset service providers authorised pursuant to Article 63, before five years have elapsed, for a period of up to seven years. | The records kept pursuant to the first subparagraph shall be provided to clients upon request and shall be kept for a period of five years and, where requested by competent authorities or ESMA , before five years have elapsed, for a period of up to seven years. |
Or. en
Amendment 1402
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 9
Regulation (EU) 2023/1114
Article 69
| Text proposed by the Commission | Amendment |
|---|---|
| Crypto-asset service providers shall notify ESMA without delay of any changes to their management body, prior to the exercise of activities by any new members, and shall provide ESMA with all of the necessary information to assess compliance with Article 68. | Crypto-asset service providers shall notify ESMA or their national competent authority without delay of any changes to their management body, prior to the exercise of activities by any new members, and shall provide ESMA with all of the necessary information to assess compliance with Article 68. |
Or. en
Amendment 1403
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 10 – point a
Regulation (EU) 2023/1114
Article 73 – paragraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (a) paragraph 1, point (d) is replaced by the following: | deleted |
| ‘(d) third parties involved in the outsourcing cooperate with ESMA and the outsourcing does not prevent the exercise of the supervisory functions of ESMA including on-site access to acquire any relevant information needed to fulfil those functions;’ |
Or. en
Justification
This deletion follow the logic of retaining NCAs as the authorities responsible for granting and withdrawing CASP authorisations.
Amendment 1404
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 10 – point a
Regulation (EU) 2023/1114
Article 73 – paragraph 1 – point d
| Text proposed by the Commission | Amendment |
|---|---|
| (d) third parties involved in the outsourcing cooperate with ESMA and the outsourcing does not prevent the exercise of the supervisory functions of ESMA including on-site access to acquire any relevant information needed to fulfil those functions; | (d) third parties involved in the outsourcing cooperate with ESMA or the national competent authority and the outsourcing does not prevent the exercise of the supervisory functions of ESMA or the competent authority including on-site access to acquire any relevant information needed to fulfil those functions; |
Or. en
Amendment 1405
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 10 – point b
Regulation (EU) 2023/1114
Article 73 – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Crypto-asset service providers and third parties shall, upon request, make available to ESMA and other relevant authorities all information necessary to enable those authorities to assess compliance of the outsourced activities with the requirements of this Title.; | 4. Crypto-asset service providers and third parties shall, upon request, make available to ESMA or the national competent authority and other relevant authorities all information necessary to enable those authorities to assess compliance of the outsourced activities with the requirements of this Title.; |
Or. en
Amendment 1406
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 11 – point a
Regulation (EU) 2023/1114
Article 76 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| 8. Crypto-asset service providers operating a trading platform for crypto-assets shall inform ESMA and their competent authority, if different from ESMA, when they identify cases of market abuse or attempted market abuse occurring on or through their trading systems.; | 8. Crypto-asset service providers operating a trading platform for crypto-assets shall inform ESMA when they identify cases of market abuse or attempted market abuse occurring on or through their trading systems.; |
Or. en
Amendment 1407
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 11 – point b
Regulation (EU) 2023/1114
Article 76 – paragraph 15
| Text proposed by the Commission | Amendment |
|---|---|
| 15. Crypto-asset service providers operating a trading platform shall keep at the disposal of ESMA and their competent authority, if different from ESMA, for at least five years, the relevant data relating to all orders in crypto-assets that are advertised through their systems, or give ESMA and their competent authority, if different from ESMA access to the order book so that ESMA and their competent authority is able to monitor the trading activity. That relevant data shall contain the characteristics of the order, including those that link an order with the executed transactions that stem from that order.; | 15. Crypto-asset service providers operating a trading platform shall keep at the disposal of ESMA for at least five years, the relevant data relating to all orders in crypto-assets that are advertised through their systems, or give ESMA access to the order book so that ESMA and their competent authority is able to monitor the trading activity. That relevant data shall contain the characteristics of the order, including those that link an order with the executed transactions that stem from that order.; |
Or. en
Amendment 1408
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 14
Regulation (EU) 2023/1114
Article 85
| Text proposed by the Commission | Amendment |
|---|---|
| (14) Article 85 is deleted; | (14) Article 85 is replaced by the following: |
| ‘Article 85 Identification of and specific requirements for significant crypto-asset service providers | |
| 1. A crypto-asset service provider shall be deemed significant if, in the Union, it meets at least three of the following criteria: | |
| (a) the crypto-asset service provider has at least 10 million active users, on average, in one calendar year, where the average is calculated as the average of the daily number of active users throughout the previous calendar year. A user is always considered active when it maintains an account with a balance either in funds or in crypto-assets irrespective of the execution of any transactions; | |
| (b) the crypto-asset service provider is designated under Article 31 of Regulation (EU) 2022/2554 as a critical ICT third-party service provider; | |
| (c) the volume of trades for the crypto-asset service provider’s platforms exceeds EUR 1.2 billion, measured over the preceding 12 months; | |
| (d) the value of crypto-assets under the crypto-asset service provider’s custody and/or administration exceeds EUR 1.2 billion, calculated by the total value of crypto-assets safeguarded or administered for clients; | |
| (e) the average daily volume of client orders executed or transmitted by the crypto-asset service provider exceeds EUR 100 million, measured over the preceding six months; | |
| (f) the crypto-asset service provider’s balance sheet total exceeds EUR 1.2 billion, based on its most recent audited financial statements; | |
| (g) the crypto-asset service provider, or any entity within its group, issues at least one asset-referenced token or e-money token; | |
| (h) the crypto-asset service provider, or any entity within its group, is a provider of core platform services designated as a gatekeeper in accordance with Regulation (EU) 2022/1925; | |
| (i) the activities of the crypto-asset service provider are significant on an international scale, including the conduct of proprietary trading, crypto-asset lending and/or borrowing; | |
| (j) the crypto-asset service provider is interconnected with the financial system. | |
| If the crypto-asset service provider is part of a group, the total of all crypto-asset related activities of the group shall be considered. Where entities within that group carry out other regulated, unregulated or ancillary financial activities which create material financial, operational, governance risks or dependencies, the crypto-asset service provider and those entities shall be treated as a significant multi-function group, and all such entities and activities shall be subject to consolidated supervision. | |
