CELEX ID: 32023R1114

--- ENGLISH ---

Document:
9.6.2023
EN
Official Journal of the European Union
L 150/40
REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 31 May 2023
on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank 
(
1
)
,
Having regard to the opinion of the European Economic and Social Committee 
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,
Acting in accordance with the ordinary legislative procedure 
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,
Whereas:
(1)
It is important to ensure that Union legislative acts on financial services are fit for the digital age, and contribute to a future-proof economy that works for people, including by enabling the use of innovative technologies. The Union has a policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including the uptake of distributed ledger technology (DLT). It is expected that many applications of distributed ledger technology, including blockchain technology, that have not yet been fully studied will continue to result in new types of business activity and business models that, together with the crypto-asset sector itself, will lead to economic growth and new employment opportunities for Union citizens.
(2)
Crypto-assets are one of the main applications of distributed ledger technology. Crypto-assets are digital representations of value or of rights that have the potential to bring significant benefits to market participants, including retail holders of crypto-assets. Representations of value include external, non-intrinsic value attributed to a crypto-asset by the parties concerned or by market participants, meaning the value is subjective and based only on the interest of the purchaser of the crypto-asset. By streamlining capital-raising processes and enhancing competition, offers of crypto-assets could allow for an innovative and inclusive way of financing, including for small and medium-sized enterprises (SMEs). When used as a means of payment, crypto-assets can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries.
(3)
Some crypto-assets, in particular those that qualify as financial instruments as defined in Directive 2014/65/EU of the European Parliament and of the Council 
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4
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, fall within the scope of existing Union legislative acts on financial services. Therefore, a full set of Union rules already applies to issuers of such crypto-assets and to firms conducting activities related to such crypto-assets.
(4)
Other crypto-assets, however, fall outside of the scope of Union legislative acts on financial services. At present, there are no rules, other than those in respect of anti-money laundering, for the provision of services related to such unregulated crypto-assets, including for the operation of trading platforms for crypto-assets, the exchange of crypto-assets for funds or other crypto-assets, and providing custody and administration of crypto-assets on behalf of clients. The absence of such rules leaves holders of those crypto-assets exposed to risks, in particular in fields not covered by consumer protection rules. The absence of such rules can also result in substantial risks to market integrity, including in terms of market abuse as well as in terms of financial crime. To address those risks, some Member States have put in place specific rules for all, or a subset of, crypto-assets that fall outside the scope of Union legislative acts on financial services, and other Member States are considering whether to legislate in the field of crypto-assets.
(5)
The absence of an overall Union framework for markets in crypto-assets can lead to a lack of user confidence in those assets, which could significantly hinder the development of a market in those assets and lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies. In addition, companies using crypto-assets would have no legal certainty on how their crypto-assets would be treated in the various Member States, which would undermine their efforts to use crypto-assets for digital innovation. The lack of an overall Union framework for markets in crypto-assets could also lead to regulatory fragmentation, which would distort competition in the internal market, make it more difficult for crypto-asset service providers to scale up their activities on a cross-border basis and would give rise to regulatory arbitrage. Markets in crypto-assets are still modest in size and do not at present pose a threat to financial stability. It is, however, possible that types of crypto-assets that aim to stabilise their price in relation to a specific asset or a basket of assets could in the future be widely adopted by retail holders, and such a development could raise additional challenges in terms of financial stability, the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.
(6)
A dedicated and harmonised framework for markets in crypto-assets is therefore necessary at Union level in order to provide specific rules for crypto-assets and related services and activities that are not yet covered by Union legislative acts on financial services. Such a framework should support innovation and fair competition, while ensuring a high level of protection of retail holders and the integrity of markets in crypto-assets. A clear framework should enable crypto-asset service providers to scale up their businesses on a cross-border basis and facilitate their access to banking services to enable them to run their activities smoothly. A Union framework for markets in crypto-assets should provide for the proportionate treatment of issuers of crypto-assets and crypto-asset service providers, thereby giving rise to equal opportunities in respect of market entry and the ongoing and future development of markets in crypto-assets. It should also promote financial stability and the smooth operation of payment systems, and address monetary policy risks that could arise from crypto-assets that aim to stabilise their price in relation to a specific asset or basket of assets. Proper regulation maintains the competitiveness of the Member States on international financial and technological markets and provides clients with significant benefits in terms of access to cheaper, faster and safer financial services and asset management. The Union framework for markets in crypto-assets should not regulate the underlying technology. Union legislative acts should avoid imposing an unnecessary and disproportionate regulatory burden on the use of technology, since the Union and the Member States seek to maintain competitiveness on a global market.
(7)
The consensus mechanisms used for the validation of transactions in crypto-assets might have principal adverse impacts on the climate and other environment-related adverse impacts. Such consensus mechanisms should therefore deploy more environmentally-friendly solutions and ensure that any principal adverse impact that they might have on the climate, and any other environment-related adverse impact, are adequately identified and disclosed by issuers of crypto-assets and crypto-asset service providers. When determining whether adverse impacts are principal, account should be taken of the principle of proportionality and the size and volume of the crypto-asset issued. The European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council 
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, in cooperation with the European Supervisory Authority (European Banking Authority) (EBA) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council 
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, should therefore be mandated to develop draft regulatory technical standards to further specify the content, methodologies and presentation of information in relation to sustainability indicators with regard to adverse impacts on climate and other environment‐related adverse impacts, and to outline key energy indicators. The draft regulatory technical standards should also ensure coherence of disclosures by issuers of crypto-assets and by crypto-asset service providers. When developing the draft regulatory technical standards, ESMA should take into account the various types of consensus mechanisms used for the validation of transactions in crypto-assets, their characteristics and the differences between them. ESMA should also take into account existing disclosure requirements, ensure complementarity and consistency, and avoid increasing the burden on companies.
(8)
Markets in crypto-assets are global and thus inherently cross-border. Therefore, the Union should continue to support international efforts to promote convergence in the treatment of crypto-assets and crypto-asset services through international organisations or bodies such as the Financial Stability Board, the Basel Committee on Banking Supervision and the Financial Action Task Force.
(9)
Union legislative acts on financial services should be guided by the principles of ‘same activities, same risks, same rules’ and of technology neutrality. Therefore, crypto-assets that fall under existing Union legislative acts on financial services should remain regulated under the existing regulatory framework, regardless of the technology used for their issuance or their transfer, rather than this Regulation. Accordingly, this Regulation expressly excludes from its scope crypto-assets that qualify as financial instruments as defined in Directive 2014/65/EU, those that qualify as deposits as defined in Directive 2014/49/EU of the European Parliament and of the Council 
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, including structured deposits as defined in Directive 2014/65/EU, those that qualify as funds as defined in Directive (EU) 2015/2366 of the European Parliament and of the Council 
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, except if they qualify as electronic money tokens (‘e-money tokens’), those that qualify as securitisation positions as defined in Regulation (EU) 2017/2402 of the European Parliament and of the Council 
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, and those that qualify as non-life or life insurance contracts, pension products or schemes and social security schemes. Having regard to the fact that electronic money and funds received in exchange for electronic money should not be treated as deposits in accordance with Directive 2009/110/EC of the European Parliament and of the Council 
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, e-money tokens cannot be treated as deposits that are excluded from the scope of this Regulation.
(10)
This Regulation should not apply to crypto-assets that are unique and not fungible with other crypto-assets, including digital art and collectibles. The value of such unique and non-fungible crypto-assets is attributable to each crypto-asset’s unique characteristics and the utility it gives to the holder of the token. Nor should this Regulation apply to crypto-assets representing services or physical assets that are unique and non-fungible, such as product guarantees or real estate. While unique and non-fungible crypto-assets might be traded on the marketplace and be accumulated speculatively, they are not readily interchangeable and the relative value of one such crypto-asset in relation to another, each being unique, cannot be ascertained by means of comparison to an existing market or equivalent asset. Such features limit the extent to which those crypto-assets can have a financial use, thus limiting risks to holders and the financial system and justifying their exclusion from the scope of this Regulation.
(11)
The fractional parts of a unique and non-fungible crypto-asset should not be considered unique and non-fungible. The issuance of crypto-assets as non-fungible tokens in a large series or collection should be considered an indicator of their fungibility. The mere attribution of a unique identifier to a crypto-asset is not, in and of itself, sufficient to classify it as unique and non-fungible. The assets or rights represented should also be unique and non-fungible in order for the crypto-asset to be considered unique and non-fungible. The exclusion of crypto-assets that are unique and non-fungible from the scope of this Regulation is without prejudice to the qualification of such crypto-assets as financial instruments. This Regulation should also apply to crypto-assets that appear to be unique and non-fungible, but whose 
de facto
 features or whose features that are linked to their 
de facto
 uses, would make them either fungible or not unique. In that regard, when assessing and classifying crypto-assets, competent authorities should adopt a substance over form approach whereby the features of the crypto-asset in question determine the classification and not its designation by the issuer.
(12)
It is appropriate to exclude certain intragroup transactions and some public entities from the scope of this Regulation as they do not pose risks to investor protection, market integrity, financial stability, the smooth operation of payment systems, monetary policy transmission or monetary sovereignty. Public international organisations that are exempt include the International Monetary Fund and the Bank for International Settlements.
(13)
Digital assets issued by central banks acting in their monetary authority capacity, including central bank money in digital form, or crypto-assets issued by other public authorities, including central, regional and local administrations, should not be subject to the Union framework for markets in crypto-assets. Nor should related services provided by such central banks when acting in their monetary authority capacity or other public authorities be subject to that Union framework.
(14)
For the purposes of ensuring a clear delineation between, on the one hand, crypto-assets covered by this Regulation and, on the other hand, financial instruments, ESMA should be mandated to issue guidelines on the criteria and conditions for the qualification of crypto-assets as financial instruments. Those guidelines should also allow for a better understanding of the cases where crypto-assets that are otherwise considered unique and not fungible with other crypto-assets might qualify as financial instruments. In order to promote a common approach towards the classification of crypto-assets, EBA, ESMA and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA), established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council 
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 (the ‘European Supervisory Authorities’ or ‘ESAs’) should promote discussions on such classification. Competent authorities should be able to request opinions from the ESAs on the classification of crypto-assets, including classifications proposed by offerors or persons seeking admission to trading. Offerors or persons seeking admission to trading are primarily responsible for the correct classification of crypto-assets, which might be challenged by the competent authorities, both before the date of publication of the offer and at any time thereafter. Where the classification of a crypto-asset appears to be inconsistent with this Regulation or other relevant Union legislative acts on financial services, the ESAs should make use of their powers under Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 in order to ensure a consistent and coherent approach to such classification.
(15)
Pursuant to Article 127(2), fourth indent, of the Treaty on the Functioning of the European Union (TFEU), one of the basic tasks to be carried out through the European System of Central Banks (ESCB) is to promote the smooth operation of payment systems. The European Central Bank (ECB) may, pursuant to Article 22 of Protocol No 4 on the Statute of the European System of Central Banks and of the European Central Bank attached to the Treaties, make regulations to ensure efficient and sound clearing and payment systems within the Union and with other countries. To that end, the ECB has adopted regulations concerning requirements for systemically important payment systems. This Regulation is without prejudice to the responsibilities of the ECB and the national central banks in the ESCB to ensure efficient and sound clearing and payment systems within the Union and with third countries. Consequently, and in order to prevent the possible creation of parallel sets of rules, EBA, ESMA and the ECB should cooperate closely when preparing the relevant draft technical standards under this Regulation. Furthermore, it is crucial for the ECB and the national central banks to have access to information when fulfilling their tasks relating to the oversight of payment systems, including clearing of payments. In addition, this Regulation should be without prejudice to Council Regulation (EU) No 1024/2013 
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 and should be interpreted in such a way that it is not in conflict with that Regulation.
(16)
Any legislative act adopted in the field of crypto-assets should be specific and future-proof, be able to keep pace with innovation and technological developments and be founded on an incentive-based approach. The terms ‘crypto-assets’ and ‘distributed ledger technology’ should therefore be defined as widely as possible to capture all types of crypto-assets that currently fall outside the scope of Union legislative acts on financial services. Any legislative act adopted in the field of crypto-assets should also contribute to the objective of combating money laundering and terrorist financing. For that reason, entities offering services falling within the scope of this Regulation should also comply with applicable anti-money laundering and counter-terrorist financing rules of the Union, which integrate international standards.
(17)
Digital assets that cannot be transferred to other holders do not fall within the definition of crypto-assets. Therefore, digital assets that are accepted only by the issuer or the offeror and that are technically impossible to transfer directly to other holders should be excluded from the scope of this Regulation. An example of such digital assets includes loyalty schemes where the loyalty points can be exchanged for benefits only with the issuer or offeror of those points.
(18)
This Regulation classifies crypto-assets into three types, which should be distinguished from one another and subject to different requirements depending on the risks they entail. The classification is based on whether the crypto-assets seek to stabilise their value by reference to other assets. The first type consists of crypto-assets that aim to stabilise their value by referencing only one official currency. The function of such crypto-assets is very similar to the function of electronic money as defined in Directive 2009/110/EC. Like electronic money, such crypto-assets are electronic surrogates for coins and banknotes and are likely to be used for making payments. Those crypto-assets should be defined in this Regulation as ‘e-money tokens’. The second type of crypto-assets concerns ‘asset-referenced tokens’, which aim to stabilise their value by referencing another value or right, or combination thereof, including one or several official currencies. That second type covers all other crypto-assets, other than e-money tokens, whose value is backed by assets, so as to avoid circumvention and to make this Regulation future-proof. Finally, the third type consists of crypto-assets other than asset-referenced tokens and e-money tokens, and covers a wide variety of crypto-assets, including utility tokens.
(19)
At present, despite their similarities, electronic money and crypto-assets referencing an official currency differ in some important aspects. Holders of electronic money as defined in Directive 2009/110/EC are always provided with a claim against the electronic money issuer and have a contractual right to redeem, at any moment and at par value, the monetary value of the electronic money held. By contrast, some crypto-assets referencing an official currency do not provide their holders with such a claim against the issuers of such crypto-assets and could fall outside the scope of Directive 2009/110/EC. Other crypto-assets referencing an official currency do not provide a claim at par value with the currency they are referencing or they limit the redemption period. The fact that holders of such crypto-assets do not have a claim against the issuers of such crypto-assets, or that such claim is not at par value with the currency those crypto-assets are referencing, could undermine the confidence of holders of those crypto-assets. Accordingly, to avoid circumvention of the rules laid down in Directive 2009/110/EC, any definition of e-money tokens should be as wide as possible to capture all types of crypto-assets referencing a single official currency. In addition, strict conditions on the issuance of e-money tokens should be laid down, including an obligation for e-money tokens to be issued either by a credit institution authorised under Directive 2013/36/EU of the European Parliament and of the Council 
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, or by an electronic money institution authorised under Directive 2009/110/EC. For the same reason, issuers of e-money tokens should ensure that holders of such tokens can exercise their right to redeem their tokens at any time and at par value against the currency referencing those tokens. Because e-money tokens are crypto-assets and can raise new challenges in terms of protection of retail holders and market integrity that are specific to crypto-assets, they should also be subject to the rules laid down in this Regulation to address those challenges.
(20)
Given the different risks and opportunities raised by crypto-assets, it is necessary to lay down rules for offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, as well as for issuers of asset-referenced tokens and e-money tokens. Issuers of crypto-assets are entities that have control over the creation of crypto-assets.
(21)
It is necessary to lay down specific rules for entities that provide services related to crypto-assets. A first category of such services consists of ensuring the operation of a trading platform for crypto-assets, exchanging crypto-assets for funds or other crypto-assets, providing custody and administration of crypto-assets on behalf of clients, and providing transfer services for crypto-assets on behalf of clients. A second category of such services consists of the placing of crypto-assets, the reception or transmission of orders for crypto-assets on behalf of clients, the execution of orders for crypto-assets on behalf of clients, providing advice on crypto-assets and providing portfolio management of crypto-assets. Any person that provides crypto-asset services on a professional basis in accordance with this Regulation should be deemed to be a ‘crypto-asset service provider’.
(22)
This Regulation should apply to natural and legal persons and certain other undertakings and to the crypto-asset services and activities performed, provided or controlled, directly or indirectly, by them, including when part of such activities or services is performed in a decentralised manner. Where crypto-asset services are provided in a fully decentralised manner without any intermediary, they should not fall within the scope of this Regulation. This Regulation covers the rights and obligations of issuers of crypto-assets, offerors, persons seeking admission to trading of crypto-assets and crypto-asset service providers. Where crypto-assets have no identifiable issuer, they should not fall within the scope of Title II, III or IV of this Regulation. Crypto-asset service providers providing services in respect of such crypto-assets should, however, be covered by this Regulation.
(23)
To ensure that all offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens, which can potentially have a financial use, or all admissions of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’), in the Union, are properly monitored and supervised by competent authorities, all offerors or persons seeking admission to trading should be legal persons.
(24)
In order to ensure their protection, prospective retail holders of crypto-assets should be informed of the characteristics, functions and risks of the crypto-assets that they intend to purchase. When making an offer to the public of crypto-assets other than asset-referenced tokens or e-money tokens or when seeking admission to trading of such crypto-assets in the Union, offerors or persons seeking admission to trading should draw up, notify to their competent authority and publish an information document containing mandatory disclosures (‘a crypto-asset white paper’). A crypto-asset white paper should contain general information on the issuer, offeror or person seeking admission to trading, on the project to be carried out with the capital raised, on the offer to the public of crypto-assets or on their admission to trading, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such crypto-assets and on the related risks. However, the crypto-asset white paper should not contain a description of risks that are unforeseeable and very unlikely to materialise. The information contained in the crypto-asset white paper as well as in the relevant marketing communications, such as advertising messages and marketing material, and including through new channels such as social media platforms, should be fair, clear and not misleading. Advertising messages and marketing material should be consistent with the information provided in the crypto-asset white paper.
(25)
Crypto-asset white papers, including their summaries, and the operating rules of trading platforms for crypto-assets should be drawn up in at least one of the official languages of the home Member State and of any host Member State or, alternatively, in a language customary in the sphere of international finance. At the time of adoption of this Regulation, the English language is the language customary in the sphere of international finance but that could evolve in the future.
(26)
In order to ensure a proportionate approach, no requirements of this Regulation should apply to offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens that are offered for free or that are automatically created as a reward for the maintenance of a distributed ledger or the validation of transactions in the context of a consensus mechanism. In addition, no requirements should apply to offers of utility tokens providing access to an existing good or service, enabling the holder to collect the good or use the service, or when the holder of the crypto-assets has the right to use them only in exchange for goods and services in a limited network of merchants with contractual arrangements with the offeror. Such exemptions should not include crypto-assets representing stored goods that are not intended to be collected by the purchaser following the purchase. Neither should the limited network exemption apply to crypto-assets that are typically designed for a continuously growing network of service providers. The limited network exemption should be evaluated by the competent authority each time that an offer, or the aggregate value of more than one offer, exceeds a certain threshold, meaning that a new offer should not automatically benefit from an exemption of a previous offer. Those exemptions should cease to apply when the offeror, or another person acting on the offeror’s behalf, communicates the offeror’s intention of seeking admission to trading or the exempted crypto-assets are admitted to trading.
(27)
In order to ensure a proportionate approach, the requirements of this Regulation to draw up and publish a crypto-asset white paper should not apply to offers of crypto-assets other than asset-referenced tokens or e-money tokens that are made to fewer than 150 persons per Member State, or that are addressed solely to qualified investors where the crypto-assets can only be held by such qualified investors. SMEs and start-ups should not be subject to excessive and disproportionate administrative burden. Accordingly, offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens in the Union whose total consideration does not exceed EUR 1 000 000 over a period of 12 months should also be exempt from the obligation to draw up a crypto-asset white paper.
(28)
The mere admission to trading or the publication of bid and offer prices should not, in and of itself, be regarded as an offer to the public of crypto-assets. Such admission or publication should only constitute an offer to the public of crypto-assets where it includes a communication constituting an offer to the public under this Regulation.
(29)
Even though some offers of crypto-assets other than asset-referenced tokens or e-money tokens are exempt from various obligations of this Regulation, Union legislative acts that ensure consumer protection, such as Directive 2005/29/EC of the European Parliament and of the Council 
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 or Council Directive 93/13/EEC 
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, including any information obligations contained therein, remain applicable to offers to the public of crypto-assets where they concern business-to-consumer relationships.
(30)
Where an offer to the public concerns utility tokens for goods that do not yet exist or services that are not yet in operation, the duration of the offer to the public as described in the crypto-asset white paper should not exceed 12 months. That limitation on the duration of the offer to the public is unrelated to the moment when the goods or services come into existence or become operational and can be used by the holder of a utility token after the expiry of the offer to the public.
(31)
In order to enable supervision, offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens should, before making any offer to the public of crypto-assets in the Union or before those crypto-assets are admitted to trading, notify their crypto-asset white paper and, upon request of the competent authority, their marketing communications, to the competent authority of the Member State where they have their registered office or, where they have no registered office in the Union, of the Member State where they have a branch. Offerors that are established in a third country should notify their crypto-asset white paper and, upon request of the competent authority, their marketing communications, to the competent authority of the Member State where they intend to offer the crypto-assets.
(32)
The operator of a trading platform should be responsible for complying with the requirements of Title II of this Regulation where crypto-assets are admitted to trading on its own initiative and the crypto-asset white paper has not already been published in the cases required by this Regulation. The operator of a trading platform should also be responsible for complying with those requirements where it has concluded a written agreement to that end with the person seeking admission to trading. The person seeking admission to trading should remain responsible when it provides misleading information to the operator of the trading platform. The person seeking admission to trading should also remain responsible for matters not delegated to the operator of the trading platform.
(33)
In order to avoid undue administrative burden, competent authorities should not be required to approve a crypto-asset white paper before its publication. Competent authorities should, however, have the power to request amendments to the crypto-asset white paper and to any marketing communications and, where necessary, to request the inclusion of additional information in the crypto-asset white paper.
(34)
Competent authorities should be able to suspend or prohibit an offer to the public of crypto-assets other than asset-referenced tokens or e-money tokens, or the admission of such crypto-assets to trading, where such an offer to the public or admission to trading does not comply with the applicable requirements of this Regulation, including where the crypto-asset white paper or the marketing communications are not fair, not clear or are misleading. Competent authorities should also have the power to publish a warning that the offeror or person seeking admission to trading has failed to meet those requirements, either on its website or through a press release.
(35)
Crypto-asset white papers that have been duly notified to a competent authority and marketing communications should be published. After such publication, offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens should be allowed to offer those crypto-assets throughout the Union and to seek admission to trading of such crypto-assets in the Union.
(36)
Offerors of crypto-assets other than asset-referenced tokens or e-money tokens should have effective arrangements in place to monitor and safeguard the funds or other crypto-assets raised during their offer to the public. Those arrangements should also ensure that any funds or other crypto-assets collected from holders or prospective holders are duly returned as soon as possible where an offer to the public is cancelled for any reason. The offeror should ensure that the funds or other crypto-assets collected during the offer to the public are safeguarded by a third party.
(37)
In order to further ensure protection of retail holders of crypto-assets, retail holders that acquire crypto-assets other than asset-referenced tokens or e-money tokens directly from the offeror, or from a crypto-asset service provider placing the crypto-assets on behalf of the offeror, should be provided with a right of withdrawal during a period of 14 days after their acquisition. In order to ensure the smooth completion of a time-limited offer to the public of crypto-assets, the right of withdrawal should not be exercised by retail holders after the end of the subscription period. Furthermore, the right of withdrawal should not apply where crypto-assets other than asset-referenced tokens or e-money tokens are admitted to trading prior to the purchase by the retail holder because, in such a case, the price of such crypto-assets depends on the fluctuations of the markets in crypto-assets. Where the retail holder has a right of withdrawal under this Regulation, the right of withdrawal under Directive 2002/65/EC of the European Parliament and of the Council 
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 should not apply.
(38)
Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens should act honestly, fairly and professionally, should communicate with holders and prospective holders of crypto-assets in a manner that is fair, clear and not misleading, should identify, prevent, manage and disclose conflicts of interest, and should have effective administrative arrangements to ensure that their systems and security protocols meet Union standards. In order to assist competent authorities in their supervisory tasks, ESMA, in close cooperation with EBA, should be mandated to issue guidelines on those systems and security protocols in order to further specify those Union standards.
(39)
To further protect holders of crypto-assets, civil liability rules should apply to offerors and persons seeking admission to trading and to the members of their management body for the information provided to the public in the crypto-asset white paper.
(40)
Asset-referenced tokens could be widely adopted by holders to transfer value or as a means of exchange and thus pose increased risks in terms of protection of holders of crypto-assets, in particular retail holders, and in terms of market integrity, as compared to other crypto-assets. Issuers of asset-referenced tokens should therefore be subject to more stringent requirements than issuers of other crypto-assets.
(41)
Where a crypto-asset falls within the definition of an asset-referenced token or e-money token, Title III or IV of this Regulation should apply, irrespective of how the issuer intends to design the crypto-asset, including the mechanism for maintaining a stable value of the crypto-asset. The same applies to so-called algorithmic ‘stablecoins’ that aim to maintain a stable value in relation to an official currency, or in relation to one or several assets, via protocols, that provide for the increase or decrease in the supply of such crypto-assets in response to changes in demand. Offerors or persons seeking admission to trading of algorithmic crypto-assets that do not aim to stabilise the value of the crypto-assets by referencing one or several assets should in any event comply with Title II of this Regulation.
(42)
To ensure the proper supervision and monitoring of offers to the public of asset-referenced tokens, issuers of asset-referenced tokens should have a registered office in the Union.
(43)
Offers to the public of asset-referenced tokens in the Union or seeking admission to trading of such crypto-assets should be permitted only where the competent authority has authorised the issuer of such crypto-assets to do so and has approved the relevant crypto-asset white paper. The authorisation requirement should however not apply where the asset-referenced tokens are addressed solely to qualified investors or where the offer to the public of the asset-referenced tokens is below EUR 5 000 000. In those cases, the issuer of the asset-referenced tokens should still be required to draw up a crypto-asset white paper to inform buyers about the characteristics and risks of the asset-referenced tokens and should also be required to notify the crypto-asset white paper to the competent authority before its publication.
(44)
Credit institutions authorised under Directive 2013/36/EU should not need another authorisation under this Regulation in order to offer or seek the admission to trading of asset-referenced tokens. National procedures established under that Directive should apply but should be complemented by a requirement to notify the competent authority of the home Member State designated under this Regulation of the elements that enable that authority to verify the issuer’s ability to offer or seek the admission to trading of asset-referenced tokens. Credit institutions that offer or seek the admission to trading of asset-referenced tokens should be subject to all requirements that apply to issuers of asset-referenced tokens with the exception of authorisation requirements, own funds requirements and the approval procedure with respect to qualifying shareholders, as those matters are covered by Directive 2013/36/EU and by Regulation (EU) No 575/2013 of the European Parliament and of the Council 
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. A crypto-asset white paper drawn up by such credit institution should be approved by the competent authority of the home Member State before publication. Credit institutions authorised under the provisions of national law transposing Directive 2013/36/EU and which offer or seek the admission to trading of asset-referenced tokens should be subject to the administrative powers set out under that Directive and also those under this Regulation, including a restriction or limitation of a credit institution’s business and a suspension or prohibition of an offer to the public of asset-referenced tokens. Where the obligations applying to such credit institutions under this Regulation overlap with those of Directive 2013/36/EU, the credit institutions should comply with the more specific or stricter requirements, thereby ensuring compliance with both sets of rules. The notification procedure for credit institutions intending to offer or seek the admission to trading of asset-referenced tokens under this Regulation should be without prejudice to the provisions of national law transposing Directive 2013/36/EU that set out procedures for the authorisation of credit institutions to provide the services listed in Annex I to that Directive.
(45)
A competent authority should refuse authorisation on objective and demonstrable grounds, including where the business model of the applicant issuer of asset-referenced tokens might pose a serious threat to market integrity, financial stability or the smooth operation of payment systems. The competent authority should consult EBA, ESMA, the ECB and, where the issuer is established in a Member State whose official currency is not the euro or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, the central bank of that Member State before granting or refusing an authorisation. Non-binding opinions of EBA and ESMA should address the classification of the crypto-asset, while the ECB and, where applicable, the central bank of the Member State concerned should provide the competent authority with an opinion on the risks to financial stability, the smooth operation of payment systems, monetary policy transmission or monetary sovereignty. The competent authorities should refuse authorisation in cases where the ECB or the central bank of a Member State gives a negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty. Where authorisation is granted to an applicant issuer of asset-referenced tokens, the crypto-asset white paper drawn up by that issuer should also be deemed approved. The authorisation by the competent authority should be valid throughout the Union and should allow the issuer of asset-referenced tokens to offer those crypto-assets on the internal market and to seek an admission to trading. In the same way, the crypto-asset white paper should also be valid for the entire Union, without any possibility for Member States to impose additional requirements.
(46)
In several cases where the ECB is consulted under this Regulation, its opinion should be binding insofar as it obliges a competent authority to refuse, withdraw or limit an authorisation of the issuer of asset-referenced tokens or to impose specific measures on the issuer of asset-referenced tokens. Article 263, first paragraph, TFEU provides that the Court of Justice of the European Union (the ‘Court of Justice’) should review the legality of acts of the ECB other than recommendations or opinions. It should be recalled, however, that it is for the Court of Justice to interpret that provision in light of the substance and effects of an opinion of the ECB.
(47)
To ensure protection of retail holders, issuers of asset-referenced tokens should always provide holders of such tokens with information that is complete, fair, clear and not misleading. Crypto-asset white papers for asset-referenced tokens should include information on the stabilisation mechanism, on the investment policy of the reserve assets, on the custody arrangements for the reserve assets and on the rights provided to holders.
(48)
In addition to the information provided in the crypto-asset white paper, issuers of asset-referenced tokens should also provide holders of such tokens with information on an ongoing basis. In particular, they should disclose on their website the amount of asset-referenced tokens in circulation and the value and composition of the reserve assets. Issuers of asset-referenced tokens should also disclose any event that has or is likely to have a significant impact on the value of the asset-referenced tokens or on the reserve assets, irrespective of whether such crypto-assets are admitted to trading.
(49)
To ensure protection of retail holders, issuers of asset-referenced tokens should always act honestly, fairly and professionally and in the best interests of the holders of asset-referenced tokens. Issuers of asset-referenced tokens should also put in place a clear procedure for handling complaints received from holders of asset-referenced tokens.
(50)
Issuers of asset-referenced tokens should put in place a policy to identify, prevent, manage and disclose conflicts of interest that can arise from their relationships with their shareholders or members, or with any shareholder or member, whether direct or indirect, that has a qualifying holding in the issuers, or with the members of their management body, their employees, holders of asset-referenced tokens or third-party service providers.
(51)
Issuers of asset-referenced tokens should have robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility and effective processes to identify, manage, monitor and report the risks to which they are or to which they might be exposed. The members of the management body of such issuers should be fit and proper and should, in particular, not have been convicted of any offence in the field of money laundering or terrorist financing or of any other offence that would affect their good repute. The shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings in such issuers, should be of sufficiently good repute and should, in particular, not have been convicted of any offence in the field of money laundering or terrorist financing or of any other offence that would affect their good repute. Issuers of asset-referenced tokens should also employ resources proportionate to the scale of their activities and should always ensure continuity and regularity in the performance of their activities. For that purpose, issuers of asset-referenced tokens should establish a business continuity policy that aims to ensure, in the case of an interruption to their systems and procedures, the performance of their core activities related to the asset-referenced tokens. Issuers of asset-referenced tokens should also have strong internal control mechanisms and effective procedures for risk management, as well as a system that guarantees the integrity and confidentiality of information received. Those obligations aim to ensure the protection of holders of asset-referenced tokens, in particular retail holders, while not creating unnecessary barriers.
(52)
Issuers of asset-referenced tokens are usually at the centre of a network of entities that ensure the issuance of such crypto-assets, their transfer and their distribution to holders. Issuers of asset-referenced tokens should therefore be required to establish and maintain appropriate contractual arrangements with third-party entities for ensuring the stabilisation mechanism and the investment of the reserve assets backing the value of the tokens, the custody of such reserve assets and, where applicable, the distribution of the asset-referenced tokens to the public.
(53)
To address the risks to the financial stability of the wider financial system, issuers of asset-referenced tokens should be subject to own funds requirements. Those requirements should be proportionate to the issuance size of the asset-referenced tokens and therefore calculated as a percentage of the reserve of assets that back the value of the asset-referenced tokens. Competent authorities should however be able to increase the amount of own funds required based on, inter alia, the evaluation of the risk-management process and internal control mechanisms of the issuer, the quality and volatility of the reserve assets backing the asset-referenced tokens, or the aggregate value and number of transactions settled in asset-referenced tokens.
(54)
In order to cover their liability against holders of asset-referenced tokens, issuers of asset-referenced tokens should constitute and maintain a reserve of assets matching the risks reflected in such liability. The reserve of assets should be used for the benefit of the holders of the asset-referenced tokens when the issuer is not able to fulfil its obligations towards the holders, such as in insolvency. The reserve of assets should be composed and managed in such a way that market and currency risks are covered. Issuers of asset-referenced tokens should ensure the prudent management of the reserve of assets and should, in particular, ensure that the value of the reserve amounts at least to the corresponding value of tokens in circulation and that changes in the reserve are adequately managed to avoid adverse impacts on the markets of the reserve assets. Issuers of asset-referenced tokens should therefore have clear and detailed policies that describe, inter alia, the composition of the reserve of assets, the allocation of assets included therein, a comprehensive assessment of the risks raised by the reserve assets, the procedure for the issuance and redemption of the asset-referenced tokens, the procedure to increase and decrease the reserve assets and, where the reserve assets are invested, the investment policy that is followed by the issuers. Issuers of asset-referenced tokens that are marketed both in the Union and in third countries should ensure that their reserve of assets is available to cover the issuers’ liability towards Union holders. The requirement to hold the reserve of assets with firms subject to Union law should therefore apply in proportion to the share of asset-referenced tokens that is expected to be marketed in the Union.
(55)
To prevent the risk of loss for asset-referenced tokens and to preserve the value of those assets, issuers of asset-referenced tokens should have an adequate custody policy for their reserve assets. That policy should ensure that the reserve assets are fully segregated from the issuer’s own assets at all times, that the reserve assets are not encumbered or pledged as collateral, and that the issuer of asset-referenced tokens has prompt access to those reserve assets. The reserve assets should, depending on their nature, be held in custody by a crypto-asset service provider, by a credit institution authorised under Directive 2013/36/EU or by an investment firm authorised under Directive 2014/65/EU. That should not exclude the possibility of delegating the holding of the physical assets to another entity. Crypto-asset service providers, credit institutions or investment firms that act as custodians of reserve assets should be responsible for the loss of such reserve assets vis-à-vis the issuer or the holders of the asset-referenced tokens, unless they prove that such loss has arisen as a result of an external event beyond their reasonable control. Concentrations of the custodians of reserve assets should be avoided. However, in certain situations, that might not be possible due to a lack of suitable alternatives. In such cases, a temporary concentration should be deemed acceptable.
(56)
To protect holders of asset-referenced tokens against a decrease in value of the assets backing the value of the tokens, issuers of asset-referenced tokens should only invest the reserve assets in secure, low-risk assets with minimal market, concentration and credit risk. As the asset-referenced tokens could be used as a means of exchange, all profits or losses resulting from the investment of the reserve assets should be borne by the issuer of the asset-referenced tokens.
(57)
Holders of asset-referenced tokens should have a permanent right of redemption so that the issuer is required to redeem the asset-referenced tokens at any time, upon request by the holders of the asset-referenced tokens. The issuer of asset-referenced tokens should redeem either by paying an amount in funds, other than electronic money, equivalent to the market value of the assets referenced by the asset-referenced tokens, or by delivering the assets referenced by the tokens. The issuer of asset-referenced tokens should always provide the holder with the option of redeeming the asset-referenced tokens in funds other than electronic money denominated in the same official currency that the issuer accepted when selling the tokens. The issuer should provide sufficiently detailed and easily understandable information on the different forms of redemption available.
(58)
To reduce the risk that asset-referenced tokens are used as a store of value, issuers of asset-referenced tokens and crypto-asset service providers, when providing crypto-asset services related to asset-referenced tokens, should not grant interest to holders of asset-referenced tokens related to the length of time during which such holders are holding those asset-referenced tokens.
(59)
Asset-referenced tokens and e-money tokens should be deemed significant when they meet, or are likely to meet, certain criteria, including a large customer base, a high market capitalisation, or a large number of transactions. As such, they could be used by a large number of holders and their use could raise specific challenges in terms of financial stability, monetary policy transmission or monetary sovereignty. Those significant asset-referenced tokens and e-money tokens should, therefore, be subject to more stringent requirements than asset-referenced tokens or e-money tokens that are not deemed significant. In particular, issuers of significant asset-referenced tokens should be subject to higher capital requirements, to interoperability requirements and they should establish a liquidity management policy. The appropriateness of the thresholds to classify an asset-referenced token or e-money token as significant should be reviewed by the Commission as part of its review of the application of this Regulation. That review should, where appropriate, be accompanied by a legislative proposal.
(60)
A comprehensive monitoring of the entire ecosystem of issuers of asset-referenced tokens is important in order to determine the true size and impact of such tokens. To capture all transactions that are conducted in relation to any given asset-referenced token, the monitoring of such tokens therefore includes the monitoring of all transactions that are settled, whether they are settled on the distributed ledger (‘on-chain’) or outside the distributed ledger (‘off-chain’), and including transactions between clients of the same crypto-asset service provider.
(61)
It is particularly important to estimate transactions settled with asset-referenced tokens associated to uses as a means of exchange within a single currency area, namely, those associated to payments of debts including in the context of transactions with merchants. Those transactions should not include transactions associated with investment functions and services, such as a means of exchange for funds or other crypto-assets, unless there is evidence that the asset-referenced token is used for settlement of transactions in other crypto-assets. A use for settlement of transactions in other crypto-assets would be present in cases where a transaction involving two legs of crypto-assets, which are different from the asset-referenced tokens, is settled in the asset-referenced tokens. Moreover, where asset-referenced tokens are used widely as a means of exchange within a single currency area, issuers should be required to reduce the level of activity. An asset-referenced token should be considered to be used widely as a means of exchange when the average number and average aggregate value of transactions per day associated to uses as a means of exchange within a single currency area is higher than 1 million transactions and EUR 200 000 000 respectively.
(62)
Where asset-referenced tokens pose a serious threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, central banks should be able to request the competent authority to withdraw the authorisation of the issuer of those asset-referenced tokens. Where asset-referenced tokens pose a threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, central banks should be able to request the competent authority to limit the amount of those asset-referenced tokens to be issued, or to impose a minimum denomination amount.
(63)
This Regulation is without prejudice to national law regulating the use of domestic and foreign currencies in operations between residents, adopted by non-euro area Member States in exercising their prerogative of monetary sovereignty.
(64)
Issuers of asset-referenced tokens should prepare a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve of assets, including in cases where the fulfilment of requests for redemption creates temporary unbalances in the reserve of assets. The competent authority should have the power to temporarily suspend the redemption of asset-referenced tokens in order to protect the interests of the holders of the asset-referenced tokens and financial stability.
(65)
Issuers of asset-referenced tokens should have a plan for the orderly redemption of the tokens to ensure that the rights of the holders of the asset-referenced tokens are protected where the issuers are not able to comply with their obligations, including in the event of discontinuation of issuing of the asset-referenced tokens. Where the issuer of asset-referenced tokens is a credit institution or an entity falling within the scope of Directive 2014/59/EU of the European Parliament and of the Council 
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, the competent authority should consult the responsible resolution authority. That resolution authority should be permitted to examine the redemption plan with a view to identifying any elements in it that might adversely affect the resolvability of the issuer, the resolution strategy of the issuer, or any actions foreseen in the resolution plan of the issuer, and make recommendations to the competent authority with regard to those matters. In doing so, the resolution authority should also be permitted to consider whether any changes are required to the resolution plan or the resolution strategy, in accordance with the provisions of Directive 2014/59/EU and Regulation (EU) No 806/2014 of the European Parliament and of the Council 
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, as applicable. Such examination by the resolution authority should not affect the powers of the prudential supervisory authority or of the resolution authority, as applicable, to take crisis prevention measures or crisis management measures.