| The criteria for identifying significant crypto-asset service providers shall be subject to periodic review, to assess the calibration of the criteria, and to ensure their continued relevance, proportionality, and effectiveness. This review shall include an assessment of the thresholds, indicators, and metrics employed in the determination of significance, taking into account evolving market conditions, technological developments, and systemic risk considerations. | |
| 2. Crypto-asset service providers shall notify ESMA within two months of fulfilling any of the criteria set out in paragraph 1. ESMA shall assess the information provided and, where at least three of the criteria are fulfilled, it shall publish, within two months, a decision on whether to designate the crypto-asset service provider as significant. | |
| 3. Significant crypto-asset service providers shall, within a timeframe defined by ESMA, comply with the following, at both individual and group level: | |
| (a) if not already regulated under Article 21b of Directive 2013/36/EU, a significant crypto-asset service provider or a significant multi-function group shall establish a financial holding company in the Union for all its activities related to financial services, become subject to consolidated group supervision by ESMA and disclose its worldwide group structure and close links to ESMA and other competent authorities within the Union; | |
| (b) a significant crypto-asset service provider shall establish and maintain written policies and procedures regarding internal governance and risk management which are commensurate to the size, complexity and riskiness of its operations. Significant crypto-asset service providers engaging in activities that give rise to maturity or liquidity transformation, or to leverage risk, shall ensure that appropriate policies and procedures are established and maintained to address such risks as part of its internal control framework; | |
| (c) a significant crypto-asset service provider shall establish and maintain a remuneration policy that promotes the sound and effective risk management of such crypto-asset service provider and that does not create incentives to relax risk standards; | |
| (d) a significant crypto-asset service provider shall establish a recovery plan at group level for its total Union financial services activities. If such a crypto-asset service provider is part of a group with subsidiaries, branches or affiliated entities established in, or operating from, offshore jurisdictions, the recovery plan shall pay due attention to the implications deriving from such parties; | |
| (e) a significant crypto-asset service provider shall notify ESMA of any material change to the business model. The commencement or modification of activities entailing crypto-assets, although not subject to this Regulation, shall also constitute a material change to the business model; | |
| (f) a significant crypto-asset service provider shall obtain prior approval for the appointment of any new member of the management body or any key function holder; | |
| (g) a significant crypto-asset service provider shall comply with enhanced requirements with respect to the identification, prevention, management and disclosure of conflicts of interest; | |
| (h) a significant crypto-asset service provider shall submit enhanced reporting on risks and activities as defined by ESMA at individual and group level. | |
| 4. ESMA, in cooperation with the EBA and the ECB, shall develop draft regulatory technical and implementing standards to specify, for the purposes of this Article, the requirements under paragraph 3, points (b), (c), (d), (g) and (h). | |
| ESMA shall submit those draft regulatory technical and implementing standards to the Commission within six months from the date of approval of this Regulation. | |
| 5. With respect to paragraph 3, point (d), ESMA shall consult all other impacted competent authorities within the Union to ensure the adequacy of the group-wide recovery plan. | |
| 6. With respect to multi-function groups, ESMA shall establish and chair a supervisory college for each significant multi-function group, comprising the EBA, the ECB and other competent authorities responsible for entities or activities within the group. The college shall ensure a consolidated group-wide supervisory action and risk assessment and effective data sharing among different authorities. ESMA shall adopt the decisions required under this Article after appropriate consultation of the college. |
Or. en
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R1114-20240109)
Amendment 1409
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 14
Regulation (EU) 2023/1114
Article 85
| Text proposed by the Commission | Amendment |
|---|---|
| (14) Article 85 is deleted; | (14) Article 85 is replaced by the following: |
| ‘1. A crypto-asset service provider shall be deemed significant if, in the Union, it meets at least three of the following criteria: | |
| . | (a) the crypto-asset service provider has at least 10 million active users, on average, in one calendar year, where the average is calculated as the average of the daily number of active users throughout the previous calendar year. A user is always considered active when it maintains an account with a balance either in funds or in crypto-assets irrespective of the execution of any transactions; |
| (b) the crypto-asset service provider is designated under Article 31 of Regulation (EU) 2022/2554 as a critical ICT third-party service provider; | |
| (c) the volume of trades for the crypto-asset service provider’s platforms exceeds EUR 1.2 billion, measured over the preceding 12 months; | |
| (d) the value of crypto-assets under the crypto-asset service provider’s custody and/or administration exceeds EUR 1.2 billion, calculated by the total value of crypto-assets safeguarded or administered for clients; | |
| (e) the average daily volume of client orders executed or transmitted by the crypto-asset service provider exceeds EUR 100 million, measured over the preceding six months; | |
| (f) the crypto-asset service provider’s balance sheet total exceeds EUR 1.2 billion, based on its most recent audited financial statements; | |
| (g) the crypto-asset service provider, or any entity within its group, issues at least one asset-referenced token or e-money token; | |
| (h) the crypto-asset service provider, or any entity within its group, is a provider of core platform services designated as a gatekeeper in accordance with Regulation (EU) 2022/1925; | |
| (i) the activities of the crypto-asset service provider are significant on an international scale, including the conduct of proprietary trading, crypto-asset lending and/or borrowing; | |
| (j) the crypto-asset service provider is interconnected with the financial system. If the crypto-asset service provider is part of a group, the total of all crypto-asset related activities of the group shall be considered. The criteria for identifying significant crypto-asset service providers shall be subject to periodic review, to assess the calibration of the criteria, and to ensure their continued relevance, proportionality, and effectiveness. This review shall include an assessment of the thresholds, indicators, and metrics employed in the determination of significance, taking into account evolving market conditions, technological developments, and systemic risk considerations. | |
| 2. Crypto-asset service providers shall notify ESMA within two months of fulfilling any of the criteria set out in paragraph 1. ESMA shall assess the information provided and, where at least three of the criteria are fulfilled, it shall publish, within two months, a decision on whether to designate the crypto-asset service provider as significant. | |
| 3. Significant crypto-asset service providers shall, within a timeframe defined by ESMA, comply with the following, at both individual and group level: | |
| (a) if not already regulated under Article 21b of Directive 2013/36/EU, a significant crypto-asset service provider shall establish a financial holding company in the Union for all its activities related to financial services, become subject to consolidated group supervision by ESMA and disclose its worldwide group structure and close links to ESMA and other competent authorities within the Union; | |
| (b) a significant crypto-asset service provider shall establish and maintain written policies and procedures regarding internal governance and risk management which are commensurate to the size, complexity and riskiness of its operations. Significant crypto-asset service providers engaging in activities that give rise to maturity or liquidity transformation, or to leverage risk, shall ensure that appropriate policies and procedures are established and maintained to address such risks as part of its internal control framework; | |
| (c) a significant crypto-asset service provider shall establish and maintain a remuneration policy that promotes the sound and effective risk management of such crypto-asset service provider and that does not create incentives to relax risk standards; | |
| (d) a significant crypto-asset service provider shall establish a recovery plan at group level for its total Union financial services activities. If such a crypto-asset service provider is part of a group with subsidiaries, branches or affiliated entities established in, or operating from, offshore jurisdictions, the recovery plan shall pay due attention to the implications deriving from such parties; | |
| (e) a significant crypto-asset service provider shall notify ESMA of any material change to the business model. The commencement or modification of activities entailing crypto-assets, although not subject to this Regulation, shall also constitute a material change to the business model; | |
| (f) a significant crypto-asset service provider shall obtain prior approval for the appointment of any new member of the management body or any key function holder; | |
| (g) a significant crypto-asset service provider shall comply with enhanced requirements with respect to the identification, prevention, management and disclosure of conflicts of interest; | |
| (h) a significant crypto-asset service provider shall submit enhanced reporting on risks and activities as defined by ESMA at individual and group level. | |
| 4. ESMA, in cooperation with the EBA and the ECB, shall develop draft regulatory technical and implementing standards to specify, for the purposes of this Article, the requirements under paragraph 3, points (b), (c), (d), (g) and (h). ESMA shall submit those draft regulatory technical and implementing standards to the Commission within six months from the date of approval of this Regulation. | |
| 5. With respect to paragraph 3, point (d), ESMA shall consult all other impacted competent authorities within the Union to ensure the adequacy of the group-wide recovery plan.’ |
Or. en
(https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)
Amendment 1410
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 14 a (new)
Regulation (EU) 2023/1114
Article 85a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (14a) the following article is inserted: | |
| ‘Article 85a | |
| Optional direct supervision by ESMA | |
| Without prejudice to Article 3(1)(35)(c)(i), a less significant CASP may designate ESMA as its competent authority. Where it exercises this option, the less significant CASP shall notify the Commission, ESMA and the national competent authority thereof via the central database.’ |
Or. en
Justification
This amendment gives less significant CASPs the possibility to opt in to ESMA supervision.
Amendment 1411
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 14 a (new)
Regulation (EU) 2023/1114
Article 86 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (14a) the following article is inserted: ‘Article 86a | |
| 1. ESMA shall be the single competent authority for the purposes of this Title. ESMA shall ensure that the provisions of this Title are applied throughout the Union in respect of all actions, behaviours, orders, transactions or omissions relevant for the prohibitions referred to in Title VI of this Regulation. | |
| 2. ESMA's competence under paragraph 1 shall apply regardless of whether the person subject to investigation or enforcement action is a significant crypto-asset service provider within the meaning of Article 59a, a crypto-asset service provider not meeting the significance criteria referred to therein, or a natural or legal person not otherwise subject to authorisation under this Regulation. The significance threshold applicable to the allocation of supervisory competence between ESMA and national competent authorities pursuant to Titles V and VII of this Regulation shall not limit ESMA's competence to conduct investigations or take enforcement action under this Title. | |
| 3. ESMA's competence under this Article is autonomous from its role as the authorising and supervising authority for significant crypto-asset service providers pursuant to Titles V and VII. An investigation or enforcement action under this Title shall not be conditional upon the existence of a supervisory relationship between ESMA and the person subject to that investigation or enforcement action.’ |
Or. en
Amendment 1412
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 14 b (new)
Regulation (EU) 2023/1114
Article 86 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (14b) the following article is inserted: ‘Article 86b Market surveillance | |
| 1.ESMA shall monitor trading activity in crypto-assets admitted to trading, or for which a request for admission to trading has been made through crypto-asset service providers in the Union, with a view to detecting and preventing the infringements referred to in Title VI of this Regulation. For that purpose, ESMA shall collect the data necessary for assessing and monitoring crypto-assets as provided for in Title V of this Regulation. | |
| 2. ESMA shall develop and maintain the operational infrastructure, data systems and analytical capacity necessary to discharge its market monitoring mandate under paragraph 1 in respect of all crypto-assets referred to in that same paragraph, irrespective of whether the transaction, order or behaviour takes place on a trading platform or in any other way. | |
| 3. National competent authorities shall without delay provide ESMA with all information relevant to the market monitoring mandate under paragraph 1 that they obtain in the exercise of their supervisory functions over crypto-asset service providers that do not meet the significance criteria referred to in Article 59a, including suspicious transaction reports received pursuant to Article 90 of this Regulation. ’ |
Or. en
Amendment 1413
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 15 – point a
Regulation (EU) 2023/1114
Article 92 – paragraph 1 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Any person professionally arranging or executing transactions in crypto-assets shall have in place effective arrangements, systems and procedures to prevent and detect market abuse. That person shall without delay report to ESMA any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects of the functioning of the distributed ledger technology such as the consensus mechanism, where there might exist circumstances indicating that market abuse has been committed, is being committed or is likely to be committed. | Any person professionally arranging or executing transactions in crypto-assets shall have in place effective arrangements, systems and procedures to prevent and detect market abuse. That person shall without delay report to ESMA or the national competent authority any reasonable suspicion regarding an order or transaction, including any cancellation or modification thereof, and other aspects of the functioning of the distributed ledger technology such as the consensus mechanism, where there might exist circumstances indicating that market abuse has been committed, is being committed or is likely to be committed. |
Or. en
Amendment 1414
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 15 – point a
Regulation (EU) 2023/1114
Article 92 – paragraph 1 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall transmit such information immediately to any other relevant competent authority.; | deleted |
Or. en
Amendment 1415
Markus Ferber
Proposal for a regulation
Article 9 – paragraph 1 – point 17 a (new)
Regulation (EU) 2023/1114
Article 97 – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| (17a) in Article 97, paragraph 4 is deleted; |
Or. en
Justification
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on difficulties in the classification of crypto assets.