(66)
Issuers of e-money tokens should be authorised either as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC. E-money tokens should be deemed to be ‘electronic money’ as that term is defined in Directive 2009/110/EC and their issuers should, unless specified otherwise in this Regulation, comply with the relevant requirements set out in Directive 2009/110/EC for the taking up, pursuit and prudential supervision of the business of electronic money institutions and the requirements on issuance and redeemability of e-money tokens. Issuers of e-money tokens should draw up a crypto-asset white paper and notify it to their competent authority. Exemptions regarding limited networks, regarding certain transactions by providers of electronic communications networks and regarding electronic money institutions issuing only a limited maximum amount of electronic money, based on the optional exemptions specified in Directive 2009/110/EC, should also apply to e-money tokens. However, issuers of e-money tokens should still be required to draw up a crypto-asset white paper in order to inform buyers about the characteristics and risks of the e-money tokens and should also be required to notify the crypto-asset white paper to the competent authority before its publication.
(67)
Holders of e-money tokens should be provided with a claim against the issuer of the e-money tokens. Holders of e-money tokens should always be granted a right of redemption at par value for funds denominated in the official currency that the e-money token is referencing. The provisions of Directive 2009/110/EC on the possibility of charging a fee in relation to redemption are not relevant in the context of e-money tokens.
(68)
To reduce the risk that e-money tokens are used as store of value, issuers of e-money tokens and crypto-asset service providers when they provide crypto-asset services related to e-money tokens, should not grant interest to holders of e-money tokens, including interest not related to the length of time that such holders hold those e-money tokens.
(69)
The crypto-asset white paper drawn up by an issuer of e-money tokens should contain all information concerning that issuer and the offer of e-money tokens or their admission to trading that is necessary to enable prospective buyers to make an informed purchase decision and understand the risks relating to the offer of e-money tokens. The crypto-asset white paper should also expressly refer to the right of holders of e-money tokens to redeem their e-money tokens for funds denominated in the official currency that the e-money tokens reference at par value and at any time.
(70)
Where an issuer of e-money tokens invests the funds received in exchange for e-money tokens, such funds should be invested in assets denominated in the same official currency as the one that the e-money token is referencing in order to avoid cross-currency risks.
(71)
Significant e-money tokens could pose greater risks to financial stability than e-money tokens that are not significant and traditional electronic money. Issuers of significant e-money tokens that are electronic money institutions should therefore be subject to additional requirements. Such issuers of significant e-money tokens should in particular be subject to higher capital requirements than issuers of other e-money tokens, be subject to interoperability requirements and establish a liquidity management policy. They should also comply with some of the same requirements that apply to issuers of asset-referenced tokens with regard to reserve of assets, such as those on custody and investment of the reserve of assets. Those requirements for issuers of significant e-money tokens should apply instead of Articles 5 and 7 of Directive 2009/110/EC. As those provisions of Directive 2009/110/EC do not apply to credit institutions when issuing e-money, neither should the additional requirements for significant e-money tokens under this Regulation.
(72)
Issuers of e-money tokens should have in place recovery and redemption plans to ensure that the rights of the holders of the e-money tokens are protected when issuers are not able to comply with their obligations.
(73)
In most Member States, the provision of crypto-asset services is not yet regulated despite the potential risks that they pose to investor protection, market integrity and financial stability. To address such risks, this Regulation provides operational, organisational and prudential requirements at Union level applicable to crypto-asset service providers.
(74)
In order to enable effective supervision and to eliminate the possibility of evading or circumventing supervision, crypto-asset services should only be provided by legal persons that have a registered office in a Member State in which they carry out substantive business activities, including the provision of crypto-asset services. Undertakings that are not legal persons, such as commercial partnerships, should under certain conditions also be permitted to provide crypto-asset services. It is essential that providers of crypto-asset services maintain effective management of their activities in the Union in order to avoid undermining effective prudential supervision and to ensure the enforcement of requirements under this Regulation intended to ensure investor protection, market integrity and financial stability. Regular close direct contact between supervisors and the responsible management of crypto-asset service providers should be an essential element of such supervision. Crypto-asset service providers should therefore have their place of effective management in the Union, and at least one of the directors should be resident in the Union. The place of effective management means the place where the key management and commercial decisions that are necessary for the conduct of the business are taken.
(75)
This Regulation should not affect the possibility for persons established in the Union to receive crypto-asset services by a third-country firm on their own initiative. Where a third-country firm provides crypto-asset services on the own initiative of a person established in the Union, the crypto-asset services should not be deemed to be provided in the Union. Where a third-country firm solicits clients or prospective clients in the Union or promotes or advertises crypto-asset services or activities in the Union, its services should not be deemed to be crypto-asset services provided on the own initiative of the client. In such a case, the third-country firm should be authorised as a crypto-asset service provider.
(76)
Given the relatively small scale to date of crypto-asset service providers, the power to authorise and supervise such service providers should be conferred upon national competent authorities. Authorisation as a crypto-asset service provider should be granted, refused or withdrawn by the competent authority of the Member State where the entity has its registered office. Where an authorisation is granted, it should indicate the crypto-asset services for which the crypto-asset service provider is authorised and should be valid for the entire Union.
(77)
In order to ensure the continued protection of the financial system of the Union against the risks of money laundering and terrorist financing, it is necessary to ensure that crypto-asset service providers carry out increased checks on financial operations involving customers and financial institutions from third countries listed as high-risk third countries because they are jurisdictions which have strategic deficiencies in their national anti-money laundering and counter-terrorist financing regimes that pose significant threats to the financial system of the Union as referred to in Directive (EU) 2015/849 of the European Parliament and of the Council 
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.
(78)
Certain firms subject to Union legislative acts on financial services should be allowed to provide all or some crypto-asset services without being required to obtain an authorisation as a crypto-asset service provider under this Regulation if they notify their competent authorities with certain information before providing those services for the first time. In such cases, those firms should be deemed to be crypto-asset service providers and the relevant administrative powers provided in this Regulation, including the power to suspend or prohibit certain crypto-asset services, should apply with respect to them. Those firms should be subject to all requirements applicable to crypto-asset service providers under this Regulation with the exception of authorisation requirements, own funds requirements and the approval procedure regarding shareholders and members that have qualifying holdings, as those matters are covered by the respective Union legislative acts under which they were authorised. The notification procedure for credit institutions intending to provide crypto-asset services under this Regulation should be without prejudice to the provisions of national law transposing Directive 2013/36/EU that set out procedures for the authorisation of credit institutions to provide the services listed in Annex I to that Directive.
(79)
In order to ensure consumer protection, market integrity and financial stability, crypto-asset service providers should always act honestly, fairly and professionally and in the best interests of their clients. Crypto-asset services should be deemed ‘financial services’ as defined in Directive 2002/65/EC in cases where they meet the criteria of that Directive. Where marketed at distance, the contracts between crypto-asset service providers and consumers should be subject to Directive 2002/65/EC as well, unless expressly stated otherwise in this Regulation. Crypto-asset service providers should provide their clients with information that is complete, fair, clear and not misleading and warn them about the risks associated with crypto-assets. Crypto-asset service providers should make their pricing policies public, should establish complaints-handling procedures and should have a robust policy for the identification, prevention, management and disclosure of conflicts of interest.
(80)
To ensure consumer protection, crypto-asset service providers authorised under this Regulation should comply with certain prudential requirements. Those prudential requirements should be set as a fixed amount or in proportion to the fixed overheads of crypto-asset service providers of the preceding year, depending on the types of services they provide.
(81)
Crypto-asset service providers should be subject to strong organisational requirements. The members of the management body of crypto-asset service providers should be fit and proper and should, in particular, not have been convicted of any offence in the field of money laundering or terrorist financing or of any other offence that would affect their good repute. The shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings in crypto-asset service providers should be of sufficiently good repute and should, in particular, not have been convicted of any offence in the field of money laundering or terrorist financing or of any other offence that would affect their good repute. In addition, where the influence exercised by shareholders and members that have qualifying holdings in crypto-asset service providers is likely to be prejudicial to the sound and prudent management of the crypto-asset service provider taking into account, amongst others, their previous activities, the risk of them engaging in illicit activities, or the influence or control by a government of a third country, competent authorities should have the power to address those risks. Crypto-asset service providers should employ management and staff with adequate knowledge, skills and expertise and should take all reasonable steps to perform their functions, including through the preparation of a business continuity plan. They should have sound internal control and risk assessment mechanisms as well as adequate systems and procedures to ensure the integrity and confidentiality of the information received. Crypto-asset service providers should have appropriate arrangements to keep records of all transactions, orders and services related to the crypto-asset services that they provide. They should also have systems in place to detect potential market abuse committed by clients.
(82)
In order to ensure protection of their clients, crypto-asset service providers should have adequate arrangements to safeguard the clients’ ownership rights with respect to the crypto-assets they hold. Where their business model requires them to hold funds as defined in Directive (EU) 2015/2366 in the form of banknotes, coins, scriptural money or electronic money belonging to their clients, crypto-asset service providers should place such funds with a credit institution or a central bank, where an account with the central bank is available. Crypto-asset service providers should be authorised to make payment transactions in connection with the crypto-asset services they offer only where they are authorised as payment institutions in accordance with that Directive.
(83)
Depending on the services they provide and due to the specific risks raised by each type of services, crypto-asset service providers should be subject to requirements specific to those services. Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients should conclude an agreement with their clients with certain mandatory provisions and should establish and implement a custody policy, which should be made available to clients upon their request in an electronic format. Such agreement should specify, inter alia, the nature of the service provided, which could include the holding of crypto-assets belonging to clients or the means of access to such crypto-assets, in which case the client might keep control of the crypto-assets in custody. Alternatively, the crypto-assets or the means of access to them could be transferred to the full control of the crypto-asset service provider. Crypto-asset service providers that hold crypto-assets belonging to clients, or the means of access to such crypto-assets, should ensure that those crypto-assets are not used for their own account. The crypto-asset service providers should ensure that all crypto-assets held are always unencumbered. Those crypto-asset service providers should also be held liable for any losses resulting from an incident related to information and communication technology (‘ICT’), including an incident resulting from a cyber-attack, theft or any malfunctions. Hardware or software providers of non-custodial wallets should not fall within the scope of this Regulation.
(84)
To ensure the orderly functioning of markets in crypto-assets, crypto-asset service providers operating a trading platform for crypto-assets should have detailed operating rules, should ensure that their systems and procedures are sufficiently resilient, should be subject to pre-trade and post-trade transparency requirements adapted to the markets in crypto-assets, and should set transparent and non-discriminatory rules, based on objective criteria, governing access to their platforms. Crypto-asset service providers operating a trading platform for crypto-assets should also have a transparent fee structure for the services provided to avoid the placing of orders that could contribute to market abuse or disorderly trading conditions. Crypto-asset service providers operating a trading platform for crypto-assets should be able to settle transactions executed on trading platforms on-chain and off-chain, and should ensure a timely settlement. The settlement of transactions should be initiated within 24 hours of a transaction being executed on the trading platform. In the case of an off-chain settlement, the settlement should be initiated on the same business day whereas in the case of an on-chain settlement, the settlement might take longer as it is not controlled by the crypto-asset service provider operating the trading platform.
(85)
To ensure consumer protection, crypto-asset service providers that exchange crypto-assets for funds or other crypto-assets by using their own capital should draw up a non-discriminatory commercial policy. They should publish either firm quotes or the methodology they are using for determining the price of the crypto-assets they wish to exchange, and they should publish any limits they wish to establish on the amount to be exchanged. They should also be subject to post-trade transparency requirements.
(86)
Crypto-asset service providers that execute orders for crypto-assets on behalf of clients should draw up an execution policy and should always aim to obtain the best possible result for their clients, including when they act as a client’s counterparty. They should take all necessary steps to avoid the misuse by their employees of information related to client orders. Crypto-asset service providers that receive orders and transmit those orders to other crypto-asset service providers should implement procedures for the prompt and proper sending of those orders. Crypto-asset service providers should not receive any monetary or non-monetary benefits for transmitting those orders to any particular trading platform for crypto-assets or any other crypto-asset service providers. They should monitor the effectiveness of their order execution arrangements and execution policy, assessing whether the execution venues included in the order execution policy provide for the best possible result for the client or whether they need to make changes to their execution arrangements, and should notify clients with whom they have an ongoing client relationship of any material changes to their order execution arrangements or execution policy.
(87)
When a crypto-asset service provider executing orders for crypto-assets on behalf of clients is the client’s counterparty, there might be similarities with the services of exchanging crypto-assets for funds or other crypto-assets. However, in exchanging crypto-assets for funds or other crypto-assets, the price for such exchanges is freely determined by the crypto-asset service provider as a currency exchange. Yet in the execution of orders for crypto-assets on behalf of clients, the crypto-asset service provider should always ensure that it obtains the best possible result for its client, including when it acts as the client’s counterparty, in line with its best execution policy. The exchange of crypto-assets for funds or other crypto-assets when made by the issuer or offeror should not be a crypto-asset service.
(88)
Crypto-asset service providers that place crypto-assets for potential holders should, before the conclusion of a contract, communicate to those persons information on how they intend to perform their service. To ensure the protection of their clients, crypto-asset service providers that are authorised for the placing of crypto-assets should have in place specific and adequate procedures to prevent, monitor, manage and disclose any conflicts of interest arising from the placing of crypto-assets with their own clients and arising where the proposed price for the placing of crypto-assets has been overestimated or underestimated. The placing of crypto-assets on behalf of an offeror should not be deemed to be a separate offer.
(89)
To ensure consumer protection, crypto-asset service providers that provide advice on crypto-assets, either at the request of a client or on their own initiative, or that provide portfolio management of crypto-assets, should make an assessment whether those crypto-asset services or crypto-assets are suitable for the clients, having regard to their clients’ experience, knowledge, objectives and ability to bear losses. Where the clients do not provide information to the crypto-asset service providers on their experience, knowledge, objectives and ability to bear losses, or it is clear that the crypto-assets are not suitable for the clients, the crypto-asset service providers should not recommend such crypto-asset services or crypto-assets to those clients, nor begin providing portfolio management of crypto-assets. When providing advice on crypto-assets, crypto-asset service providers should provide clients with a report, which should include the suitability assessment specifying the advice given and how it meets the preferences and objectives of clients. When providing portfolio management of crypto-assets, crypto-asset service providers should provide periodic statements to their clients, which should include a review of their activities and of the performance of the portfolio as well as an updated statement on the suitability assessment.
(90)
Some crypto-asset services, in particular providing custody and administration of crypto-assets on behalf of clients, the placing of crypto-assets, and transfer services for crypto-assets on behalf of clients, might overlap with payment services as defined in Directive (EU) 2015/2366.
(91)
The tools provided by issuers of electronic money to their clients to manage an e-money token might not be distinguishable from the activity of providing custody and administration services as regulated by this Regulation. Electronic money institutions should therefore be able to provide custody services, without prior authorisation under this Regulation to provide crypto-asset services, only in relation to the e-money tokens issued by them.
(92)
The activity of traditional electronic money distributors, namely, that of distributing electronic money on behalf of issuers, would amount to the activity of placing of crypto-assets for the purposes of this Regulation. However, natural or legal persons allowed to distribute electronic money under Directive 2009/110/EC should also be able to distribute e-money tokens on behalf of issuers of e-money tokens without being required to obtain prior authorisation under this Regulation to provide crypto-asset services. Such distributors should, therefore, be exempt from the requirement to seek authorisation as a crypto-asset service provider for the activity of the placing of crypto-assets.
(93)
A provider of transfer services for crypto-assets should be an entity that provides for the transfer, on behalf of a client, of crypto-assets from one distributed ledger address or account to another. Such transfer service should not include the validators, nodes or miners that might be part of confirming a transaction and updating the state of the underlying distributed ledger. Many crypto-asset service providers also offer some kind of transfer service for crypto-assets as part of, for example, the service of providing custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds or other crypto-assets, or execution of orders for crypto-assets on behalf of clients. Depending on the precise features of the services associated to the transfer of e-money tokens, such services could fall under the definition of payment services in Directive (EU) 2015/2366. In such cases, those transfers should be provided by an entity authorised to provide such payment services in accordance with that Directive.
(94)
This Regulation should not address the lending and borrowing of crypto-assets, including e-money tokens, and therefore should not prejudice applicable national law. The feasibility and necessity of regulating such activities should be further assessed.
(95)
It is important to ensure confidence in markets in crypto-assets and the integrity of those markets. It is therefore necessary to lay down rules to deter market abuse for crypto-assets that are admitted to trading. However, as issuers of crypto-assets and crypto-asset service providers are very often SMEs, it would be disproportionate to apply all of the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council 
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 to them. It is therefore necessary to lay down specific rules prohibiting certain behaviours that are likely to undermine user confidence in markets in crypto-assets and the integrity of those markets, including insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets. Those bespoke rules on market abuse committed in relation to crypto-assets should also be applied in cases where crypto-assets are admitted to trading.
(96)
Legal certainty for participants in markets in crypto-assets should be enhanced through a characterisation of two elements essential to the specification of inside information, namely, the precise nature of that information and the significance of its potential effect on the prices of crypto-assets. Those elements should also be considered for the prevention of market abuse in the context of markets in crypto-assets and their functioning, taking into account, for instance, the use of social media, the use of smart contracts for order executions and the concentration of mining pools.
(97)
Derivatives that qualify as financial instruments as defined in Directive 2014/65/EU, and whose underlying asset is a crypto-asset, are subject to Regulation (EU) No 596/2014 when traded on a regulated market, multilateral trading facility or organised trading facility. Crypto-assets falling within the scope of this Regulation, which are underlying assets of those derivatives, should be subject to the market abuse provisions of this Regulation.
(98)
Competent authorities should be conferred with sufficient powers to supervise the issuance, offer to the public and admission to trading of crypto-assets, including asset-referenced tokens or e-money tokens, as well as to supervise crypto-asset service providers. Those powers should include the power to suspend or prohibit an offer to the public or an admission to trading of crypto-assets or the provision of a crypto-asset service, and to investigate infringements of the rules on market abuse. Issuers of crypto-assets other than asset-referenced tokens or e-money tokens should not be subject to supervision under this Regulation when the issuer is not an offeror or a person seeking admission to trading.
(99)
Competent authorities should also have the power to impose penalties on issuers, offerors or persons seeking admission to trading of crypto-assets, including asset-referenced tokens or e-money tokens, and on crypto-asset service providers. When determining the type and level of an administrative penalty or other administrative measure, competent authorities should take into account all relevant circumstances, including the gravity and the duration of the infringement and whether it was committed intentionally.
(100)
Given the cross-border nature of markets in crypto-assets, competent authorities should cooperate with each other to detect and deter any infringements of this Regulation.
(101)
To facilitate transparency regarding crypto-assets and crypto-asset service providers, ESMA should establish a register of crypto-asset white papers, issuers of asset-referenced tokens, issuers of e-money tokens and crypto-asset service providers.
(102)
Significant asset-referenced tokens can be used as a means of exchange and to make large volumes of payment transactions. Since such large volumes can pose specific risks to monetary transmission channels and monetary sovereignty, it is appropriate to assign to EBA the task of supervising the issuers of asset-referenced tokens, once such tokens have been classified as significant. Such assignment should address the very specific nature of the risks posed by asset-referenced tokens, and should not set a precedent for any other Union legislative acts on financial services.
(103)
Competent authorities in charge of supervision under Directive 2009/110/EC should supervise issuers of e-money tokens. However, given the potential widespread use of significant e-money tokens as a means of payment and the risks they can pose to financial stability, a dual supervision both by competent authorities and by EBA of issuers of significant e-money tokens is necessary. EBA should supervise the compliance by issuers of significant e-money tokens with the specific additional requirements set out in this Regulation for such tokens. Since the specific additional requirements should apply only to electronic money institutions issuing significant e-money tokens, credit institutions issuing significant e-money tokens, to which such requirements do not apply, should remain supervised by their respective competent authorities. The dual supervision should address the very specific nature of the risks posed by e-money tokens, and should not set a precedent for any other Union legislative acts on financial services.
(104)
Significant e-money tokens denominated in an official currency of a Member State other than the euro which are used as a means of exchange and in order to settle large volumes of payment transactions can, although unlikely to occur, pose specific risks to the monetary sovereignty of the Member State in whose official currency they are denominated. Where at least 80 % of the number of holders and of the volume of transactions of those significant e-money tokens are concentrated in the home Member State, the supervisory responsibilities should not be transferred to EBA.
(105)
EBA should establish a college of supervisors for each issuer of significant asset-referenced tokens and of significant e-money tokens. Since issuers of significant asset-referenced tokens and of significant e-money tokens are usually at the centre of a network of entities that ensure the issuance, transfer and distribution of such crypto-assets, the members of the college of supervisors for each issuer should therefore include, amongst others, the competent authorities of the most relevant trading platforms for crypto-assets, in cases where the significant asset-referenced tokens or the significant e-money tokens are admitted to trading, and the competent authorities of the most relevant entities and crypto-asset service providers ensuring the custody and administration of the significant asset-referenced tokens and of significant e-money tokens on behalf of holders. The college of supervisors for issuers of significant asset-referenced tokens and of significant e-money tokens should facilitate the cooperation and exchange of information among its members and should issue non-binding opinions on, amongst others, changes to the authorisation of, or supervisory measures concerning, such issuers.
(106)
To supervise issuers of significant asset-referenced tokens and of significant e-money tokens, EBA should have the powers, amongst others, to carry out on-site inspections, take supervisory measures and impose fines.
(107)
EBA should charge fees to issuers of significant asset-referenced tokens and of significant e-money tokens to cover its costs, including for overheads. For issuers of significant asset-referenced tokens, the fee should be proportionate to the size of their reserve of assets. For issuers of significant e-money tokens, the fee should be proportionate to the amount of funds received in exchange for the significant e-money tokens.
(108)
In order to ensure the effectiveness of this Regulation, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of further specifying technical elements of the definitions set out in this Regulation in order to adjust them to market and technological developments, further specifying certain criteria to determine whether an asset-referenced token or an e-money token should be classified as significant, determining when there is a significant investor protection concern or a threat to the proper functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union, further specifying the procedural rules for the exercise of the power of EBA to impose fines or periodic penalty payments, including provisions on the rights of the defence, temporal provisions, and the collection of fines or periodic penalty payments, and the limitation periods for the imposition and enforcement of fines and periodic penalty payments, and further specifying the type and amount of supervisory fees that EBA can charge to the issuers of significant asset-referenced tokens or significant e-money tokens. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making 
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. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
(109)
In order to promote the consistent application of this Regulation across the Union, including the adequate protection of holders of crypto-assets and clients of crypto-asset service providers, in particular when they are consumers, technical standards should be developed. It is efficient and appropriate to entrust EBA and ESMA, as bodies with highly specialised expertise, with the development of draft regulatory technical standards, which do not involve policy choices, for submission to the Commission.
(110)
The Commission should be empowered to adopt regulatory technical standards developed by EBA and ESMA with regard to: the content, methodologies and presentation of information in a crypto-asset white paper on principal adverse impacts on the climate and other environment‐related adverse impacts of the consensus mechanism used to issue the crypto-asset; the procedure for approval of crypto-asset white papers submitted by credit institutions when issuing asset-referenced tokens; the information that an application for authorisation as an issuer of asset-referenced tokens should contain; the methodology to estimate the quarterly average number and average aggregate value of transactions per day associated to uses of asset-referenced tokens and e-money tokens denominated in a currency which is not an official currency of a Member State as a means of exchange in each single currency area; the requirements, templates and procedures for handling complaints of holders of asset-referenced tokens and of clients of crypto-asset service providers; the requirements for the policies and procedures to identify, prevent, manage and disclose conflicts of interest of issuers of asset-referenced tokens and the details and methodology for the content of that disclosure; the procedure and timeframe for an issuer of asset-referenced tokens and significant e-money tokens to adjust to higher own funds requirements, the criteria for requiring higher own funds, the minimum requirements for the design of stress testing programmes; the liquidity requirements for the reserve of assets; the financial instruments into which the reserve of assets can be invested; detailed content of information necessary to carry out the assessment of the proposed acquisition of the qualifying holding in an issuer of asset-referenced tokens; requirements for additional obligations for issuers of significant asset-referenced tokens; the information that credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, UCITS management companies and alternative investment fund managers who intend to provide crypto-asset services notify to competent authorities; the information that an application for the authorisation of crypto-asset service provider contains; the content, methodologies and presentation of information that the crypto-assets service provider makes publicly available and that is related to principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue each crypto-asset in relation to which they provide services; measures ensuring continuity and regularity in the performance of the crypto-asset services and the records to be kept of all crypto-asset services, orders and transactions that they undertake; the requirements for the policies to identify, prevent, manage and disclose conflicts of interest of crypto-asset service providers and the details and methodology for the content of that disclosure; the manner in which transparency data of the operator of a trading platform is to be offered and the content and format of order book records regarding the trading platform; the detailed content of the information necessary to carry out the assessment of the proposed acquisition of the qualifying holding in a crypto-asset service provider; the appropriate arrangements, systems and procedures for monitoring and detecting market abuse; the notification template for reporting suspicions of market abuse and coordination procedures between the relevant competent authorities for the detection of market abuse; the information to be exchanged between the competent authorities; a template document for cooperation arrangements between the competent authorities of Member States and supervisory authorities of third countries; the data necessary for the classification of crypto-asset white papers in ESMA’s register and the practical arrangements to ensure that such data is machine-readable; the conditions under which certain members of college of supervisors for issuers of significant asset-referenced tokens and issuers of significant e-money tokens are to be considered most relevant in their category; and the conditions under which it is considered that asset-referenced tokens or e-money tokens are used at a large scale for the purposes of qualifying certain members of that college and details of the practical arrangements for the functioning of that college. The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010 and of (EU) No 1095/2010, respectively.
(111)
The Commission should be empowered to adopt implementing technical standards developed by EBA and ESMA, with regard to: establishing standard forms, formats and templates for crypto-asset white papers; establishing standard forms, templates and procedures to transmit information for the purposes of the application for authorisation as an issuer of asset-referenced tokens; establishing standard forms, formats and templates for the purposes of reporting on asset-referenced tokens and e-money tokens denominated in a currency which is not an official currency of a Member State that are issued with a value higher than EUR 100 000 000; establishing standard forms, templates and procedures for the notification of information to competent authorities by credit institutions, central securities depositories, investment firms, market operators, electronic money institutions, UCITS management companies and alternative investment fund managers who intend to provide crypto-asset services; establishing standard forms, templates and procedures for the application for authorisation as crypto-asset service providers; determining the technical means for public disclosure of inside information and for delaying the public disclosure of inside information; and establishing standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and between competent authorities, EBA and ESMA. The Commission should adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1093/2010 and Article 15 of Regulation (EU) No 1095/2010.
(112)
Since the objectives of this Regulation, namely addressing the fragmentation of the legal framework applicable to offerors or persons seeking the admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, to issuers of asset-referenced tokens and e-money tokens and to crypto-asset service providers, and ensuring the proper functioning of markets in crypto-assets while ensuring the protection of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders, as well as the protection of market integrity and financial stability, cannot be sufficiently achieved by the Member States but can rather, by creating a framework on which a larger cross-border market in crypto-assets and crypto-asset service providers could develop, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
(113)
In order to avoid disrupting market participants that provide services and activities in relation to crypto-assets other than asset-referenced tokens and e-money tokens that have been issued before the date of application of this Regulation, issuers of such crypto-assets should be exempt from the obligation to publish a crypto-asset white paper and certain other requirements of this Regulation. However, certain obligations should apply when such crypto-assets were admitted to trading before the date of application of this Regulation. In order to avoid disruption to existing market participants, transitional provisions are necessary for issuers of asset-referenced tokens that were in operation at the time of entry into application of this Regulation.
(114)
Since the national regulatory frameworks applicable to crypto-asset service providers before the entry into application of this Regulation differ among Member States, it is essential that those Member States that do not, at present, have in place strong prudential requirements for crypto-asset service providers currently operating under their regulatory frameworks have the possibility of requiring such crypto-asset service providers to be subject to stricter requirements than those under the national regulatory frameworks. In such cases, Member States should be permitted to not apply, or to reduce, the 18-month transitional period that would otherwise allow crypto-asset service providers to provide services based on their existing national regulatory framework. Such an option for Member States should not set a precedent for any other Union legislative acts on financial services.
(115)
Whistleblowers should be able to bring new information to the attention of competent authorities that helps them in detecting infringements of this Regulation and imposing penalties. This Regulation should therefore ensure that adequate arrangements are in place to enable whistleblowers to alert competent authorities to actual or potential infringements of this Regulation and to protect them from retaliation. That should be done by amending Directive (EU) 2019/1937 of the European Parliament and of the Council 
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 in order to make it applicable to infringements of this Regulation.
(116)
Given that EBA should be mandated with the direct supervision of issuers of significant asset-referenced tokens and of significant e-money tokens, and ESMA should be mandated to make use of its powers in relation to significant crypto-asset service providers, it is necessary to ensure that EBA and ESMA are able to exercise all of their powers and tasks in order to fulfil their objectives of protecting the public interest by contributing to the short-, medium- and long-term stability and effectiveness of the financial system for the Union economy, its citizens and businesses and to ensure that issuers of crypto-assets and crypto-asset service providers are covered by Regulations (EU) No 1093/2010 and (EU) No 1095/2010. Those Regulations should therefore be amended accordingly.
(117)
The issuance, offer or seeking of admission to trading of crypto-assets and the provision of crypto-asset services could involve the processing of personal data. Any processing of personal data under this Regulation should be carried out in accordance with applicable Union law on the protection of personal data. This Regulation is without prejudice to the rights and obligations under Regulation (EU) 2016/679 of the European Parliament and of the Council 
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 and Regulation (EU) 2018/1725 of the European Parliament and of the Council 
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.
(118)
The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered an opinion on 24 June 2021 
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.
(119)
The date of application of this Regulation should be deferred in order to allow for the adoption of regulatory technical standards, implementing technical standards and delegated acts that are necessary to further specify certain elements of this Regulation,
HAVE ADOPTED THIS REGULATION:
TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1
Subject matter
1.   This Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.
2.   In particular, this Regulation lays down the following:
(a)
transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’);
(b)
requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance;
(c)
requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets;
(d)
requirements for the protection of clients of crypto-asset service providers;
(e)
measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.
Article 2
Scope
1.   This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union.
2.   This Regulation does not apply to:
(a)
persons who provide crypto-asset services exclusively for their parent companies, for their own subsidiaries or for other subsidiaries of their parent companies;
(b)
a liquidator or an administrator acting in the course of an insolvency procedure, except for the purposes of Article 47;
(c)
the ECB, central banks of the Member States when acting in their capacity as monetary authorities, or other public authorities of the Member States;
(d)
the European Investment Bank and its subsidiaries;
(e)
the European Financial Stability Facility and the European Stability Mechanism;
(f)
public international organisations.
3.   This Regulation does not apply to crypto-assets that are unique and not fungible with other crypto-assets.
4.   This Regulation does not apply to crypto-assets that qualify as one or more of the following:
(a)
financial instruments;
(b)
deposits, including structured deposits;
(c)
funds, except if they qualify as e-money tokens;
(d)
securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402;
(e)
non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC of the European Parliament and of the Council 
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 or reinsurance and retrocession contracts referred to in that Directive;
(f)
pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits;
(g)
officially recognised occupational pension schemes falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council 
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 or Directive 2009/138/EC;
(h)
individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider;
(i)
a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the Council 
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;
(j)
social security schemes covered by Regulations (EC) No 883/2004 
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 and (EC) No 987/2009 of the European Parliament and of the Council 
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.
5.   By 30 December 2024, ESMA shall, for the purposes of paragraph 4, point (a), of this Article issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assets as financial instruments.
6.   This Regulation shall be without prejudice to Regulation (EU) No 1024/2013.
Article 3
Definitions
1.   For the purposes of this Regulation, the following definitions apply:
(1)
‘distributed ledger technology’ or ‘DLT’ means a technology that enables the operation and use of distributed ledgers;
(2)
‘distributed ledger’ means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;
(3)
‘consensus mechanism’ means the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated;
(4)
‘DLT network node’ means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger;
(5)
‘crypto-asset’ means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;
(6)
‘asset-referenced token’ means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;
(7)
‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;
(8)
‘official currency’ means an official currency of a country that is issued by a central bank or other monetary authority;
(9)
‘utility token’ means a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer;
(10)
‘issuer’ means a natural or legal person, or other undertaking, who issues crypto-assets;
(11)
‘applicant issuer’ means an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;
(12)
‘offer to the public’ means a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets;
(13)
‘offeror’ means a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;
(14)
‘funds’ means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;
(15)
‘crypto-asset service provider’ means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;
(16)
‘crypto-asset service’ means any of the following services and activities relating to any crypto-asset:
(a)
providing custody and administration of crypto-assets on behalf of clients;
(b)
operation of a trading platform for crypto-assets;
(c)
exchange of crypto-assets for funds;
(d)
exchange of crypto-assets for other crypto-assets;
(e)
execution of orders for crypto-assets on behalf of clients;
(f)
placing of crypto-assets;
(g)
reception and transmission of orders for crypto-assets on behalf of clients;
(h)
providing advice on crypto-assets;
(i)
providing portfolio management on crypto-assets;
(j)
providing transfer services for crypto-assets on behalf of clients;
(17)
‘providing custody and administration of crypto-assets on behalf of clients’ means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;
(18)
‘operation of a trading platform for crypto-assets’ means the management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets;
(19)
‘exchange of crypto-assets for funds’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital;
(20)
‘exchange of crypto-assets for other crypto-assets’ means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;
(21)
‘execution of orders for crypto-assets on behalf of clients’ means the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;
(22)
‘placing of crypto-assets’ means the marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers;
(23)
‘reception and transmission of orders for crypto-assets on behalf of clients’ means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution;
(24)
‘providing advice on crypto-assets’ means offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto-asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services;
(25)
‘providing portfolio management of crypto-assets’ means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets;
(26)
‘providing transfer services for crypto-assets on behalf of clients’ means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another;
(27)
‘management body’ means the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity;
(28)
‘credit institution’ means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU;
(29)
‘investment firm’ means an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU;
(30)
‘qualified investors’ means persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU;
(31)
‘close links’ means close links as defined in Article 4(1), point (35), of Directive 2014/65/EU;
(32)
‘reserve of assets’ means the basket of reserve assets securing the claim against the issuer;
(33)
‘home Member State’ means:
(a)
where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office;
(b)
where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches;
(c)
where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made;
(d)
in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office;
(e)
in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC;
(f)
in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office;
(34)
‘host Member State’ means the Member State where an offeror or person seeking admission to trading has made an offer to the public of crypto-assets or is seeking admission to trading, or where a crypto-asset service provider provides crypto-asset services, where different from the home Member State;
(35)
‘competent authority’ means one or more authorities:
(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, or crypto-asset service providers;
(b)
designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;
(36)
‘qualifying holding’ means any direct or indirect holding in an issuer of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council 
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, respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced tokens or the management of the crypto-asset service provider in which that holding subsists;
(37)
‘retail holder’ means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;
(38)
‘online interface’ means any software, including a website, part of a website or an application, that is operated by or on behalf of an offeror or crypto-asset service provider, and which serves to give holders of crypto-assets access to their crypto-assets and to give clients access to crypto-asset services;
(39)
‘client’ means any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;
(40)
‘matched principal trading’ means matched principal trading as defined in Article 4(1), point (38), of Directive 2014/65/EU;
(41)
‘payment services’ means payment services as defined in Article 4, point (3), of Directive (EU) 2015/2366;
(42)
‘payment service provider’ means a payment service provider as defined in Article 4, point (11), of Directive (EU) 2015/2366;
(43)
‘electronic money institution’ means an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC;
(44)
‘electronic money’ means electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;
(45)
‘personal data’ means personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679;
(46)
‘payment institution’ means a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366;
(47)
‘UCITS management company’ means a management company as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council 
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33
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;
(48)
‘alternative investment fund manager’ means an AIFM as defined in Article 4(1), point (b), of Directive 2011/61/EU of the European Parliament and of the Council 
(
34
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;
(49)
‘financial instrument’ means financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU;
(50)
‘deposit’ means a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU;
(51)
‘structured deposit’ means a structured deposit as defined in Article 4(1), point (43), of Directive 2014/65/EU.
2.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying technical elements of the definitions laid down in paragraph 1 of this Article, and to adjust those definitions to market developments and technological developments.
TITLE II
CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
Article 4
Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens
1.   A person shall not make an offer to the public of a crypto-asset other than an asset-referenced token or e-money token in the Union unless that person:
(a)
is a legal person;
(b)
has drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6;
(c)
has notified the crypto-asset white paper in accordance with Article 8;
(d)
has published the crypto-asset white paper in accordance with Article 9;
(e)
has drafted the marketing communications, if any, in respect of that crypto-asset in accordance with Article 7;
(f)
has published the marketing communications, if any, in respect of that crypto-asset in accordance with Article 9;
(g)
complies with the requirements for offerors laid down in Article 14.
2.   Paragraph 1, points (b), (c), (d) and (f), shall not apply to any of the following offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens:
(a)
an offer to fewer than 150 natural or legal persons per Member State where such persons are acting on their own account;
(b)
over a period of 12 months, starting with the beginning of the offer, the total consideration of an offer to the public of a crypto-asset in the Union does not exceed EUR 1 000 000, or the equivalent amount in another official currency or in crypto-assets;
(c)
an offer of a crypto-asset addressed solely to qualified investors where the crypto-asset can only be held by such qualified investors.
3.   This Title shall not apply to offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens where any of the following apply:
(a)
the crypto-asset is offered for free;
(b)
the crypto-asset is automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;
(c)
the offer concerns a utility token providing access to a good or service that exists or is in operation;
(d)
the holder of the crypto-asset has the right to use it only in exchange for goods and services in a limited network of merchants with contractual arrangements with the offeror.
For the purposes of point (a) of the first subparagraph, a crypto-asset shall not be considered to be offered for free where purchasers are required to provide, or to undertake to provide, personal data to the offeror in exchange for that crypto-asset, or where the offeror of a crypto-asset receives from prospective holders of that crypto-asset any fees, commissions, or monetary or non-monetary benefits in exchange for that crypto-asset.
Where, for each 12-month period starting from the beginning of the initial offer to the public, the total consideration of an offer to the public of a crypto-asset in the circumstances referred to in the first subparagraph, point (d), in the Union exceeds EUR 1 000 000, the offeror shall send a notification to the competent authority containing a description of the offer and explaining why the offer is exempt from this Title pursuant to the first subparagraph, point (d).
Based on the notification referred to in the third subparagraph, the competent authority shall take a duly justified decision where it considers that the activity does not qualify for an exemption as a limited network under the first subparagraph, point (d), and shall inform the offeror accordingly.
4.   The exemptions listed in paragraphs 2 and 3 shall not apply where the offeror, or another person acting on the offeror’s behalf, makes known in any communication its intention to seek admission to trading of a crypto-asset other than an asset-referenced token or e-money token.
5.   Authorisation as a crypto-asset service provider pursuant to Article 59 is not required for providing custody and administration of crypto-assets on behalf of clients or for providing transfer services for crypto-assets in relation to crypto-assets whose offers to the public are exempt pursuant to paragraph 3 of this Article, unless:
(a)
there exists another offer to the public of the same crypto-asset and that offer does not benefit from the exemption; or
(b)
the crypto-asset offered is admitted to a trading platform.
6.   Where the offer to the public of the crypto-asset other than an asset-referenced token or e-money token concerns a utility token providing access to goods and services that do not yet exist or are not yet in operation, the duration of the offer to the public as described in the crypto-asset white paper shall not exceed 12 months from the date of publication of the crypto-asset white paper.
7.   Any subsequent offer to the public of the crypto-asset other than an asset-referenced token or e-money token shall be deemed a separate offer to the public to which the requirements of paragraph 1 apply, without prejudice to the possible application of paragraph 2 or 3 to the subsequent offer to the public.
No additional crypto-asset white paper shall be required for any subsequent offer to the public of the crypto-asset other than an asset-referenced token or e-money token so long as a crypto-asset white paper has been published in accordance with Articles 9 and 12, and the person responsible for drawing up such white paper consents to its use in writing.
8.   Where an offer to the public of a crypto-asset other than an asset-referenced token or e-money token is exempt from the obligation to publish a crypto-asset white paper under paragraph 2 or 3, but a white paper is nevertheless drawn up voluntarily, this Title shall apply.
Article 5
Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
1.   A person shall not seek admission to trading of a crypto-asset other than an asset-referenced token or e-money token within the Union unless that person:
(a)
is a legal person;
(b)
has drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6;
(c)
has notified the crypto-asset white paper in accordance with Article 8;
(d)
has published the crypto-asset white paper in accordance with Article 9;
(e)
has drafted the marketing communications, if any, in respect of that crypto-asset in accordance with Article 7;
(f)
has published the marketing communications, if any, in respect of that crypto-asset in accordance with Article 9;
(g)
complies with the requirements for persons seeking admission to trading laid down in Article 14.
2.   When a crypto-asset is admitted to trading on the initiative of the operator of a trading platform and a crypto-asset white paper has not been published in accordance with Article 9 in the cases required by this Regulation, the operator of that trading platform for crypto-assets shall comply with the requirements set out in paragraph 1 of this Article.
3.   By way of derogation from paragraph 1, a person seeking admission to trading of a crypto-asset other than an asset-referenced token or e-money token and the respective operator of the trading platform may agree in writing that it shall be the operator of the trading platform who is required to comply with all or part of the requirements referred to in paragraph 1, points (b) to (g).
The agreement in writing referred to in the first subparagraph of this paragraph shall clearly state that the person seeking admission to trading is required to provide the operator of the trading platform with all necessary information to enable that operator to satisfy the requirements referred to in paragraph 1, points (b) to (g), as applicable.
4.   Paragraph 1, points (b), (c) and (d), shall not apply where:
(a)
the crypto-asset is already admitted to trading on another trading platform for crypto-assets in the Union; and
(b)
the crypto-asset white paper is drawn up in accordance with Article 6, updated in accordance with Article 12, and the person responsible for drawing up such white paper consents to its use in writing.
Article 6
Content and form of the crypto-asset white paper
1.   A crypto-asset white paper shall contain all of the following information, as further specified in Annex I:
(a)
information about the offeror or the person seeking admission to trading;
(b)
information about the issuer, if different from the offeror or person seeking admission to trading;
(c)
information about the operator of the trading platform in cases where it draws up the crypto-asset white paper;
(d)
information about the crypto-asset project;
(e)
information about the offer to the public of the crypto-asset or its admission to trading;
(f)
information about the crypto-asset;
(g)
information on the rights and obligations attached to the crypto-asset;
(h)
information on the underlying technology;
(i)
information on the risks;
(j)
information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the crypto-asset.
In cases where the crypto-asset white paper is not drawn up by the persons referred to in the first subparagraph, points (a), (b) and (c), the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.
2.   All of the information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.
3.   The crypto-asset white paper shall contain the following clear and prominent statement on the first page:
‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’.
Where the crypto-asset white paper is drawn up by the person seeking admission to trading or by an operator of a trading platform, then, instead of ‘offeror’, a reference to ‘person seeking admission to trading’ or ‘operator of the trading platform’ shall be included in the statement referred to in the first subparagraph.
4.   The crypto-asset white paper shall not contain any assertions as regards the future value of the crypto-asset, other than the statement referred to in paragraph 5.
5.   The crypto-asset white paper shall contain a clear and unambiguous statement that:
(a)
the crypto-asset may lose its value in part or in full;
(b)
the crypto-asset may not always be transferable;
(c)
the crypto-asset may not be liquid;
(d)
where the offer to the public concerns a utility token, that utility token may not be exchangeable against the good or service promised in the crypto-asset white paper, especially in the case of a failure or discontinuation of the crypto-asset project;
(e)
the crypto-asset is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council 
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;
(f)
the crypto-asset is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
6.   The crypto-asset white paper shall contain a statement from the management body of the offeror, the person seeking admission to trading or the operator of the trading platform. That statement, which shall be inserted after the statement referred to in paragraph 3, shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
7.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 6, which shall in brief and non-technical language provide key information about the offer to the public of the crypto-asset or the intended admission to trading. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the crypto-asset concerned in order to help prospective holders of the crypto-asset to make an informed decision.
The summary shall contain a warning that:
(a)
it should be read as an introduction to the crypto-asset white paper;
(b)
the prospective holder should base any decision to purchase the crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone;
(c)
the offer to the public of the crypto-asset does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law;
(d)
the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council 
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36
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 or any other offer document pursuant to Union or national law.
8.   The crypto-asset white paper shall contain the date of its notification and a table of contents.
9.   The crypto-asset white paper shall be drawn up in an official language of the home Member State, or in a language customary in the sphere of international finance.
Where the crypto-asset is also offered in a Member State other than the home Member State, the crypto-asset white paper shall also be drawn up in an official language of the host Member State, or in a language customary in the sphere of international finance.
10.   The crypto-asset white paper shall be made available in a machine-readable format.
11.   ESMA, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 10.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
12.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of the information referred to in paragraph 1, first subparagraph, point (j), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.
When developing the draft regulatory technical standards referred to in the first subparagraph, ESMA shall consider the various types of consensus mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. ESMA shall update those regulatory technical standards in the light of regulatory and technological developments.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 7
Marketing communications
1.   Any marketing communications relating to an offer to the public of a crypto-asset other than an asset-referenced token or e-money token, or to the admission to trading of such crypto-asset, shall comply with all of the following requirements:
(a)
the marketing communications are clearly identifiable as such;
(b)
the information in the marketing communications is fair, clear and not misleading;
(c)
the information in the marketing communications is consistent with the information in the crypto-asset white paper, where such crypto-asset white paper is required pursuant to Article 4 or 5;
(d)
the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the offeror, the person seeking admission to trading, or the operator of the trading platform for the crypto-asset concerned, as well as a telephone number and an email address to contact that person;
(e)
the marketing communications contain the following clear and prominent statement:
‘This crypto-asset marketing communication has not been reviewed or approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset marketing communication.’.
Where the marketing communication is prepared by the person seeking admission to trading or the operator of a trading platform, then, instead of ‛offeror’, a reference to ‘person seeking admission to trading’ or ‘operator of the trading platform’ shall be included in the statement referred to in the first subparagraph, point (e).
2.   Where a crypto-asset white paper is required pursuant to Article 4 or 5, no marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. The ability of the offeror, the person seeking admission to trading or the operator of a trading platform, to conduct market soundings shall not be affected.
3.   The competent authority of the Member State where the marketing communications are disseminated shall have the power to assess compliance with paragraph 1 in respect of those marketing communications.
Where necessary, the competent authority of the home Member State shall assist the competent authority of the Member State where the marketing communications are disseminated with assessing the consistency of the marketing communications with the information in the crypto-asset white paper.
4.   The use of any of the supervisory and investigatory powers set out in Article 94 in relation to the enforcement of this Article by the competent authority of a host Member State shall be notified without undue delay to the competent authority of the home Member State of the offeror, the person seeking admission to trading or the operator of the trading platform for the crypto-assets.
Article 8
Notification of the crypto-asset white paper and of the marketing communications
1.   Offerors, persons seeking admission to trading, or operators of trading platforms for crypto-assets other than asset-referenced tokens or e-money tokens shall notify their crypto-asset white paper to the competent authority of their home Member State.
2.   Marketing communications shall, upon request, be notified to the competent authority of the home Member State and to the competent authority of the host Member State, when addressing prospective holders of crypto-assets other than asset-referenced tokens or e-money tokens in those Member States.
3.   Competent authorities shall not require prior approval of crypto-asset white papers, nor of any marketing communications relating thereto, before their respective publication.
4.   The notification of the crypto-asset white paper referred to in paragraph 1 shall be accompanied by an explanation of why the crypto-asset described in the crypto-asset white paper should not be considered to be:
(a)
a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4);
(b)
an e-money token; or
(c)
an asset-referenced token.
5.   The elements referred in paragraphs 1 and 4 shall be notified to the competent authority of the home Member State at least 20 working days before the date of publication of the crypto-asset white paper.
6.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens shall, together with the notification referred to in paragraph 1, provide the competent authority of their home Member State with a list of the host Member States, if any, where they intend to offer their crypto-assets to the public or intend to seek admission to trading. They shall also inform the competent authority of their home Member State of the starting date of the intended offer to the public or intended admission to trading and of any change to that date.
The competent authority of the home Member State shall notify the single point of contact of the host Member States of the intended offer to the public or the intended admission to trading and communicate to that single point of contact the corresponding crypto-asset white paper within five working days of receipt of the list of host Member States referred to in the first subparagraph.
7.   The competent authority of the home Member State shall communicate to ESMA the information referred to in paragraphs 1, 2 and 4 as well as the starting date of the intended offer to the public or intended admission to trading and of any change to that date. It shall communicate such information within five working days of receipt thereof from the offeror or the person seeking admission to trading.
ESMA shall make the crypto-asset white paper available in the register, under Article 109(2), by the starting date of the offer to the public or admission to trading.
Article 9
Publication of the crypto-asset white paper and of the marketing communications
1.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens shall publish their crypto-asset white papers and, where applicable, their marketing communications, on their website, which shall be publicly accessible, at a reasonable time in advance of, and in any event before the starting date of, the offer to the public of those crypto-assets or the admission to trading of those crypto-assets. The crypto-asset white papers and, where applicable, the marketing communications, shall remain available on the website of the offerors or persons seeking admission trading for as long as the crypto-assets are held by the public.
2.   The published crypto-asset white papers and, where applicable, the marketing communications, shall be identical to the version notified to the competent authority in accordance with Article 8 or, where applicable, to the version modified in accordance with Article 12.
Article 10
Result of the offer to the public and safeguarding arrangements
1.   Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that set a time limit on their offer to the public of those crypto-assets shall publish on their website the result of the offer to the public within 20 working days of the end of the subscription period.
2.   Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that do not set a time limit on their offer to the public of those crypto-assets shall publish on their website on an ongoing basis, at least monthly, the number of units of the crypto-assets in circulation.
3.   Offerors of crypto-assets other than asset-referenced tokens or e-money tokens that set a time limit on their offer to the public of crypto-assets shall have effective arrangements in place to monitor and safeguard the funds or other crypto-assets raised during the offer to the public. For that purpose, those offerors shall ensure that the funds or crypto-assets collected during the offer to the public are kept in custody by one or both of the following:
(a)
a credit institution, where funds are raised during the offer to the public;
(b)
a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients.
4.   When the offer to the public has no time limit, the offeror shall comply with paragraph 3 of this Article until the right of withdrawal of the retail holder pursuant to Article 13 has expired.
Article 11
Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
1.   After publication of the crypto-asset white paper in accordance with Article 9 and, where applicable, of the modified crypto-asset white paper in accordance with Article 12, offerors may offer crypto-assets other than asset-referenced tokens or e-money tokens throughout the Union and such crypto-assets may be admitted to trading on a trading platform for crypto-assets in the Union.
2.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens that have published a crypto-asset white paper in accordance with Article 9 and, where applicable, a modified crypto-asset white paper pursuant to Article 12, shall not be subject to any further information requirements with regard to the offer to the public or the admission to trading of that crypto-asset.
Article 12
Modification of published crypto-asset white papers and of published marketing communications
1.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced tokens or e-money tokens shall modify their published crypto-asset white papers and, where applicable, their published marketing communications, whenever there is a significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the crypto-assets. That requirement shall apply for the duration of the offer to the public or for as long as the crypto-asset is admitted to trading.
2.   Offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced tokens or e-money tokens shall notify their modified crypto-asset white papers and, where applicable, modified marketing communications, and the intended publication date, to the competent authority of their home Member State, including the reasons for such modification, at least seven working days before their publication.
3.   On the date of publication, or earlier if required by the competent authority, the offeror, the person seeking admission to trading or the operator of the trading platform shall immediately inform the public on its website of the notification of a modified crypto-asset white paper with the competent authority of its home Member State and shall provide a summary of the reasons for which it has notified a modified crypto-asset white paper.
4.   The order of the information in a modified crypto-asset white paper and, where applicable, in modified marketing communications, shall be consistent with that of the crypto-asset white paper or marketing communications published in accordance with Article 9.
5.   Within five working days of receipt of the modified crypto-asset white paper and, where applicable, of the modified marketing communications, the competent authority of the home Member State shall notify the modified crypto-asset white paper and, where applicable, the modified marketing communications to the competent authority of the host Member States referred to in Article 8(6) and communicate the notification and the date of publication to ESMA.
ESMA shall make the modified crypto-asset white paper available in the register, under Article 109(2), upon publication.
6.   Offerors, persons seeking admission to trading or operators of trading platforms for crypto-assets other than asset-referenced tokens or e-money tokens shall publish the modified crypto-asset white paper and, where applicable, the modified marketing communications, including the reasons for such modification, on their website in accordance with Article 9.
7.   The modified crypto-asset white paper and, where applicable, the modified marketing communications, shall be time-stamped. The most recent modified crypto-asset white paper and, where applicable, the modified marketing communications shall be marked as the applicable version. All modified crypto-asset white papers and, where applicable, modified marketing communications shall remain available for as long as the crypto-assets are held by the public.
8.   Where the offer to the public concerns a utility token providing access to goods and services that do not yet exist or are not yet in operation, changes made in the modified crypto-asset white paper and, where applicable, the modified marketing communications, shall not extend the time limit of 12 months referred to in Article 4(6).
9.   Older versions of the crypto-asset white paper and the marketing communications shall remain publicly available on the website of the offerors, persons seeking admission to trading, or operators of trading platforms, for at least 10 years after the date of publication of those older versions, with a prominent warning stating that they are no longer valid and with a hyperlink to the dedicated section on the website where the most recent version of those documents is published.
Article 13
Right of withdrawal
1.   Retail holders who purchase crypto-assets other than asset-referenced tokens and e-money tokens either directly from an offeror or from a crypto-asset service provider placing crypto-assets on behalf of that offeror shall have a right of withdrawal.
Retail holders shall have a period of 14 calendar days within which to withdraw from their agreement to purchase crypto-assets other than asset-referenced tokens and e-money tokens without incurring any fees or costs and without being required to give reasons. The period of withdrawal shall begin from the date of the agreement of the retail holder to purchase those crypto-assets.
2.   All payments received from a retail holder including, if applicable, any charges, shall be reimbursed without undue delay and in any event no later than 14 days from the date on which the offeror or the crypto-asset service provider placing crypto-assets on behalf of that offeror is informed of the retail holder’s decision to withdraw from the agreement to purchase those crypto-assets.
Such reimbursement shall be carried out using the same means of payment as that used by the retail holder for the initial transaction, unless the retail holder expressly agrees otherwise and provided that the retail holder does not incur any fees or costs as a result of such reimbursement.
3.   Offerors of crypto-assets shall provide information on the right of withdrawal referred to in paragraph 1 in their crypto-asset white paper.
4.   The right of withdrawal referred to in paragraph 1 shall not apply where the crypto-assets have been admitted to trading prior to their purchase by the retail holder.
5.   Where offerors have set a time limit on their offer to the public of such crypto-assets in accordance with Article 10, the right of withdrawal shall not be exercised after the end of the subscription period.
Article 14
Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
1.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens shall:
(a)
act honestly, fairly and professionally;
(b)
communicate with holders and prospective holders of the crypto-assets in a fair, clear and not misleading manner;
(c)
identify, prevent, manage and disclose any conflicts of interest that might arise;
(d)
maintain all of their systems and security access protocols in conformity with the appropriate Union standards.
For the purposes of point (d) of the first subparagraph, ESMA, in cooperation with EBA, shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify those Union standards.
2.   Offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens shall act in the best interests of the holders of such crypto-assets and shall treat them equally, unless any preferential treatment of specific holders and the reasons for that preferential treatment are disclosed in the crypto-asset white paper and, where applicable, the marketing communications.
3.   Where an offer to the public of a crypto-asset other than an asset-referenced token or e-money token is cancelled, offerors of such crypto-asset shall ensure that any funds collected from holders or prospective holders are duly returned to them no later than 25 calendar days after the date of cancellation.
Article 15
Liability for the information given in a crypto-asset white paper
1.   Where an offeror, person seeking admission to trading or operator of a trading platform, has infringed Article 6 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear or that is misleading, that offeror, person seeking admission to trading or operator of a trading platform and the members of its administrative, management or supervisory body shall be liable to a holder of the crypto-asset for any loss incurred due to that infringement.
2.   Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.
3.   Where the crypto-asset white paper and marketing communications are prepared by the operator of the trading platform in accordance with Article 5(3), the person seeking admission to trading shall also be held responsible when it provides information that is not complete, fair or clear, or that is misleading to the operator of the trading platform.
4.   It shall be the responsibility of the holder of the crypto-asset to present evidence indicating that the offeror, person seeking admission to trading, or operator of the trading platform for crypto-assets other than asset-referenced tokens or e-money tokens has infringed Article 6 by providing information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that crypto-asset.
5.   The offeror, person seeking admission to trading, or operator of the trading platform and the members of its administrative, management or supervisory body shall not be liable to a holder of a crypto-asset for loss incurred as a result of reliance on the information provided in a summary as referred to in Article 6(7), including any translation thereof, except where the summary:
(a)
is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or
(b)
does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders of the crypto-asset when considering whether to purchase such crypto-asset.
6.   This Article is without prejudice to any other civil liability pursuant to national law.
TITLE III
ASSET-REFERENCED TOKENS
CHAPTER 1
Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading
Article 16
Authorisation
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
(b)
a credit institution that complies with Article 17.
Notwithstanding the first subparagraph, upon the written consent of the issuer of an asset-referenced token, other persons may offer to the public or seek the admission to trading of that asset-referenced token. Those persons shall comply with Articles 27, 29 and 40.
For the purposes of point (a) of the first subparagraph, other undertakings may issue asset-referenced tokens only if their legal form ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form.
2.   Paragraph 1 shall not apply where:
(a)
over a period of 12 months, calculated at the end of each calendar day, the average outstanding value of the asset-referenced token issued by an issuer never exceeds EUR 5 000 000, or the equivalent amount in another official currency, and the issuer is not linked to a network of other exempt issuers; or
(b)
the offer to the public of the asset-referenced token is addressed solely to qualified investors and the asset-referenced token can only be held by such qualified investors.
Where this paragraph applies, issuers of asset-referenced tokens shall draw up a crypto-asset white paper as provided for in Article 19 and notify that crypto-asset white paper and, upon request, any marketing communications, to the competent authority of their home Member State.
3.   The authorisation granted by the competent authority to a person referred to in paragraph 1, first subparagraph, point (a), shall be valid for the entire Union and shall allow an issuer of an asset-referenced token to offer to the public, throughout the Union, the asset-referenced token for which it has been authorised, or to seek an admission to trading of such asset-referenced token.
4.   The approval granted by the competent authority of an issuer’s crypto-asset white paper under Article 17(1) or Article 21(1) or of the modified crypto-asset white paper under Article 25 shall be valid for the entire Union.
Article 17
Requirements for credit institutions
1.   An asset-referenced token issued by a credit institution may be offered to the public or admitted to trading if the credit institution:
(a)
draws up a crypto-asset white paper as referred to in Article 19 for the asset-referenced token, submits that crypto-asset white paper for approval by the competent authority of its home Member State in accordance with the procedure set out in the regulatory technical standards adopted pursuant to paragraph 8 of this Article, and has the crypto-asset white paper approved by the competent authority;
(b)
notifies the respective competent authority, at least 90 working days before issuing the asset-referenced token for the first time, by providing it with the following information:
(i)
a programme of operations, setting out the business model that the credit institution intends to follow;
(ii)
a legal opinion that the asset-referenced token does not qualify as either of the following:
—
a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4);
—
an e-money token;
(iii)
a detailed description of the governance arrangements referred to in Article 34(1);
(iv)
the policies and procedures listed in Article 34(5), first subparagraph;
(v)
a description of the contractual arrangements with third-party entities as referred to in Article 34(5), second subparagraph;
(vi)
a description of the business continuity policy referred to in Article 34(9);
(vii)
a description of the internal control mechanisms and risk management procedures referred to in Article 34(10);
(viii)
a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data referred to in Article 34(11).
2.   A credit institution that has previously notified the competent authority in accordance with paragraph 1, point (b), when issuing another asset-referenced token shall not be required to submit any information that was previously submitted by it to the competent authority where such information would be identical. When submitting the information listed in paragraph 1, point (b), the credit institution shall expressly confirm that any information not resubmitted is still up-to-date.
3.   The competent authority receiving a notification referred to in paragraph 1, point (b), shall, within 20 working days of receipt of the information listed therein, assess whether the information required under that point has been provided. Where the competent authority concludes that a notification is not complete because information is missing, it shall immediately inform the notifying credit institution thereof and set a deadline by which that credit institution is required to provide the missing information.
The deadline for providing any missing information shall not exceed 20 working days from the date of the request. Until the expiry of that deadline, the period set by paragraph 1, point (b), shall be suspended. Any further requests by the competent authority for completion or clarification of the information shall be at its discretion but shall not result in a suspension of the period set by paragraph 1, point (b).
The credit institution shall not make an offer to the public or seek the admission to trading of the asset-referenced token as long as the notification is incomplete.
4.   A credit institution that issues asset-referenced tokens, including significant asset-referenced tokens, shall not be subject to Articles 16, 18, 20, 21, 24, 35, 41 and 42.
5.   The competent authority shall communicate to the ECB without delay the complete information received under paragraph 1 and, where the credit institution is established in a Member State whose official currency is not the euro or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, also to the central bank of that Member State.
The ECB and, where applicable, the central bank of the Member State as referred to in the first subparagraph shall, within 20 working days of receipt of the complete information, issue an opinion on that information and transmit that opinion to the competent authority.
The competent authority shall require the credit institution not to offer to the public or seek the admission to trading of the asset-referenced token in cases where the ECB or, where applicable, the central bank of the Member State as referred to in first subparagraph, gives a negative opinion on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.
6.   The competent authority shall communicate to ESMA the information specified in Article 109(3) after verifying the completeness of the information received under paragraph 1 of this Article.
ESMA shall make such information available in the register, under Article 109(3), by the starting date of the offer to the public or admission to trading.
7.   The relevant competent authority shall, within two working days of withdrawing authorisation, communicate to ESMA the withdrawal of authorisation of a credit institution that issues asset-referenced tokens. ESMA shall make the information on such withdrawal available in the register, under Article 109(3), without undue delay.
8.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards to further specify the procedure for the approval of a crypto-asset white paper referred to in paragraph 1, point (a).
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 18
Application for authorisation
1.   Legal persons or other undertakings that intend to offer to the public or seek the admission to trading of asset-referenced tokens shall submit their application for an authorisation referred to in Article 16 to the competent authority of their home Member State.
2.   The application referred to in paragraph 1 shall contain all of the following information:
(a)
the address of the applicant issuer;
(b)
the legal entity identifier of the applicant issuer;
(c)
the articles of association of the applicant issuer, where applicable;
(d)
a programme of operations, setting out the business model that the applicant issuer intends to follow;
(e)
a legal opinion that the asset-referenced token does not qualify as either of the following:
(i)
a crypto-asset excluded from the scope of this Regulation pursuant to Article 2(4); or
(ii)
an e-money token;
(f)
a detailed description of the applicant issuer’s governance arrangements as referred to in Article 34(1);
(g)
where cooperation arrangements with specific crypto-asset service providers exist, a description of their internal control mechanisms and procedures to ensure compliance with the obligations in relation to the prevention of money laundering and terrorist financing under Directive (EU) 2015/849;
(h)
the identity of the members of the management body of the applicant issuer;
(i)
proof that the persons referred to in point (h) are of sufficiently good repute and possess the appropriate knowledge, skills and experience to manage the applicant issuer;
(j)
proof that any shareholder or member, whether direct or indirect, that has a qualifying holding in the applicant issuer is of sufficiently good repute;
(k)
a crypto-asset white paper as referred to in Article 19;
(l)
the policies and procedures referred to in Article 34(5), first subparagraph;
(m)
a description of the contractual arrangements with the third-party entities as referred to in Article 34(5), second subparagraph;
(n)
a description of the applicant issuer’s business continuity policy referred to in Article 34(9);
(o)
a description of the internal control mechanisms and risk management procedures referred to in Article 34(10);
(p)
a description of the systems and procedures in place to safeguard the availability, authenticity, integrity and confidentiality of data as referred to in Article 34(11);
(q)
a description of the applicant issuer’s complaints-handling procedures as referred to in Article 31;
(r)
where applicable, a list of host Member States where the applicant issuer intends to offer the asset-referenced token to the public or intends to seek admission to trading of the asset-referenced token.
3.   Issuers that have already been authorised in respect of one asset-referenced token shall not be required to submit, for the purposes of authorisation in respect of another asset-referenced token, any information that was previously submitted by them to the competent authority where such information would be identical. When submitting the information listed in paragraph 2, the issuer shall expressly confirm that any information not resubmitted is still up-to-date.
4.   The competent authority shall promptly, and in any event within two working days of receipt of an application pursuant to paragraph 1, acknowledge receipt thereof in writing to the applicant issuer.
5.   For the purposes of paragraph 2, points (i) and (j), the applicant issuer of the asset-referenced token shall provide proof of all of the following:
(a)
for all members of the management body, the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability;
(b)
that the members of the management body of the applicant issuer of the asset-referenced token collectively possess the appropriate knowledge, skills and experience to manage the issuer of the asset-referenced token and that those persons are required to commit sufficient time to perform their duties;
(c)
for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant issuer, the absence of a criminal record in respect of convictions and the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
6.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards to further specify the information referred to in paragraph 2.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
7.   EBA, in close cooperation with ESMA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the information to be included in the application in order to ensure uniformity across the Union.
EBA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Article 19
Content and form of the crypto-asset white paper for asset-referenced tokens
1.   A crypto-asset white paper for an asset-referenced token shall contain all of the following information, as further specified in Annex II:
(a)
information about the issuer of the asset-referenced token;
(b)
information about the asset-referenced token;
(c)
information about the offer to the public of the asset-referenced token or its admission to trading;
(d)
information on the rights and obligations attached to the asset-referenced token;
(e)
information on the underlying technology;
(f)
information on the risks;
(g)
information on the reserve of assets;
(h)
information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the asset-referenced token.
The crypto-asset white paper shall also include the identity of the person other than the issuer that offers to the public or seeks admission to trading pursuant to Article 16(1), second subparagraph, and the reason why that particular person offers that asset-referenced token or seeks its admission to trading. In cases where the crypto-asset white paper is not drawn up by the issuer, the crypto-asset white paper shall also include the identity of the person that drew up the crypto-asset white paper and the reason why that particular person drew it up.
2.   All information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.
3.   The crypto-asset white paper shall not contain any assertions as regards the future value of the crypto-assets, other than the statement referred to in paragraph 4.
4.   The crypto-asset white paper shall contain a clear and unambiguous statement that:
(a)
the asset-referenced token may lose its value in part or in full;
(b)
the asset-referenced token may not always be transferable;
(c)
the asset-referenced token may not be liquid;
(d)
the asset-referenced token is not covered by the investor compensation schemes under Directive 97/9/EC;
(e)
the asset-referenced token is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
5.   The crypto-asset white paper shall contain a statement from the management body of the issuer of the asset-referenced token. That statement shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
6.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 5, which shall in brief and non-technical language provide key information about the offer to the public of the asset-referenced token or the intended admission to trading of the asset-referenced token. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the asset-referenced token concerned in order to help prospective holders of that asset-referenced token to make an informed decision.
The summary shall contain a warning that:
(a)
it should be read as an introduction to the crypto-asset white paper;
(b)
the prospective holder should base any decision to purchase the asset-referenced token on the content of the crypto-asset white paper as a whole and not on the summary alone;
(c)
the offer to the public of the asset-referenced token does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law;
(d)
the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 or any other offer document pursuant to Union or national law.
The summary shall state that the holders of asset-referenced tokens have a right of redemption at any time, and the conditions for such redemption.
7.   The crypto-asset white paper shall contain the date of its notification and a table of contents.
8.   The crypto-asset white paper shall be drawn up in an official language of the home Member State, or in a language customary in the sphere of international finance.
Where the asset-referenced token is also offered in a Member State other than the issuer’s home Member State, the crypto-asset white paper shall also be drawn up in an official language of the host Member State, or in a language customary in the sphere of international finance.
9.   The crypto-asset white paper shall be made available in a machine-readable format.
10.   ESMA, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 9.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
11.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of information referred to in paragraph 1, first subparagraph, point (h), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.
When developing the draft regulatory technical standards referred to in the first subparagraph, ESMA shall consider the various types of consensus mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. ESMA shall update those regulatory technical standards in the light of regulatory and technological developments.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 20
Assessment of the application for authorisation
1.   Competent authorities receiving an application for authorisation as referred to in Article 18 shall, within 25 working days of receipt of such application, assess whether that application, including the crypto-asset white paper referred to in Article 19, comprises all of the required information. They shall immediately notify the applicant issuer whether the application, including the crypto-asset white paper, is missing required information. Where the application, including the crypto-asset white paper, is not complete, competent authorities shall set a deadline by which the applicant issuer is to provide any missing information.
2.   Competent authorities shall, within 60 working days of receipt of a complete application, assess whether the applicant issuer complies with the requirements of this Title and take a fully reasoned draft decision granting or refusing authorisation. Within those 60 working days, competent authorities may request from the applicant issuer any information on the application, including on the crypto-asset white paper referred in Article 19.
During the assessment process, competent authorities may cooperate with competent authorities for anti-money laundering and counter-terrorist financing, financial intelligence units or other public bodies.
3.   The assessment period under paragraphs 1 and 2 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant issuer. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraphs 1 and 2.
4.   Competent authorities shall, after the period of 60 working days referred to in paragraph 2, transmit their draft decision and the application to EBA, ESMA and the ECB. Where the applicant issuer is established in a Member State whose official currency is not the euro, or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, the competent authorities shall transmit their draft decision and the application also to the central bank of that Member State.
5.   EBA and ESMA shall, at the request of the competent authority, and within 20 working days of receipt of the draft decision and the application, issue an opinion as regards their evaluation of the legal opinion referred to in Article 18(2), point (e), and transmit their respective opinions to the competent authority concerned.
The ECB or, where applicable, the central bank referred to in paragraph 4 shall, within 20 working days of receipt of the draft decision and the application, issue an opinion as regards its evaluation of the risks that issuing that asset-referenced token might pose to financial stability, the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, and transmit its opinion to the competent authority concerned.
Without prejudice to Article 21(4), the opinions referred to in the first and second subparagraphs of this paragraph shall be non-binding.
The competent authority shall, however, duly consider the opinions referred in the first and second subparagraphs of this paragraph.
Article 21
Grant or refusal of the authorisation
1.   Competent authorities shall, within 25 working days of receipt of the opinions referred to in Article 20(5), take a fully reasoned decision granting or refusing authorisation to the applicant issuer and, within five working days of taking that decision, notify it to the applicant issuer. Where an applicant issuer is authorised, its crypto-asset white paper shall be deemed to be approved.
2.   Competent authorities shall refuse authorisation where there are objective and demonstrable grounds that:
(a)
the management body of the applicant issuer might pose a threat to its effective, sound and prudent management and business continuity and to the adequate consideration of the interest of its clients and the integrity of the market;
(b)
members of the management body do not meet the criteria set out in Article 34(2);
(c)
shareholders and members, whether direct or indirect, that have qualifying holdings do not meet the criteria of sufficiently good repute set out in Article 34(4);
(d)
the applicant issuer fails to meet or is likely to fail to meet any of the requirements of this Title;
(e)
the applicant issuer’s business model might pose a serious threat to market integrity, financial stability, the smooth operation of payment systems, or exposes the issuer or the sector to serious risks of money laundering and terrorist financing.
3.   EBA and ESMA shall, by 30 June 2024, jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 and Article 16 of Regulation (EU) No 1095/2010, respectively, on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of the shareholders and members, whether direct or indirect, that have qualifying holdings in issuers of asset-referenced tokens.
4.   Competent authorities shall also refuse authorisation if the ECB or, where applicable, the central bank gives a negative opinion under Article 20(5) on the grounds of a risk posed to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty.
5.   Competent authorities shall, within two working days of granting authorisation, communicate to the single point of contact of the host Member States, to ESMA, to EBA, to the ECB and, where applicable, to the central bank referred to in Article 20(4), the information specified in Article 109(3).
ESMA shall make such information available in the register, under Article 109(3), by the starting date of the offer to the public or admission to trading.
6.   Competent authorities shall inform EBA, ESMA, the ECB and, where applicable, the central bank referred to in Article 20(4), of all requests for authorisations refused, and provide the underlying reasoning for the decision and, where applicable, an explanation for any deviation from the opinions referred to in Article 20(5).
Article 22
Reporting on asset-referenced tokens
1.   For each asset-referenced token with an issue value that is higher than EUR 100 000 000, the issuer shall report on a quarterly basis to the competent authority the following information:
(a)
the number of holders;
(b)
the value of the asset-referenced token issued and the size of the reserve of assets;
(c)
the average number and average aggregate value of transactions per day during the relevant quarter;
(d)
an estimate of the average number and average aggregate value of transactions per day during the relevant quarter that are associated to its uses as a means of exchange within a single currency area.
For the purposes of points (c) and (d) of the first subparagraph, ‘transaction’ shall mean any change of the natural or legal person entitled to the asset-referenced token as a result of the transfer of the asset-referenced token from one distributed ledger address or account to another.
Transactions that are associated with the exchange for funds or other crypto-assets with the issuer or with a crypto-asset service provider shall not be considered associated to uses of the asset-referenced token as a means of exchange, unless there is evidence that the asset-referenced token is used for the settlement of transactions in other crypto-assets.
2.   The competent authority may require issuers of asset-referenced tokens to comply with the reporting obligation referred to in paragraph 1 in respect of asset-referenced tokens issued with a value of less than EUR 100 000 000.
3.   Crypto-asset service providers that provide services related to asset-referenced tokens shall provide the issuer of the asset-referenced token with the information necessary to prepare the report referred to in paragraph 1, including by reporting transactions outside the distributed ledger.
4.   The competent authority shall share the information received with the ECB and, where applicable, the central bank referred to in Article 20(4) and the competent authorities of host Member States.
5.   The ECB and, where applicable, the central bank referred to in Article 20(4) may provide to the competent authority their own estimates of the quarterly average number and average aggregate value of transactions per day that are associated to uses of the asset-referenced token as a means of exchange within a single currency area.
6.   EBA, in close cooperation with the ECB, shall develop draft regulatory technical standards to specify the methodology to estimate the quarterly average number and average aggregate value of transactions per day that are associated to uses of the asset-referenced token as a means of exchange within a single currency area.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
7.   EBA shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of reporting referred to in paragraph 1 and the provision of the information referred to in paragraph 3.
EBA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Article 23
Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange
1.   Where, for an asset-referenced token, the estimated quarterly average number and average aggregate value of transactions per day associated to its uses as a means of exchange within a single currency area is higher than 1 million transactions and EUR 200 000 000, respectively, the issuer shall:
(a)
stop issuing that asset-referenced token; and
(b)
within 40 working days of reaching that threshold, submit a plan to the competent authority to ensure that the estimated quarterly average number and average aggregate value of those transactions per day is kept below 1 million transactions and EUR 200 000 000 respectively.
2.   The competent authority shall use the information provided by the issuer, its own estimates, or the estimates provided by the ECB or, where applicable, by the central bank referred to in Article 20(4), whichever is higher, in order to assess whether the threshold referred to in paragraph 1 is reached.
3.   Where several issuers issue the same asset-referenced token, the criteria referred in paragraph 1 shall be assessed by the competent authority after aggregating the data from all issuers.
4.   The issuer shall submit the plan referred to in paragraph 1, point (b), for approval to the competent authority. Where necessary, the competent authority shall require modifications, such as imposing a minimum denomination amount, in order to ensure a timely decrease of the use as a means of exchange of the asset-referenced token.
5.   The competent authority shall only allow the issuer to issue the asset-referenced token again when it has evidence that the estimated quarterly average number and average aggregated value of transactions per day associated to its uses as a means of exchange within a single currency area is lower than 1 million transactions and EUR 200 000 000 respectively.
Article 24
Withdrawal of the authorisation
1.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced token in any of the following situations:
(a)
the issuer has ceased to engage in business for six consecutive months, or has not used its authorisation for 12 consecutive months;
(b)
the issuer has obtained its authorisation by irregular means, such as by making false statements in the application for authorisation referred to in Article 18 or in any crypto-asset white paper modified in accordance with Article 25;
(c)
the issuer no longer meets the conditions under which the authorisation was granted;
(d)
the issuer has seriously infringed the provisions of this Title;
(e)
the issuer has been subject to a redemption plan;
(f)
the issuer has expressly renounced its authorisation or has decided to cease operations;
(g)
the issuer’s activity poses a serious threat to market integrity, financial stability, the smooth operation of payment systems or exposes the issuer or the sector to serious risks of money laundering and terrorist financing.
The issuer of the asset-referenced token shall notify its competent authority of any of the situations referred to in the first subparagraph, points (e) and (f).
2.   Competent authorities shall also withdraw the authorisation of an issuer of an asset-referenced token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced token poses a serious threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.
3.   Competent authorities shall limit the amount of an asset-referenced token to be issued or impose a minimum denomination amount in respect of the asset-referenced token when the ECB or, where applicable, the central bank referred to in Article 20(4), issues an opinion that the asset-referenced token poses a threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty, and specify the applicable limit or minimum denomination amount.
4.   The relevant competent authorities shall notify the competent authority of an issuer of an asset-referenced token, without delay, of the following situations:
(a)
a third-party entity as referred to in Article 34(5), first subparagraph, point (h), of this Regulation has lost its authorisation as a credit institution as referred to in Article 8 of Directive 2013/36/EU, as a crypto-asset service provider as referred to in Article 59 of this Regulation, as a payment institution, or as an electronic money institution;
(b)
the members of the issuer’s management body or shareholders or members, whether direct or indirect, that have qualifying holdings in the issuer have infringed the provisions of national law transposing Directive (EU) 2015/849.
5.   Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced token where they are of the opinion that the situations referred to in paragraph 4 of this Article affect the good repute of the members of the management body of that issuer or the good repute of any shareholders or members, whether direct or indirect, that have qualifying holdings in the issuer, or if there is an indication of a failure of the governance arrangements or internal control mechanisms as referred to in Article 34.
When the authorisation is withdrawn, the issuer of the asset-referenced token shall implement the procedure under Article 47.
6.   Competent authorities shall, within two working days of withdrawing authorisation, communicate to ESMA the withdrawal of the authorisation of the issuer of the asset-referenced token. ESMA shall make the information on such withdrawal available in the register referred to in Article 109 without undue delay.
Article 25
Modification of published crypto-asset white papers for asset-referenced tokens
1.   Issuers of asset-referenced tokens shall notify the competent authority of their home Member State of any intended change of their business model likely to have a significant influence on the purchase decision of any holders or prospective holders of asset-referenced tokens, which occurs after the authorisation pursuant to Article 21 or after the approval of the crypto-asset white paper pursuant to Article 17, as well as in the context of Article 23. Such changes include, amongst others, any material modifications to:
(a)
the governance arrangements, including reporting lines to the management body and risk management framework;
(b)
the reserve assets and the custody of the reserve assets;
(c)
the rights granted to the holders of asset-referenced tokens;
(d)
the mechanism through which an asset-referenced token is issued and redeemed;
(e)
the protocols for validating the transactions in asset-referenced tokens;
(f)
the functioning of issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such a distributed ledger technology;
(g)
the mechanisms to ensure the liquidity of asset-referenced tokens, including the liquidity management policy and procedures for issuers of significant asset-referenced tokens referred to in Article 45;
(h)
the arrangements with third-party entities, including for managing the reserve assets and the investment of the reserve, the custody of reserve assets, and, where applicable, the distribution of the asset-referenced tokens to the public;
(i)
the complaints-handling procedures;
(j)
the money laundering and terrorist financing risk assessment and general policies and procedures related thereto.
Issuers of asset-referenced tokens shall notify the competent authority of their home Member State at least 30 working days before the intended changes take effect.
2.   Where any intended change as referred to in paragraph 1 has been notified to the competent authority, the issuer of an asset-referenced token shall draw up a draft modified crypto-asset white paper and shall ensure that the order of the information appearing therein is consistent with that of the original crypto-asset white paper.
The issuer of the asset-referenced token shall notify the draft modified crypto-asset white paper to the competent authority of the home Member State.
The competent authority shall electronically acknowledge receipt of the draft modified crypto-asset white paper as soon as possible, and at the latest five working days from receipt thereof.
The competent authority shall grant approval of, or refuse to approve, the draft modified crypto-asset white paper within 30 working days of acknowledgement of receipt thereof. During the examination of the draft modified crypto-asset white paper, the competent authority may request any additional information, explanations or justifications concerning the draft modified crypto-asset white paper. When the competent authority makes such request, the time limit of 30 working days shall commence only when the competent authority has received the additional information requested.
3.   Where the competent authority considers that the modifications to a crypto-asset white paper are potentially relevant for the smooth operation of payment systems, monetary policy transmission and monetary sovereignty, it shall consult the ECB and, where applicable, the central bank referred to in Article 20(4). The competent authority may also consult EBA and ESMA in such cases.
The ECB or the relevant central bank and, where applicable, EBA and ESMA, shall provide an opinion within 20 working days of receipt of the consultation referred to in the first subparagraph.