Amendment 1416
Stéphanie Yon-Courtin, Billy Kelleher, Gilles Boyer
Proposal for a regulation
Article 9 – paragraph 1 – point 18 a (new)
Regulation (EU) 2023/1114
Article 102 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (18a) the following article is inserted: ‘Article 102a | |
| Consultation of ESMA on non-significant CASP authorisations | |
| 1. Where a competent authority is responsible for granting an authorisation pursuant to this Regulation and that competent authority is not ESMA, that competent authority shall inform ESMA before adopting its decision. | |
| 2. The competent authority shall provide ESMA with the draft decision and justification. The competent authority shall provide ESMA with all information necessary for ESMA to assess the potential impact of the granting the authorisation on the orderly functioning, integrity and stability of Union financial markets, or on investor protection. | |
| 3. Where, in exceptional circumstances and on the basis of duly substantiated evidence, ESMA identifies that the granting of the authorisation would pose a serious risk to the financial stability of the Union, the integrity of Union financial markets or the protection of investors, ESMA may object to authorisation within 15 working days to the competent authority. The competent authority shall inform the applicant crypto-asset service provider. ’ |
Or. en
Amendment 1417
Gaetano Pedulla', Pasquale Tridico
Proposal for a regulation
Article 9 – paragraph 1 – point 21 a (new)
Regulation (EU) 2023/1114
Article 119 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (21a) the following article is inserted: | |
| ‘Article 119a | |
| Restrictions on third-country multi-jurisdictional tokens | |
| 1. The offering to retail investors in the Union of asset-referenced tokens or e-money tokens where the issuer or the primary reserve structure is located in a third country and which are marketed as multi-jurisdictional or global stablecoins shall be prohibited. | |
| 2. By way of derogation from paragraph 1, ESMA, in consultation with the EBA and the European Central Bank, may approve the offering of such tokens to retail investors provided that the issuer demonstrates compliance with the following additional requirements: | |
| (a) a minimum of 60% of the reserve assets are held in custody with credit institutions or investment firms established in the Union; | |
| (b) the reserve assets are governed by Union law and subject to enforceable arrangements ensuring unrestricted transferability and recovery within the Union; | |
| (c) the issuer maintains a legal presence and effective decision-making capacity within the Union; and | |
| (d) the issuance does not pose a threat to the monetary sovereignty or the smooth operation of payment systems within the Union’; |
Or. en
Justification
This amendment safeguards the Union’s monetary sovereignty and financial stability by closing the regulatory gap for global stablecoins acting as systemic payment systems outside direct EU oversight. The 60% reserve requirement in Union institutions, governed by Union law, ensures authorities have the necessary legal tools to manage or seize assets during a crisis, preventing the collapse of offshore structures.
By mandating a legal presence and effective decision-making capacity within the Union, the provision prevents "letter-box" structures and facilitates robust ESMA supervision. Finally, mandatory consultation with the ECB acknowledges these tokens as potential currency substitutes, ensuring they do not threaten the conduct of monetary policy or the smooth operation of payment systems.
Amendment 1418
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Chapter 6 – Title
| Text proposed by the Commission | Amendment |
|---|---|
| Supervisory responsibilities, powers and competences of ESMA with respect to crypto-asset service providers | Supervisory responsibilities, powers and competences of ESMA with respect to crypto-asset service providers and powers and competences of ESMA with respect to market surveillance and market abuse investigation and enforcement |
Or. en
Amendment 1419
Martine Kemp, Regina Doherty
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a
| Text proposed by the Commission | Amendment |
|---|---|
| Article 138a | deleted |
| […] |
Or. en
Justification
The whole article 138a should be deleted. A transfer of supervisory responsibilities for CASPs to ESMA would create duplicative supervisory structures, as certain sectoral regulations linked to crypto-asset activities, such as AML, DORA and PSD, would remain under national supervision. The proposal would therefore add an additional supervisory layer, leading to fragmentation, duplication and higher compliance costs.
Amendment 1420
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall be responsible for carrying out the functions and duties provided for in the Regulation with regards to crypto-asset service providers authorised pursuant to Article 63. | 1. ESMA shall be responsible for carrying out the functions and duties provided for in the Regulation with regards to: |
| (i) crypto-asset service providers authorised pursuant to Article 63 which are deemed to be significant in accordance with Article 59a; | |
| (ii) crypto-asset service providers authorised pursuant to Article 63 which elect to be supervised by ESMA in accordance with Article 59b. |
Or. en
Amendment 1421
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall be responsible for carrying out the functions and duties provided for in the Regulation with regards to crypto-asset service providers authorised pursuant to Article 63. | 1. ESMA shall be responsible for carrying out the functions and duties provided for in the Regulation with regards to significant crypto-asset service providers identified in accordance with Article 85 and authorised pursuant to Article 63 and crypto-asset service providers under Article 85a. |
Or. en
Amendment 1422
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 1 a
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. A crypto-asset service provider shall be considered significant where, individually or at group level, it meets objective criteria relating to cross-border dimension, number of clients in the Union, volume of transactions, value of client assets in custody, interconnectedness with market infrastructure or risk profile that demonstrate material importance for the internal market. The Commission shall adopt delegated acts to specify those criteria, following a public consultation and impact assessment. |
Or. es
Amendment 1423
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 1 b
| Text proposed by the Commission | Amendment |
|---|---|
| 1b. Crypto-asset service providers that are not significant shall continue to be supervised by the competent authorities of the home Member States. ESMA shall promote supervisory convergence in respect of those providers through guidelines, peer reviews, collaboration platforms and, where appropriate, opinions on authorisation procedures that have cross-border relevance. |
Or. es
Amendment 1424
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 1 c
| Text proposed by the Commission | Amendment |
|---|---|
| 1c. Where a crypto-asset service provider no longer meets the criteria to qualify as significant for three consecutive years, ESMA shall, after consulting the competent authority of the home Member State, determine that the crypto-asset service provider is no longer significant. The transfer of powers to the national competent authority shall take place after an appropriate adaptation period that shall not exceed 24 months. |
Or. es
Amendment 1425
Jaroslav Knot, Auke Zijlstra, Pierre Pimpie, Enikő Győri, Tomáš Kubín
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall be responsible for the ongoing supervision and carrying out the supervisory functions and duties provided in this Regulation, as well as the supervisory functions and duties provided in other Union legislative acts on financial services for entities allowed to provide crypto-asset services pursuant to Article 60(2) to (6), whose main activity is the provision of crypto asset services. | ESMA shall be responsible for the ongoing supervision and carrying out the supervisory functions and duties provided in this Regulation for entities allowed to provide crypto-asset services pursuant to Article 60(2) to (6), whose main activity is the provision of crypto asset services. |
Or. en
Amendment 1426
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| An entity shall be considered to be providing crypto asset services as its main activity when more than 50% of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years. | An entity shall be considered to be providing crypto asset services as its main activity when, with regard to the total amount of financial service activities in the Union, any of the following apply: |
| (a) more than 50% of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years; | |
| (b) More than 50 % of its total volume of operations derives from crypto-asset services, including proprietary trading in crypto-assets and derivatives, or from borrowing and lending of crypto-assets; | |
| (c) More than 50 % of its total assets or liabilities are related to crypto-asset services, including proprietary trading in crypto-assets and derivatives, or to borrowing and lending of crypto-assets; | |
| (d) For entities that are part of a group, the calculation of turnover, and volume of operations and total assets or liabilities in the Union is performed on a consolidated basis, taking into account all entities within the group that provide crypto-asset services or related activities in the Union. | |
| The thresholds apply if either the single-entity or the consolidated calculation exceeds the limits set out in points (a) or (b). In the case of the entities referred to in the first subparagraph, ESMA shall enter into cooperation agreements with the competent authorities (specifically, those that authorised those entities under other Union legislative acts on financial services). On the basis of the cooperation agreement, those competent authorities shall provide support and assistance to ESMA in the supervision of the activities that are not covered by this Regulation. |
Or. en
Amendment 1427
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| An entity shall be considered to be providing crypto asset services as its main activity when more than 50% of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years. | An entity shall be considered to be providing crypto asset services as its main activity when, with regard to the total amount of financial service activities in the Union, any of the following apply: |
| a) more than 50% of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years; | |
| b) More than 50 % of its total volume of operations derives from crypto-asset services, including proprietary trading in crypto-assets and derivatives, or from borrowing and lending of crypto-assets; | |
| c) More than 50 % of its total assets or liabilities are related to crypto-asset services, including proprietary trading in crypto-assets and derivatives, or to borrowing and lending of crypto-assets; | |
| For entities that are part of a group, the calculation of turnover, and volume of operations and total assets or liabilities in the Union is performed on a consolidated basis, taking into account all entities within the group that provide crypto-asset services or related activities in the Union. |
Or. en
Amendment 1428
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| An entity shall be considered to be providing crypto asset services as its main activity when more than 50% of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years. | An entity shall be considered to be providing crypto asset services as its main activity when the largest share of its total annual turnover according to the last available financial statements approved by the management body, is generated from the provision of crypto-asset services, for at least 2 consecutive years. |
Or. en
Amendment 1429
Kira Marie Peter-Hansen
on behalf of the Verts/ALE Group
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| The thresholds apply if either the single-entity or the consolidated calculation exceeds the limits set out in points (a) or (b). |
Or. en
Amendment 1430
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 – subparagraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| In the case of the entities referred to in the first subparagraph, ESMA shall enter into cooperation agreements with the competent authorities that authorised those entities under other Union legislative acts on financial services. On the basis of the cooperation agreement, those competent authorities shall provide support and assistance to ESMA in the supervision of the activities that are not covered by this Regulation. | In the case of the entities referred to in the first subparagraph, ESMA shall enter into cooperation agreements with the competent authorities that authorised those entities under other Union legislative acts on financial services. On the basis of the cooperation agreement, those competent authorities shall cooperate with ESMA and exchange information necessary for the effective supervision of crypto-asset services covered by this Regulation. Competent authorities responsible under other Union legislative acts on financial services shall remain responsible for the supervision of activities governed by those acts, unless those acts expressly provide otherwise. |
Or. en
Amendment 1431
Gaetano Pedulla', Pasquale Tridico
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Notwithstanding any other thresholds, ESMA shall be the sole competent authority for any crypto-asset service provider that provides access within the Union to asset-referenced tokens or e-money tokens as referred to in Article 119a, where the volume of such services exceeds a threshold of EUR 10 million in aggregate value. Direct supervision by ESMA shall apply regardless of whether the crypto-asset service provider is otherwise considered significant. |
Or. en
Justification
This amendment closes the regulatory gap for smaller CASPs acting as gateways to systemic, high-risk third-country stablecoins. By establishing a EUR 10 million threshold for direct ESMA oversight, it prevents risky cross-border flows from bypassing Union standards through "small volume" exemptions. This ensures a uniform supervisory response to safeguard the Union’s monetary sovereignty and financial stability against risks originating outside its regulatory perimeter.