4.   Where the competent authority approves the modified crypto-asset white paper, it may require the issuer of the asset-referenced token:
(a)
to put in place mechanisms to ensure the protection of holders of the asset-referenced token, when a potential modification of the issuer’s operations can have a material effect on the value, stability, or risks of the asset-referenced token or the reserve assets;
(b)
to take any appropriate corrective measures to address concerns related to market integrity, financial stability or the smooth operation of payment systems.
The competent authority shall require the issuer of the asset-referenced token to take any appropriate corrective measures to address concerns related to the smooth operation of payment systems, monetary policy transmission, or monetary sovereignty, if such corrective measures are proposed by the ECB or, where applicable, the central bank referred to in Article 20(4) in the consultations referred to in paragraph 3 of this Article.
Where the ECB or the central bank referred to in Article 20(4) has proposed different measures than the ones required by the competent authority, the measures proposed shall be combined or, if not possible, the more stringent measure shall be required.
5.   The competent authority shall communicate the modified crypto-asset white paper to ESMA, the single points of contact of the host Member States, EBA, the ECB and, where applicable, the central bank of the Member State concerned within two working days of granting approval.
ESMA shall make the modified crypto-asset white paper available in the register referred to in Article 109 without undue delay.
Article 26
Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper
1.   Where an issuer has infringed Article 19 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading, that issuer and the members of its administrative, management or supervisory body shall be liable to a holder of such asset-referenced token for any loss incurred due to that infringement.
2.   Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.
3.   It shall be the responsibility of the holder of the asset-referenced token to present evidence indicating that the issuer of that asset-referenced token has infringed Article 19 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that asset-referenced token.
4.   The issuer and the members of its administrative, management or supervisory body shall not be liable for loss suffered as a result of reliance on the information provided in a summary pursuant to Article 19, including any translation thereof, except where the summary:
(a)
is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or
(b)
does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders when considering whether to purchase the asset-referenced token.
5.   This Article is without prejudice to any other civil liability pursuant to national law.
CHAPTER 2
Obligations of issuers of asset-referenced tokens
Article 27
Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens
1.   Issuers of asset-referenced tokens shall act honestly, fairly and professionally and shall communicate with the holders and prospective holders of asset-referenced tokens in a fair, clear and not misleading manner.
2.   Issuers of asset-referenced tokens shall act in the best interests of the holders of such tokens and shall treat them equally, unless any preferential treatment is disclosed in the crypto-asset white paper and, where applicable, the marketing communications.
Article 28
Publication of the crypto-asset white paper
An issuer of an asset-referenced token shall publish on its website the approved crypto-asset white paper referred to in Article 17(1) or Article 21(1) and, where applicable, the modified crypto-asset white paper referred to in Article 25. The approved crypto-asset white paper shall be publicly accessible by the starting date of the offer to the public of the asset-referenced token or the admission to trading of that token. The approved crypto-asset white paper and, where applicable, the modified crypto-asset white paper shall remain available on the issuer’s website for as long as the asset-referenced token is held by the public.
Article 29
Marketing communications
1.   Any marketing communications relating to an offer to the public of an asset-referenced token, or to the admission to trading of such asset-referenced token, shall comply with all of the following requirements:
(a)
the marketing communications are clearly identifiable as such;
(b)
the information in the marketing communications is fair, clear and not misleading;
(c)
the information in the marketing communications is consistent with the information in the crypto-asset white paper;
(d)
the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the asset-referenced token, as well as a telephone number and an email address to contact the issuer.
2.   Marketing communications shall contain a clear and unambiguous statement that the holders of the asset-referenced token have a right of redemption against the issuer at any time.
3.   Marketing communications and any modifications thereto shall be published on the issuer’s website.
4.   Competent authorities shall not require prior approval of marketing communications before their publication.
5.   Marketing communications shall be notified to competent authorities upon request.
6.   No marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. Such restriction does not affect the ability of the issuer of the asset-referenced token to conduct market soundings.
Article 30
Ongoing information to holders of asset-referenced tokens
1.   Issuers of asset-referenced tokens shall in a clear, accurate and transparent manner disclose, in a publicly and easily accessible place on their website, the amount of asset-referenced tokens in circulation, and the value and composition of the reserve of assets referred to in Article 36. Such information shall be updated at least monthly.
2.   Issuers of asset-referenced tokens shall publish as soon as possible in a publicly and easily accessible place on their website a brief, clear, accurate and transparent summary of the audit report, as well as the full and unredacted audit report, in relation to the reserve of assets referred to in Article 36.
3.   Without prejudice to Article 88, issuers of asset-referenced tokens shall as soon as possible and in a clear, accurate and transparent manner disclose, in a publicly and easily accessible place, on their website any event that has or is likely to have a significant effect on the value of the asset-referenced tokens or on the reserve of assets referred to in Article 36.
Article 31
Complaints-handling procedures
1.   Issuers of asset-referenced tokens shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from holders of asset-referenced tokens and other interested parties, including consumer associations that represent holders of asset-referenced tokens, and shall publish descriptions of those procedures. Where the asset-referenced tokens are distributed, totally or partially, by third-party entities as referred to in Article 34(5), first subparagraph, point (h), issuers of the asset-referenced tokens shall establish procedures to also facilitate the handling of such complaints between holders of the asset-referenced tokens and such third-party entities.
2.   Holders of asset-referenced tokens shall be able to file complaints free of charge with the issuers of their asset-referenced tokens or, where applicable, with the third-party entities as referred to in paragraph 1.
3.   Issuers of asset-referenced tokens and, where applicable, the third-party entities as referred to in paragraph 1, shall develop and make available to holders of asset-referenced tokens a template for filing complaints and shall keep a record of all complaints received and any measures taken in response thereto.
4.   Issuers of asset-referenced tokens shall investigate all complaints in a timely and fair manner and communicate the outcome of such investigations to the holders of their asset-referenced tokens within a reasonable period.
5.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards to further specify the requirements, templates and procedures for handling complaints.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 32
Identification, prevention, management and disclosure of conflicts of interest
1.   Issuers of asset-referenced tokens shall implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between themselves and:
(a)
their shareholders or members;
(b)
any shareholder or member, whether direct or indirect, that has a qualifying holding in the issuers;
(c)
the members of their management body;
(d)
their employees;
(e)
the holders of asset-referenced tokens; or
(f)
any third party providing one of the functions as referred in Article 34(5), first subparagraph, point (h).
2.   Issuers of asset-referenced tokens shall, in particular, take all appropriate steps to identify, prevent, manage and disclose conflicts of interest arising from the management and investment of the reserve of assets referred to in Article 36.
3.   Issuers of asset-referenced tokens shall, in a prominent place on their website, disclose to the holders of their asset-referenced tokens the general nature and sources of conflicts of interest referred to in paragraph 1 and the steps taken to mitigate them.
4.   The disclosure referred to in paragraph 3 shall be sufficiently precise to enable the prospective holders of their asset-referenced tokens to take an informed purchasing decision about the asset-referenced tokens.
5.   EBA shall develop draft regulatory technical standards to further specify:
(a)
the requirements for the policies and procedures referred to in paragraph 1;
(b)
the details and methodology for the content of the disclosure referred to in paragraph 3.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 33
Notification of changes to management body
Issuers of asset-referenced tokens shall notify immediately their competent authority of any changes to their management body, and shall provide their competent authority with all of the necessary information to assess compliance with Article 34(2).
Article 34
Governance arrangements
1.   Issuers of asset-referenced tokens shall have robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which they are or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.
2.   Members of the management body of issuers of asset-referenced tokens shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, they shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute. They shall also demonstrate that they are capable of committing sufficient time to effectively perform their duties.
3.   The management body of issuers of asset-referenced tokens shall assess and periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2, 3, 5 and 6 of this Title and take appropriate measures to address any deficiencies in that respect.
4.   Shareholders or members, whether direct or indirect, that have qualifying holdings in issuers of asset-referenced tokens shall be of sufficiently good repute and, in particular, shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute.
5.   Issuers of asset-referenced tokens shall adopt policies and procedures that are sufficiently effective to ensure compliance with this Regulation. Issuers of asset-referenced tokens shall establish, maintain and implement, in particular, policies and procedures on:
(a)
the reserve of assets referred to in Article 36;
(b)
the custody of the reserve assets, including the segregation of assets, as specified in Article 37;
(c)
the rights granted to the holders of asset-referenced tokens, as specified in Article 39;
(d)
the mechanism through which asset-referenced tokens are issued and redeemed;
(e)
the protocols for validating transactions in asset-referenced tokens;
(f)
the functioning of the issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such distributed ledger technology or similar technology that is operated by the issuers or a third party acting on their behalf;
(g)
the mechanisms to ensure the liquidity of asset-referenced tokens, including the liquidity management policy and procedures for issuers of significant asset-referenced tokens referred to in Article 45;
(h)
arrangements with third-party entities for operating the reserve of assets, and for the investment of the reserve assets, the custody of the reserve assets and, where applicable, the distribution of the asset-referenced tokens to the public;
(i)
the written consent of the issuers of asset-referenced tokens given to other persons that might offer or seek the admission to trading of the asset-referenced tokens;
(j)
complaints-handling, as specified in Article 31;
(k)
conflicts of interest, as specified in Article 32.
Where issuers of asset-referenced tokens enter into arrangements as referred to in the first subparagraph, point (h), those arrangements shall be set out in a contract with the third-party entities. Those contractual arrangements shall set out the roles, responsibilities, rights and obligations both of the issuers of asset-referenced tokens and of the third-party entities. Any contractual arrangement with cross-jurisdictional implications shall provide for an unambiguous choice of applicable law.
6.   Unless they have initiated a redemption plan referred to in Article 47, issuers of asset-referenced tokens shall employ appropriate and proportionate systems, resources and procedures to ensure the continued and regular performance of their services and activities. To that end, issuers of asset-referenced tokens shall maintain all of their systems and security access protocols in conformity with the appropriate Union standards.
7.   If the issuer of an asset-referenced token decides to discontinue the provision of its services and activities, including by discontinuing the issue of that asset-referenced token, it shall submit a plan to the competent authority for approval of such discontinuation.
8.   Issuers of asset-referenced tokens shall identify sources of operational risk and minimise those risks through the development of appropriate systems, controls and procedures.
9.   Issuers of asset-referenced tokens shall establish a business continuity policy and plans to ensure, in the case of an interruption of their ICT systems and procedures, the preservation of essential data and functions and the maintenance of their activities or, where that is not possible, the timely recovery of such data and functions and the timely resumption of their activities.
10.   Issuers of asset-referenced tokens shall have in place internal control mechanisms and effective procedures for risk management, including effective control and safeguard arrangements for managing ICT systems as required by Regulation (EU) 2022/2554 of the European Parliament and of the Council 
(
37
)
. The procedures shall provide for a comprehensive assessment relating to the reliance on third-party entities as referred to in paragraph 5, first subparagraph, point (h), of this Article. Issuers of asset-referenced tokens shall monitor and evaluate on a regular basis the adequacy and effectiveness of the internal control mechanisms and procedures for risk assessment and take appropriate measures to address any deficiencies in that respect.
11.   Issuers of asset-referenced tokens shall have systems and procedures in place that are adequate to safeguard the availability, authenticity, integrity and confidentiality of data as required by Regulation (EU) 2022/2554 and in line with Regulation (EU) 2016/679. Those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities.
12.   Issuers of asset-referenced tokens shall ensure that they are regularly audited by independent auditors. The results of those audits shall be communicated to the management body of the issuer concerned and made available to the competent authority.
13.   By 30 June 2024, EBA, in close cooperation with ESMA and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 specifying the minimum content of the governance arrangements on:
(a)
the monitoring tools for the risks referred to in paragraph 8;
(b)
the business continuity plan referred to in paragraph 9;
(c)
the internal control mechanism referred to in paragraph 10;
(d)
the audits referred to in paragraph 12, including the minimum documentation to be used in the audit.
When issuing the guidelines referred to in the first subparagraph, EBA shall take into account the provisions on governance requirements in other Union legislative acts on financial services, including Directive 2014/65/EU.
Article 35
Own funds requirements
1.   Issuers of asset-referenced tokens shall, at all times, have own funds equal to an amount of at least the highest of the following:
(a)
EUR 350 000;
(b)
2 % of the average amount of the reserve of assets referred to in Article 36;
(c)
a quarter of the fixed overheads of the preceding year.
For the purposes of point (b) of the first subparagraph, the average amount of the reserve of assets shall mean the average amount of the reserve assets at the end of each calendar day, calculated over the preceding six months.
Where an issuer offers more than one asset-referenced token, the amount referred to in point (b) of the first subparagraph shall be the sum of the average amount of the reserve assets backing each asset-referenced token.
The amount referred to in point (c) of the first subparagraph shall be reviewed annually and calculated in accordance with Article 67(3).
2.   The own funds referred to in paragraph 1 of this Article shall consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full pursuant to Article 36 of that Regulation, without the application of the threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.
3.   The competent authority of the home Member State may require an issuer of an asset-referenced token to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), where an assessment of any of the following indicates a higher degree of risk:
(a)
the evaluation of the risk-management processes and internal control mechanisms of the issuer of the asset-referenced token as referred to in Article 34(1), (8) and (10);
(b)
the quality and volatility of the reserve of assets referred to in Article 36;
(c)
the types of rights granted by the issuer of the asset-referenced token to holders of the asset-referenced token in accordance with Article 39;
(d)
where the reserve of assets includes investments, the risks posed by the investment policy on the reserve of assets;
(e)
the aggregate value and number of transactions settled in the asset-referenced token;
(f)
the importance of the markets on which the asset-referenced token is offered and marketed;
(g)
where applicable, the market capitalisation of the asset-referenced token.
4.   The competent authority of the home Member State may require an issuer of an asset-referenced token that is not significant to comply with any requirement set out in Article 45, where necessary to address the higher degree of risks identified in accordance with paragraph 3 of this Article, or any other risks that Article 45 aims to address, such as liquidity risks.
5.   Without prejudice to paragraph 3, issuers of asset-referenced tokens shall conduct, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks, and non-financial stress scenarios, such as operational risk. Based on the outcome of such stress testing, the competent authority of the home Member State shall require the issuer of the asset-referenced token to hold an amount of own funds that is between 20 % and 40 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), in certain circumstances having regard to the risk outlook and stress testing results.
6.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards further specifying:
(a)
the procedure and timeframe for an issuer of an asset-referenced token to adjust to higher own funds requirements as set out in paragraph 3;
(b)
the criteria for requiring a higher amount of own funds as set out in paragraph 3;
(c)
the minimum requirements for the design of stress testing programmes, taking into account the size, complexity and nature of the asset-referenced token, including but not limited to:
(i)
the types of stress testing and their main objectives and applications;
(ii)
the frequency of the different stress testing exercises;
(iii)
the internal governance arrangements;
(iv)
the relevant data infrastructure;
(v)
the methodology and the plausibility of assumptions;
(vi)
the application of the proportionality principle to all of the minimum requirements, whether quantitative or qualitative; and
(vii)
the minimum periodicity of the stress tests and the common reference parameters of the stress test scenarios.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
CHAPTER 3
Reserve of assets
Article 36
Obligation to have a reserve of assets, and composition and management of such reserve of assets
1.   Issuers of asset-referenced tokens shall constitute and at all times maintain a reserve of assets.
The reserve of assets shall be composed and managed in such a way that:
(a)
the risks associated to the assets referenced by the asset-referenced tokens are covered; and
(b)
the liquidity risks associated to the permanent rights of redemption of the holders are addressed.
2.   The reserve of assets shall be legally segregated from the issuers’ estate, as well as from the reserve of assets of other asset-referenced tokens, in the interests of the holders of asset-referenced tokens in accordance with applicable law, so that creditors of the issuers have no recourse to the reserve of assets, in particular in the event of insolvency.
3.   Issuers of asset-referenced tokens shall ensure that the reserve of assets is operationally segregated from their estate, as well as from the reserve of assets of other tokens.
4.   EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards further specifying the liquidity requirements, taking into account the size, complexity and nature of the reserve of assets and of the asset-referenced token itself.
The regulatory technical standards shall establish in particular:
(a)
the relevant percentage of the reserve of assets according to daily maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of one working day, or the percentage of cash that is able to be withdrawn by giving prior notice of one working day;
(b)
the relevant percentage of the reserve of assets according to weekly maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of five working days, or the percentage of cash that is able to be withdrawn by giving prior notice of five working days;
(c)
other relevant maturities, and overall techniques for liquidity management;
(d)
the minimum amounts in each official currency referenced to be held as deposits in credit institutions, which cannot be lower than 30 % of the amount referenced in each official currency.
For the purposes of points (a), (b) and (c) of the second subparagraph, EBA shall take into account, amongst others, the relevant thresholds laid down in Article 52 of Directive 2009/65/EC.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
5.   Issuers that offer two or more asset-referenced tokens to the public shall operate and maintain segregated pools of reserves of assets for each asset-referenced token. Each of those pools of reserves of assets shall be managed separately.
Where different issuers of asset-referenced tokens offer the same asset-referenced token to the public, those issuers shall operate and maintain only one reserve of assets for that asset-referenced token.
6.   The management bodies of issuers of asset-referenced tokens shall ensure the effective and prudent management of the reserve of assets. The issuers shall ensure that the issuance and redemption of asset-referenced tokens is always matched by a corresponding increase or decrease in the reserve of assets.
7.   The issuer of an asset-referenced token shall determine the aggregate value of the reserve of assets by using market prices. Its aggregate value shall be at least equal to the aggregate value of the claims against the issuer from the holders of the asset-referenced token in circulation.
8.   Issuers of asset-referenced tokens shall have a clear and detailed policy describing the stabilisation mechanism of such tokens. That policy shall in particular:
(a)
list the assets referenced by the asset-referenced tokens and the composition of those assets;
(b)
describe the type of assets and the precise allocation of assets that are included in the reserve of assets;
(c)
contain a detailed assessment of the risks, including credit risk, market risk, concentration risk and liquidity risk resulting from the reserve of assets;
(d)
describe the procedure by which the asset-referenced tokens are issued and redeemed, and the procedure by which such issuance and redemption will result in a corresponding increase and decrease in the reserve of assets;
(e)
mention whether a part of the reserve of assets is invested as provided in Article 38;
(f)
where issuers of asset-referenced tokens invest a part of the reserve of assets as provided in Article 38, describe in detail the investment policy and contain an assessment of how that investment policy can affect the value of the reserve of assets;
(g)
describe the procedure to purchase asset-referenced tokens and to redeem such tokens against the reserve of assets, and list the persons or categories of persons who are entitled to do so.
9.   Without prejudice to Article 34(12), issuers of asset-referenced tokens shall mandate an independent audit of the reserve of assets every six months, assessing compliance with the rules of this Chapter, as of the date of their authorisation pursuant to Article 21 or as of the date of approval of the crypto-asset white paper pursuant to Article 17.
10.   The issuer shall notify the results of the audit referred to in paragraph 9 to the competent authority without delay, and at the latest within six weeks of the reference date of the valuation. The issuer shall publish the result of the audit within two weeks of the date of notification to the competent authority. The competent authority may instruct an issuer to delay the publication of the results of the audit in the event that:
(a)
the issuer has been required to implement a recovery arrangement or measures in accordance with Article 46(3);
(b)
the issuer has been required to implement a redemption plan in accordance with Article 47;
(c)
it is deemed necessary to protect the economic interests of holders of the asset-referenced token;
(d)
it is deemed necessary to avoid a significant adverse effect on the financial system of the home Member State or another Member State.
11.   The valuation at market prices referred to in paragraph 7 of this Article shall be made by using mark-to-market, as defined in Article 2, point (8), of Regulation (EU) 2017/1131 of the European Parliament and of the Council 
(
38
)
 whenever possible.
When using mark-to-market valuation the reserve asset shall be valued at the more prudent side of the bid and offer unless the reserve asset can be closed out at mid-market. Only market data of good quality shall be used, and such data shall be assessed based on all of the following factors:
(a)
the number and quality of the counterparties;
(b)
the volume and turnover in the market of the reserve asset;
(c)
the size of the reserve of assets.
12.   Where use of mark-to-market as referred to in paragraph 11 of this Article is not possible or the market data is not of sufficiently good quality, the reserve asset shall be valued conservatively by using mark-to-model, as defined in Article 2, point (9), of Regulation (EU) 2017/1131.
The model shall accurately estimate the intrinsic value of the reserve asset, based on all of the following up-to-date key factors:
(a)
the volume and turnover in the market of that reserve asset;
(b)
the size of the reserve of assets;
(c)
the market risk, interest rate risk and credit risk attached to the reserve asset.
When using mark-to-model, the amortised cost method, as defined in Article 2, point (10), of Regulation (EU) 2017/1131, shall not be used.
Article 37
Custody of reserve assets
1.   Issuers of asset-referenced tokens shall establish, maintain and implement custody policies, procedures and contractual arrangements that ensure at all times that:
(a)
the reserve assets are not encumbered nor pledged as a financial collateral arrangement as defined in Article 2(1), point (a), of Directive 2002/47/EC of the European Parliament and of the Council 
(
39
)
;
(b)
the reserve assets are held in custody in accordance with paragraph 6 of this Article;
(c)
the issuers of asset-referenced tokens have prompt access to the reserve assets to meet any requests for redemption from the holders of asset-referenced tokens;
(d)
concentrations of the custodians of reserve assets are avoided;
(e)
risk of concentration of reserve assets is avoided.
2.   Issuers of asset-referenced tokens that issue two or more asset-referenced tokens in the Union shall have a custody policy in place for each pool of reserve of assets. Different issuers of asset-referenced tokens that have issued the same asset-referenced token shall operate and maintain a single custody policy.
3.   The reserve assets shall be held in custody by no later than five working days after the date of issuance of the asset-referenced token by one or more of the following:
(a)
a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, where the reserve assets take the form of crypto-assets;
(b)
a credit institution, for all types of reserve assets;
(c)
an investment firm that provides the ancillary service of safekeeping and administration of financial instruments for the account of clients as referred to in Section B, point (1), of Annex I to Directive 2014/65/EU, where the reserve assets take the form of financial instruments.
4.   Issuers of asset-referenced tokens shall exercise all due skill, care and diligence in the selection, appointment and review of crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets as referred to in paragraph 3. The custodian shall be a legal person different from the issuer.
Issuers of asset-referenced tokens shall ensure that the crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets as referred to in paragraph 3 have the necessary expertise and market reputation to act as custodians of such reserve assets, taking into account the accounting practices, safekeeping procedures and internal control mechanisms of those crypto-asset service providers, credit institutions and investment firms. The contractual arrangements between the issuers of asset-referenced tokens and the custodians shall ensure that the reserve assets held in custody are protected against claims of the custodians’ creditors.
5.   The custody policies and procedures referred to in paragraph 1 shall set out the selection criteria for the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets and the procedure for reviewing such appointment.
Issuers of asset-referenced tokens shall review the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets on a regular basis. For the purpose of that review, issuers of asset-referenced tokens shall evaluate their exposures to such custodians, taking into account the full scope of their relationship with them, and monitor the financial conditions of such custodians on an ongoing basis.
6.   Custodians of the reserve assets as referred to in paragraph 4 shall ensure that the custody of those reserve assets is carried out in the following manner:
(a)
credit institutions shall hold in custody funds in an account opened in the credit institutions’ books;
(b)
for financial instruments that can be held in custody, credit institutions or investment firms shall hold in custody all financial instruments that can be registered in a financial instruments account opened in the credit institutions’ or investments firms’ books and all financial instruments that can be physically delivered to such credit institutions or investment firms;
(c)
for crypto-assets that can be held in custody, the crypto-asset service providers shall hold in custody the crypto-assets included in the reserve assets or the means of access to such crypto-assets, where applicable, in the form of private cryptographic keys;
(d)
for other assets, the credit institutions shall verify the ownership of the issuers of the asset-referenced tokens and shall maintain a record of those reserve assets for which they are satisfied that the issuers of the asset-referenced tokens own those reserve assets.
For the purposes of point (a) of the first subparagraph, credit institutions shall ensure that funds are registered in the credit institutions’ books on a segregated account in accordance with the provisions of national law transposing Article 16 of Commission Directive 2006/73/EC 
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. That account shall be opened in the name of the issuer of the asset-referenced tokens for the purposes of managing the reserve assets of each asset-referenced token, so that the funds held in custody can be clearly identified as belonging to each reserve of assets.
For the purposes of point (b) of the first subparagraph, credit institutions and investment firms shall ensure that all financial instruments that can be registered in a financial instruments account opened in the credit institutions’ books and investment firms’ books are registered in the credit institutions’ and investment firms’ books on segregated accounts in accordance with the provisions of national law transposing Article 16 of Directive 2006/73/EC. The financial instruments account shall be opened in the name of the issuers of the asset-referenced tokens for the purposes of managing the reserve assets of each asset-referenced token, so that the financial instruments held in custody can be clearly identified as belonging to each reserve of assets.
For the purposes of point (c) of the first subparagraph, crypto-asset service providers shall open a register of positions in the name of the issuers of the asset-referenced tokens for the purposes of managing the reserve assets of each asset-referenced token, so that the crypto-assets held in custody can be clearly identified as belonging to each reserve of assets.
For the purposes of point (d) of the first subparagraph, the assessment whether issuers of asset-referenced tokens own the reserve assets shall be based on information or documents provided by the issuers of the asset-referenced tokens and, where available, on external evidence.
7.   The appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets as referred to in paragraph 4 of this Article shall be evidenced by a contractual arrangement as referred to in Article 34(5), second subparagraph. Those contractual arrangements shall, amongst others, regulate the flow of information necessary to enable the issuers of the asset-referenced tokens and the crypto-asset service providers, credit institutions and investment firms to perform their functions as custodians.
8.   The crypto-asset service providers, credit institutions and investment firms appointed as custodians in accordance with paragraph 4 shall act honestly, fairly, professionally, independently and in the interest of the issuers of the asset-referenced tokens and the holders of such tokens.
9.   The crypto-asset service providers, credit institutions and investment firms appointed as custodians in accordance with paragraph 4 shall not carry out activities with regard to the issuers of the asset-referenced tokens that might create conflicts of interest between those issuers, the holders of the asset-referenced tokens and themselves unless all of the following conditions are met:
(a)
the crypto-asset service providers, credit institutions or investment firms have functionally and hierarchically separated the performance of their custody tasks from their potentially conflicting tasks;
(b)
the potential conflicts of interest have been properly identified, monitored, managed and disclosed by the issuers of the asset-referenced tokens to the holders of the asset-referenced tokens, in accordance with Article 32.
10.   In the case of a loss of a financial instrument or a crypto-asset held in custody pursuant to paragraph 6, the crypto-asset service provider, credit institution or investment firm that lost that financial instrument or crypto-asset shall compensate, or make restitution, to the issuer of the asset-referenced token with a financial instrument or a crypto-asset of an identical type or the corresponding value without undue delay. The crypto-asset service provider, credit institution or investment firm concerned shall not be liable for compensation or restitution where it can prove that the loss has occurred as a result of an external event beyond its reasonable control, the consequences of which were unavoidable despite all reasonable efforts to the contrary.
Article 38
Investment of the reserve of assets
1.   Issuers of asset-referenced tokens that invest a part of the reserve of assets shall only invest those assets in highly liquid financial instruments with minimal market risk, credit risk and concentration risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.
2.   Units in an undertaking for collective investment in transferable securities (UCITS) shall be deemed to be assets with minimal market risk, credit risk and concentration risk for the purposes of paragraph 1, where that UCITS invests solely in assets as further specified by EBA in accordance with paragraph 5 and where the issuer of the asset-referenced token ensures that the reserve of assets is invested in such a way that the concentration risk is minimised.
3.   The financial instruments in which the reserve of assets is invested shall be held in custody in accordance with Article 37.
4.   All profits or losses, including fluctuations in the value of the financial instruments referred to in paragraph 1, and any counterparty or operational risks that result from the investment of the reserve of assets shall be borne by the issuer of the asset-referenced token.
5.   EBA, in cooperation with ESMA and the ECB, shall develop draft regulatory technical standards specifying the financial instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk as referred to in paragraph 1. When specifying those financial instruments, EBA shall take into account:
(a)
the various types of assets that can be referenced by an asset-referenced token;
(b)
the correlation between the assets referenced by the asset-referenced token and the highly liquid financial instruments that the issuer might invest in;
(c)
the liquidity coverage requirement as referred to in Article 412 of Regulation (EU) No 575/2013 and as further specified in Commission Delegated Regulation (EU) 2015/61 
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;
(d)
constraints on concentration preventing the issuer from:
(i)
investing more than a certain percentage of reserve assets in highly liquid financial instruments with minimal market risk, credit risk and concentration risk issued by a single entity;
(ii)
holding in custody more than a certain percentage of crypto-assets or assets with crypto-asset service providers or credit institutions which belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU of the European Parliament and of the Council 
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, or investment firms.
For the purposes of point (d)(i) of the first subparagraph, EBA shall devise suitable limits to determine concentration requirements. Those limits shall take into account, amongst others, the relevant thresholds laid down in Article 52 of Directive 2009/65/EC.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 39
Right of redemption
1.   Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers of the asset-referenced tokens, and in respect of the reserve assets when issuers are not able to meet their obligations as referred to in Chapter 6 of this Title. Issuers shall establish, maintain and implement clear and detailed policies and procedures in respect of such permanent right of redemption.
2.   Upon request by a holder of an asset-referenced token, an issuer of such token shall redeem either by paying an amount in funds, other than electronic money, equivalent to the market value of the assets referenced by the asset-referenced token held or by delivering the assets referenced by the token. Issuers shall establish a policy on such permanent right of redemption setting out:
(a)
the conditions, including thresholds, periods and timeframes, for holders of asset-referenced tokens to exercise such right of redemption;
(b)
the mechanisms and procedures to ensure the redemption of the asset-referenced tokens, including in stressed market circumstances, as well as in the context of the implementation of the recovery plan set out in Article 46 or, in the case of an orderly redemption of asset-referenced tokens, under Article 47;
(c)
the valuation, or the principles of valuation, of the asset-referenced tokens and of the reserve assets when the right of redemption is exercised by the holder of asset-referenced tokens, including by using the valuation methodology set out in Article 36(11);
(d)
the conditions for settlement of the redemption; and
(e)
measures that the issuers take to adequately manage increases or decreases in the reserve of assets in order to avoid any adverse impacts on the market of the reserve assets.
Where issuers, when selling an asset-referenced token, accept a payment in funds other than electronic money, denominated in an official currency, they shall always provide an option to redeem the token in funds other than electronic money, denominated in the same official currency.
3.   Without prejudice to Article 46, the redemption of asset-referenced tokens shall not be subject to a fee.
Article 40
Prohibition of granting interest
1.   Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens.
2.   Crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced tokens.
3.   For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length of time during which a holder of asset-referenced tokens holds such asset-referenced tokens shall be treated as interest. That includes net compensation or discounts, with an effect equivalent to that of interest received by the holder of asset-referenced tokens, directly from the issuer or from third parties, and directly associated to the asset-referenced tokens or from the remuneration or pricing of other products.
CHAPTER 4
Acquisitions of issuers of asset-referenced tokens
Article 41
Assessment of proposed acquisitions of issuers of asset-referenced tokens
1.   Any natural or legal persons or such persons acting in concert who intend to acquire, directly or indirectly (the ‘proposed acquirer’), a qualifying holding in an issuer of an asset-referenced token or to increase, directly or indirectly, such a qualifying holding so that the proportion of the voting rights or of the capital held would reach or exceed 20 %, 30 % or 50 %, or so that the issuer of the asset-referenced token would become its subsidiary, shall notify the competent authority of that issuer thereof in writing, indicating the size of the intended holding and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 42(4).
2.   Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in an issuer of an asset-referenced token shall, prior to disposing of that holding, notify in writing the competent authority of its decision and indicate the size of such holding. That person shall also notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 %, or so that the issuer of the asset-referenced token would cease to be that person’s subsidiary.
3.   The competent authority shall promptly and in any event within two working days following receipt of a notification pursuant to paragraph 1 acknowledge receipt thereof in writing.
4.   The competent authority shall assess the proposed acquisition referred to in paragraph 1 of this Article and the information required by the regulatory technical standards adopted by the Commission in accordance with Article 42(4), within 60 working days of the date of the written acknowledgement of receipt referred to in paragraph 3 of this Article. When acknowledging receipt of the notification, the competent authority shall inform the proposed acquirer of the date of expiry of the assessment period.
5.   When performing the assessment referred to in paragraph 4, the competent authority may request from the proposed acquirer any additional information that is necessary to complete that assessment. Such request shall be made before the assessment is finalised, and in any case no later than on the 50th working day from the date of the written acknowledgement of receipt referred to in paragraph 3. Such requests shall be made in writing and shall specify the additional information needed.
The competent authority shall suspend the assessment period referred to in paragraph 4 until it has received the additional information referred to in the first subparagraph of this paragraph. The suspension shall not exceed 20 working days. Any further requests by the competent authority for additional information or for clarification of the information received shall not result in an additional suspension of the assessment period.
The competent authority may extend the suspension referred to in the second subparagraph of this paragraph by up to 30 working days if the proposed acquirer is situated outside the Union or regulated under the law of a third country.
6.   A competent authority that, upon completion of the assessment referred to in paragraph 4, decides to oppose the proposed acquisition referred to in paragraph 1 shall notify the proposed acquirer thereof within two working days, and in any event before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 5, second and third subparagraphs. The notification shall provide the reasons for such a decision.
7.   Where the competent authority does not oppose the proposed acquisition referred to in paragraph 1 before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 5, second and third subparagraphs, the proposed acquisition shall be deemed to be approved.
8.   The competent authority may set a maximum period for concluding the proposed acquisition referred to in paragraph 1, and extend that maximum period where appropriate.
Article 42
Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens
1.   When performing the assessment referred to in Article 41(4), the competent authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition referred to in Article 41(1) against all of the following criteria:
(a)
the reputation of the proposed acquirer;
(b)
the reputation, knowledge, skills and experience of any person who will direct the business of the issuer of the asset-referenced token as a result of the proposed acquisition;
(c)
the financial soundness of the proposed acquirer, in particular in relation to the type of business envisaged and pursued in respect of the issuer of the asset-referenced token in which the acquisition is proposed;
(d)
whether the issuer of the asset-referenced token will be able to comply and continue to comply with the provisions of this Title;
(e)
whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of, respectively, Article 1(3) and (5) of Directive (EU) 2015/849 is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.
2.   The competent authority may oppose the proposed acquisition only where there are reasonable grounds for doing so based on the criteria set out in paragraph 1 of this Article or where the information provided in accordance with Article 41(4) is incomplete or false.
3.   Member States shall not impose any prior conditions in respect of the level of qualifying holding that is required to be acquired under this Regulation nor allow their competent authorities to examine the proposed acquisition in terms of the economic needs of the market.
4.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying the detailed content of the information that is necessary to carry out the assessment referred to in Article 41(4), first subparagraph. The information required shall be relevant for a prudential assessment, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition referred to in Article 41(1).
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
CHAPTER 5
Significant asset-referenced tokens
Article 43
Classification of asset-referenced tokens as significant asset-referenced tokens
1.   The criteria for classifying asset-referenced tokens as significant asset-referenced tokens shall be the following, as further specified by the delegated acts adopted pursuant to paragraph 11:
(a)
the number of holders of the asset-referenced token is larger than 10 million;
(b)
the value of the asset-referenced token issued, its market capitalisation or the size of the reserve of assets of the issuer of the asset-referenced token is higher than EUR 5 000 000 000;
(c)
the average number and average aggregate value of transactions in that asset-referenced token per day during the relevant period, is higher than 2,5 million transactions and EUR 500 000 000 respectively;
(d)
the issuer of the asset-referenced token is a provider of core platform services designated as a gatekeeper in accordance with Regulation (EU) 2022/1925 of the European Parliament and of the Council 
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;
(e)
the significance of the activities of the issuer of the asset-referenced token on an international scale, including the use of the asset-referenced token for payments and remittances;
(f)
the interconnectedness of the asset-referenced token or its issuers with the financial system;
(g)
the fact that the same issuer issues at least one additional asset-referenced token or e-money token, and provides at least one crypto-asset service.
2.   EBA shall classify asset-referenced tokens as significant asset-referenced tokens where at least three of the criteria set out in paragraph 1 of this Article are met:
(a)
during the period covered by the first report of information as referred to in paragraph 4 of this Article, following authorisation pursuant to Article 21 or after approval of the crypto-asset white paper pursuant to Article 17; or
(b)
during the period covered by at least two consecutive reports of information as referred to in paragraph 4 of this Article.
3.   Where several issuers issue the same asset-referenced token, the fulfilment of the criteria set out in paragraph 1 shall be assessed after aggregating the data from those issuers.
4.   Competent authorities of the issuer’s home Member State shall report to EBA and the ECB information relevant for the assessment of the fulfilment of the criteria set out in paragraph 1 of this Article, including, if applicable, the information received under Article 22, at least twice a year.
Where the issuer is established in a Member State whose official currency is not the euro, or where an official currency of a Member State that is not the euro is referenced by the asset-referenced token, competent authorities shall transmit the information referred to in the first subparagraph also to the central bank of that Member State.
5.   Where EBA concludes that an asset-referenced token fulfils the criteria set out in paragraph 1 in accordance with paragraph 2, EBA shall prepare a draft decision to classify the asset-referenced token as a significant asset-referenced token and notify that draft decision to the issuer of that asset-referenced token, to the competent authority of the issuer’s home Member State, to the ECB and, in the cases referred to in paragraph 4, second subparagraph, to the central bank of the Member State concerned.
Issuers of such asset-referenced tokens, their competent authorities, the ECB and, where applicable, the central bank of the Member State concerned shall have 20 working days from the date of notification of EBA’s draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
6.   EBA shall take its final decision on whether to classify an asset-referenced token as a significant asset-referenced token within 60 working days of the date of notification referred to in paragraph 5 and immediately notify that decision to the issuer of such asset-referenced token and its competent authority.
7.   Where an asset-referenced token has been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 6, the supervisory responsibilities with respect to the issuer of that significant asset-referenced token shall be transferred from the competent authority of the issuer’s home Member State to EBA within 20 working days of the date of notification of that decision.
EBA and the competent authority shall cooperate in order to ensure the smooth transition of supervisory competences.
8.   EBA shall annually reassess the classification of significant asset-referenced tokens on the basis of the available information, including from the reports referred to in paragraph 4 or the information received under Article 22.
Where EBA concludes that certain asset-referenced tokens no longer fulfil the criteria set out in paragraph 1 in accordance with paragraph 2, EBA shall prepare a draft decision to no longer classify the asset-referenced tokens as significant and notify that draft decision to the issuers of those asset-referenced tokens and the competent authority of their home Member State, to the ECB and, in the cases referred to in paragraph 4, second subparagraph, to the central bank of the Member State concerned.
Issuers of such asset-referenced tokens, their competent authorities, the ECB and the central bank referred in paragraph 4 shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
9.   EBA shall take its final decision on whether to no longer classify an asset-referenced token as significant within 60 working days from the date of the notification referred to in paragraph 8 and immediately notify that decision to the issuer of such asset-referenced tokens and its competent authority.
10.   Where an asset-referenced token is no longer classified as significant pursuant to a decision of EBA taken in accordance with paragraph 9, the supervisory responsibilities with respect to the issuer of that asset-referenced token shall be transferred from EBA to the competent authority of the issuer’s home Member State within 20 working days from the date of notification of that decision.
EBA and the competent authority shall cooperate in order to ensure the smooth transition of supervisory competences.
11.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by further specifying the criteria set out in paragraph 1 for an asset-referenced token to be classified as significant and determine:
(a)
the circumstances under which the activities of the issuer of the asset-referenced token are deemed significant on an international scale outside the Union;
(b)
the circumstances under which asset-referenced tokens and their issuers shall be considered to be interconnected with the financial system;
(c)
the content and format of information provided by competent authorities to EBA and the ECB under paragraph 4 of this Article and Article 56(3).
Article 44
Voluntary classification of asset-referenced tokens as significant asset-referenced tokens
1.   Applicant issuers of asset-referenced tokens may indicate in their application for authorisation pursuant to Article 18, or in their notification pursuant to Article 17, that they wish for their asset-referenced tokens to be classified as significant asset-referenced tokens. In that case, the competent authority shall immediately notify such request of the applicant issuer to EBA, to the ECB and, in the cases referred to in Article 43(4), to the central bank of the Member State concerned.
In order for an asset-referenced token to be classified as significant under this Article, the applicant issuer of the asset-referenced token shall demonstrate, through a detailed programme of operations referred to in Article 17(1), point (b)(i), and Article 18(2), point (d), that it is likely to fulfil at least three of the criteria set out in Article 43(1).