Amendment 1432
Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. For the purposes of ensuring supervision of activities under Regulation (EU) No 909/2014, Directive 2014/65/EU, Directive (EU) 2009/110/EC, Directive 2009/65/EC and Directive 2011/61/EU as provided for in paragraph 2, ESMA shall be conferred the powers granted to competent authorities pursuant to Regulation (EU) No 909/2014, Directive 2014/65/EU, Directive (EU) 2009/110/EC, Directive 2009/65/EC and Directive 2011/61/EU, respectively. | deleted |
Or. en
Amendment 1433
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138 a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| ‘Article 138aa On-site inspections at the private premises of natural persons | |
| In accordance with the procedure set out in Article 39d of Regulation (EU) No 1095/2010, ESMA may conduct on-site inspections at the private premises of natural persons and exercise therein all the powers stipulated in Article 39c of Regulation (EU) No 1095/2010, in order to seize documents and data in any form where a reasonable suspicion exists that documents or data relating to the subject matter of the on-site inspection may be relevant to gather evidence on infringements referred to in Title VI of this Regulation. | |
| In such cases, the decision referred to in Article 39d(1) of Regulation (EU) No 1095/2010 shall also state the reasons that have led ESMA to conclude that a reasonable suspicion exists.’ |
Or. en
Amendment 1434
Gaetano Pedulla', Pasquale Tridico
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138a a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| ‘Article 138aa | |
| Transparency and cooperation for third-country links | |
| Crypto-asset service providers providing access to tokens with third-country links shall ensure real-time on-chain and off-chain transparency of reserve assets. ESMA shall establish a mandatory cooperation framework with the relevant central banks and authorities responsible for anti-money laundering and countering the financing of terrorism to monitor the systemic risks and illicit finance risks associated with such cross-border structures. Where transparency is deemed insufficient to preserve supervisory visibility, ESMA shall have the power to order the crypto-asset service provider to suspend the provision of services in relation to the specific third-country token.’ |
Or. en
Justification
This amendment safeguards the Union’s monetary sovereignty and financial stability by subjecting offshore stablecoins—which function as systemic payment systems—to stringent EU reserve and jurisdictional requirements. By placing CASPs that provide access to these risky third-country tokens under direct ESMA supervision regardless of service volume, the framework closes regulatory gaps for high-risk cross-border flows and prevents firms from bypassing oversight through "small volume" exemptions. To ensure oversight is "more responsive to emerging risks," the mandate for real-time on-chain transparency leverages DLT to provide supervisors with a live view of reserve backing. Furthermore, required cooperation with central banks and AML authorities acknowledges global stablecoins as potential currency substitutes and systemic risks, ensuring the Union leverages collective expertise and resources to preserve the integrity of the financial ecosystem
Amendment 1435
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138c – paragraph 1 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| 1. In order to carry out ESMA’s supervisory responsibilities under Article 138a and without prejudice to Article 96, ESMA and the other competent authorities shall upon request, provide each other with the information required for the purposes of carrying out their duties under this Regulation without undue delay. For that purpose, the other competent authorities and ESMA shall exchange, as appropriate, information related to: | 1. In order to carry out ESMA’s supervisory responsibilities under Article 86a and 86b and ESMA’s supervisory responsibilities under Article 138a and without prejudice to Article 96, ESMA and the other competent authorities shall provide each other with the information required for the purposes of carrying out their duties under this Regulation without undue delay. For that purpose, the other competent authorities and ESMA shall exchange, as appropriate, information related to: |
Or. en
Amendment 1436
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138c – paragraph 1 – point e a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (ea) any natural or legal person, for the purposes of discharging ESMA’s responsibilities set out in Title VI of this Regulation. |
Or. en
Amendment 1437
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138d – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. In order to carry out its supervisory responsibilities under Article 138a, ESMA may conclude administrative agreements on the exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in Regulation (EU) No 1095/2010. | 1. In order to carry out its responsibilities under Articles 86a and 86b and its supervisory responsibilities under Article 138a, ESMA may conclude administrative agreements on the exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in Regulation (EU) 1095/2010. |
Or. en
Amendment 1438
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138f
| Text proposed by the Commission | Amendment |
|---|---|
| Where a crypto-asset service provider engages in activities other than those covered by this Regulation, ESMA shall cooperate with the authorities responsible for the supervision of such other activities as provided for in the relevant Union or national law, including tax authorities and relevant supervisory authorities of third countries. | 1. Where a crypto-asset service provider engages in activities other than those covered by this Regulation, ESMA shall cooperate with the authorities responsible for the supervision of such other activities as provided for in the relevant Union or national law, including tax authorities and relevant supervisory authorities of third countries. |
| 2. For the purposes of discharging its responsibilities under Title VI of this Regulation, ESMA shall cooperate with any relevant national authorities, including authorities responsible for the supervision of investment firms and credit institutions, tax authorities and relevant supervisory authorities of third countries. These authorities shall assist ESMA in gathering information on any natural or legal persons, including information stored in national databases, which may be relevant for the investigation or enforcement of the infringements referred to in Title VI. | |
| 3. At the request of ESMA, competent authorities shall assist ESMA in the cooperation with relevant national authorities referred to in paragraph 2, including through delegation of specific tasks to competent authorities. | |
| 4. At the request of ESMA, where necessary to perform its duties under Title VI of this Regulation, competent authorities shall assist ESMA in any interaction with national judicial authorities or with the police or equivalent enforcement authorities. |
Or. en
Amendment 1439
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 1 – introductory part
| Text proposed by the Commission | Amendment |
|---|---|
| 1. In order to perform its duties under Titles V and VI of this Regulation, ESMA shall be able, in addition to the powers provided in Article [39h] of Regulation (EU) No 1095/2010, to take the following supervisory measures: | 1. In order to perform its duties under Titles V and VI of this Regulation and cooperate with national enforcement authorities and relevant authorities under Directive (EU) 2015/849 to prevent the use of crypto assets for the purposes of money laundering or terrorist financing, ESMA shall be able, in addition to the powers provided in Article [39h] of Regulation (EU) No 1095/2010, to take the following supervisory measures: |