2.   EBA shall, within 20 working days of the notification referred to in paragraph 1 of this Article, prepare a draft decision containing its opinion based on the programme of operations whether the asset-referenced token fulfils or is likely to fulfil at least three of the criteria set out in Article 43(1) and notify that draft decision to the competent authority of the applicant issuer’s home Member State, to the ECB and, in the cases referred to in Article 43(4), second subparagraph, to the central bank of the Member State concerned.
Competent authorities of issuers of such asset-referenced tokens, the ECB and, where applicable, the central bank of the Member State concerned, shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
3.   EBA shall take its final decision on whether to classify an asset-referenced token as a significant asset-referenced token within 60 working days of the notification referred to in paragraph 1 and immediately notify that decision to the applicant issuer of such asset-referenced token and its competent authority.
4.   Where asset-referenced tokens have been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 3 of this Article, the supervisory responsibilities with respect to issuers of those asset-referenced tokens shall be transferred from the competent authority to EBA on the date of the decision of the competent authority to grant the authorisation referred to in Article 21(1) or on the date of approval of the crypto-asset white paper pursuant to Article 17.
Article 45
Specific additional obligations for issuers of significant asset-referenced tokens
1.   Issuers of significant asset-referenced tokens shall adopt, implement and maintain a remuneration policy that promotes the sound and effective risk management of such issuers and that does not create incentives to relax risk standards.
2.   Issuers of significant asset-referenced tokens shall ensure that such tokens can be held in custody by different crypto-asset service providers authorised for providing custody and administration of crypto-assets on behalf of clients, including by crypto-asset service providers that do not belong to the same group, as defined in Article 2, point (11), of Directive 2013/34/EU, on a fair, reasonable and non-discriminatory basis.
3.   Issuers of significant asset-referenced tokens shall assess and monitor the liquidity needs to meet requests for redemption of asset-referenced tokens by their holders. For that purpose, issuers of significant asset-referenced tokens shall establish, maintain and implement a liquidity management policy and procedures. That policy and those procedures shall ensure that the reserve assets have a resilient liquidity profile that enables issuers of significant asset-referenced tokens to continue operating normally, including under scenarios of liquidity stress.
4.   Issuers of significant asset-referenced tokens shall, on a regular basis, conduct liquidity stress testing. Depending on the outcome of such tests, EBA may decide to strengthen the liquidity requirements referred to in paragraph 7, first subparagraph, point (b), of this Article and in Article 36(6).
Where issuers of significant asset-referenced tokens offer two or more asset-referenced tokens or provide crypto-asset services, those stress tests shall cover all of those activities in a comprehensive and holistic manner.
5.   The percentage referred to in Article 35(1), first subparagraph, point (b), shall be set at 3 % of the average amount of the reserve assets for issuers of significant asset-referenced tokens.
6.   Where several issuers offer the same significant asset-referenced token, paragraphs 1 to 5 shall apply to each issuer.
Where an issuer offers two or more asset-referenced tokens in the Union and at least one of those asset-referenced tokens is classified as significant, paragraphs 1 to 5 shall apply to that issuer.
7.   EBA, in close cooperation with ESMA, shall develop draft regulatory technical standards specifying:
(a)
the minimum content of the governance arrangements on the remuneration policy referred to in paragraph 1;
(b)
the minimum contents of the liquidity management policy and procedures as set out in paragraph 3, and liquidity requirements, including by specifying the minimum amount of deposits in each official currency referenced, which cannot be lower than 60 % of the amount referenced in each official currency;
(c)
the procedure and timeframe for an issuer of a significant asset-referenced token to adjust the amount of its own funds as required by paragraph 5.
In the case of credit institutions, EBA shall calibrate the technical standards taking into consideration any possible interactions between the regulatory requirements established by this Regulation and the regulatory requirements established by other Union legislative acts.
EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
8.   EBA, in close cooperation with ESMA and the ECB, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests referred to in paragraph 4 of this Article. Those guidelines shall be updated periodically taking into account the latest market developments.
CHAPTER 6
Recovery and redemption plans
Article 46
Recovery plan
1.   An issuer of an asset-referenced token shall draw up and maintain a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve of assets in cases where the issuer fails to comply with those requirements.
The recovery plan shall also include the preservation of the issuer’s services related to the asset-referenced token, the timely recovery of operations and the fulfilment of the issuer’s obligations in the case of events that pose a significant risk of disrupting operations.
The recovery plan shall include appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, including:
(a)
liquidity fees on redemptions;
(b)
limits on the amount of the asset-referenced token that can be redeemed on any working day;
(c)
suspension of redemptions.
2.   The issuer of the asset-referenced token shall notify the recovery plan to the competent authority within six months of the date of authorisation pursuant to Article 21 or within six months of the date of approval of the crypto-asset white paper pursuant to Article 17. The competent authority shall require amendments to the recovery plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the recovery plan.
Where applicable, the issuer shall also notify the recovery plan to its resolution and prudential supervisory authorities in parallel to the competent authority.
3.   Where the issuer fails to comply with the requirements applicable to the reserve of assets as referred to in Chapter 3 of this Title or, due to a rapidly deteriorating financial condition, is likely in the near future to not comply with those requirements, the competent authority, in order to ensure compliance with the applicable requirements, shall have the power to require the issuer to implement one or more of the arrangements or measures set out in the recovery plan or to update such a recovery plan when the circumstances are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specific timeframe.
4.   In the circumstances referred to in paragraph 3, the competent authority shall have the power to temporarily suspend the redemption of asset-referenced tokens, provided that the suspension is justified having regard to the interests of the holders of asset-referenced tokens and financial stability.
5.   Where applicable, the competent authority shall notify the issuer’s resolution and prudential supervisory authorities of any measure taken pursuant to paragraphs 3 and 4.
6.   EBA, after consultation with ESMA, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify the format of the recovery plan and the information to be provided in the recovery plan.
Article 47
Redemption plan
1.   An issuer of an asset-referenced token shall draw up and maintain an operational plan to support the orderly redemption of each asset-referenced token, which is to be implemented upon a decision by the competent authority that the issuer is unable or likely to be unable to fulfil its obligations, including in the case of insolvency or, where applicable, resolution or in the case of withdrawal of authorisation of the issuer, without prejudice to the commencement of a crisis prevention measure or crisis management measure as defined in Article 2(1), points (101) and (102), respectively, of Directive 2014/59/EU or a resolution action as defined in Article 2, point (11), of Regulation (EU) 2021/23 of the European Parliament and of the Council 
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.
2.   The redemption plan shall demonstrate the ability of the issuer of the asset-referenced token to carry out the redemption of the outstanding asset-referenced token issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets.
The redemption plan shall include contractual arrangements, procedures and systems, including the designation of a temporary administrator in accordance with applicable law, to ensure the equitable treatment of all holders of asset-referenced tokens and to ensure that holders of asset-referenced tokens are paid in a timely manner with the proceeds from the sale of the remaining reserve assets.
The redemption plan shall ensure the continuity of any critical activities that are necessary for the orderly redemption and that are performed by issuers or by any third-party entity.
3.   The issuer of the asset-referenced token shall notify the redemption plan to the competent authority within six months of the date of authorisation pursuant to Article 21 or within six months of the date of approval of the crypto-asset white paper pursuant to Article 17. The competent authority shall require amendments to the redemption plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the redemption plan.
4.   Where applicable, the competent authority shall notify the redemption plan to the resolution authority and prudential supervisory authority of the issuer.
The resolution authority may examine the redemption plan with a view to identifying any actions in the redemption plan that might adversely impact the resolvability of the issuer, and may make recommendations to the competent authority in respect thereof.
5.   EBA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify:
(a)
the content of the redemption plan and the periodicity for review, taking into account the size, complexity and nature of the asset-referenced token and the business model of its issuer; and
(b)
the triggers for implementation of the redemption plan.
TITLE IV
E-MONEY TOKENS
CHAPTER 1
Requirements to be fulfilled by all issuers of e-money tokens
Article 48
Requirements for the offer to the public or admission to trading of e-money tokens
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.
Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token. Those persons shall comply with Articles 50 and 53.
2.   E-money tokens shall be deemed to be electronic money.
An e-money token that references an official currency of a Member State shall be deemed to be offered to the public in the Union.
3.   Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.
4.   Paragraph 1 of this Article shall not apply to issuers of e-money tokens exempted in accordance with Article 9(1) of Directive 2009/110/EC.
5.   This Title, with the exception of paragraph 7 of this Article and Article 51, shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.
6.   Issuers of e-money tokens shall, at least 40 working days before the date on which they intend to offer to the public those e-money tokens or seek their admission to trading, notify their competent authority of that intention.
7.   Where paragraph 4 or 5 applies, the issuers of e-money tokens shall draw up a crypto-asset white paper and notify such crypto-asset white paper to the competent authority in accordance with Article 51.
Article 49
Issuance and redeemability of e-money tokens
1.   By way of derogation from Article 11 of Directive 2009/110/EC, in respect of the issuance and redeemability of e-money tokens only the requirements set out in this Article shall apply to issuers of e-money tokens.
2.   Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.
3.   Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.
4.   Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token.
5.   Issuers of e-money tokens shall prominently state the conditions for redemption in the crypto-asset white paper as referred to in Article 51(1), first subparagraph, point (d).
6.   Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.
Article 50
Prohibition of granting interest
1.   Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens.
2.   Crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens.
3.   For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length of time during which a holder of an e-money token holds such e-money token shall be treated as interest. That includes net compensation or discounts, with an effect equivalent to that of interest received by the holder of the e-money token, directly from the issuer or from third parties, and directly associated to the e-money token or from the remuneration or pricing of other products.
Article 51
Content and form of the crypto-asset white paper for e-money tokens
1.   A crypto-asset white paper for an e-money token shall contain all of the following information, as further specified in Annex III:
(a)
information about the issuer of the e-money token;
(b)
information about the e-money token;
(c)
information about the offer to the public of the e-money token or its admission to trading;
(d)
information on the rights and obligations attached to the e-money token;
(e)
information on the underlying technology;
(f)
information on the risks;
(g)
information on the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue the e-money token.
The crypto-asset white paper shall also include the identity of the person other than the issuer that offers the e-money token to the public or seeks its admission to trading pursuant to Article 48(1), second subparagraph, and the reason why that particular person offers that e-money token or seeks its admission to trading.
2.   All the information listed in paragraph 1 shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form.
3.   The crypto-asset white paper shall contain the following clear and prominent statement on the first page:
‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The issuer of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’.
4.   The crypto-asset white paper shall contain a clear warning that:
(a)
the e-money token is not covered by the investor compensation schemes under Directive 97/9/EC;
(b)
the e-money token is not covered by the deposit guarantee schemes under Directive 2014/49/EU.
5.   The crypto-asset white paper shall contain a statement from the management body of the issuer of the e-money token. That statement, which shall be inserted after the statement referred to in paragraph 3, shall confirm that the crypto-asset white paper complies with this Title and that, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is complete, fair, clear and not misleading and that the crypto-asset white paper makes no omission likely to affect its import.
6.   The crypto-asset white paper shall contain a summary, inserted after the statement referred to in paragraph 5, which shall in brief and non-technical language provide key information about the offer to the public of the e-money token or the intended admission to trading of such e-money token. The summary shall be easily understandable and presented and laid out in a clear and comprehensive format, using characters of readable size. The summary of the crypto-asset white paper shall provide appropriate information about the characteristics of the crypto-assets concerned in order to help prospective holders of the crypto-assets to make an informed decision.
The summary shall contain a warning that:
(a)
it should be read as an introduction to the crypto-asset white paper;
(b)
the prospective holder should base any decision to purchase the e-money token on the content of the crypto-asset white paper as a whole and not on the summary alone;
(c)
the offer to the public of the e-money token does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law;
(d)
the crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 or any other offer document pursuant to Union or national law.
The summary shall state that holders of the e-money token have a right of redemption at any time and at par value as well as the conditions for redemption.
7.   The crypto-asset white paper shall contain the date of its notification and a table of contents.
8.   The crypto-asset white paper shall be drawn up in an official language of the home Member State or in a language customary in the sphere of international finance.
Where the e-money token is also offered in a Member State other than the home Member State, the crypto-asset white paper shall also be drawn up in an official language of the host Member State or in a language customary in the sphere of international finance.
9.   The crypto-asset white paper shall be made available in a machine-readable format.
10.   ESMA, in cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, formats and templates for the purposes of paragraph 9.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
11.   Issuers of e-money tokens shall notify their crypto-asset white paper to their competent authority at least 20 working days before the date of their publication.
Competent authorities shall not require prior approval of crypto-asset white papers before their publication.
12.   Any significant new factor, any material mistake or any material inaccuracy that is capable of affecting the assessment of the e-money token shall be described in a modified crypto-asset white paper drawn up by the issuers, notified to the competent authorities and published on the issuers’ websites.
13.   Before offering the e-money token to the public in the Union or seeking an admission to trading of the e-money token, the issuer of such e-money token shall publish a crypto-asset white paper on its website.
14.   The issuer of the e-money token shall together with the notification of the crypto-asset white paper pursuant to paragraph 11 of this Article provide the competent authority with the information referred to in Article 109(4). The competent authority shall communicate to ESMA, within five working days of receipt of the information from the issuer, the information specified in Article 109(4).
The competent authority shall also communicate to ESMA any modified crypto-asset white paper and any withdrawal of the authorisation of the issuer of the e-money token.
ESMA shall make such information available in the register, under Article 109(4), by the starting date of the offer to the public or admission to trading or, in the case of a modified crypto-asset white paper, or withdrawal of the authorisation, without undue delay.
15.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of the information referred to in paragraph 1, point (g), in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.
When developing the draft regulatory technical standards referred to in the first subparagraph, ESMA shall consider the various types of consensus mechanisms used to validate transactions in crypto-assets, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste, and greenhouse gas emissions. ESMA shall update the regulatory technical standards in the light of regulatory and technological developments.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 52
Liability of issuers of e-money tokens for the information given in a crypto-asset white paper
1.   Where an issuer of an e-money token has infringed Article 51, by providing in its crypto-asset white paper or in a modified crypto-asset white paper, information that is not complete, fair or clear, or that is misleading, that issuer and the members of its administrative, management or supervisory body shall be liable to a holder of such e-money token for any loss incurred due to that infringement.
2.   Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect.
3.   It shall be the responsibility of the holder of the e-money token to present evidence indicating that the issuer of that e-money token has infringed Article 51 by providing in its crypto-asset white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that e-money token.
4.   The issuer and the members of its administrative, management or supervisory bodies shall not be liable for loss suffered as a result of reliance on the information provided in a summary pursuant to Article 51(6), including any translation thereof, except where the summary:
(a)
is misleading, inaccurate or inconsistent when read together with the other parts of the crypto-asset white paper; or
(b)
does not provide, when read together with the other parts of the crypto-asset white paper, key information in order to aid prospective holders when considering whether to purchase such e-money tokens.
5.   This Article is without prejudice to any other civil liability pursuant to national law.
Article 53
Marketing communications
1.   Marketing communications relating to an offer to the public of an e-money token, or to the admission to trading of such e-money token, shall comply with all the following requirements:
(a)
the marketing communications are clearly identifiable as such;
(b)
the information in the marketing communications is fair, clear and not misleading;
(c)
the information in the marketing communications is consistent with the information in the crypto-asset white paper;
(d)
the marketing communications clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the e-money token, as well as a telephone number and an email address to contact the issuer.
2.   Marketing communications shall contain a clear and unambiguous statement that the holders of the e-money token have a right of redemption against the issuer at any time and at par value.
3.   Marketing communications and any modifications thereto shall be published on the issuer’s website.
4.   Competent authorities shall not require prior approval of marketing communications before their publication.
5.   Marketing communications shall be notified to the competent authorities upon request.
6.   No marketing communications shall be disseminated prior to the publication of the crypto-asset white paper. Such restriction does not affect the ability of the issuer of the e-money token to conduct market soundings.
Article 54
Investment of funds received in exchange for e-money tokens
Funds received by issuers of e-money tokens in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following:
(a)
at least 30 % of the funds received is always deposited in separate accounts in credit institutions;
(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.
Article 55
Recovery and redemption plans
Title III, Chapter 6 shall apply 
mutatis mutandis
 to issuers of e-money tokens.
By way of derogation from Article 46(2), the date by which the recovery plan is to be notified to the competent authority shall, in respect of issuers of e-money tokens, be within six months of the date of the offer to the public or admission to trading.
By way of derogation from Article 47(3), the date by which the redemption plan is to be notified to the competent authority shall, in respect of issuers of e-money tokens, be within six months of the date of the offer to the public or admission to trading.
CHAPTER 2
Significant e-money tokens
Article 56
Classification of e-money tokens as significant e-money tokens
1.   EBA shall classify e-money tokens as significant e-money tokens where at least three of the criteria set out in Article 43(1) are met:
(a)
during the period covered by the first report of information as referred to in paragraph 3 of this Article, following the offer to the public or the seeking admission to trading of those tokens; or
(b)
during the period covered by at least two consecutive reports of information as referred to in paragraph 3 of this Article.
2.   Where several issuers issue the same e-money token, the fulfilment of the criteria set out in Article 43(1) shall be assessed after aggregating the data from those issuers.
3.   Competent authorities of the issuer’s home Member State shall report to EBA and the ECB information relevant for the assessment of the fulfilment of the criteria set out in Article 43(1), including, if applicable, the information received under Article 22, at least twice a year.
Where the issuer is established in a Member State whose official currency is not the euro, or where an official currency of a Member State that is not the euro is referenced by the e-money token, competent authorities shall transmit the information referred to in the first subparagraph also to the central bank of that Member State.
4.   Where EBA concludes that an e-money token fulfils the criteria set out in Article 43(1) in accordance with paragraph 1 of this Article, EBA shall prepare a draft decision to classify the e-money token as a significant e-money token and notify that draft decision to the issuer of the e-money token, the competent authority of the issuer’s home Member State, to the ECB and, in the cases referred to in paragraph 3, second subparagraph, of this Article, to the central bank of the Member State concerned.
Issuers of such e-money tokens, their competent authorities, the ECB and, where applicable, the central bank of the Member State concerned shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
5.   EBA shall take its final decision on whether to classify an e-money token as a significant e-money token within 60 working days from the date of notification referred to in paragraph 4 and immediately notify that decision to the issuer of such e-money token and its competent authority.
6.   Where an e-money token has been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 5, the supervisory responsibilities with respect to the issuer of that e e-money token shall be transferred from the competent authority of the issuer’s home Member State to EBA in accordance with Article 117(4) within 20 working days from the date of notification of that decision.
EBA and the competent authority shall cooperate in order to ensure the smooth transition of supervisory competences.
7.   By way of derogation from paragraph 6, the supervisory responsibilities with respect to the issuers of significant e-money tokens denominated in an official currency of a Member State other than the euro, where at least 80 % of the number of holders and of the volume of transactions of those significant e-money tokens are concentrated in the home Member State, shall not be transferred to EBA.
The competent authority of the issuer’s home Member State shall provide EBA annually with information on any cases where the derogation referred to in the first subparagraph is applied.
For the purposes of the first subparagraph, a transaction shall be considered to take place in the home Member State when the payer or the payee is established in that Member State.
8.   EBA shall annually reassess the classification of significant e-money tokens on the basis of the available information, including from the reports referred to in paragraph 3 of this Article or the information received under Article 22.
Where EBA concludes that certain e-money tokens no longer meet the criteria set out in Article 43(1), in accordance with paragraph 1 of this Article, EBA shall prepare a draft decision to no longer classify the e-money token as significant and notify that draft decision to the issuers of those e-money tokens, to the competent authorities of their home Member State, to the ECB and, in the cases referred to in paragraph 3, second subparagraph, of this Article, to the central bank of the Member State concerned.
Issuers of such e-money tokens, their competent authorities, the ECB and the central bank of the Member State concerned shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
9.   EBA shall take its final decision on whether to no longer classify an e-money token as significant within 60 working days from the date of the notification referred to in paragraph 8 and immediately notify that decision to the issuer of that e-money token and its competent authority.
10.   Where an e-money token is no longer classified as significant pursuant to a decision of EBA taken in accordance with paragraph 9, the supervisory responsibilities with respect to the issuer of that e-money token shall be transferred from EBA to the competent authority of the issuer’s home Member State within 20 working days from the date of notification of that decision.
EBA and the competent authority shall cooperate in order to ensure the smooth transition of supervisory competences.
Article 57
Voluntary classification of e-money tokens as significant e-money tokens
1.   An issuer of an e-money token, authorised as a credit institution or as an electronic money institution, or applying for such authorisation, may indicate that it wishes for its e-money token to be classified as a significant e-money token. In that case, the competent authority shall immediately notify such request of the issuer to EBA, to the ECB and, in the cases referred to in Article 56(3), second subparagraph, to the central bank of the Member State concerned.
In order for the e-money token to be classified as significant under this Article, the issuer of the e-money token shall demonstrate, through a detailed programme of operations, that it is likely to meet at least three of the criteria set out in Article 43(1).
2.   EBA shall, within 20 working days from the date of notification referred to in paragraph 1 of this Article, prepare a draft decision containing its opinion based on the issuer’s programme of operations whether the e-money token fulfils or is likely to fulfil at least three of the criteria set out in Article 43(1) and notify that draft decision to the competent authority of the issuer’s home Member State, to the ECB and, in the cases referred to in Article 56(3), second subparagraph, to the central bank of the Member State concerned.
The competent authorities of issuers of such e-money tokens, the ECB and, where applicable, the central bank of the Member State concerned shall have 20 working days from the date of notification of that draft decision to provide observations and comments in writing. EBA shall duly consider those observations and comments before adopting a final decision.
3.   EBA shall take its final decision on whether to classify an e-money token as a significant e-money token within 60 working days of the date of notification referred to in paragraph 1 and immediately notify that decision to the issuer of such e-money token and its competent authority.
4.   Where an e-money token has been classified as significant pursuant to a decision of EBA taken in accordance with paragraph 3 of this Article, the supervisory responsibilities with respect to issuers of those e-money tokens shall be transferred from the competent authority to EBA in accordance with Article 117(4) within 20 working days from the date of notification of that decision.
EBA and the competent authorities shall cooperate in order to ensure the smooth transition of supervisory competences.
5.   By way of derogation from paragraph 4, the supervisory responsibilities with respect to issuers of significant e-money tokens denominated in an official currency of a Member State other than the euro shall not be transferred to EBA, where at least 80 % of the number of holders and of the volume of transactions of those significant e-money tokens are or are expected to be concentrated in the home Member State.
The competent authority of the issuer’s home Member State shall provide EBA annually with information on the application of the derogation referred to in the first subparagraph.
For the purposes of the first subparagraph, a transaction shall be considered to take place in the home Member State when the payer or the payee are established in that Member State.
Article 58
Specific additional obligations for issuers of e-money tokens
1.   Electronic money institutions issuing significant e-money tokens shall be subject to:
(a)
the requirements referred to in Articles 36, 37, 38 and Article 45, (1) to (4) of this Regulation, instead of Article 7 of Directive 2009/110/EC;
(b)
the requirements referred to in Article 35(2), (3) and (5) and Article 45(5) of this Regulation, instead of Article 5 of Directive 2009/110/EC.
By way of derogation from Article 36(9), the independent audit shall, in respect of issuers of significant e-money tokens, be mandated every six months as of the date of the decision to classify the e-money tokens as significant pursuant to Article 56 or 57, as applicable.
2.   Competent authorities of the home Member States may require electronic money institutions issuing e-money tokens that are not significant to comply with any requirement referred to in paragraph 1 where necessary to address the risks that those provisions aim to address, such as liquidity risks, operational risks, or risks arising from non-compliance with requirements for management of reserve of assets.
3.   Articles 22, 23 and 24(3) shall apply to e-money tokens denominated in a currency that is not an official currency of a Member State.
TITLE V
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS
CHAPTER 1
Authorisation of crypto-asset service providers
Article 59
Authorisation
1.   A person shall not provide crypto-asset services, within the Union, unless that person is:
(a)
a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63; or
(b)
a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60.
2.   Crypto-asset service providers authorised in accordance with Article 63 shall have a registered office in a Member State where they carry out at least part of their crypto-asset services. They shall have their place of effective management in the Union and at least one of the directors shall be resident in the Union.
3.   For the purposes of paragraph 1, point (a), other undertakings that are not legal persons shall only provide crypto-asset services if their legal form ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form.
4.   Crypto-asset service providers authorised in accordance with Article 63 shall at all times meet the conditions for their authorisation.
5.   A person who is not a crypto-asset service provider shall not use a name, or a corporate name, or issue marketing communications or undertake any other process suggesting that it is a crypto-asset service provider or that is likely to create confusion in that respect.
6.   Competent authorities that grant authorisations in accordance with Article 63 shall ensure that such authorisations specify the crypto-asset services that crypto-asset service providers are authorised to provide.
7.   Crypto-asset service providers shall be allowed to provide crypto-asset services throughout the Union, either through the right of establishment, including through a branch, or through the freedom to provide services. Crypto-asset service providers that provide crypto-asset services on a cross-border basis shall not be required to have a physical presence in the territory of a host Member State.
8.   Crypto-asset service providers seeking to add crypto-asset services to their authorisation as referred to in Article 63 shall request the competent authorities that granted their initial authorisation 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.
Article 60
Provision of crypto-asset services by certain financial entities
1.   A credit institution may provide crypto-asset services if it notifies the information referred to in paragraph 7 to the competent authority of its home Member State at least 40 working days before providing those services for the first time.
2.   A central securities depository authorised under Regulation (EU) No 909/2014 of the European Parliament and of the Council 
(
45
)
 shall only provide custody and administration of crypto-assets on behalf of clients if it notifies the information referred to in paragraph 7 of this Article to the competent authority of the home Member State, at least 40 working days before providing that service for the first time.
For the purposes of the first subparagraph of this paragraph, providing custody and administration of crypto-assets on behalf of clients is deemed equivalent to providing, maintaining or operating securities accounts in relation to the settlement service referred to in Section B, point (3), of the Annex to Regulation (EU) No 909/2014.
3.   An investment firm may provide crypto-asset services in the Union equivalent to the investment services and activities for which it is specifically authorised under Directive 2014/65/EU if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.
For the purposes of this paragraph:
(a)
providing custody and administration of crypto-assets on behalf of clients is deemed equivalent to the ancillary service referred to in Section B, point (1), of Annex I to Directive 2014/65/EU;
(b)
the operation of a trading platform for crypto-assets is deemed equivalent to the operation of a multilateral trading facility and operation of an organised trading facility referred to in Section A, points (8) and (9), respectively, of Annex I to Directive 2014/65/EU;
(c)
the exchange of crypto-assets for funds and other crypto-assets is deemed equivalent to dealing on own account referred to in Section A, point (3), of Annex I to Directive 2014/65/EU;
(d)
the execution of orders for crypto-assets on behalf of clients is deemed equivalent to the execution of orders on behalf of clients referred to in Section A, point (2), of Annex I to Directive 2014/65/EU;
(e)
the placing of crypto-assets is deemed equivalent to the underwriting or placing of financial instruments on a firm commitment basis and placing of financial instruments without a firm commitment basis referred to in Section A, points (6) and (7), respectively, of Annex I to Directive 2014/65/EU;
(f)
the reception and transmission of orders for crypto-assets on behalf of clients is deemed equivalent to the reception and transmission of orders in relation to one or more financial instruments referred to in Section A, point (1), of Annex I to Directive 2014/65/EU;
(g)
providing advice on crypto-assets is deemed equivalent to investment advice referred to in Section A, point (5), of Annex I to Directive 2014/65/EU;
(h)
providing portfolio management on crypto-assets is deemed equivalent to portfolio management referred to in Section A, point (4), of Annex I to Directive 2014/65/EU.
4.   An electronic money institution authorised under Directive 2009/110/EC shall only provide custody and administration of crypto-assets on behalf of clients and transfer services for crypto-assets on behalf of clients with regard to the e-money tokens it issues if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.
5.   A UCITS management company or an alternative investment fund manager may provide crypto-asset services equivalent to the management of portfolios of investment and non-core services for which it is authorised under Directive 2009/65/EC or Directive 2011/61/EU if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.
For the purposes of this paragraph:
(a)
the reception and transmission of orders for crypto-assets on behalf of clients is deemed equivalent to the reception and transmission of orders in relation to financial instruments referred in Article 6(4), point (b)(iii), of Directive 2011/61/EU;
(b)
providing advice on crypto-assets is deemed equivalent to investment advice referred to in Article 6(4), point (b)(i), of Directive 2011/61/EU and in Article 6(3), point (b)(i), of Directive 2009/65/EC;
(c)
providing portfolio management on crypto-assets is deemed equivalent to the services referred to in Article 6(4), point (a), of Directive 2011/61/EU and in Article 6(3), point (a), of Directive 2009/65/EC.
6.   A market operator authorised under Directive 2014/65/EU may operate a trading platform for crypto-assets if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.
7.   For the purposes of paragraphs 1 to 6, the following information shall be notified:
(a)
a programme of operations setting out the types of crypto-asset services that the applicant crypto-asset service provider intends to provide, including where and how those services are to be marketed;
(b)
a description of:
(i)
the internal control mechanisms, policies and procedures to ensure compliance with the provisions of national law transposing Directive (EU) 2015/849;
(ii)
the risk assessment framework for the management of money laundering and terrorist financing risks; and
(iii)
the business continuity plan;
(c)
the technical documentation of the ICT systems and security arrangements, and a description thereof in non-technical language;
(d)
a description of the procedure for the segregation of clients’ crypto-assets and funds;
(e)
a description of the custody and administration policy, where it is intended to provide custody and administration of crypto-assets on behalf of clients;
(f)
a description of the operating rules of the trading platform and of the procedures and system to detect market abuse, where it is intended to operate a trading platform for crypto-assets;
(g)
a description of the non-discriminatory commercial policy governing the relationship with clients as well as a description of the methodology for determining the price of the crypto-assets they propose to exchange for funds or other crypto-assets, where it is intended to exchange crypto-assets for funds or other crypto-assets;
(h)
a description of the execution policy, where it is intended to execute orders for crypto-assets on behalf of clients;
(i)
evidence that the natural persons giving advice on behalf of the applicant crypto-asset service provider or managing portfolios on behalf of the applicant crypto-asset service provider have the necessary knowledge and expertise to fulfil their obligations, where it is intended to provide advice on crypto-assets or provide portfolio management on crypto-assets;
(j)
whether the crypto-asset service relates to asset-referenced tokens, e-money tokens or other crypto-assets;
(k)
information on the manner in which such transfer services will be provided, where it is intended to provide transfer services for crypto-assets on behalf of clients.
8.   A competent authority receiving a notification as referred to in paragraphs 1 to 6 shall, within 20 working days of receipt of such notification, assess whether all required information has been provided. Where the competent authority concludes that a notification is not complete, it shall immediately inform the notifying entity thereof and set a deadline by which that entity is required to provide the missing information.
The deadline for providing any missing information shall not exceed 20 working days from the date of the request. Until the expiry of that deadline, each period as set out in paragraphs 1 to 6 shall be suspended. Any further requests by the competent authority for completion or clarification of the information shall be at its discretion but shall not result in a suspension of any period set out in paragraphs 1 to 6.
The crypto-asset service provider shall not begin providing the crypto-asset services as long as the notification is incomplete.
9.   The entities referred to in paragraphs 1 to 6 shall not be required to submit any information referred to in paragraph 7 that was previously submitted by them to the competent authority where such information would be identical. When submitting the information referred to in paragraph 7, the entities referred to in paragraphs 1 to 6 shall expressly state that any information that was submitted previously is still up-to-date.
10.   Where the entities referred to in paragraphs 1 to 6 of this Article provide crypto-asset services, they shall not be subject to Articles 62, 63, 64, 67, 83 and 84.
11.   The right to provide crypto-asset services referred to in paragraphs 1 to 6 of this Article shall be revoked upon the withdrawal of the relevant authorisation that enabled the respective entity to provide the crypto-asset services without being required to obtain an authorisation pursuant to Article 59.
12.   Competent authorities shall communicate to ESMA the information specified in Article 109(5), after verifying the completeness of the information referred to in paragraph 7.
ESMA shall make such information available in the register referred to in Article 109 by the starting date of the intended provision of crypto-asset services.
13.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information referred to in paragraph 7.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
14.   ESMA, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the notification pursuant to paragraph 7.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 61
Provision of crypto-asset services at the exclusive initiative of the client
1.   Where a client established or situated in the Union initiates at its own exclusive initiative the provision of a crypto-asset service or activity by a third‐country firm, the requirement for authorisation under Article 59 shall not apply to the provision of that crypto-asset service or activity by the third‐country firm to that client, including a relationship specifically relating to the provision of that crypto-asset service or activity.
Without prejudice to intragroup relationships, where a third‐country firm, including through an entity acting on its behalf or having close links with such third‐country firm or any other person acting on behalf of such entity, solicits clients or prospective clients in the Union, regardless of the means of communication used for the solicitation, promotion or advertising in the Union, it shall not be deemed to be a service provided on the client’s own exclusive initiative.
The second subparagraph shall apply notwithstanding any contractual clause or disclaimer purporting to state otherwise, including any clause or disclaimer that the provision of services by a third-country firm is deemed to be a service provided on the client’s own exclusive initiative.
2.   A client’s own exclusive initiative as referred to in paragraph 1 shall not entitle a third‐country firm to market new types of crypto-assets or crypto-asset services to that client.
3.   ESMA shall by 30 December 2024 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify the situations in which a third-country firm is deemed to solicit clients established or situated in the Union.
In order to foster convergence and promote consistent supervision in respect of the risk of abuse of this Article, ESMA shall also issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervision practices to detect and prevent circumvention of this Regulation.
Article 62
Application for authorisation as a crypto-asset service provider
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 the competent authority of their home Member State.
2.   The application referred to in paragraph 1 shall contain all of the following information:
(a)
the name, including the legal name and any other commercial name used, the legal entity identifier of the applicant crypto-asset service provider, the website operated by that provider, a contact email address, a contact telephone number and its physical address;
(b)
the legal form of the applicant crypto-asset service provider;
(c)
the articles of association of the applicant crypto-asset service provider, where applicable;
(d)
a programme of operations, setting out the types of crypto-asset services that the applicant crypto-asset service provider intends to provide, including where and how those services are to be marketed;
(e)
proof that the applicant crypto-asset service provider meets the requirements for prudential safeguards set out in Article 67;
(f)
a description of the applicant crypto-asset service provider’s governance arrangements;
(g)
proof that members of the management body of the applicant crypto-asset service provider are of sufficiently good repute and possess the appropriate knowledge, skills and experience to manage that provider;
(h)
the identity of any shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider and the amounts of those holdings, as well as proof that those persons are of sufficiently good repute;
(i)
a description of the applicant crypto-asset service provider’s internal control mechanisms, policies and procedures to identify, assess and manage risks, including money laundering and terrorist financing risks, and business continuity plan;
(j)
the technical documentation of the ICT systems and security arrangements, and a description thereof in non-technical language;
(k)
a description of the procedure for the segregation of clients’ crypto-assets and funds;
(l)
a description of the applicant crypto-asset service provider’s complaints-handling procedures;
(m)
where the applicant crypto-asset service provider intends to provide custody and administration of crypto-assets on behalf of clients, a description of the custody and administration policy;
(n)
where the applicant crypto-asset service provider intends to operate a trading platform for crypto-assets, a description of the operating rules of the trading platform and of the procedure and system to detect market abuse;
(o)
where the applicant crypto-asset service provider intends to exchange crypto-assets for funds or other crypto-assets, a description of the commercial policy, which shall be non-discriminatory, governing the relationship with clients as well as a description of the methodology for determining the price of the crypto-assets that the applicant crypto-asset service provider proposes to exchange for funds or other crypto-assets;
(p)
where the applicant crypto-asset service provider intends to execute orders for crypto-assets on behalf of clients, a description of the execution policy;
(q)
where the applicant crypto-asset service provider intends to provide advice on crypto-assets or portfolio management of crypto-assets, proof that the natural persons giving advice on behalf of the applicant crypto-asset service provider or managing portfolios on behalf of the applicant crypto-asset service provider have the necessary knowledge and expertise to fulfil their obligations;
(r)
where the applicant crypto-asset service provider intends to provide transfer services for crypto-assets on behalf of clients, information on the manner in which such transfer services will be provided;
(s)
the type of crypto-asset to which the crypto-asset service relates.
3.   For the purposes of paragraph 2, points (g) and (h), an applicant crypto-asset service provider shall provide proof of all of the following:
(a)
for all members of the management body of the applicant crypto-asset service provider, the absence of a criminal record in respect of convictions and the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering, and counter-terrorist financing, to fraud or to professional liability;
(b)
that the members of the management body of the applicant crypto-asset service provider collectively possess the appropriate knowledge, skills and experience to manage the crypto-asset service provider and that those persons are required to commit sufficient time to perform their duties;
(c)
for all shareholders and members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider, the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability.
4.   Competent authorities shall not require an applicant crypto-asset service provider to provide any information referred to in paragraphs 2 and 3 of this Article that they have already received under the respective authorisation procedures in accordance with Directive 2009/110/EC, 2014/65/EU or (EU) 2015/2366, or pursuant to national law applicable to crypto-asset services prior to 29 June 2023, provided that such previously submitted information or documents are still up-to-date.
5.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information referred to in paragraphs 2 and 3.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
6.   ESMA, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the information to be included in the application for authorisation as a crypto-asset service provider.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 63
Assessment of the application for authorisation and grant or refusal of authorisation
1.   Competent authorities 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.
2.   Competent authorities shall, within 25 working days of receipt of an application under Article 62(1), assess whether that application is complete by checking that the information listed in Article 62(2) has been submitted.
Where the application is not complete, competent authorities shall set a deadline by which the applicant crypto-asset service provider is to provide any missing information.
3.   Competent authorities may refuse to review applications where such applications remain incomplete after the expiry of the deadline set by them in accordance with paragraph 2, second subparagraph.
4.   Once an application is complete, competent authorities shall promptly notify the applicant crypto-asset service provider thereof.
5.   Before granting or refusing authorisation as a crypto-asset service provider, competent authorities shall consult the competent authorities of another Member State where the applicant crypto-asset service provider is in one of the following positions in relation to a credit institution, a central securities depository, an investment firm, a market operator, a UCITS management company, an alternative investment fund manager, a payment institution, an insurance undertaking, an electronic money institution or an institution for occupational retirement provision, authorised in that other Member State:
(a)
it is its subsidiary;
(b)
it is a subsidiary of the parent undertaking of that entity; or
(c)
it is controlled by the same natural or legal persons who control that entity.
6.   Before granting or refusing an authorisation as a crypto-asset service provider, competent authorities:
(a)
may consult the competent authorities for anti-money laundering and counter-terrorist financing, and financial intelligence units, 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;
(b)
shall 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;
(c)
shall, where appropriate, 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.
7.   Where close links exist between the applicant crypto-asset service provider and other natural or legal persons, competent authorities shall grant authorisation only if those links do not prevent the effective exercise of their supervisory functions.
8.   Competent authorities shall refuse authorisation if the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with which the applicant crypto-asset service provider has close links, or difficulties involved in their enforcement, prevent the effective exercise of their supervisory functions.
9.   Competent authorities shall, within 40 working days from the date of receipt of a complete application, assess whether the applicant crypto-asset service provider complies with this Title and shall adopt a fully reasoned decision granting or refusing an authorisation as a crypto-asset service provider. Competent authorities shall notify the applicant of their decision within five working days of the date of that decision. That assessment shall take into account the nature, scale and complexity of the crypto-asset services that the applicant crypto-asset service provider intends to provide.
10.   Competent authorities shall refuse authorisation as a crypto-asset service provider where there are objective and demonstrable grounds that:
(a)
the management body of the applicant crypto-asset service provider poses a threat to its effective, sound and prudent management and business continuity, and to the adequate consideration of the interest of its clients and the integrity of the market, or exposes the applicant crypto-asset service provider to a serious risk of money laundering or terrorist financing;
(b)
the members of the management body of the applicant crypto-asset service provider do not meet the criteria set out in Article 68(1);
(c)
the shareholders or members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider do not meet the criteria of sufficiently good repute set out in Article 68(2);
(d)
the applicant crypto-asset service provider fails to meet or is likely to fail to meet any of the requirements of this Title.
11.   ESMA and EBA shall jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 and Article 16 of Regulation (EU) No 1093/2010, respectively, on the assessment of the suitability of the members of the management body of the applicant crypto-asset service provider and of the shareholders or members, whether direct or indirect, that have qualifying holdings in the applicant crypto-asset service provider.
ESMA and EBA shall issue the guidelines referred to in the first subparagraph by 30 June 2024.
12.   Competent authorities may, during the assessment period provided for in paragraph 9, and no later than on the 20th working day of that period, request any further information that is necessary to complete the assessment. Such request shall be made in writing to the applicant crypto-asset service provider and shall specify the additional information needed.
The assessment period under paragraph 9 shall be suspended for the period between the date of request for missing information by the competent authorities and the receipt by them of a response thereto from the applicant crypto-asset service provider. The suspension shall not exceed 20 working days. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but shall not result in a suspension of the assessment period under paragraph 9.
13.   Competent authorities shall, within two working days of granting authorisation, communicate to ESMA the information specified in Article 109(5). Competent authorities shall also inform ESMA of any refusals of authorisations. ESMA shall make the information referred to in Article 109(5) available in the register referred to in that Article by the starting date of the provision of crypto-asset services.
Article 64
Withdrawal of authorisation of a crypto-asset service provider
1.   Competent authorities shall withdraw the authorisation of a crypto-asset service provider 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 expressly renounced its authorisation;
(c)
has not provided crypto-asset services for nine consecutive months;
(d)
has obtained its authorisation by irregular means, such as by making false statements in its application for authorisation;
(e)
no longer meets the conditions under which the authorisation was granted and has not taken the remedial action requested by the competent authority within the specified timeframe;
(f)
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;
(g)
has seriously infringed this Regulation, including the provisions relating to the protection of holders of crypto-assets or of clients of crypto-asset service providers, or market integrity.
2.   Competent authorities may withdraw authorisation as a crypto-asset service provider in any of the following situations:
(a)
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 a competent authority withdraws an authorisation as a crypto-asset service provider, it shall notify ESMA and the single points of contact of the host Member States without undue delay. ESMA shall make such information available in the register referred to in Article 109.
4.   Competent authorities may limit the withdrawal of authorisation to a particular crypto-asset service.
5.   Before withdrawing an authorisation as a crypto-asset service provider, competent authorities shall consult the competent authority of another Member State where the crypto-asset service provider concerned is:
(a)
a subsidiary of a crypto-asset service provider authorised in that other Member State;
(b)
a subsidiary of the parent undertaking of a crypto-asset service provider authorised in that other Member State;
(c)
controlled by the same natural or legal persons who control a crypto-asset service provider authorised in that other Member State.
6.   Before withdrawing an authorisation as a crypto-asset service provider, competent authorities 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, ESMA and any competent authority of a host Member State may at any time request that the competent authority of the home Member State examine whether the crypto-asset service provider still complies with the conditions under which the authorisation was granted, when there are grounds to suspect it may no longer be the case.
8.   Crypto-asset service providers shall establish, implement and maintain adequate procedures ensuring the timely and orderly transfer of their clients’ crypto-assets and funds to another crypto-asset service provider when an authorisation is withdrawn.
Article 65
Cross-border provision of crypto-asset services
1.   A crypto-asset service provider that intends to provide crypto-asset services in more than one Member State shall submit the following information to the competent authority of the home Member State:
(a)
a list of the Member States in which the crypto-asset service provider intends to provide crypto-asset services;
(b)
the crypto-asset services that the crypto-asset service provider intends to provide on a cross-border basis;
(c)
the starting date of the intended provision of the crypto-asset services;
(d)
a list of all other activities provided by the crypto-asset service provider not covered by this Regulation.
2.   The competent authority of the home Member State shall, within 10 working days of receipt of the information referred to in paragraph 1, communicate that information to the single points of contact of the host Member States, to ESMA and to EBA.
3.   The competent authority of the Member State that granted authorisation shall inform the crypto-asset service provider concerned of the communication referred to in paragraph 2 without delay.
4.   The crypto-asset service provider may begin to provide crypto-asset services in a Member State other than its home Member State from the date of receipt of the communication referred to in paragraph 3 or at the latest from the 15th calendar day after having submitted the information referred to in paragraph 1.
CHAPTER 2
Obligations for all crypto-asset service providers
Article 66
Obligation to act honestly, fairly and professionally in the best interests of clients
1.   Crypto-asset service providers shall act honestly, fairly and professionally in accordance with the best interests of their clients and prospective clients.
2.   Crypto-asset service providers shall provide their clients with information that is fair, clear and not misleading, including in marketing communications, which shall be identified as such. Crypto-asset service providers shall not, deliberately or negligently, mislead a client in relation to the real or perceived advantages of any crypto-assets.
3.   Crypto-asset service providers shall warn clients of the risks associated with transactions in crypto-assets.
When operating a trading platform for crypto-assets, exchanging crypto-assets for funds or other crypto-assets, providing advice on crypto-assets or providing portfolio management on crypto-assets, crypto-asset service providers shall provide their clients with hyperlinks to any crypto-asset white papers for the crypto-assets in relation to which they are providing those services.
4.   Crypto-asset service providers shall make their policies on pricing, costs and fees publicly available, in a prominent place on their website.
5.   Crypto-asset service providers shall make publicly available, in a prominent place on their website, information related to the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue each crypto-asset in relation to which they provide services. That information may be obtained from the crypto-asset white papers.
6.   ESMA, in cooperation with EBA, shall develop draft regulatory technical standards on the content, methodologies and presentation of information referred to in paragraph 5 in respect of the sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts.
When developing the draft regulatory technical standards referred to in the first subparagraph, ESMA shall consider the various types of consensus mechanisms used to validate crypto-asset transactions, their incentive structures and the use of energy, renewable energy and natural resources, the production of waste and greenhouse gas emissions. ESMA shall update the regulatory technical standards in the light of regulatory and technological developments.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 67
Prudential requirements
1.   Crypto-asset service providers shall, at all times, have in place prudential safeguards equal to an amount of at least the higher of the following:
(a)
the amount of permanent minimum capital requirements indicated in Annex IV, depending on the type of the crypto-asset services provided;
(b)
one quarter of the fixed overheads of the preceding year, reviewed annually.
2.   Crypto-asset service providers that have not been in business for one year from the date on which they began providing services shall use, for the calculation referred to in paragraph 1, point (b), the projected fixed overheads included in their projections for the first 12 months of service provision, as submitted with their application for authorisation.
3.   For the purposes of paragraph 1, point (b), crypto-asset service providers shall calculate their fixed overheads for the preceding year, using figures resulting from the applicable accounting framework, by subtracting the following items from the total expenses after distribution of profits to shareholders or members in their most recently audited annual financial statements or, where audited statements are not available, in annual financial statements validated by national supervisors:
(a)
staff bonuses and other remuneration, to the extent that those bonuses and that remuneration depend on a net profit of the crypto-asset service providers in the relevant year;
(b)
employees’, directors’ and partners’ shares in profits;
(c)
other appropriations of profits and other variable remuneration, to the extent that they are fully discretionary;
(d)
non-recurring expenses from non-ordinary activities.
4.   The prudential safeguards referred to in paragraph 1 shall take any of the following forms or a combination thereof:
(a)
own funds, consisting of Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions pursuant to Articles 46 and 48 of that Regulation;
(b)
an insurance policy covering the territories of the Union where crypto-asset services are provided or a comparable guarantee.
5.   The insurance policy referred to in paragraph 4, point (b), shall be disclosed to the public on the crypto-asset service provider’s website and shall have at least the following characteristics:
(a)
it has an initial term of not less than one year;
(b)
the notice period for its cancellation is at least 90 days;
(c)
it is taken out from an undertaking authorised to provide insurance, in accordance with Union or national law;
(d)
it is provided by a third-party entity.
6.   The insurance policy referred to in paragraph 4, point (b), shall include coverage against the risk of all of the following:
(a)
loss of documents;
(b)
misrepresentations or misleading statements made;
(c)
acts, errors or omissions resulting in a breach of:
(i)
legal and regulatory obligations;
(ii)
the obligation to act honestly, fairly and professionally towards clients;
(iii)
obligations of confidentiality;
(d)
failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest;
(e)
losses arising from business disruption or system failures;
(f)
where applicable to the business model, gross negligence in the safeguarding of clients’ crypto-assets and funds;
(g)
liability of the crypto-asset service providers towards clients pursuant to Article 75(8).
Article 68
Governance arrangements
1.   Members of the management body of crypto-asset service providers shall be of sufficiently good repute and possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties. In particular, members of the management body of crypto-asset service providers shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute. They shall also demonstrate that they are capable of committing sufficient time to effectively perform their duties.
2.   Shareholders and members, whether direct or indirect, that have qualifying holdings in crypto-asset service providers shall be of sufficiently good repute and, in particular, shall not have been convicted of offences relating to money laundering or terrorist financing or of any other offences that would affect their good repute.
3.   Where the influence exercised by the shareholders or members, whether direct or indirect, that have qualifying holdings in a crypto-asset service provider is likely to be prejudicial to the sound and prudent management of that crypto-asset service provider, competent authorities shall take appropriate measures to address those risks.
Such measures may include applications for judicial orders or the imposition of penalties against directors and those responsible for management, or the suspension of the exercise of the voting rights attaching to the shares held by the shareholders or members, whether direct or indirect, that have the qualifying holdings.
4.   Crypto-asset service providers shall adopt policies and procedures that are sufficiently effective to ensure compliance with this Regulation.
5.   Crypto-asset service providers shall employ personnel with the knowledge, skills and expertise necessary for the discharge of the responsibilities allocated to them, taking into account the scale, nature and range of crypto-asset services provided.
6.   The management body of crypto-asset service providers shall assess and periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2 and 3 of this Title and take appropriate measures to address any deficiencies in that respect.
7.   Crypto-asset service providers shall take all reasonable steps to ensure continuity and regularity in the performance of their crypto-asset services. To that end, crypto-asset service providers shall employ appropriate and proportionate resources and procedures, including resilient and secure ICT systems as required by Regulation (EU) 2022/2554.
Crypto-asset service providers shall establish a business continuity policy, which shall include ICT business continuity plans as well as ICT response and recovery plans set up pursuant to Articles 11 and 12 of Regulation (EU) 2022/2554 that aim to ensure, in the case of an interruption to their ICT systems and procedures, the preservation of essential data and functions and the maintenance of crypto-asset services or, where that is not possible, the timely recovery of such data and functions and the timely resumption of crypto-asset services.
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. They shall monitor and, on a regular basis, evaluate the adequacy and effectiveness of those mechanisms, systems and procedures, taking into account the scale, the nature and range of crypto-asset services provided, and shall take appropriate measures to address any deficiencies in that respect.
Crypto-asset service providers shall have systems and procedures to safeguard the availability, authenticity, integrity and confidentiality of data pursuant to Regulation (EU) 2022/2554.
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 competent authorities to fulfil their 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 the competent authority before five years have elapsed, for a period of up to seven years.
10.   ESMA shall develop draft regulatory technical standards to further specify:
(a)
the measures ensuring continuity and regularity in the performance of the crypto-asset services referred to in paragraph 7;
(b)
the records to be kept of all crypto-asset services, activities, orders and transactions undertaken referred to in paragraph 9.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 69
Information to competent authorities
Crypto-asset service providers shall notify their competent authority without delay of any changes to their management body, prior to the exercise of activities by any new members, and shall provide their competent authority with all of the necessary information to assess compliance with Article 68.
Article 70
Safekeeping of clients’ crypto-assets and funds
1.   Crypto-asset service providers that hold crypto-assets belonging to clients or the means of access to such crypto-assets shall make adequate arrangements to safeguard the ownership rights of clients, especially in the event of the crypto-asset service provider’s insolvency, and to prevent the use of clients’ crypto-assets for their own account.
2.   Where their business models or the crypto-asset services require holding clients’ funds other than e-money tokens, crypto-asset service providers shall have adequate arrangements in place to safeguard the ownership rights of clients and prevent the use of clients’ funds for their own account.
3.   Crypto-asset service providers shall, by the end of the business day following the day on which clients’ funds other than e-money tokens were received, place those funds with a credit institution or a central bank.
Crypto-asset service providers shall take all necessary steps to ensure that clients’ funds other than e-money tokens held with a credit institution or a central bank are held in an account separately identifiable from any accounts used to hold funds belonging to the crypto-asset service providers.
4.   Crypto-asset service providers may themselves, or through a third party, provide payment services related to the crypto-asset service they offer provided that the crypto-asset service provider itself, or the third party, is authorised to provide those services under Directive (EU) 2015/2366.
Where payment services are provided, crypto-asset service providers shall inform their clients of all of the following:
(a)
the nature and terms and conditions of those services, including references to the applicable national law and to the rights of clients;
(b)
whether those services are provided by them directly or by a third party.
5.   Paragraphs 2 and 3 of this Article shall not apply to crypto-asset service providers that are electronic money institutions, payment institutions or credit institutions.
Article 71
Complaints-handling procedures
1.   Crypto-asset service providers shall establish and maintain effective and transparent procedures for the prompt, fair and consistent handling of complaints received from clients and shall publish descriptions of those procedures.
2.   Clients shall be able to file complaints free of charge with crypto-asset service providers.
3.   Crypto-asset service providers shall inform clients of the possibility of filing a complaint. Crypto-asset service providers shall make available to clients a template for filing complaints and shall keep a record of all complaints received and any measures taken in response thereto.
4.   Crypto-asset service providers shall investigate all complaints in a timely and fair manner and communicate the outcome of such investigations to their clients within a reasonable period.
5.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the requirements, templates and procedures for handling complaints.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 72
Identification, prevention, management and disclosure of conflicts of interest
1.   Crypto-asset service providers shall implement and maintain effective policies and procedures, taking into account the scale, the nature and range of crypto-asset services provided, to identify, prevent, manage and disclose conflicts of interest between:
(a)
themselves and:
(i)
their shareholders or members;
(ii)
any person directly or indirectly linked to the crypto-asset service providers or their shareholders or members by control;
(iii)
members of their management body;
(iv)
their employees; or
(v)
their clients; or
(b)
two or more clients whose mutual interests conflict.
2.   Crypto-asset service providers shall, in a prominent place on their website, disclose to their clients and prospective clients the general nature and sources of conflicts of interest referred to in paragraph 1 and the steps taken to mitigate them.
3.   The disclosure referred to in paragraph 2 shall be made in an electronic format and shall include sufficient detail, taking into account the nature of each client, in order to enable each client to take an informed decision about the crypto-asset service in the context of which the conflicts of interest arise.
4.   Crypto-asset service providers shall assess and, at least annually, review their policy on conflicts of interest and take all appropriate measures to address any deficiencies in that respect.
5.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify:
(a)
the requirements for the policies and procedures referred to in paragraph 1, taking into account the scale, the nature and the range of crypto-asset services provided;
(b)
the details and methodology for the content of the disclosure referred to in paragraph 2.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 73
Outsourcing
1.   Crypto-asset service providers that outsource services or activities to third parties for the performance of operational functions shall take all reasonable steps to avoid additional operational risk. They shall remain fully responsible for discharging all of their obligations pursuant to this Title and shall ensure at all times that the following conditions are met:
(a)
outsourcing does not result in the delegation of the responsibility of the crypto-asset service providers;
(b)
outsourcing does not alter the relationship between the crypto-asset service providers and their clients, nor the obligations of the crypto-asset service providers towards their clients;
(c)
outsourcing does not alter the conditions for the authorisation of the crypto-asset service providers;
(d)
third parties involved in the outsourcing cooperate with the competent authority of the crypto-asset service providers’ home Member State and the outsourcing does not prevent the exercise of the supervisory functions of competent authorities, including on-site access to acquire any relevant information needed to fulfil those functions;
(e)
crypto-asset service providers retain the expertise and resources necessary for evaluating the quality of the services provided, for supervising the outsourced services effectively and for managing the risks associated with the outsourcing on an ongoing basis;
(f)
crypto-asset service providers have direct access to the relevant information of the outsourced services;
(g)
crypto-asset service providers ensure that third parties involved in the outsourcing meet the data protection standards of the Union.
For the purposes of point (g) of the first subparagraph, crypto-asset service providers are responsible for ensuring that the data protection standards are set out in the written agreements referred to in paragraph 3.
2.   Crypto-asset service providers shall have a policy on their outsourcing, including on contingency plans and exit strategies, taking into account the scale, the nature and the range of crypto-asset services provided.
3.   Crypto-asset service providers shall define in a written agreement their rights and obligations and those of the third parties to which they are outsourcing services or activities. Outsourcing agreements shall give crypto-asset service providers the right to terminate those agreements.
4.   Crypto-asset service providers and third parties shall, upon request, make available to the competent authorities and other relevant authorities all information necessary to enable those authorities to assess compliance of the outsourced activities with the requirements of this Title.
Article 74
Orderly wind-down of crypto-asset service providers
Crypto-asset service providers that provide the services referred to in Articles 75 to 79 shall have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers. That plan shall demonstrate the ability of crypto-asset service providers to carry out an orderly wind-down without causing undue economic harm to their clients.
CHAPTER 3
Obligations in respect of specific crypto-asset services
Article 75
Providing custody and administration of crypto-assets on behalf of clients
1.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall conclude an agreement with their clients to specify their duties and their responsibilities. Such an agreement shall include at least the following:
(a)
the identity of the parties to the agreement;
(b)
the nature of the crypto-asset service provided and a description of that service;
(c)
the custody policy;
(d)
the means of communication between the crypto-asset service provider and the client, including the client’s authentication system;
(e)
a description of the security systems used by the crypto-asset service provider;
(f)
the fees, costs and charges applied by the crypto-asset service provider;
(g)
the applicable law.
2.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall keep a register of positions, opened in the name of each client, corresponding to each client’s rights to the crypto-assets. Where relevant, crypto-asset service providers shall record as soon as possible in that register any movements following instructions from their clients. In such cases, their internal procedures shall ensure that any movement affecting the registration of the crypto-assets is evidenced by a transaction regularly registered in the client’s register of positions.
3.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall establish a custody policy with internal rules and procedures to ensure the safekeeping or the control of such crypto-assets, or the means of access to the crypto-assets.
The custody policy referred to in the first subparagraph shall minimise the risk of a loss of clients’ crypto-assets or the rights related to those crypto-assets or the means of access to the crypto-assets due to fraud, cyber threats or negligence.
A summary of the custody policy shall be made available to clients at their request in an electronic format.
4.   Where applicable, crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall facilitate the exercise of the rights attached to the crypto-assets. Any event likely to create or modify the rights of a client shall immediately be recorded in the client’s register of positions.
Where there are changes to the underlying distributed ledger technology or any other event likely to create or modify a client’s rights, the client shall be entitled to any crypto-assets or any rights newly created on the basis and to the extent of the client’s positions at the time of the occurrence of that change or event, except when a valid agreement signed with the crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients pursuant to paragraph 1 prior to that change or event expressly provides otherwise.
5.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall provide their clients, at least once every three months and at the request of the client concerned, with a statement of position of the crypto-assets recorded in the name of those clients. That statement of position shall be made in an electronic format. The statement of position shall identify the crypto-assets concerned, their balance, their value and the transfer of crypto-assets made during the period concerned.
Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall provide their clients as soon as possible with any information about operations on crypto-assets that require a response from those clients.
6.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall ensure that necessary procedures are in place to return crypto-assets held on behalf of their clients, or the means of access, as soon as possible to those clients.
7.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall segregate holdings of crypto-assets on behalf of their clients from their own holdings and ensure that the means of access to crypto-assets of their clients is clearly identified as such. They shall ensure that, on the distributed ledger, their clients’ crypto-assets are held separately from their own crypto-assets.
The crypto-assets held in custody shall be legally segregated from the crypto-asset service provider’s estate in the interest of the clients of the crypto-asset service provider in accordance with applicable law, so that creditors of the crypto-asset service provider have no recourse to crypto-assets held in custody by the crypto-asset service provider, in particular in the event of insolvency.
Crypto-asset service provider shall ensure that the crypto-assets held in custody are operationally segregated from the crypto-asset service provider’s estate.
8.   Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients shall be liable to their clients for the loss of any crypto-assets or of the means of access to the crypto-assets as a result of an incident that is attributable to them. The liability of the crypto-asset service provider shall be capped at the market value of the crypto-asset that was lost, at the time the loss occurred.
Incidents not attributable to the crypto-asset service provider include any event in respect of which the crypto-asset service provider demonstrates that it occurred independently of the provision of the relevant service, or independently of the operations of the crypto-asset service provider, such as a problem inherent in the operation of the distributed ledger that the crypto-asset service provider does not control.
9.   If crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients make use of other crypto-asset service providers of that service, they shall only make use of crypto-asset service providers authorised in accordance with Article 59.
Crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients and that make use of other crypto-asset service providers of that service shall inform their clients thereof.
Article 76
Operation of a trading platform for crypto-assets
1.   Crypto-asset service providers operating a trading platform for crypto-assets shall lay down, maintain and implement clear and transparent operating rules for the trading platform. Those operating rules shall at least:
(a)
set the approval processes, including customer due diligence requirements commensurate to the money laundering or terrorist financing risk presented by the applicant in accordance with Directive (EU) 2015/849, that are applied before admitting crypto-assets to the trading platform;
(b)
define exclusion categories, if any, of the types of crypto-assets that are not admitted to trading;
(c)
set out the policies, procedures and the level of fees, if any, for the admission to trading;
(d)
set objective, non-discriminatory rules and proportionate criteria for participation in the trading activities, which promote fair and open access to the trading platform for clients willing to trade;
(e)
set non-discretionary rules and procedures to ensure fair and orderly trading and objective criteria for the efficient execution of orders;
(f)
set conditions for crypto-assets to remain accessible for trading, including liquidity thresholds and periodic disclosure requirements;
(g)
set conditions under which trading of crypto-assets can be suspended;
(h)
set procedures to ensure efficient settlement of both crypto-assets and funds.
For the purposes of point (a) of the first subparagraph, the operating rules shall clearly state that a crypto-asset is not to be admitted to trading where no corresponding crypto-asset white paper has been published in the cases required by this Regulation.
2.   Before admitting a crypto-asset to trading, crypto-asset service providers operating a trading platform for crypto-assets shall ensure that the crypto-asset complies with the operating rules of the trading platform and shall assess the suitability of the crypto-asset concerned. When assessing the suitability of a crypto-asset, the crypto-asset service providers operating a trading platform shall evaluate, in particular, the reliability of the technical solutions used and the potential association to illicit or fraudulent activities, taking into account the experience, track record and reputation of the issuer of those crypto-assets and its development team. The crypto-asset service providers operating a trading platform shall also assess the suitability of the crypto-assets other than asset-referenced tokens or e-money tokens referred to in Article 4(3), first subparagraph, points (a) to (d).
3.   The operating rules of the trading platform for crypto-assets shall prevent the admission to trading of crypto-assets that have an inbuilt anonymisation function unless the holders of those crypto-assets and their transaction history can be identified by the crypto-asset service providers operating a trading platform for crypto-assets.
4.   The operating rules referred to in paragraph 1 shall be drawn up in an official language of the home Member State, or in a language customary in the sphere of international finance.
If the operation of a trading platform for crypto-assets is provided in another Member State, the operating rules referred to in paragraph 1 shall be drawn up in an official language of the host Member State, or in a language customary in the sphere of international finance.
5.   Crypto-asset service providers operating a trading platform for crypto-assets shall not deal on own account on the trading platform for crypto-assets they operate, including where they provide the exchange of crypto-assets for funds or other crypto-assets.
6.   Crypto-asset service providers operating a trading platform for crypto-assets shall only be allowed to engage in matched principal trading where the client has consented to that process. Crypto-asset service providers shall provide the competent authority with information explaining their use of matched principal trading. The competent authority shall monitor the engagement of crypto-asset service providers in matched principal trading, and ensure that their engagement in matched principal trading continues to fall within the definition of such trading and does not give rise to conflicts of interest between the crypto-asset service providers and their clients.
7.   Crypto-asset service providers operating a trading platform for crypto-assets shall have in place effective systems, procedures and arrangements to ensure that their trading systems:
(a)
are resilient;
(b)
have sufficient capacity to deal with peak order and message volumes;
(c)
are able to ensure orderly trading under conditions of severe market stress;
(d)
are able to reject orders that exceed pre-determined volume and price thresholds or are clearly erroneous;
(e)
are fully tested to ensure that the conditions under points (a) to (d) are met;
(f)
are subject to effective business continuity arrangements to ensure the continuity of their services if there is any failure of the trading system;
(g)
are able to prevent or detect market abuse;
(h)
are sufficiently robust to prevent their abuse for the purposes of money laundering or terrorist financing.
8.   Crypto-asset service providers operating a trading platform for crypto-assets shall inform their competent authority when they identify cases of market abuse or attempted market abuse occurring on or through their trading systems.
9.   Crypto-asset service providers operating a trading platform for crypto-assets shall make public any bid and ask prices and the depth of trading interests at those prices which are advertised for crypto-assets through their trading platforms. The crypto-asset service providers concerned shall make that information available to the public on a continuous basis during trading hours.
10.   Crypto-asset service providers operating a trading platform for crypto-assets shall make public the price, volume and time of the transactions executed in respect of crypto-assets traded on their trading platforms. They shall make those details for all such transactions public as close to real-time as is technically possible.
11.   Crypto-asset service providers operating a trading platform for crypto-assets shall make the information published in accordance with paragraphs 9 and 10 available to the public on a reasonable commercial basis and ensure non-discriminatory access to that information. That information shall be made available free of charge 15 minutes after publication in a machine-readable format and it shall remain published for at least two years.
12.   Crypto-asset service providers operating a trading platform for crypto-assets shall initiate the final settlement of a crypto-asset transaction on the distributed ledger within 24 hours of the transaction being executed on the trading platform or, in the case of transactions settled outside the distributed ledger, by the closing of the day at the latest.
13.   Crypto-asset service providers operating a trading platform for crypto-assets shall ensure that their fee structures are transparent, fair and non-discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way that contributes to disorderly trading conditions or market abuse as referred to in Title VI.
14.   Crypto-asset service providers operating a trading platform for crypto-assets shall maintain resources and have back-up facilities in place to enable them to report to their competent authority at all times.
15.   Crypto-asset service providers operating a trading platform shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in crypto-assets that are advertised through their systems, or give the competent authority access to the order book so that the 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.
16.   ESMA shall develop draft regulatory technical standards to further specify:
(a)
the manner in which transparency data, including the level of disaggregation of the data to be made available to the public as referred to in paragraphs 1, 9 and 10, is to be presented;
(b)
the content and format of order book records to be maintained as specified in paragraph 15.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 77
Exchange of crypto-assets for funds or other crypto-assets
1.   Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall establish a non-discriminatory commercial policy that indicates, in particular, the type of clients they agree to transact with and the conditions that shall be met by such clients.
2.   Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that they propose to exchange for funds or other crypto-assets, and any applicable limit determined by that crypto-asset service provider on the amount to be exchanged.
3.   Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall execute client orders at the prices displayed at the time when the order for exchange is final. Crypto-asset service providers shall inform their clients of the conditions for their order to be deemed final.
4.   Crypto-asset service providers exchanging crypto-assets for funds or other crypto-assets shall publish information about the transactions concluded by them, such as transaction volumes and prices.
Article 78
Execution of orders for crypto-assets on behalf of clients
1.   Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall take all necessary steps to obtain, while executing orders, the best possible result for their clients taking into account factors of price, costs, speed, likelihood of execution and settlement, size, nature, conditions of custody of the crypto-assets or any other consideration relevant to the execution of the order.
Notwithstanding the first subparagraph, crypto-asset service providers executing orders for crypto-assets on behalf of clients shall not be required to take the necessary steps as referred to in the first subparagraph in cases where they execute orders for crypto-assets following specific instructions given by its clients.
2.   To ensure compliance with paragraph 1, crypto-asset service providers executing orders for crypto-assets on behalf of clients shall establish and implement effective execution arrangements. In particular, they shall establish and implement an order execution policy to allow them to comply with paragraph 1. The order execution policy shall, amongst others, provide for the prompt, fair and expeditious execution of client orders and prevent the misuse by the crypto-asset service providers’ employees of any information relating to client orders.
3.   Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall provide appropriate and clear information to their clients on their order execution policy referred to in paragraph 2 and any significant change thereto. That information shall explain clearly, in sufficient detail and in a way that can be easily understood by clients, how client orders are to be executed by crypto-asset service providers. Crypto-asset service providers shall obtain prior consent from each client regarding the order execution policy.
4.   Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall be able to demonstrate to their clients, at their request, that they have executed their orders in accordance with their order execution policy and shall be able to demonstrate to the competent authority, at the latter’s request, their compliance with this Article.
5.   Where the order execution policy provides for the possibility that client orders might be executed outside a trading platform, crypto-asset service providers executing orders for crypto-assets on behalf of clients shall inform their clients about that possibility and shall obtain the prior express consent of their clients before proceeding to execute their orders outside a trading platform, either in the form of a general agreement or with respect to individual transactions.
6.   Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall monitor the effectiveness of their order execution arrangements and order execution policy in order to identify and, where appropriate, correct any deficiencies in that respect. In particular, they shall assess, on a regular basis, whether the execution venues included in the order execution policy provide for the best possible result for clients or whether they need to make changes to their order execution arrangements. Crypto-asset service providers executing orders for crypto-assets on behalf of clients shall notify clients with whom they have an ongoing client relationship of any material changes to their order execution arrangements or order execution policy.
Article 79
Placing of crypto-assets
1.   Crypto-asset service providers placing crypto-assets shall communicate the following information to the offeror, to the person seeking admission to trading, or to any third party acting on their behalf, before entering into an agreement with them:
(a)
the type of placement under consideration, including whether a minimum amount of purchase is guaranteed or not;
(b)
an indication of the amount of transaction fees associated with the proposed placing;
(c)
the likely timing, process and price for the proposed operation;
(d)
information about the targeted purchasers.
Crypto-asset service providers placing crypto-assets shall, before placing those crypto-assets, obtain the agreement of the issuers of those crypto-assets or any third party acting on their behalf as regards the information listed in the first subparagraph.
2.   Crypto-asset service providers’ rules on conflicts of interest referred to in Article 72(1) shall have specific and adequate procedures in place to identify, prevent, manage and disclose any conflicts of interest arising from the following situations:
(a)
crypto-asset service providers place the crypto-assets with their own clients;
(b)
the proposed price for placing of crypto-assets has been overestimated or underestimated;
(c)
incentives, including non-monetary incentives, are paid or granted by the offeror to crypto-asset service providers.
Article 80
Reception and transmission of orders for crypto-assets on behalf of clients
1.   Crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall establish and implement procedures and arrangements that provide for the prompt and proper transmission of client orders for execution on a trading platform for crypto-assets or to another crypto-asset service provider.
2.   Crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not receive any remuneration, discount or non-monetary benefit in return for routing orders received from clients to a particular trading platform for crypto-assets or to another crypto-asset service provider.
3.   Crypto-asset service providers receiving and transmitting orders for crypto-assets on behalf of clients shall not misuse information relating to pending client orders, and shall take all reasonable steps to prevent the misuse of such information by any of their employees.
Article 81
Providing advice on crypto-assets and providing portfolio management of crypto-assets
1.   Crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall assess whether the crypto-asset services or crypto-assets are suitable for their clients or prospective clients, taking into consideration their knowledge and experience in investing in crypto-assets, their investment objectives, including risk tolerance, and their financial situation including their ability to bear losses.
2.   Crypto-asset service providers providing advice on crypto-assets shall, in good time before providing advice on crypto-assets, inform prospective clients whether the advice is:
(a)
provided on an independent basis;
(b)
based on a broad or on a more restricted analysis of different crypto-assets, including whether the advice is limited to crypto-assets issued or offered by entities having close links with the crypto-asset service provider or any other legal or economic relationships, such as contractual relationships, that risk impairing the independence of the advice provided.
3.   Where a crypto-asset service provider providing advice on crypto-assets informs the prospective client that advice is provided on an independent basis, it shall:
(a)
assess a sufficient range of crypto-assets available on the market which must be sufficiently diverse to ensure that the client’s investment objectives can be suitably met and which must not be limited to crypto-assets issued or provided by:
(i)
that same crypto-asset service provider;
(ii)
entities having close links with that same crypto-asset service provider; or
(iii)
other entities with which that same crypto-asset service provider has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided;
(b)
not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
Notwithstanding point (b) of the first subparagraph, minor non-monetary benefits that are capable of enhancing the quality of crypto-asset services provided to a client and that are of such a scale and nature that they do not impair compliance with a crypto-asset service provider’s obligation to act in the best interests of its client shall be permitted in cases where they are clearly disclosed to the client.
4.   Crypto-asset service providers providing advice on crypto-assets shall also provide prospective clients with information on all costs and related charges, including the cost of advice, where applicable, the cost of crypto-assets recommended or marketed to the client and how the client is permitted to pay for the crypto-assets, also encompassing any third-party payments.
5.   Crypto-asset service providers providing portfolio management of crypto-assets shall not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by an issuer, offeror, person seeking admission to trading, or any third party, or a person acting on behalf of a third party, in relation to the provision of portfolio management of crypto-assets to their clients.
6.   Where a crypto-asset service provider informs a prospective client that its advice is provided on a non-independent basis, that provider may receive inducements subject to the conditions that the payment or benefit:
(a)
is designed to enhance the quality of the relevant service to the client; and
(b)
does not impair compliance with the crypto-asset service provider’s obligation to act honestly, fairly and professionally in accordance with the best interests of its clients.
The existence, nature and amount of the payment or benefit referred to in paragraph 4, or, where the amount cannot be ascertained, the method of calculating that amount, shall be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant crypto-asset service.
7.   Crypto-asset service providers providing advice on crypto-assets shall ensure that natural persons giving advice or information about crypto-assets, or a crypto-asset service, on their behalf possess the necessary knowledge and competence to fulfil their obligations. Member States shall publish the criteria to be used for assessing such knowledge and competence.
8.   For the purposes of the suitability assessment referred to in paragraph 1, crypto-asset service providers providing advice on crypto-assets or providing portfolio management of crypto-assets shall obtain from their clients or prospective clients the necessary information regarding their knowledge of, and experience in, investing, including in crypto-assets, their investment objectives, including risk tolerance, their financial situation including their ability to bear losses, and their basic understanding of the risks involved in purchasing crypto-assets, so as to enable crypto-asset service providers to recommend to clients or prospective clients whether or not the crypto-assets are suitable for them and, in particular, are in accordance with their risk tolerance and ability to bear losses.
9.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall warn clients or prospective clients that:
(a)
the value of crypto-assets might fluctuate;
(b)
the crypto-assets might be subject to full or partial losses;
(c)
the crypto-assets might not be liquid;
(d)
where applicable, the crypto-assets are not covered by the investor compensation schemes under Directive 97/9/EC;
(e)
the crypto-assets are not covered by the deposit guarantee schemes under Directive 2014/49/EU.
10.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall establish, maintain and implement policies and procedures to enable them to collect and assess all information necessary to conduct the assessment referred to in paragraph 1 for each client. They shall take all reasonable steps to ensure that the information collected about their clients or prospective clients is reliable.
11.   Where clients do not provide the information required pursuant to paragraph 8, or where crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets consider that the crypto-asset services or crypto-assets are not suitable for their clients, they shall not recommend such crypto-asset services or crypto-assets, nor begin the provision of portfolio management of such crypto-assets.
12.   Crypto-asset service providers providing advice on crypto-assets or portfolio management of crypto-assets shall regularly review for each client the suitability assessment referred to in paragraph 1 at least every two years after the initial assessment made in accordance with that paragraph.
13.   Once the suitability assessment referred to in paragraph 1 or its review under paragraph 12 has been performed, crypto-asset service providers providing advice on crypto-assets shall provide clients with a report on suitability specifying the advice given and how that advice meets the preferences, objectives and other characteristics of clients. That report shall be made and communicated to clients in an electronic format. That report shall, as a minimum:
(a)
include an updated information on the assessment referred to in paragraph 1; and
(b)
provide an outline of the advice given.
The report on suitability referred to in the first subparagraph shall make clear that the advice is based on the client’s knowledge and experience in investing in crypto-assets, the client’s investment objectives, risk tolerance, financial situation and ability to bear losses.
14.   Crypto-asset service providers providing portfolio management of crypto-assets shall provide periodic statements to their clients, in an electronic format, of the portfolio management activities carried out on their behalf. Those periodic statements shall contain a fair and balanced review of the activities undertaken and of the performance of the portfolio during the reporting period, an updated statement of how the activities undertaken meet the preferences, objectives and other characteristics of the client, as well as an updated information on the suitability assessment referred to in paragraph 1 or its review under paragraph 12.
The periodic statement referred to in the first subparagraph of this paragraph shall be provided every three months, except in cases where a client has access to an online system where up-to-date valuations of the client’s portfolio and updated information on the suitability assessment referred to in paragraph 1 can be accessed, and the crypto-asset service provider has evidence that the client has accessed a valuation at least once during the relevant quarter. Such online system shall be deemed an electronic format.
15.   ESMA shall, by 30 December 2024, issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying:
(a)
the criteria for the assessment of client’s knowledge and competence in accordance with paragraph 2;
(b)
the information referred to in paragraph 8; and
(c)
the format of the periodic statement referred to in paragraph 14.
Article 82
Providing transfer services for crypto-assets on behalf of clients
1.   Crypto-asset service providers providing transfer services for crypto-assets on behalf of clients shall conclude an agreement with their clients to specify their duties and their responsibilities. Such agreement shall include at least the following:
(a)
the identity of the parties to the agreement;
(b)
a description of the modalities of the transfer service provided;
(c)
a description of the security systems used by the crypto-asset service provider;
(d)
fees applied by the crypto-asset service provider;
(e)
the applicable law.
2.   ESMA, in close cooperation with EBA, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 for crypto-asset service providers providing transfer services for crypto-assets on behalf of clients as regards procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets.
CHAPTER 4
Acquisition of crypto-asset service providers
Article 83
Assessment of proposed acquisitions of crypto-asset service providers
1.   Any natural or legal person or such persons acting in concert who have taken a decision either to acquire, directly or indirectly, (the ‘ proposed acquirer’) a qualifying holding in a crypto-asset service provider or to increase, directly or indirectly, such a qualifying holding so that the proportion of the voting rights or of the capital held would reach or exceed 20 %, 30 % or 50 % or so that the crypto-asset service provider would become its subsidiary, shall notify the competent authority of that crypto-asset service provider thereof in writing indicating the size of the intended holding and the information required pursuant to the regulatory technical standards adopted by the Commission in accordance with Article 84(4).
2.   Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a crypto-asset service provider shall, prior to disposing of that holding, notify in writing the competent authority of its decision and indicate the size of such holding. That person shall also notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 % or so that the crypto-asset service provider would cease to be that person’s subsidiary.
3.   The competent authority shall, promptly and in any event within two working days following receipt of a notification pursuant to paragraph 1, acknowledge receipt thereof in writing.
4.   The competent authority shall assess the proposed acquisition referred to in paragraph 1 of this Article and the information required pursuant to the regulatory technical standards adopted by the Commission in accordance with Article 84(4) within 60 working days of the date of the written acknowledgement of receipt referred to in paragraph 3 of this Article. When acknowledging receipt of the notification, the competent authority shall inform the proposed acquirer of the date of expiry of the assessment period.
5.   For the purposes of the assessment referred to in paragraph 4, the competent authority may consult the competent authorities for anti-money laundering and counter-terrorist financing and financial intelligence units and shall duly consider their views.
6.   When performing the assessment referred to in paragraph 4, the competent authority may request from the proposed acquirer any additional information that is necessary to complete that assessment. Such request shall be made before the assessment is finalised, and in any case no later than on the 50th working day from the date of the written acknowledgement of receipt referred to in paragraph 3. Such requests shall be made in writing and shall specify the additional information needed.
The competent authority shall suspend the assessment period referred to in paragraph 4, until they have received the additional information referred to in the first subparagraph of this paragraph. The suspension shall not exceed 20 working days. Any further requests by the competent authority for additional information or for clarification of the information received shall not result in an additional suspension of the assessment period.
The competent authority may extend the suspension referred to in the second subparagraph of this paragraph by up to 30 working days if the proposed acquirer is situated outside the Union or regulated under the law of a third country.
7.   A competent authority that, upon completion of the assessment referred to in paragraph 4 decides to oppose the proposed acquisition referred to in paragraph 1, shall notify the proposed acquirer thereof within two working days and in any event before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 6, second and third subparagraphs. The notification shall provide the reasons for such a decision.
8.   Where the competent authority does not oppose the proposed acquisition referred to in paragraph 1 before the date referred to in paragraph 4 extended, where applicable, in accordance with paragraph 6, second and third subparagraphs, the proposed acquisition shall be deemed to be approved.
9.   The competent authority may set a maximum period for concluding the proposed acquisition referred to in paragraph 1, and extend that maximum period where appropriate.