Or. en
Amendment 1440
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 – point a
| Text proposed by the Commission | Amendment |
|---|---|
| (a) to refer matters for criminal prosecution; | (a) to refer matters for criminal prosecution. Upon request, competent authorities shall assist ESMA in determining whether there are serious indications of the possible existence of facts liable to constitute criminal offences; |
Or. en
Amendment 1441
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 – point d a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (da) in addition to the power provided in Article 39h, paragraph 1, point (j) of Regulation (EU) No 1095/2010, to: | |
| (i) require crypto-asset service providers subject to the supervision of ESMA to temporarily freeze assets of natural or legal persons that the crypto-asset service provider holds; | |
| (ii) require the freezing or the sequestration of any assets pertaining to natural or legal persons. |
Or. en
Amendment 1442
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. For the purposes of paragraph 2, point (e), ESMA shall proceed to the freezing or sequestration of assets: | |
| (a) where there are reasonable suspicions that the natural or legal persons committed infringements of Articles 88 to 91 of this Regulation; | |
| (b) for the period of time necessary for the conduct and completion of investigations or of enforcement proceedings referred to Chapter IIa of Regulation (EU) No 1095/2010; | |
| (c) where the assets may constitute the proceeds or the profit, or evidence of the suspected infringement, or where they may be necessary to ensure the payment of any fines provided for in Article 138h of this Regulation. |
Or. en
Amendment 1443
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2b. Competent authorities shall provide ESMA with any assistance requested and necessary for the adoption of the measures referred to in this Article. |
Or. en
Amendment 1444
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2c. Article 39(e) of Regulation (EU) No 1095/2010 shall not apply to the supervisory and investigatory powers referred to in paragraph 2. This is without prejudice to the adoption by the independent investigating officer referred to in Article 39(e) of Regulation (EU) No 1095/2010 of the same measures. |
Or. en
Amendment 1445
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138g – paragraph 2 d (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 2d. The decisions of ESMA adopted in accordance with paragraph 2 shall state the reasons on which they are based. The measures referred to in paragraph 2 shall have temporary nature. ESMA shall review the measures imposed under paragraph 2 at appropriate intervals. |
Or. en
Amendment 1446
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 9 – paragraph 1 – point 22
Regulation (EU) 2023/1114
Article 138j – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall charge crypto-asset service providers fees in accordance with Article 39n of Regulation (EU) No 1095/2010 and with the Commission delegated act referred to in paragraph 3. the fees shall cover the reimbursement of costs that competent authorities might incur carrying out work under this Regulation, in particular as a result of supporting ESMA in the supervision of entities referred to in Article 138a(2). | 1. ESMA shall charge crypto-asset service providers for which ESMA is the competent authority fees in accordance with Article 39n of Regulation (EU) No 1095/2010 and with the Commission delegated act referred to in paragraph 3. the fees shall cover the reimbursement of costs that competent authorities might incur carrying out work under this Regulation, in particular as a result of supporting ESMA in the supervision of entities referred to in Article 138a(2). |
Or. en
Justification
Technical proposal reflecting that not all CASPs will be supervised by ESMA. Only the CASPs for which ESMA is the competent authority should be subject to ESMA supervisory fees.
Amendment 1447
Nikos Papandreou
Proposal for a regulation
Article 9 – paragraph 1 – point 23 – point a
Regulation (EU) 2023/1114
Article 139 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. The power to adopt delegated acts referred to in Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) shall be conferred on the Commission for a period of 12 months from [entry into application of this Regulation]. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the 36-month period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.; | 2. The power to adopt delegated acts referred to in Articles 3(2), 43(11), 48a, 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) shall be conferred on the Commission for a period of 12 months from [entry into application of this Regulation]. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the 36-month period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.; |
Or. en
Amendment 1448
Nikos Papandreou
Proposal for a regulation
Article 9 – paragraph 1 – point 23 – point b
Regulation (EU) 2023/1114
Article 139 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. The delegation of powers referred to in Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.; | 3. The delegation of powers referred to in Articles 3(2), 43(11), 48a, 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.; |
Or. en
Justification
Related to amendment 4
Amendment 1449
Nikos Papandreou
Proposal for a regulation
Article 9 – paragraph 1 – point 23 – point c
Regulation (EU) 2023/1114
Article 139 – paragraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| 6. A delegated act adopted pursuant to Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months on the initiative of the European Parliament or of the Council.; | 6. A delegated act adopted pursuant to Articles 3(2), 43(11), 48a, 103(8), 104(8), 105(7), 134(10), 137(3) and 138j(3) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months on the initiative of the European Parliament or of the Council.; |
Or. en
(See amendment 4)
Amendment 1450
Markus Ferber
Proposal for a regulation
Article 9 – paragraph 1 – point 23 a (new)
Regulation (EU) 2023/1114
Article 141
| Text proposed by the Commission | Amendment |
|---|---|
| (23a) Article 141 is deleted; |
Or. en
Justification
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the annual report detailing developments in the crypto-asset markets.
Amendment 1451
Isabel Benjumea Benjumea, Fernando Navarrete Rojas
Proposal for a regulation
Article 9 – paragraph 1 – point 24
Regulation (EU) 2023/1114
Article 143a – paragraph 4 a
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. During the transitional period, ESMA and the competent authorities shall take the necessary measures to avoid duplicate requests for information, conflicting supervisory criteria and double charging of fees by the same institution or for the same activity or period. Before taking over direct supervision, ESMA shall publish a transition plan demonstrating the availability of sufficient resources, technical expertise and cooperation arrangements. |
Or. es
Amendment 1452
Markus Ferber
Proposal for a regulation
Article 10 – paragraph 1 – point 2 a (new)
Regulation (EU) No 1060/2009
Article 21 – paragraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) in Article 21, paragraph 5 is deleted. |
Or. en
Justification
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the annual report on the application of the CRAR.