Article 84
Content of the assessment of proposed acquisitions of crypto-asset service providers
1.   When performing the assessment referred to in Article 83(4), the competent authority shall appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition referred to in Article 83(1) against all of the following criteria:
(a)
the reputation of the proposed acquirer;
(b)
the reputation, knowledge, skills and experience of any person who will direct the business of the crypto-asset service provider as a result of the proposed acquisition;
(c)
the financial soundness of the proposed acquirer, in particular in relation to the type of business envisaged and pursued in respect of the crypto-asset service provider in which the acquisition is proposed;
(d)
whether the crypto-asset service provider will be able to comply and continue to comply with the provisions of this Title;
(e)
whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of, respectively, Article 1(3) and (5) of Directive (EU) 2015/849 is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.
2.   The competent authority may oppose the proposed acquisition only where there are reasonable grounds for doing so on the basis of the criteria set out in paragraph 1 of this Article or where the information provided in accordance with Article 83(4) is incomplete or false.
3.   Member States shall not impose any prior conditions in respect of the level of qualifying holding that is required to be acquired under this Regulation nor allow their competent authorities to examine the proposed acquisition in terms of the economic needs of the market.
4.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards specifying the detailed content of the information that is necessary to carry out the assessment referred to in Article 83(4), first subparagraph. The information required shall be relevant for a prudential assessment, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition referred to in Article 83(1).
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
CHAPTER 5
Significant crypto-asset service providers
Article 85
Identification of significant crypto-asset service providers
1.   A crypto-asset service provider shall be deemed significant if it has in the Union at least 15 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.
2.   Crypto-asset service providers shall notify their competent authorities within two months of reaching the number of active users as set out in paragraph 1. Where the competent authority agrees that the threshold set out in paragraph 1 is met, it shall notify ESMA thereof.
3.   Without prejudice to the responsibilities of competent authorities under this Regulation, the competent authorities of the home Member States shall provide ESMA’s Board of Supervisors with annual updates on the following supervisory developments in relation to significant crypto-asset service providers:
(a)
ongoing or concluded authorisations as referred to in Article 59;
(b)
ongoing or concluded processes of withdrawal of authorisations as referred to in Article 64;
(c)
the exercise of supervisory powers set out in Article 94(1), first subparagraph, points (b), (c), (e), (f), (g), (y) and (aa).
The competent authority of the home Member State may provide ESMA’s Board of Supervisors with more frequent updates, or notify it prior to any decision taken by the competent authority of the home Member State with regard to the first subparagraph, point (a), (b) or (c).
4.   The update referred to in paragraph 3, second subparagraph, may be followed by an exchange of views at ESMA’s Board of Supervisors.
5.   Where appropriate, ESMA may make use of its powers under Articles 29, 30, 31 and 31b of Regulation (EU) No 1095/2010.
TITLE VI
PREVENTION AND PROHIBITION OF MARKET ABUSE INVOLVING CRYPTO-ASSETS
Article 86
Scope of the rules on market abuse
1.   This Title shall apply to acts carried out by any person concerning crypto-assets that are admitted to trading or in respect of which a request for admission to trading has been made.
2.   This Title shall also apply to any transaction, order or behaviour concerning crypto-assets as referred to in paragraph 1, irrespective of whether such transaction, order or behaviour takes place on a trading platform.
3.   This Title shall apply to actions and omissions, in the Union and in third countries, concerning crypto-assets as referred to in paragraph 1.
Article 87
Inside information
1.   For the purposes of this Regulation, inside information shall comprise the following types of information:
(a)
information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers, offerors or persons seeking admission to trading, or to one or more crypto-assets, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assets or on the price of a related crypto-asset;
(b)
for persons charged with the execution of orders for crypto-assets on behalf of clients, it also means information of a precise nature conveyed by a client and relating to the client’s pending orders in crypto-assets, relating, directly or indirectly, to one or more issuers, offerors or persons seeking admission to trading or to one or more crypto-assets, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assets or on the price of a related crypto-asset.
2.   For the purposes of paragraph 1, information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of crypto-assets. In that respect, in the case of a protracted process that is intended to bring about, or that results in, particular circumstances or a particular event, those future circumstances or that future event, and also the intermediate steps of that process which are connected with bringing about or resulting in those future circumstances or that future event, may be deemed to be precise information.
3.   An intermediate step in a protracted process shall be deemed to be inside information if, in and of itself, it satisfies the criteria of inside information referred to in paragraph 2.
4.   For the purposes of paragraph 1, information which, if it were made public, would likely have a significant effect on the prices of crypto-assets shall mean information that a reasonable holder of crypto-assets would likely use as part of the basis of the holder’s investment decisions.
Article 88
Public disclosure of inside information
1.   Issuers, offerors and persons seeking admission to trading shall inform the public as soon as possible of inside information referred to in Article 87 that directly concerns them, in a manner that enables fast access as well as complete, correct and timely assessment of the information by the public. Issuers, offerors and persons seeking admission to trading shall not combine the disclosure of inside information to the public with the marketing of their activities. Issuers, offerors and persons seeking admission to trading shall post and maintain on their website, for a period of at least five years, all inside information that they are required to disclose publicly.
2.   Issuers, offerors and persons seeking admission to trading may, on their own responsibility, delay disclosure to the public of inside information referred to in Article 87 provided that all of the following conditions are met:
(a)
immediate disclosure is likely to prejudice the legitimate interests of the issuers, offerors or persons seeking admission to trading;
(b)
delay of disclosure is not likely to mislead the public;
(c)
issuers, offerors or persons seeking admission to trading are able to ensure the confidentiality of that information.
3.   Where an issuer, offeror or a person seeking admission to trading has delayed the disclosure of inside information in accordance with paragraph 2, it shall inform the competent authority that disclosure of the information was delayed and shall provide a written explanation of how the conditions set out in paragraph 2 were met, immediately after the information is disclosed to the public. Alternatively, Member States may provide that a record of such an explanation is to be provided only upon the request of the competent authority.
4.   In order to ensure uniform conditions of application of this Article, ESMA shall develop draft implementing technical standards to determine the technical means for:
(a)
appropriate public disclosure of inside information as referred to in paragraph 1; and
(b)
delaying the public disclosure of inside information as referred to in paragraphs 2 and 3.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 89
Prohibition of insider dealing
1.   For the purposes of this Regulation, insider dealing shall be deemed to arise where a person possesses inside information and uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, crypto-assets to which that information relates. The use of inside information by cancelling or amending an order concerning a crypto-asset to which the information relates where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider dealing. The use of inside information shall also comprise submitting, modifying or withdrawing a bid by a person for its own account or for the account of a third party.
2.   No person shall engage or attempt to engage in insider dealing or use inside information about crypto-assets to acquire, or dispose of, those crypto-assets, directly or indirectly, whether for that person’s own account or for the account of a third party. No person shall recommend that another person engage in insider dealing or induce another person to engage in insider dealing.
3.   No person in the possession of inside information about crypto-assets shall, based on that inside information, recommend or induce another person:
(a)
to acquire or dispose of those crypto-assets; or
(b)
to cancel or amend an order concerning those crypto-assets.
4.   The use of a recommendation or inducement as referred to in paragraph 3 amounts to insider dealing within the meaning of this Article where the person using that recommendation or inducement knows or ought to know that it is based on inside information.
5.   This Article applies to any person who possesses inside information as a result of:
(a)
being a member of the administrative, management or supervisory bodies of the issuer, the offeror, or the person seeking admission to trading;
(b)
having a holding in the capital of the issuer, the offeror, or the person seeking admission to trading;
(c)
having access to the information through the exercise of an employment, profession or duties or in relation to its role in the distributed ledger technology or similar technology; or
(d)
being involved in criminal activities.
This Article also applies to any person who possesses inside information under circumstances other than those referred to in the first subparagraph where that person knows or ought to know that it is inside information.
6.   Where person as referred to in paragraph 1 is a legal person, this Article shall apply, in accordance with national law, to the natural persons who participate in the decision to carry out the acquisition, disposal, cancellation or amendment of an order for the account of the legal person concerned.
Article 90
Prohibition of unlawful disclosure of inside information
1.   No person in possession of inside information shall unlawfully disclose inside information to any other person, except where such disclosure is made in the normal exercise of an employment, a profession or duties.
2.   The onward disclosure of recommendations or inducements referred to in Article 89(4) amounts to unlawful disclosure of inside information where the person disclosing the recommendation or inducement knows or ought to know that it was based on inside information.
Article 91
Prohibition of market manipulation
1.   No person shall engage in or attempt to engage in market manipulation.
2.   For the purposes of this Regulation, market manipulation shall comprise any of the following activities:
(a)
unless carried out for legitimate reasons, entering into a transaction, placing an order to trade or engaging in any other behaviour which:
(i)
gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a crypto-asset;
(ii)
secures, or is likely to secure, the price of one or several crypto-assets at an abnormal or artificial level;
(b)
entering into a transaction, placing an order to trade or any other activity or behaviour which affects or is likely to affect the price of one or several crypto-assets, while employing a fictitious device or any other form of deception or contrivance;
(c)
disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of one or several crypto-assets, or secures or is likely to secure, the price of one or several crypto-assets, at an abnormal or artificial level, including the dissemination of rumours, where the person who engaged in the dissemination knew, or ought to have known, that the information was false or misleading.
3.   The following behaviour shall, inter alia, be considered market manipulation:
(a)
securing a dominant position over the supply of, or demand for, a crypto-asset, which has, or is likely to have, the effect of fixing, directly or indirectly, purchase or sale prices or creates, or is likely to create, other unfair trading conditions;
(b)
the placing of orders to a trading platform for crypto-assets, including any cancellation or modification thereof, by any available means of trading, and which has one of the effects referred to in paragraph 2, point (a), by:
(i)
disrupting or delaying the functioning of the trading platform for crypto-assets or engaging into any activities that are likely to have that effect;
(ii)
making it more difficult for other persons to identify genuine orders on the trading platform for crypto-assets or engaging into any activities that are likely to have that effect, including by entering orders which result in the destabilisation of the normal functioning of the trading platform for crypto-assets;
(iii)
creating a false or misleading signal about the supply of, or demand for, or price of, a crypto-asset, in particular by entering orders to initiate or exacerbate a trend, or engaging into any activities that are likely to have that effect;
(c)
taking advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about a crypto-asset, while having previously taken positions on that crypto-asset, and profiting subsequently from the impact of the opinions voiced on the price of that crypto-asset, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.
Article 92
Prevention and detection of market abuse
1.   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 be subject to the rules of notification of the Member State where it is registered or has its head office or, in the case of a branch, the Member State where the branch is situated, and shall without delay report to the competent authority of that Member State 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.
The competent authorities receiving a report of suspicious orders or transactions shall transmit such information immediately to the competent authorities of the trading platforms concerned.
2.   ESMA shall develop draft regulatory technical standards to further specify:
(a)
appropriate arrangements, systems and procedures for persons to comply with paragraph 1;
(b)
the template to be used by persons to comply with paragraph 1;
(c)
for cross-border market abuse situations, coordination procedures between the relevant competent authorities for the detection and sanctioning of market abuse.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 December 2024.
3.   In order to ensure consistency of supervisory practices under this Article, ESMA shall by 30 June 2025 issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 on supervisory practices among the competent authorities to prevent and detect market abuse, if not already covered by the regulatory technical standards referred to in paragraph 2.
TITLE VII
COMPETENT AUTHORITIES, EBA AND ESMA
CHAPTER 1
Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
Article 93
Competent authorities
1.   Member States shall designate the competent authorities responsible for carrying out the functions and duties provided for in this Regulation. Member States shall notify those competent authorities to EBA and ESMA.
2.   Where Member States designate more than one competent authority pursuant to paragraph 1, they shall determine their respective tasks and designate one competent authority as the single point of contact for cross-border administrative cooperation between competent authorities as well as with EBA and ESMA. Member States may designate a different single point of contact for each of those types of administrative cooperation.
3.   ESMA shall publish on its website a list of the competent authorities designated in accordance with paragraphs 1 and 2.
Article 94
Powers of competent authorities
1.   In order to perform their duties under Titles II to VI of this Regulation, competent authorities shall have, in accordance with national law, at least the following supervisory and investigative powers:
(a)
to require any person to provide information and documents which the competent authorities consider could be relevant for the performance of their duties;
(b)
to suspend, or to require a crypto-asset service provider to suspend, the provision of crypto-asset services for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed;
(c)
to prohibit the provision of crypto-asset services where they find that this Regulation has been infringed;
(d)
to disclose, or to require a crypto-asset servicer provider to disclose, all material information which might have an effect on the provision of the crypto-asset services concerned, in order to ensure the protection of the interests of clients, in particular retail holders, or the smooth operation of the market;
(e)
to make public the fact that a crypto-asset service provider fails to fulfil its obligations;
(f)
to suspend, or to require a crypto-asset service provider to suspend, the provision of crypto-asset services where the competent authorities consider that the crypto-asset service provider’s situation is such that the provision of the crypto-asset service would be detrimental to the interests of clients, in particular retail holders;
(g)
to require the transfer of existing contracts to another crypto-asset service provider in cases where a crypto-asset service provider’s authorisation is withdrawn in accordance with Article 64, subject to the agreement of the clients and the crypto-asset service provider to which the contracts are to be transferred;
(h)
where there is a reason to assume that a person is providing crypto-asset services without authorisation, to order the immediate cessation of the activity without prior warning or imposition of a deadline;
(i)
to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens to amend their crypto-asset white paper or further amend their modified crypto-asset white paper, where they find that the crypto-asset white paper or the modified crypto-asset white paper does not contain the information required by Article 6, 19 or 51;
(j)
to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens, to amend their marketing communications, where they find that the marketing communications do not comply with the requirements set out in Article 7, 29 or 53 of this Regulation;
(k)
to require offerors, persons seeking admission to trading of crypto-assets, or issuers of asset-referenced tokens or e-money tokens, to include additional information in their crypto-asset white papers, where necessary for financial stability or the protection of the interests of the holders of crypto-assets, in particular retail holders;
(l)
to suspend an offer to the public or an admission to trading of crypto-assets for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed;
(m)
to prohibit an offer to the public or an admission to trading of crypto-assets where they find that this Regulation has been infringed or where there are reasonable grounds for suspecting that it will be infringed;
(n)
to suspend, or require a crypto-asset service provider operating a trading platform for crypto-assets to suspend, trading of the crypto-assets for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed;
(o)
to prohibit trading of crypto-assets on a trading platform for crypto-assets where they find that this Regulation has been infringed or where there are reasonable grounds for suspecting that it will be infringed;
(p)
to suspend or prohibit marketing communications where there are reasonable grounds for suspecting that this Regulation has been infringed;
(q)
to require offerors, persons seeking admission to trading of crypto-assets, issuers of asset-referenced tokens or e-money tokens or relevant crypto-asset service providers to cease or suspend marketing communications for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed;
(r)
to make public the fact that an offeror, a person seeking admission to trading of a crypto-asset or an issuer of an asset-referenced token or e-money token, fails to fulfil its obligations under this Regulation;
(s)
to disclose, or to require the offeror, the person seeking admission to trading of a crypto-asset or the issuer of the asset-referenced token or e-money token, to disclose all material information which may have an effect on the assessment of the crypto-asset offered to the public or admitted to trading in order to ensure the protection of the interests of holders of crypto-assets, in particular retail holders, or the smooth operation of the market;
(t)
to suspend, or require the relevant crypto-asset service provider operating the trading platform for crypto-assets to suspend, the crypto-assets from trading where they consider that the situation of the offeror, the person seeking admission to trading of a crypto-asset or the issuer of an asset-referenced token or an e-money token is such that trading would be detrimental to the interests of the holders of crypto-assets, in particular retail holders;
(u)
where there is a reason to assume that a person is issuing asset-referenced tokens or e-money tokens without authorisation or a person is offering or seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens without a crypto-asset white paper notified in accordance with Article 8, to order the immediate cessation of the activity without prior warning or imposition of a deadline;
(v)
to take any type of measure to ensure that an offeror or a person seeking admission to trading of crypto-assets, an issuer of an asset-referenced token or an e-money token or a crypto-asset service provider comply with this Regulation including to require the cessation of any practice or conduct that the competent authorities consider contrary to this Regulation;
(w)
to carry out on-site inspections or investigations at sites other than the private residences of natural persons, and for that purpose to enter premises in order to access documents and other data in any form;
(x)
to outsource verifications or investigations to auditors or experts;
(y)
to require the removal of a natural person from the management body of an issuer of an asset-referenced token or of a crypto-asset service provider;
(z)
to request any person to take steps to reduce the size of its position or exposure to crypto-assets;
(aa)
where no other effective means are available to bring about the cessation of the infringement of this Regulation and in order to avoid the risk of serious harm to the interests of clients or holders of crypto-assets to take all necessary measures, including by requesting a third party or a public authority to implement such measures, to:
(i)
remove content or restrict access to an online interface or to order the explicit display of a warning to clients and holders of crypto-assets when they access an online interface;
(ii)
order a hosting service provider to remove, disable or restrict access to an online interface; or
(iii)
order domain registries or registrars to delete a fully qualified domain name and allow the competent authority concerned to register it;
(ab)
to require an issuer of an asset-referenced token or e-money token, in accordance with Article 23(4), 24(3) or 58(3), to introduce a minimum denomination amount or to limit the amount issued.
2.   Supervisory and investigative powers exercised in relation to offerors, persons seeking admission to trading, issuers and crypto-asset service providers, are without prejudice to powers granted to the same or other supervisory authorities regarding those entities, including powers granted to relevant competent authorities under the provisions of national law transposing Directive 2009/110/EC and prudential supervisory powers granted to the ECB under Regulation (EU) No 1024/2013.
3.   In order to fulfil their duties under Title VI, competent authorities shall have, in accordance with national law, at least the following supervisory and investigatory powers in addition to the powers referred to in paragraph 1:
(a)
to access any document and data in any form, and to receive or take a copy thereof;
(b)
to require or demand information from any person, including those who are successively involved in the transmission of orders or conduct of the operations concerned, as well as their principals, and if necessary, to summon and question any such person with a view to obtain information;
(c)
to enter the premises of natural and legal persons 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 inspection or investigation might be relevant to prove a case of insider dealing or market manipulation;
(d)
to refer matters for criminal prosecution;
(e)
to require, insofar as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of an infringement and where such records may be relevant to the investigation of an infringement of Articles 88 to 91;
(f)
to request the freezing or sequestration of assets, or both;
(g)
to impose a temporary prohibition on the exercise of professional activity;
(h)
to take all necessary measures to ensure that the public is correctly informed, inter alia, by correcting false or misleading disclosed information, including by requiring an offeror, person seeking admission to trading or issuer or other person who has published or disseminated false or misleading information to publish a corrective statement.
4.   Where necessary under national law, the competent authority may ask the relevant court to decide on the use of the powers referred to in paragraphs 1 and 2.
5.   Competent authorities shall exercise the powers referred to in paragraphs 1 and 2 in any of the following ways:
(a)
directly;
(b)
in collaboration with other authorities, including authorities competent for the prevention and fight against money laundering and terrorist financing;
(c)
under their responsibility, by delegation to the authorities referred to in point (b);
(d)
by application to the competent courts.
6.   Member States shall ensure that appropriate measures are in place so that competent authorities can exercise the supervisory and investigatory powers that are necessary to perform their duties.
7.   A person making information available to the competent authority in accordance with this Regulation shall not be considered to infringe any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and shall not be subject to liability of any kind related to such notification.
Article 95
Cooperation between competent authorities
1.   Competent authorities shall cooperate with each other for the purposes of this Regulation. Competent authorities shall render assistance to competent authorities of other Member States, and to EBA and ESMA. They shall exchange information without undue delay and cooperate in investigation, supervision and enforcement activities.
Where Member States have, in accordance with Article 111(1), second subparagraph, laid down criminal penalties for the infringements of this Regulation referred to in Article 111(1), first subparagraph, they shall ensure that appropriate measures are in place so that competent authorities have all the necessary powers to liaise with judicial, prosecuting or criminal justice authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for infringements of this Regulation and to provide the same information to other competent authorities as well as to EBA and ESMA, in order to fulfil their obligation to cooperate for the purposes of this Regulation.
2.   A competent authority may refuse to act on a request for information or a request to cooperate with an investigation only in the following cases:
(a)
communication of relevant information could adversely affect the security of the Member State addressed, in particular with regard to the fight against terrorism and other serious crimes;
(b)
where complying with the request is likely to adversely affect its own investigation, enforcement activities or, where applicable, a criminal investigation;
(c)
where proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the courts of the Member State addressed;
(d)
where a final judgment has already been delivered in respect of the same action and against the same natural or legal person in the Member State addressed.
3.   Competent authorities shall, upon request, without undue delay provide any information required for the purposes of this Regulation.
4.   A competent authority may request assistance from the competent authority of another Member State with regard to on-site inspections or investigations.
A requesting competent authority shall inform EBA and ESMA of any request made pursuant to the first subparagraph. Where a competent authority receives a request from a competent authority of another Member State to carry out an on-site inspection or investigation, it may:
(a)
carry out the on-site inspection or investigation itself;
(b)
allow the competent authority which submitted the request to participate in an on-site inspection or investigation;
(c)
allow the competent authority which submitted the request to carry out the on-site inspection or investigation itself;
(d)
share specific tasks related to supervisory activities with the other competent authorities.
5.   In the case of an on-site inspection or investigation referred to in paragraph 4, ESMA shall coordinate the inspection or investigation, where requested to do so by one of the competent authorities.
Where the on-site inspection or investigation referred to in paragraph 4 concerns an issuer of an asset-referenced token or e-money token or concerns crypto-asset services related to asset-referenced tokens or e-money tokens, EBA shall, where requested to do so by one of the competent authorities, coordinate the inspection or investigation.
6.   The competent authorities may bring the matter to the attention of ESMA in situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Article 19(4) of Regulation (EU) No 1095/2010 shall apply in such situations 
mutatis mutandis
.
7.   By way of derogation from paragraph 6 of this Article, the competent authorities may bring the matter to the attention of EBA in situations where a request for cooperation, in particular for information concerning an issuer of an asset-referenced token or e-money token or concerning crypto-asset services related to asset-referenced tokens or e-money tokens, has been rejected or has not been acted upon within a reasonable time. Article 19(4) of Regulation (EU) No 1093/2010 shall apply in such situations 
mutatis mutandis
.
8.   Competent authorities shall closely coordinate their supervision in order to identify and remedy infringements of this Regulation, develop and promote best practices, facilitate collaboration, foster consistency of interpretation, and provide cross-jurisdictional assessments in the event of any disagreements.
For the purposes of the first subparagraph of this paragraph, EBA and ESMA shall fulfil a coordination role between competent authorities and across supervisory colleges as referred to in Article 119 with a view to building a common supervisory culture and consistent supervisory practices and ensuring uniform procedures.
9.   Where a competent authority finds that any of the requirements under this Regulation has not been met or has reason to believe that to be the case, it shall inform the competent authority of the entity or entities suspected of such infringement of its findings in a sufficiently detailed manner.
10.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards to further specify the information to be exchanged between competent authorities pursuant to paragraph 1.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
11.   ESMA, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation and exchange of information between competent authorities.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 96
Cooperation with EBA and ESMA
1.   For the purposes of this Regulation, the competent authorities shall cooperate closely with ESMA in accordance with Regulation (EU) No 1095/2010 and with EBA in accordance with Regulation (EU) No 1093/2010. They shall exchange information in order to carry out their duties under this Chapter and Chapters 2 and 3 of this Title.
2.   The competent authorities shall without delay provide EBA and ESMA with all information necessary to perform their duties, in accordance with Article 35 of Regulation (EU) No 1093/2010 and Article 35 of Regulation (EU) No 1095/2010 respectively.
3.   ESMA, in close cooperation with EBA, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and EBA and ESMA.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 97
Promotion of convergence on the classification of crypto-assets
1.   By 30 December 2024, the ESAs shall jointly issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010, Article 16 of Regulation (EU) No 1094/2010 and Article 16 of Regulation (EU) No 1095/2010 to specify the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) and of the legal opinions on the qualification of asset-referenced tokens referred to in Article 17(1), point (b)(ii), and Article 18(2), point (e). The guidelines shall include a template for the explanation and the opinion and a standardised test for the classification of crypto-assets.
2.   The ESAs shall, in accordance with Article 29 of Regulation (EU) No 1093/2010, Article 29 of Regulation (EU) No 1094/2010 and Article 29 of Regulation (EU) No 1095/2010, respectively, promote discussion among competent authorities on the classification of the crypto-assets, including on the classification of those crypto-assets that are excluded from the scope of this Regulation pursuant to Article 2(3). The ESAs shall also identify the sources of potential divergences in the approaches of the competent authorities to the classification of those crypto-assets and shall, to the extent possible, promote a common approach thereto.
3.   Competent authorities of the home or the host Member States may request ESMA, EIOPA or EBA, as appropriate, for an opinion on the classification of crypto-assets, including those that are excluded from the scope of this Regulation pursuant to Article 2(3). ESMA, EIOPA or EBA, as applicable, shall provide such opinion in accordance with Article 29 of Regulation (EU) No 1093/2010, Article 29 of Regulation (EU) No 1094/2010 and Article 29 of Regulation (EU) No 1095/2010, as applicable, within 15 working days of receipt of the request from the competent authorities.
4.   The ESAs shall jointly draw up an annual report based on the information contained in the register referred to in Article 109 and on the results of their work referred to in paragraphs 2 and 3 of this Article, identifying difficulties in the classification of crypto-assets and divergences in the approaches of the competent authorities.
Article 98
Cooperation with other authorities
Where an offeror, person seeking admission to trading, an issuer of an asset-referenced token or e-money token or a crypto-asset service provider engages in activities other than those covered by this Regulation, the competent authorities shall cooperate with the authorities responsible for the supervision or oversight of such other activities pursuant to Union or national law, including tax authorities and relevant supervisory authorities of third countries.
Article 99
Duty of notification
Member States shall notify the laws, regulations and administrative provisions implementing this Title, including any relevant criminal law provisions, to the Commission, EBA and ESMA by 30 June 2025. Member States shall notify the Commission, EBA and ESMA without undue delay of any subsequent amendments thereto.
Article 100
Professional secrecy
1.   All information exchanged between the competent authorities under this Regulation that concerns business or operational conditions and other economic or personal affairs shall be considered confidential and shall be subject to the requirements of professional secrecy, except where the competent authority states at the time of communication that such information may be disclosed or such disclosure is necessary for legal proceedings or cases covered by national taxation or criminal law.
2.   The obligation of professional secrecy shall apply to all natural and legal persons who work or have worked for the competent authorities. Information covered by professional secrecy may not be disclosed to any other natural or legal person or authority except by virtue of Union or national legislative acts.
Article 101
Data protection
With regard to the processing of personal data within the framework of this Regulation, competent authorities shall carry out their tasks for the purposes of this Regulation in accordance with Regulation (EU) 2016/679.
The processing of personal data by EBA and ESMA for the purposes of this Regulation shall be carried out in accordance with Regulation (EU) 2018/1725.
Article 102
Precautionary measures
1.   Where the competent authority of a host Member State has clear and demonstrable grounds for suspecting that there are irregularities in the activities of an offeror or person seeking admission to trading of crypto-assets, an issuer of an asset-referenced token or e-money token, or a crypto-asset service provider, it shall notify the competent authority of the home Member State and ESMA thereof.
Where the irregularities referred to in the first subparagraph concern an issuer of an asset-referenced token or e-money token, or a crypto-asset service related to asset-referenced tokens or e-money tokens, the competent authority of the host Member State shall also notify EBA.
2.   Where, despite the measures taken by the competent authority of the home Member State, the irregularities referred to in paragraph 1 persist, amounting to an infringement of this Regulation, the competent authority of the host Member State, after informing the competent authority of the home Member State, ESMA and, where appropriate, EBA, shall take appropriate measures in order to protect clients of crypto-asset service providers and holders of crypto-assets, in particular retail holders. Such measures include preventing the offeror, person seeking admission to trading, the issuer of the asset-referenced token or e-money token or the crypto-asset service provider from conducting further activities in the host Member State. The competent authority shall inform ESMA and, where appropriate, EBA thereof without undue delay. ESMA, and, where involved, EBA, shall inform the Commission accordingly without undue delay.
3.   Where a competent authority of the home Member State disagrees with any of the measures taken by a competent authority of the host Member State pursuant to paragraph 2 of this Article, it may bring the matter to the attention of ESMA. Article 19(4) of Regulation (EU) No 1095/2010 shall apply in such situations 
mutatis mutandis
.
By way of derogation from the first subparagraph of this paragraph, where the measures referred to in paragraph 2 of this Article concern an issuer of an asset-referenced token or e-money token, or a crypto-asset service related to asset-referenced tokens or e-money tokens, the competent authority of the host Member State may bring the matter to the attention of EBA. Article 19(4) of Regulation (EU) No 1093/2010 shall apply in such situations 
mutatis mutandis
.
Article 103
ESMA temporary intervention powers
1.   In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict:
(a)
the marketing, distribution or sale of certain crypto-assets other than asset-referenced tokens or e-money tokens or crypto-assets other than asset-referenced tokens or e-money tokens with certain specified features; or
(b)
a type of activity or practice related to crypto-assets other than asset-referenced tokens or e-money tokens.
A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by ESMA.
2.   ESMA shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled:
(a)
the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union;
(b)
the regulatory requirements under Union law that are applicable to the relevant crypto-assets and crypto-asset services do not address the threat at issue;
(c)
a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.
3.   When taking a measure pursuant to paragraph 1, ESMA shall ensure that the measure does not:
(a)
have a detrimental effect on the efficiency of markets in crypto-assets or on holders of crypto-assets or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and
(b)
create a risk of regulatory arbitrage.
Where competent authorities have taken a measure pursuant to Article 105, ESMA may take any of the measures referred to in paragraph 1 of this Article without issuing an opinion pursuant to Article 106(2).
4.   Before deciding to take a measure pursuant to paragraph 1, ESMA shall notify the relevant competent authorities of the measure it intends to take.
5.   ESMA shall publish on its website a notice of a decision to take a measure pursuant to paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to activities after the measure has taken effect.
6.   ESMA shall review a prohibition or restriction imposed pursuant to paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on a proper analysis assessing the impact on consumers, ESMA may decide on the annual renewal of the prohibition or restriction.
7.   Measures taken by ESMA pursuant to this Article shall prevail over any previous measure taken by the relevant competent authorities on the same matter.
8.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by ESMA in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union for the purposes of paragraph 2, point (a), of this Article.
Article 104
EBA temporary intervention powers
1.   In accordance with Article 9(5) of Regulation (EU) No 1093/2010, EBA may, where the conditions in paragraphs 2 and 3 of this Article are fulfilled, temporarily prohibit or restrict:
(a)
the marketing, distribution or sale of certain asset-referenced tokens or e-money tokens or asset-referenced tokens or e-money tokens with certain specified features; or
(b)
a type of activity or practice related to asset-referenced tokens or e-money tokens.
A prohibition or restriction may apply in certain circumstances, or be subject to exceptions, specified by EBA.
2.   EBA shall take a measure pursuant to paragraph 1 only if all of the following conditions are fulfilled:
(a)
the proposed prohibition or restriction addresses a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system in the Union;
(b)
the regulatory requirements under Union law that are applicable to the relevant asset-referenced tokens, e-money tokens or crypto-asset services related to them do not address the threat at issue;
(c)
a relevant competent authority has not taken action to address the threat at issue or the actions that have been taken do not adequately address that threat.
3.   When taking a measure pursuant to paragraph 1, EBA shall ensure that the measure does not:
(a)
have a detrimental effect on the efficiency of markets in crypto-assets or on holders of asset-referenced tokens or e-money tokens or clients receiving crypto-asset services that is disproportionate to the benefits of the measure; and
(b)
create a risk of regulatory arbitrage.
Where competent authorities have taken a measure pursuant to Article 105, EBA may take any of the measures referred to in paragraph 1 of this Article without issuing an opinion pursuant to Article 106(2).
4.   Before deciding to take a measure pursuant to paragraph 1, EBA shall notify the relevant competent authorities of the measure it intends to take.
5.   EBA shall publish on its website a notice of a decision to take a measure pursuant to paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to activities after the measure has taken effect.
6.   EBA shall review a prohibition or restriction imposed pursuant to paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on a proper analysis assessing the impact on consumers, EBA may decide on the annual renewal of the prohibition or restriction.
7.   Measures taken by EBA pursuant to this Article shall prevail over any previous measure taken by the relevant competent authority on the same matter.
8.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by EBA in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system of the Union for the purposes of paragraph 2, point (a), of this Article.
Article 105
Product intervention by competent authorities
1.   A competent authority may prohibit or restrict the following in or from its Member State:
(a)
the marketing, distribution or sale of certain crypto-assets or crypto-assets with certain specified features; or
(b)
a type of activity or practice related to crypto-assets.
2.   A competent authority shall only take a measure pursuant to paragraph 1 if it is satisfied on reasonable grounds that:
(a)
a crypto-asset gives rise to significant investor protection concerns or poses a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system within at least one Member State;
(b)
existing regulatory requirements under Union law applicable to the crypto-asset or crypto-asset service concerned do not sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved supervision or enforcement of existing requirements;
(c)
the measure is proportionate, taking into account the nature of the risks identified, the level of sophistication of investors or market participants concerned and the likely effect of the measure on investors and market participants who may hold, use or benefit from the crypto-asset or crypto-asset service concerned;
(d)
the competent authority has properly consulted the competent authorities in other Member States that might be significantly affected by the measure; and
(e)
the measure does not have a discriminatory effect on services or activities provided from another Member State.
Where the conditions set out in the first subparagraph of this paragraph are fulfilled, the competent authority may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before a crypto-asset has been marketed, distributed or sold to clients.
The competent authority may decide to apply the prohibition or restriction referred to in paragraph 1 only in certain circumstances or to make it subject to exceptions.
3.   The competent authority shall not impose a prohibition or restriction under this Article unless, not less than one month before the measure is intended to take effect, it has notified all other competent authorities and ESMA, or EBA for asset-referenced tokens and e-money tokens, in writing or through another medium agreed between the authorities, the following details:
(a)
the crypto-asset or activity or practice to which the proposed measure relates;
(b)
the precise nature of the proposed prohibition or restriction and when it is intended to take effect; and
(c)
the evidence upon which it has based its decision and upon which it is satisfied that each of the conditions in paragraph 2, first subparagraph, are met.
4.   In exceptional cases where the competent authority considers it necessary in order to prevent any detrimental effects arising from the crypto-asset or activity or practice referred to in paragraph 1, the competent authority may take an urgent measure on a provisional basis with no less than 24 hours’ written notice before the measure is intended to take effect to all other competent authorities and ESMA, provided that all of the criteria listed in this Article are met and, in addition, that it is clearly established that a one-month notification period would not adequately address the specific concern or threat. The duration of measures taken on a provisional basis shall not exceed three months.
5.   The competent authority shall publish on its website a notice of a decision to impose a prohibition or restriction as referred to in paragraph 1. That notice shall specify the details of the prohibition or restriction imposed and specify a time after the publication of the notice from which the measures will take effect and the evidence upon which the competent authority has based its decision, and is satisfied that each of the conditions in paragraph 2, first subparagraph, is met. The prohibition or restriction shall only apply to activities after the measures have taken effect.
6.   The competent authority shall revoke a prohibition or restriction if the conditions in paragraph 2 no longer apply.
7.   The Commission shall adopt delegated acts in accordance with Article 139 to supplement this Regulation by specifying the criteria and factors to be taken into account by the competent authorities in determining whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of markets in crypto-assets or to the stability of the whole or part of the financial system within at least one Member State as for the purposes of paragraph 2, first subparagraph, point (a).
Article 106
Coordination with ESMA or EBA
1.   ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall perform a facilitating and coordinating role in relation to measures taken by competent authorities pursuant to Article 105. ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall ensure that measures taken by a competent authority are justified and proportionate and that a consistent approach is taken by competent authorities, where appropriate.
2.   After receiving notification in accordance with Article 105(3) of any measure to be taken pursuant to that Article, ESMA or, for asset-referenced tokens and e-money tokens, EBA, shall issue an opinion on whether the prohibition or restriction is justified and proportionate. If ESMA or, for asset-referenced tokens and e-money tokens, EBA, considers that the taking of a measure by other competent authorities is necessary to address the risk, it shall state this in its opinion. The opinion shall be published on the website of ESMA or, for asset-referenced tokens and e-money tokens, EBA.
3.   Where a competent authority proposes to take, or takes or declines to take measures contrary to an opinion issued by ESMA or EBA pursuant to paragraph 2, it shall immediately publish on its website a notice fully explaining its reasons therefor.
Article 107
Cooperation with third countries
1.   The competent authorities of Member States shall, where necessary, conclude cooperation arrangements with supervisory authorities of third countries concerning the exchange of information with those supervisory authorities of third countries and the enforcement of obligations under this Regulation in those third countries. Those cooperation arrangements shall ensure at least an efficient exchange of information that allows the competent authorities to carry out their duties under this Regulation.
A competent authority shall inform EBA, ESMA and the other competent authorities where it intends to conclude such an arrangement.
2.   ESMA, in close cooperation with EBA, shall, where possible, facilitate and coordinate the development of cooperation arrangements between the competent authorities and the relevant supervisory authorities of third countries.
3.   ESMA, in close cooperation with EBA, shall develop draft regulatory technical standards establishing a template document for cooperation arrangements referred to in paragraph 1 for use by competent authorities of Member States where possible.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
4.   ESMA, in close cooperation with EBA, shall also, where possible, facilitate and coordinate the exchange between competent authorities of information obtained from supervisory authorities of third countries that might be relevant for taking measures under Chapter 3 of this Title.
5.   The competent authorities shall conclude cooperation arrangements on exchange of information with the supervisory authorities of third countries only where the information disclosed is subject to guarantees of professional secrecy that are at least equivalent to those set out in Article 100. Such exchange of information shall be intended for the performance of the tasks under this Regulation of those competent authorities.
Article 108
Complaints-handling by competent authorities
1.   Competent authorities shall set up procedures that allow clients and other interested parties, including consumer associations, to submit complaints to them with regard to alleged infringements of this Regulation by offerors, persons seeking admission to trading, issuers of asset-referenced tokens or e-money tokens, or crypto-asset service providers. Complaints shall be accepted in writing, including electronically, and in an official language of the Member State in which the complaint is submitted, or in a language accepted by the competent authorities of that Member State.
2.   Information on the complaints-handling procedures referred to in paragraph 1 of this Article shall be made available on the website of each competent authority and communicated to EBA and ESMA. ESMA shall publish hyperlinks to the sections of the websites of the competent authorities related to complaints-handling procedures in its crypto-asset register referred to in Article 109.
CHAPTER 2
ESMA register
Article 109
Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers
1.   ESMA shall establish a register of:
(a)
crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens;
(b)
issuers of asset-referenced tokens;
(c)
issuers of e-money tokens; and
(d)
crypto-asset service providers.
ESMA’s register shall be publicly available on its website and shall be updated on a regular basis. In order to facilitate such updating, the competent authorities shall communicate to ESMA any changes notified to them regarding the information specified in paragraphs 2 to 5.
The competent authorities shall provide ESMA with the data necessary for the classification of crypto-asset white papers in the register, as specified in accordance with paragraph 8.
2.   As regards crypto-asset white papers for crypto-assets other than asset-referenced tokens or e-money tokens, the register shall contain the crypto-asset white papers and any modified crypto-asset white papers. Any out-of-date versions of the crypto-asset white papers shall be kept in a separate archive and be clearly marked as out-of-date versions.
3.   As regards issuers of asset-referenced tokens, the register shall contain the following information:
(a)
the name, legal form and legal entity identifier of the issuer;
(b)
the commercial name, physical address, telephone number, email and website of the issuer;
(c)
the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date;
(d)
the list of host Member States where the applicant issuer intends to offer an asset-referenced token to the public or intends to seek admission to trading of the asset-referenced tokens;
(e)
the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the offer to the public or the admission to trading;
(f)
any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law;
(g)
the date of authorisation to offer to the public or seek the admission to trading of an asset-referenced token or of authorisation as a credit institution and, where applicable, of withdrawal of either authorisation.
4.   As regards issuers of e-money tokens, the register shall contain the following information:
(a)
the name, legal form and legal entity identifier of the issuer;
(b)
the commercial name, physical address, telephone number, email and website of the issuer;
(c)
the crypto-asset white papers and any modified crypto-asset white papers, with the out-of-date versions of the crypto-asset white paper kept in a separate archive and clearly marked as out-of-date;
(d)
the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the offer to the public or the admission to trading;
(e)
any other services provided by the issuer not covered by this Regulation, with a reference to the applicable Union or national law;
(f)
the date of authorisation as a credit institution or as an electronic money institution and, where applicable, of withdrawal of that authorisation.