Amendment 1453
Johan Van Overtveldt, Giovanni Crosetto
Proposal for a regulation
Article 11 – paragraph 1 – point 2 – point b
Regulation (EU) 2016/1011
Article 48f – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| Notwithstanding Article 39f of Regulation (EU) No 1095/2010, the maximum amount of the fine for infringements of point (d) of Article 11(1) or of Article 11(4) shall be EUR 250 000 or, in the Member States whose official currency is not the euro, the corresponding value in the national currency according to euro foreign exchange reference rate published by the European Central Bank applying on the date when the fine was imposed or 2 % of the total annual turnover of that legal person according to the last available financial statements approved by the management body, whichever is the higher for legal persons, and EUR 100 000 or, in the Member States whose official currency is not the euro, the corresponding value in the national currency according to euro foreign exchange reference rate published by the European Central Bank applying on the date when the fine was imposed for natural persons. | Notwithstanding Article 39f of Regulation (EU) No 1095/2010, the maximum amount of the fine for infringements of point (d) of Article 11(1) or of Article 11(4) shall be EUR 250 000 or, in the Member States whose official currency is not the euro, the corresponding value in the national currency according to a foreign exchange benchmark rate that complies with this Regulation and which applies on the date when the fine was imposed or 2 % of the total annual turnover of that legal person according to the last available financial statements approved by the management body, whichever is the higher for legal persons, and EUR 100 000 or, in the Member States whose official currency is not the euro, the corresponding value in the national currency according to a foreign exchange benchmark rate, which complies with this Regulation and which applies on the date when the fine was imposed for natural persons. |
Or. en
Amendment 1454
Markus Ferber
Proposal for a regulation
Article 14 – paragraph 1 – point -1 (new)
Regulation (EU) 2024/3005
Article 14 – paragraph 8
| Text proposed by the Commission | Amendment |
|---|---|
| (-1) in Article 14, paragraph 8 is deleted; |
Or. en
Justification
According to the Commission's 2025 deprioritisation exercise, this is an empowerment for which the Level 1 provisions provide sufficient clarity and can be implemented without the need for a separate act in place.
Amendment 1455
Markus Ferber
Proposal for a regulation
Article 14 – paragraph 1 – point 1 a (new)
Regulation (EU) 2024/3005
Article 29 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| (1a) in Article 29, paragraph 3 is deleted. |
Or. en
Justification
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on the application of the regulation.
Amendment 1456
Markus Ferber
Proposal for a regulation
Article 14 – paragraph 1 – point -1 a (new)
Regulation (EU) 2024/3005
Article 2 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| (1b) in Article 2, paragraph 3 is deleted; |
Or. en
Justification
According to the Commission's 2025 deprioritisation exercise, this is an empowerment for which the Level 1 provisions provide sufficient clarity and can be implemented without the need for a separate act in place.
Amendment 1457
Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita
Proposal for a regulation
Article 15 – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| Article 3, points 2(a)(xiii), (15) and (16) shall apply from [OP insert date = the day following the expiry of the first period of 5 years referred to in Article 27da of Regulation (EU) No 600/2014 with respect to the CTP for shares and ETFs. | Article 3, points 2(a)(xiii), (15) and (16) shall apply from [OP insert date = 12 months after the date of entry into force of this Regulation] |
Or. en
Amendment 1458
Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor
Proposal for a regulation
Article 15 – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| Article 3, points 2(a)(xiii), (15) and (16) shall apply from [OP insert date = the day following the expiry of the first period of 5 years referred to in Article 27da of Regulation (EU) No 600/2014 with respect to the CTP for shares and ETFs. | Article 3, points 2(a)(xiii), (15) and (16) shall apply from [OP insert date = 24 months following an affirmative decision adopted by the Commission in accordance with Article 52 paragraph 14a of Regulation (EU) No 600/2014. |
Or. en
Amendment 1459
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 15 – paragraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| Article 3, points (29) and (32) to (37) shall apply from [OP insert date = 12 months after the entry into force of this Regulation]. | Article 3, points (29) and (32) to (37) shall apply from [OP insert date = 6 months after the entry into force of this Regulation]. |
Or. en
Amendment 1460
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 15 – paragraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| Article 3, point (30) shall apply from [OP insert date = 24 months after the entry into force of this Regulation]. | Article 3, point (30) shall apply from [OP insert date = 12 months after the entry into force of this Regulation]. |
Or. en
Amendment 1461
Irene Tinagli
Proposal for a regulation
Article 15 – paragraph 6
| Text proposed by the Commission | Amendment |
|---|---|
| Article 3, point (30) shall apply from [OP insert date = 24 months after the entry into force of this Regulation]. | Article 3, point (30) shall apply from [OP insert date =12 months after the entry into force of this Regulation]. |
Or. en
Amendment 1462
Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita
Proposal for a regulation
Article 15 – paragraph 7
| Text proposed by the Commission | Amendment |
|---|---|
| Article 4 point (2)(a), (j) and (k), point (8), point (9) as regards Article 11(1) and (4) to (10) of Regulation (EU) No 909/2014, and points (11), (12), (13), (21) and (26) shall apply from [OP insert date = 24 months after the entry into force of this amending Regulation]. | Article 4 point (2)(a), (j) and (k), point (8), point (9) as regards Article 11(1) and (4) to (10) of Regulation (EU) No 909/2014, and points (11), (12), (13), (21) and (26) shall apply from [OP insert date = 12 months after the entry into force of this amending Regulation]. |
Or. en
Amendment 1463
Irene Tinagli
Proposal for a regulation
Article 15 – paragraph 7
| Text proposed by the Commission | Amendment |
|---|---|
| Article 4 point (2)(a), (j) and (k), point (8), point (9) as regards Article 11(1) and (4) to (10) of Regulation (EU) No 909/2014, and points (11), (12), (13), (21) and (26) shall apply from [OP insert date = 24 months after the entry into force of this amending Regulation]. | Article 4 point (2)(a), (j) and (k), point (8), point (9) as regards Article 11(1) and (4) to (10) of Regulation (EU) No 909/2014, and points (11), (12), (13), (21) and (26) shall apply from [OP insert date = 12 months after the entry into force of this amending Regulation]. |
Or. en