5.   As regards crypto-asset service providers, the register shall contain the following information:
(a)
the name, legal form and legal entity identifier of the crypto-asset service provider and, where applicable, of the branches of the crypto-asset service provider;
(b)
the commercial name, physical address, telephone number, email and website of the crypto-asset service provider and, where applicable, of the trading platform for crypto-assets operated by the crypto-asset service provider;
(c)
the name and address of the competent authority that granted authorisation and its contact details;
(d)
the list of crypto-asset services provided by the crypto-asset service provider;
(e)
the list of host Member States in which the crypto-asset service provider intends to provide crypto-asset services;
(f)
the starting date, or, if not available at the time of the notification by the competent authority, the intended starting date, of the provision of crypto-asset services;
(g)
any other services provided by the crypto-asset service provider not covered by this Regulation with a reference to the applicable Union or national law;
(h)
the date of authorisation and, where applicable, of the withdrawal of an authorisation.
6.   Competent authorities shall notify ESMA without delay of the measures listed in Article 94(1), first subparagraph, point (b), (c), (f), (l), (m), (n), (o) or (t), and of any public precautionary measures taken pursuant to Article 102 affecting the provision of crypto-asset services or the issuance, offer to the public or use of crypto-assets. ESMA shall include such information in the register.
7.   Any withdrawal of an authorisation of an issuer of an asset-referenced token, of an issuer of an e-money token, or of a crypto-asset service provider, and any measure notified in accordance with paragraph 6, shall remain published in the register for five years.
8.   ESMA shall develop draft regulatory technical standards to further specify the data necessary for the classification, by type of crypto-asset, of crypto-asset white papers, including the legal entity identifiers, in the register and specify the practical arrangements to ensure that such data is machine-readable.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 110
Register of non-compliant entities providing crypto-asset services
1.   ESMA shall establish a non-exhaustive register of entities that provide crypto-asset services in violation of Article 59 or 61.
2.   The register shall contain at least the commercial name or the website of a non-compliant entity and the name of the competent authority that submitted the information.
3.   The register shall be publicly available on ESMA’s website in a machine-readable format and shall be updated on a regular basis to take into account any changes of circumstances or any information that is brought to ESMA’s attention concerning the registered non-compliant entities. The register shall enable centralised access to information submitted by competent authorities from the Member States or third countries, as well as by EBA.
4.   ESMA shall update the register to include information on any case of infringement of this Regulation identified on its own initiative in accordance with Article 17 of Regulation (EU) No 1095/2010 in which it has adopted a decision under paragraph 6 of that Article addressed to a non-compliant entity providing crypto-asset services, or any information on entities providing crypto-asset services without the necessary authorisation or registration submitted by the relevant supervisory authorities of third countries.
5.   In the cases referred to in paragraph 4 of this Article, ESMA may apply the relevant supervisory and investigative powers of competent authorities as referred to in Article 94(1) to non-compliant entities providing crypto-asset services.
CHAPTER 3
Administrative penalties and other administrative measures by competent authorities
Article 111
Administrative penalties and other administrative measures
1.   Without prejudice to any criminal penalties and without prejudice to the supervisory and investigative powers of competent authorities listed in Article 94, Member States shall, in accordance with national law, provide for competent authorities to have the power to take appropriate administrative penalties and other administrative measures in relation to at least the following infringements:
(a)
infringements of Articles 4 to 14;
(b)
infringements of Articles 16, 17, 19, 22, 23, 25, Articles 27 to 41, Articles 46 and 47;
(c)
infringements of Articles 48 to 51, Articles 53, 54 and 55;
(d)
infringements of Articles 59, 60, 64 and Articles 65 to 83;
(e)
infringements of Articles 88 to 92;
(f)
failure to cooperate or to comply with an investigation, with an inspection or with a request as referred to in Article 94(3).
Member States may decide not to lay down rules for administrative penalties where the infringements referred to in the first subparagraph, point (a), (b), (c), (d) or (e), are already subject to criminal penalties in their national law by 30 June 2024. Where they so decide, Member States shall notify to the Commission, ESMA and to EBA, in detail, the relevant parts of their criminal law.
By 30 June 2024, Member States shall notify to the Commission, EBA and ESMA, in detail, the rules referred to in the first and second subparagraphs. They shall also notify the Commission, ESMA and EBA without delay of any subsequent amendment thereto.
2.   Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose at least the following administrative penalties and other administrative measures in relation to the infringements referred to in paragraph 1, first subparagraph, points (a) to (d):
(a)
a public statement indicating the natural or legal person responsible and the nature of the infringement;
(b)
an order requiring the natural or legal person responsible to cease the conduct constituting the infringement and to desist from a repetition of that conduct;
(c)
maximum administrative fines of at least twice the amount of the profits gained or losses avoided because of the infringement where those can be determined, even if it exceeds the maximum amounts set out in point (d) of this paragraph, as regards natural persons, or in paragraph 3 as regards legal persons;
(d)
in the case of a natural person, maximum administrative fines of at least EUR 700 000, or, in the Member States whose official currency is not the euro, the corresponding value in the official currency on 29 June 2023.
3.   Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose, in relation to infringements committed by legal persons, maximum administrative fines of at least:
(a)
EUR 5 000 000, or, in the Member States whose official currency is not the euro, the corresponding value in the official currency on 29 June 2023, for the infringements referred to in paragraph 1, first subparagraph, points (a) to (d);
(b)
3 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (a);
(c)
5 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, point (d);
(d)
12,5 % of the total annual turnover of the legal person according to the last available financial statements approved by the management body, for the infringements referred to in paragraph 1, first subparagraph, points (b) and (c).
Where the legal person referred to in the first subparagraph, points (a) to (d), is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable Union law in the field of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.
4.   In addition to the administrative penalties and other administrative measures as well as administrative fines referred to in paragraphs 2 and 3, Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose, in the event of infringements referred to in paragraph 1, first subparagraph, point (d), a temporary ban preventing any member of the management body of the crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in a crypto-asset service provider.
5.   Member States shall, in accordance with their national law, ensure that, in the event of the infringements referred to in paragraph 1, first subparagraph, point (e), competent authorities have the power to impose at least the following administrative penalties and to take at least the following administrative measures:
(a)
a public statement indicating the natural or legal person responsible and the nature of the infringement;
(b)
an order requiring the natural or legal person responsible to cease the conduct constituting the infringement and to desist from a repetition of that conduct;
(c)
the disgorgement of the profits gained or losses avoided due to the infringement insofar as they can be determined;
(d)
withdrawal or suspension of the authorisation of a crypto-asset service provider;
(e)
a temporary ban of any member of the management body of the crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in crypto-asset service providers;
(f)
in the event of a repeated infringement of Article 89, 90, 91 or 92, a ban of at least 10 years for any member of the management body of a crypto-asset service provider, or any other natural person who is held responsible for the infringement, from exercising management functions in a crypto-asset service provider;
(g)
a temporary ban of any member of the management body of a crypto-asset service provider or any other natural person who is held responsible for the infringement, from dealing on own account;
(h)
maximum administrative fines of at least three times the amount of the profits gained or losses avoided because of the infringement, where those can be determined, even if it exceeds the maximum amounts set out in point (i) or (j), as applicable;
(i)
in respect of a natural person, maximum administrative fines of at least EUR 1 000 000 for infringements of Article 88 and EUR 5 000 000 for infringements of Articles 89 to 92 or in the Member States whose official currency is not the euro, the corresponding value in the official currency on 29 June 2023;
(j)
in respect of legal persons, maximum administrative fines of at least EUR 2 500 000 for infringements of Article 88 and EUR 15 000 000 for infringements of Articles 89 to 92, or 2 % for infringements of Article 88 and 15 % for infringements of Articles 89 to 92 of the total annual turnover of the legal person according to the last available accounts approved by the management body, or in the Member States whose official currency is not the euro, the corresponding value in the official currency on 29 June 2023.
For the purpose of point (j) of the first subparagraph, where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable Union law in the field of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.
6.   Member States may provide that competent authorities have powers in addition to those referred to in paragraphs 2 to 5 and may provide for higher levels of penalties than those established in those paragraphs, in respect of both natural and legal persons responsible for the infringement.
Article 112
Exercise of supervisory powers and powers to impose penalties
1.   Competent authorities, when determining the type and level of an administrative penalty or other administrative measure to be imposed in accordance with Article 111, shall take into account all relevant circumstances, including, where appropriate:
(a)
the gravity and the duration of the infringement;
(b)
whether the infringement has been committed intentionally or negligently;
(c)
the degree of responsibility of the natural or legal person responsible for the infringement;
(d)
the financial strength of the natural or legal person responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;
(e)
the importance of the profits gained or losses avoided by the natural or legal person responsible for the infringement, insofar as those can be determined;
(f)
the losses for third parties caused by the infringement, insofar as those can be determined;
(g)
the level of cooperation of the natural or legal person responsible for the infringement with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;
(h)
previous infringements of this Regulation by the natural or legal person responsible for the infringement;
(i)
measures taken by the person responsible for the infringement to prevent its repetition;
(j)
the impact of the infringement on the interests of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders.
2.   In the exercise of their powers to impose administrative penalties and other administrative measures under Article 111, competent authorities shall cooperate closely to ensure that the exercise of their supervisory and investigative powers, and the administrative penalties and other administrative measures that they impose, are effective and appropriate. They shall coordinate their action in order to avoid duplication and overlaps when exercising their supervisory and investigative powers and when imposing administrative penalties and other administrative measures in cross-border cases.
Article 113
Right of appeal
1.   Member States shall ensure that decisions taken by competent authorities under this Regulation are properly reasoned and subject to the right of appeal before a court. The right of appeal before a court shall also apply where, in respect of an application for authorisation which provides all of the required information, no decision is taken within six months of its submission.
2.   Member States shall provide that one or more of the following bodies, as determined by national law, may, in the interests of consumers and in accordance with national law, take action before the courts or competent administrative bodies to ensure that this Regulation is applied:
(a)
public bodies or their representatives;
(b)
consumer organisations having a legitimate interest in protecting holders of crypto-assets;
(c)
professional organisations having a legitimate interest in protecting their members.
Article 114
Publication of decisions
1.   A decision imposing administrative penalties and other administrative measures for an infringement of this Regulation in accordance with Article 111 shall be published by competent authorities on their official websites without undue delay after the natural or legal person subject to that decision has been informed of that decision. The publication shall include at least information on the type and nature of the infringement and the identity of the natural or legal persons responsible. Decisions imposing measures that are of an investigatory nature need not be published.
2.   Where the publication of the identity of the legal entities, or the identity or personal data of natural persons, is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise an ongoing investigation, competent authorities shall take one of the following actions:
(a)
defer the publication of the decision to impose an administrative penalty or other administrative measure until the moment where the reasons for non-publication cease to exist;
(b)
publish the decision to impose an administrative penalty or other administrative measure on an anonymous basis in a manner which is in conformity with national law, where such anonymous publication ensures the effective protection of the personal data concerned;
(c)
not publish the decision to impose an administrative penalty or other administrative measure in the event that the options provided for in points (a) and (b) are considered insufficient to ensure:
(i)
that the stability of financial markets is not jeopardised;
(ii)
the proportionality of the publication of such a decision with regard to measures which are deemed to be of a minor nature.
In the case of a decision to publish an administrative penalty or other administrative measure on an anonymous basis, as referred to in the first subparagraph, point (b), the publication of the relevant data may be deferred for a reasonable period where it is foreseen that within that period the reasons for anonymous publication will cease to exist.
3.   Where the decision to impose an administrative penalty or other administrative measure is under appeal before the relevant courts or administrative bodies, competent authorities shall publish, immediately, on their official website such information and any subsequent information on the outcome of such appeal. Moreover, any decision annulling a previous decision to impose administrative penalty or other administrative measure shall also be published.
4.   Competent authorities shall ensure that any publication in accordance with this Article remains on their official website for a period of at least five years after its publication. Personal data contained in the publication shall be kept on the official website of the competent authority only for the period which is necessary in accordance with the applicable data protection rules.
Article 115
Reporting of administrative penalties and other administrative measures to ESMA and EBA
1.   The competent authority shall, on an annual basis, provide ESMA and EBA with aggregate information regarding all administrative penalties and other administrative measures imposed in accordance with Article 111. ESMA shall publish that information in an annual report.
Where Member States have, in accordance with Article 111(1), second subparagraph, laid down criminal penalties for the infringements of the provisions referred to therein, their competent authorities shall provide EBA and ESMA annually with anonymised and aggregated data regarding all relevant criminal investigations undertaken and criminal penalties imposed. ESMA shall publish data on criminal penalties imposed in an annual report.
2.   Where the competent authority has disclosed administrative penalties, other administrative measures or criminal penalties to the public, it shall simultaneously report them to ESMA.
3.   Competent authorities shall inform EBA and ESMA of all administrative penalties or other administrative measures imposed but not published, including any appeal in relation thereto and the outcome thereof. Member States shall ensure that competent authorities receive information and the final judgment in relation to any criminal penalty imposed and submit it to EBA and ESMA. ESMA shall maintain a central database of penalties and administrative measures communicated to it solely for the purposes of exchanging information between competent authorities. That database shall be only accessible to EBA, ESMA and the competent authorities and it shall be updated based on the information provided by the competent authorities.
Article 116
Reporting of infringements and protection of reporting persons
Directive (EU) 2019/1937 shall apply to the reporting of infringements of this Regulation and the protection of persons reporting such infringements.
CHAPTER 4
Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors
Article 117
Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
1.   Where an asset-referenced token has been classified as significant in accordance with Article 43 or 44, the issuer of such asset-referenced token shall carry out its activities under the supervision of EBA.
Without prejudice to the powers of national competent authorities under paragraph 2 of this Article, EBA shall exercise the powers of competent authorities conferred by Articles 22 to 25, 29, 33 Article 34(7) and (12), Article 35(3) and (5), Article 36(10) and Articles 41, 42, 46 and 47 as regards issuers of significant asset-referenced tokens.
2.   Where an issuer of a significant asset-referenced token also provides crypto-asset services or issues crypto-assets that are not significant asset-referenced tokens, those services and activities shall remain under the supervision of the competent authority of the home Member State.
3.   Where an asset-referenced token has been classified as significant in accordance with Article 43, EBA shall conduct a supervisory reassessment to ensure that the issuer complies with Title III.
4.   Where an e-money token issued by an electronic money institution has been classified as significant in accordance with Article 56 or 57, EBA shall supervise the compliance of the issuer of such significant e-money token with Articles 55 and 58.
For the purposes of the supervision of compliance with Articles 55 and 58, EBA shall exercise the powers of the competent authorities conferred on them by Articles 22 and 23, Article 24(3), Article 35(3) and (5), Article 36(10) and Articles 46 and 47, as regards electronic money institutions issuing significant e-money tokens.
5.   EBA shall exercise its supervisory powers as provided in paragraphs 1 to 4 in close cooperation with the other competent authorities responsible for supervising the issuer, in particular:
(a)
the prudential supervisory authority, including, where applicable, the ECB under Regulation (EU) No 1024/2013;
(b)
relevant competent authorities under national law transposing Directive 2009/110/EC, where applicable;
(c)
the competent authorities referred to in Article 20(1).
Article 118
EBA crypto-asset committee
1.   EBA shall create a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1093/2010 for the purposes of preparing EBA’s decisions to be taken in accordance with Article 44 thereof, including decisions relating to the supervisory tasks that have been conferred on EBA by this Regulation.
2.   The crypto-asset committee may also prepare decisions in relation to draft regulatory technical standards and draft implementing technical standards relating to supervisory tasks that have been conferred on EBA by this Regulation.
3.   EBA shall ensure that the crypto-asset committee performs only the activities referred to in paragraphs 1 and 2 and any other tasks necessary for the performance of its activities related to crypto-assets.
Article 119
Colleges for issuers of significant asset-referenced tokens and significant e-money tokens
1.   Within 30 calendar days of a decision to classify an asset-referenced token or e-money token as significant pursuant to Article 43, 44, 56 or 57, as applicable, EBA shall establish, manage and chair a consultative supervisory college for each issuer of a significant asset-referenced token or of a significant e-money token, to facilitate the exercise of supervisory tasks and act as a vehicle for the coordination of supervisory activities under this Regulation.
2.   A college referred to in paragraph 1 shall consist of:
(a)
EBA;
(b)
ESMA;
(c)
the competent authorities of the home Member State where the issuer of the significant asset-referenced token or of the significant e-money token is established;
(d)
the competent authorities of the most relevant crypto-asset service providers, credit institutions or investment firms ensuring the custody of the reserve assets in accordance with Article 37 or of the funds received in exchange of the significant e-money tokens;
(e)
where applicable, the competent authorities of the most relevant trading platforms for crypto-assets where the significant asset-referenced tokens or the significant e-money tokens are admitted to trading;
(f)
the competent authorities of the most relevant payment service providers providing payment services in relation to the significant e-money tokens;
(g)
where applicable, the competent authorities of the entities ensuring the functions as referred to in Article 34(5), first subparagraph, point (h);
(h)
where applicable, the competent authorities of the most relevant crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients in relation to the significant asset-referenced tokens or with the significant e-money tokens;
(i)
the ECB;
(j)
where the issuer of the significant asset-referenced token is established in a Member State whose official currency is not the euro, or where an official currency that is not the euro is referenced by the significant asset-referenced token, the central bank of that Member State;
(k)
where the issuer of the significant e-money token is established in a Member State whose official currency is not the euro, or where an official currency that is not the euro is referenced by the significant e-money token, the central bank of that Member State;
(l)
competent authorities of Member States where the asset-referenced token or the e-money token is used at large scale, at their request;
(m)
relevant supervisory authorities of third countries with which EBA has concluded administrative agreements in accordance with Article 126.
3.   EBA may invite other authorities to be members of the college referred to in paragraph 1 where the entities they supervise are relevant to the work of the college.
4.   The competent authority of a Member State which is not a member of the college may request from the college any information relevant for the performance of its supervisory duties under this Regulation.
5.   A college referred to in paragraph 1 of this Article shall, without prejudice to the responsibilities of competent authorities under this Regulation, ensure:
(a)
the preparation of the non-binding opinion referred to in Article 120;
(b)
the exchange of information in accordance with this Regulation;
(c)
agreement on the voluntary entrustment of tasks among its members.
In order to facilitate the performance of the tasks assigned to colleges pursuant to the first subparagraph of this paragraph, the members of the college referred to in paragraph 2 shall be entitled to contribute to the setting of the agenda of the college meetings, in particular by adding points to the agenda of a meeting.
6.   The establishment and functioning of the college referred to in paragraph 1 shall be based on a written agreement between all of its members.
The agreement referred to in the first subparagraph shall determine the practical arrangements for the functioning of the college, including detailed rules on:
(a)
voting procedures as referred in Article 120(3);
(b)
the procedures for setting the agenda of college meetings;
(c)
the frequency of the college meetings;
(d)
the appropriate minimum timeframes for the assessment of the relevant documentation by the members of the college;
(e)
the modalities of communication between the members of the college;
(f)
the creation of several colleges, one for each specific crypto-asset or group of crypto-assets.
The agreement may also determine tasks to be entrusted to EBA or another member of the college.
7.   As chair of each college, EBA shall:
(a)
establish written arrangements and procedures for the functioning of the college, after consulting the other members of the college;
(b)
coordinate all activities of the college;
(c)
convene and chair all its meetings and keep the members of the college fully informed in advance of the organisation of meetings of the college, of the main issues to be discussed and of the items to be considered;
(d)
notify the members of the college of any planned meetings so that they can request to participate;
(e)
keep the members of the college informed, in a timely manner, of the decisions and outcomes of those meetings.
8.   In order to ensure the consistent and coherent functioning of colleges, EBA, in cooperation with ESMA and the ECB, shall develop draft regulatory standards specifying:
(a)
the conditions under which the entities referred to in paragraph 2, points (d), (e), (f) and (h), are to be considered the most relevant;
(b)
the conditions under which it is considered that asset-referenced tokens or e-money tokens are used at large scale, as referred to in paragraph 2, point (l); and
(c)
the details of the practical arrangements referred to in paragraph 6.
EBA shall submit the draft regulatory standards referred to in the first subparagraph to the Commission by 30 June 2024.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Article 10 to 14 of Regulation (EU) No 1093/2010.
Article 120
Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens
1.   A college referred to in Article 119(1) may issue a non-binding opinion on the following:
(a)
the supervisory reassessment as referred to in Article 117(3);
(b)
any decision to require an issuer of a significant asset-referenced token or a significant e-money token to hold a higher amount of own funds in accordance with Article 35(2), (3) and (5), Article 45(5) and Article 58(1), as applicable;
(c)
any update of the recovery plan or redemption plan of an issuer of a significant asset-referenced token or an issuer of a significant e-money token pursuant to Articles 46, 47 and 55, as applicable;
(d)
any change of the business model of an issuer of a significant asset-referenced token pursuant to Article 25(1);
(e)
a draft modified crypto-asset white paper drawn up in accordance with Article 25(2);
(f)
any envisaged appropriate corrective measures pursuant to Article 25(4);
(g)
any envisaged supervisory measures pursuant to Article 130;
(h)
any envisaged administrative agreement on the exchange of information with a supervisory authority of a third-country in accordance with Article 126;
(i)
any delegation of supervisory tasks from EBA to a competent authority pursuant to Article 138;
(j)
any envisaged change in the authorisation of, or any envisaged supervisory measure on, the members of the college referred to in Article 119(2), points (d) to (h);
(k)
a draft modified crypto-asset white paper drawn up in accordance with Article 51(12).
2.   Where the college issues an opinion in accordance with paragraph 1, at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 3, the opinion may include any recommendations aimed at addressing shortcomings of the measure envisaged by EBA or the competent authorities.
3.   An opinion of the college shall be adopted based on a simple majority of its members.
Where there are several members of the college per Member State, only one of those members shall have a vote.
Where the ECB is a member of the college in several capacities, including supervisory capacities, it shall have only one vote.
Supervisory authorities of third countries referred to in Article 119(2), point (m), shall have no voting right in respect of an opinion of the college.
4.   EBA or the competent authorities, as applicable, shall duly consider the non-binding opinion of the college reached in accordance with paragraph 3, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged in respect of an issuer of a significant asset-referenced token, an issuer of a significant e-money token, an entity or a crypto-asset service provider as referred to in Article 119(2), points (d) to (h). Where EBA or a competent authority does not agree with an opinion of the college, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged, its decision shall contain its reasons and an explanation for any significant deviation from that opinion or recommendations.
CHAPTER 5
EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
Article 121
Legal privilege
The powers conferred on EBA by Articles 122 to 125, or on any official or other person authorised by EBA, shall not be used to require the disclosure of information which is subject to legal privilege.
Article 122
Request for information
1.   In order to carry out its supervisory responsibilities under Article 117, EBA may by simple request or by decision require the following persons to provide all information necessary to enable EBA to carry out its duties under this Regulation:
(a)
an issuer of a significant asset-referenced token or a person controlling or being directly or indirectly controlled by an issuer of a significant asset-referenced token;
(b)
a third party as referred to in Article 34(5), first subparagraph, point (h), with which an issuer of a significant asset-referenced token has a contractual arrangement;
(c)
a crypto-asset service provider, credit institution or investment firm ensuring the custody of the reserve assets in accordance with Article 37;
(d)
an issuer of a significant e-money token or a person controlling or being directly or indirectly controlled by an issuer of a significant e-money token;
(e)
a payment service provider that provides payment services in relation to significant e-money tokens;
(f)
a natural or legal person in charge of distributing significant e-money tokens on behalf of an issuer of significant e-money tokens;
(g)
a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients in relation to significant asset-referenced tokens or significant e-money tokens;
(h)
an operator of a trading platform for crypto-assets that has admitted to trading a significant asset-referenced token or a significant e-money token;
(i)
the management body of the persons referred to in points (a) to (h).
2.   A simple request for information as referred to in paragraph 1 shall:
(a)
refer to this Article as the legal basis of that request;
(b)
state the purpose of the request;
(c)
specify the information required;
(d)
include a time limit within which the information is to be provided;
(e)
inform the person from whom the information is requested that it is not obliged to provide the information but that, in the case of a voluntary reply to the request, the information provided is required to be correct and not misleading; and
(f)
indicate the fine provided for in Article 131, where the answers to questions asked are incorrect or misleading.
3.   When requiring the provision of information by decision pursuant to paragraph 1, EBA shall:
(a)
refer to this Article as the legal basis of that request;
(b)
state the purpose of the request;
(c)
specify the information required;
(d)
set a time limit within which the information is to be provided;
(e)
indicate the periodic penalty payments provided for in Article 132 where the production of information is required;
(f)
indicate the fine provided for in Article 131, where the answers to questions asked are incorrect or misleading;
(g)
indicate the right to appeal the decision before EBA’s Board of Appeal and to have the decision reviewed by the Court of Justice in accordance with Articles 60 and 61 of Regulation (EU) No 1093/2010.
4.   The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law, shall provide the information requested.
5.   EBA shall without delay send a copy of the simple request or of its decision to the competent authority of the Member State where the persons concerned by the request for information are domiciled or established.
Article 123
General investigative powers
1.   In order to carry out its supervisory responsibilities under Article 117, EBA may conduct investigations into issuers of significant asset-referenced tokens and issuers of significant e-money tokens. To that end, the officials and other persons authorised by EBA shall be empowered to:
(a)
examine any records, data, procedures and any other material relevant to the execution of its tasks irrespective of the medium on which they are stored;
(b)
take or obtain certified copies of or extracts from such records, data, procedures and other material;
(c)
summon and ask any issuer of a significant asset-referenced token or issuer of a significant of e-money token, or their management body or staff, for oral or written explanations of facts or documents relating to the subject matter and purpose of the investigation and to record the answers;
(d)
interview any other natural or legal person who consents to be interviewed for the purposes of collecting information relating to the subject matter of an investigation;
(e)
request records of telephone and data traffic.
A college as referred to in Article 119(1) shall be informed without undue delay of any findings that might be relevant for the execution of its tasks.
2.   The officials and other persons authorised by EBA for the purposes of the investigation referred to in paragraph 1 shall exercise their powers upon the production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 132 where the required records, data, procedures or any other material, or the answers to questions posed to issuers of significant asset-referenced tokens or issuers of significant e-money tokens, are not provided or are incomplete, and the fines provided for in Article 131, where the answers to questions posed to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are incorrect or misleading.
3.   The issuers of significant asset-referenced tokens and issuers of significant e-money tokens are required to submit to investigations launched based on a decision of EBA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 132, the legal remedies available under Regulation (EU) No 1093/2010 and the right to have the decision reviewed by the Court of Justice.
4.   Within a reasonable period before an investigation referred to in paragraph 1, EBA shall inform the competent authority of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall, upon the request of EBA, assist those authorised persons in carrying out their duties. Officials of the competent authority concerned may also attend the investigations upon request.
5.   If a request for records of telephone or data traffic referred to in paragraph 1, first subparagraph, point (e), requires authorisation from a court pursuant to applicable national law, EBA shall apply for such authorisation. Such authorisation may also be applied for as a precautionary measure.
6.   Where a court in a Member State receives an application for the authorisation of a request for records of telephone or data traffic referred to in paragraph 1, first subparagraph, point (e), that court shall verify whether:
(a)
the decision of EBA referred to in paragraph 3 is authentic;
(b)
any measures to be taken are proportionate and not arbitrary or excessive.
7.   For the purposes of paragraph 6, point (b), the court may ask EBA for detailed explanations, in particular relating to the grounds EBA has for suspecting that an infringement of this Regulation has taken place, the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. That court shall, however, not review the necessity for the investigation or demand that it be provided with the information on EBA’s file. The lawfulness of EBA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1093/2010.
Article 124
On-site inspections
1.   In order to carry out its supervisory responsibilities under Article 117, EBA may conduct all necessary on-site inspections at any business premises of the issuers of significant asset-referenced tokens and issuers of significant e-money tokens.
The college referred to in Article 119 shall be informed without undue delay of any findings that might be relevant for the execution of its tasks.
2.   The officials and other persons authorised by EBA to conduct an on-site inspection may enter any business premises of the persons subject to an investigation decision adopted by EBA and shall have all of the powers provided for in Article 123(1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.
3.   In due time before the inspection, EBA shall give notice of the inspection to the competent authority of the Member State where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, EBA, after informing that competent authority, may carry out the on-site inspection without giving prior notice to the issuer of the significant asset-referenced token or the issuer of the significant e-money token.
4.   The officials and other persons authorised by EBA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 132 where the persons concerned do not submit to the inspection.
5.   The issuer of the significant asset-referenced token or the issuer of the significant e-money token shall submit to on-site inspections ordered by a decision of EBA. The decision shall specify the subject matter and purpose of the inspection, appoint the date on which it is to begin and indicate the periodic penalty payments provided for in Article 132, the legal remedies available under Regulation (EU) No 1093/2010 as well as the right to have the decision reviewed by the Court of Justice.
6.   Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, at the request of EBA, actively assist the officials and other persons authorised by EBA. Officials of the competent authority of the Member State concerned may also attend the on-site inspections.
7.   EBA may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this Article and in Article 123(1) on its behalf.
8.   Where the officials and other accompanying persons authorised by EBA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of the police or of an equivalent enforcement authority, so as to enable them to conduct their on-site inspection.
9.   If the on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7 requires authorisation by a court pursuant to national law, EBA shall make an application for such authorisation. Such authorisation may also be applied for as a precautionary measure.
10.   Where a court in a Member State receives an application for the authorisation of an on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7, that court shall verify whether:
(a)
the decision adopted by EBA referred to in paragraph 4 is authentic;
(b)
any measures to be taken are proportionate and not arbitrary or excessive.
11.   For the purposes of paragraph 10, point (b), the court may ask EBA for detailed explanations, in particular relating to the grounds EBA has for suspecting that an infringement of this Regulation has taken place, the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. That court shall, however, not review the necessity for the investigation or demand that it be provided with the information on EBA’s file. The lawfulness of EBA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1093/2010.
Article 125
Exchange of information
1.   In order to carry out EBA’s supervisory responsibilities under Article 117 and without prejudice to Article 96, EBA and the 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 competent authorities and EBA shall exchange any information related to:
(a)
an issuer of a significant asset-referenced token or a person controlling or being directly or indirectly controlled by an issuer of a significant asset-referenced token;
(b)
a third party as referred to in Article 34(5), first subparagraph, point (h), with which an issuer of a significant asset-referenced token has a contractual arrangement;
(c)
a crypto-asset service provider, credit institution or investment firm ensuring the custody of the reserve assets in accordance with Article 37;
(d)
an issuer of a significant e-money token or a person controlling or being directly or indirectly controlled by an issuer of a significant e-money token;
(e)
a payment service provider that provides payment services in relation to significant e-money tokens;
(f)
a natural or legal person in charge of distributing significant e-money tokens on behalf of the issuer of significant e-money tokens;
(g)
a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, in relation to significant asset-referenced tokens or significant e-money tokens;
(h)
a trading platform for crypto-assets on which a significant asset-referenced token or a significant e-money token has been admitted to trading;
(i)
the management body of the persons referred to in points (a) to (h).
2.   A competent authority may refuse to act on a request to exchange information as provided for in paragraph 1 of this Article or a request for cooperation in carrying out an investigation or an on-site inspection as provided for in Articles 123 and 124, respectively, only where:
(a)
complying with the request is likely to adversely affect its own investigation, enforcement activities or, where applicable, criminal investigation;
(b)
judicial proceedings have already been initiated in respect of the same actions and against the same natural or legal persons before the courts of the Member State addressed;
(c)
a final judgment has already been delivered in relation to such natural or legal person for the same actions in the Member State addressed.
Article 126
Administrative agreements on the exchange of information between EBA and third countries
1.   In order to carry out its supervisory responsibilities under Article 117, EBA 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 Article 129.
2.   The exchange of information shall be intended for the performance of the tasks of EBA or of the supervisory authorities referred to in paragraph 1.
3.   With regard to transfers of personal data to a third country, EBA shall apply Regulation (EU) 2018/1725.
Article 127
Disclosure of information from third countries
1.   EBA may disclose information received from supervisory authorities of third countries only where EBA or the competent authority that provided the information to EBA has obtained the express agreement of the supervisory authority of a third country that has transmitted the information and, where applicable, the information is disclosed only for the purposes for which that supervisory authority gave its agreement or where such disclosure is necessary for judicial proceedings.
2.   The requirement for an express agreement as referred to in paragraph 1 shall not apply to other supervisory authorities of the Union where the information requested by them is needed for the fulfilment of their tasks and shall not apply to courts where the information requested by them is needed for investigations or proceedings in respect of infringements subject to criminal penalties.
Article 128
Cooperation with other authorities
Where an issuer of a significant asset-referenced token or an issuer of a significant e-money token engages in activities other than those covered by this Regulation, EBA 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 that are not members of the college as referred to in Article 119(2), point (m).
Article 129
Professional secrecy
The obligation of professional secrecy shall apply to EBA and all persons who work or who have worked for EBA as well as for any other person to whom EBA has delegated tasks, including auditors and experts contracted by EBA.
Article 130
Supervisory measures by EBA
1.   Where EBA finds that an issuer of a significant asset-referenced token has committed an infringement as listed in Annex V, it may take one or more of the following measures:
(a)
adopt a decision requiring the issuer of the significant asset-referenced token to cease the conduct constituting the infringement;
(b)
adopt a decision imposing fines or periodic penalty payments pursuant to Articles 131 and 132;
(c)
adopt a decision requiring the issuer of the significant asset-referenced token to transmit supplementary information, where necessary for the protection of holders of the asset-referenced token, in particular retail holders;
(d)
adopt a decision requiring the issuer of the significant asset-referenced token to suspend an offer to the public of crypto-assets for a maximum period of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed;
(e)
adopt a decision prohibiting an offer to the public of the significant asset-referenced token where it finds that this Regulation has been infringed or where it has reasonable grounds for suspecting that it will be infringed;
(f)
adopt a decision requiring the crypto-asset service provider operating a trading platform for crypto-assets that has admitted to trading the significant asset-referenced token to suspend trading of such crypto-asset for a maximum of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed;
(g)
adopt a decision prohibiting trading of the significant asset-referenced token on a trading platform for crypto-assets where it finds that this Regulation has been infringed;
(h)
adopt a decision requiring the issuer of the significant asset-referenced token to amend its marketing communications, where it finds that the marketing communications do not comply with Article 29;
(i)
adopt a decision to suspend or prohibit marketing communications where there are reasonable grounds for suspecting that this Regulation has been infringed;
(j)
adopt a decision requiring the issuer of the significant asset-referenced token to disclose all material information which might have an effect on the assessment of the significant asset-referenced token offered to the public or admitted to trading in order to ensure consumer protection or the smooth operation of the market;
(k)
issue warnings that the issuer of the significant asset-referenced token fails to fulfil its obligations under this Regulation;
(l)
withdraw the authorisation of the issuer of the significant asset-referenced token;
(m)
adopt a decision requiring the removal of a natural person from the management body of the issuer of the significant asset-referenced token;
(n)
require the issuer of the significant asset-referenced token under its supervision to introduce a minimum denomination amount in respect of that significant asset-referenced token or to limit the amount of the significant asset-referenced token issued, in accordance with Article 23(4) and Article 24(3).
2.   Where EBA finds that an issuer of a significant e-money token has committed an infringement as listed in Annex VI, it may take one or more of the following measures:
(a)
adopt a decision requiring the issuer of the significant e-money token to cease the conduct constituting the infringement;
(b)
adopt a decision imposing fines or periodic penalty payments pursuant to Articles 131 and 132;
(c)
adopt a decision requiring the issuer of the significant e-money token to transmit supplementary information where necessary for the protection of holders of the significant e-money token, in particular retail holders;
(d)
adopt a decision requiring the issuer of the significant e-money token to suspend an offer to the public of crypto-assets for a maximum period of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed;
(e)
adopt a decision prohibiting an offer to the public of the significant e-money token where it finds that this Regulation has been infringed or where it has reasonable grounds for suspecting that it will be infringed;
(f)
adopt a decision requiring the relevant crypto-asset service provider operating a trading platform for crypto-assets that has admitted to trading significant e-money tokens to suspend trading of such crypto-assets for a maximum of 30 consecutive working days on any single occasion where it has reasonable grounds for suspecting that this Regulation has been infringed;
(g)
adopt a decision prohibiting trading of significant e-money tokens on a trading platform for crypto-assets where it finds that this Regulation has been infringed;
(h)
adopt a decision requiring the issuer of the significant e-money token to disclose all material information which might have an effect on the assessment of the significant e-money token offered to the public or admitted to trading in order to ensure consumer protection or the smooth operation of the market;
(i)
issue warnings that the issuer of the significant e-money token fails to fulfil its obligations under this Regulation;
(j)
require the issuer of the significant e-money token under its supervision to introduce a minimum denomination amount in respect of that significant e-money token or to limit the amount of the significant e-money token issued, as a result of the application of Article 58(3).
3.   When taking the measures referred to in paragraph 1 or 2, EBA shall take into account the nature and seriousness of the infringement, having regard to:
(a)
the duration and frequency of the infringement;
(b)
whether financial crime has been occasioned, facilitated or is otherwise attributable to the infringement;
(c)
whether the infringement has revealed serious or systemic weaknesses in the procedures, policies and risk management measures of the issuer of the significant asset-referenced token or the issuer of the significant e-money tokens;
(d)
whether the infringement has been committed intentionally or negligently;
(e)
the degree of responsibility of the issuer of the significant asset-referenced token or the issuer of the significant e-money token responsible for the infringement;
(f)
the financial strength of the issuer of the significant asset-referenced token, or of the issuer of the significant e-money token, responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;
(g)
the impact of the infringement on the interests of holders of significant asset-referenced tokens or significant e-money tokens;
(h)
the importance of the profits gained, losses avoided by the issuer of the significant asset-referenced token or significant e-money token responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined;
(i)
the level of cooperation of the issuer of the significant asset-referenced token or of the issuer of the significant e-money token responsible for the infringement with EBA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;
(j)
previous infringements by the issuer of the significant asset-referenced token or by the issuer of the e-money token responsible for the infringement;
(k)
measures taken by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token after the infringement to prevent the repetition of such an infringement.
4.   Before taking any of the measures as referred to in paragraph 1, points (d) to (g), and point (j), EBA shall inform ESMA and, where the significant asset-referenced tokens are referencing the euro or an official currency of a Member State that is not the euro, the ECB or the central bank of the Member State concerned issuing that official currency, respectively.
5.   Before taking any of the measures as referred to in paragraph 2, EBA shall inform the competent authority of the issuer of the significant e-money token and the central bank of the Member State whose official currency the significant e-money token is referencing.
6.   EBA shall notify any measure taken pursuant to paragraph 1 or 2 to the issuer of the significant asset-referenced token or the issuer of the significant e-money token responsible for the infringement without undue delay and shall communicate that measure to the competent authorities concerned as well as to the Commission. EBA shall publicly disclose any such decision on its website within 10 working days of the date of adoption of such decision, unless such disclosure would seriously jeopardise financial stability or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data.
7.   The disclosure to the public referred to in paragraph 6 shall include the following statements:
(a)
a statement affirming the right of the person responsible for the infringement to appeal the decision before the Court of Justice;
(b)
where relevant, a statement affirming that an appeal has been lodged and specifying that such an appeal does not have suspensive effect;
(c)
a statement asserting that it is possible for EBA’s Board of Appeal to suspend the application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 1093/2010.
Article 131
Fines
1.   EBA shall adopt a decision imposing a fine in accordance with paragraph 3 or 4 of this Article where, in accordance with Article 134(8), it finds that:
(a)
an issuer of a significant asset-referenced token or a member of its management body has, intentionally or negligently, committed an infringement as listed in Annex V;
(b)
an issuer of a significant e-money token or a member of its management body has, intentionally or negligently, committed an infringement as listed in Annex VI.
An infringement shall be considered to have been committed intentionally if EBA finds objective factors which demonstrate that such an issuer or a member of its management body acted deliberately to commit the infringement.
2.   When adopting a decision as referred to in paragraph 1, EBA shall take into account the nature and seriousness of the infringement, having regard to:
(a)
the duration and frequency of the infringement;
(b)
whether financial crime has been occasioned, facilitated or is otherwise attributable to the infringement;
(c)
whether the infringement has revealed serious or systemic weaknesses in the issuer of the significant asset-referenced token’s or in the issuer of the significant e-money token’s procedures, policies and risk management measures;
(d)
whether the infringement has been committed intentionally or negligently;
(e)
the degree of responsibility of the issuer of the significant asset-referenced token or the issuer of the significant e-money token responsible for the infringement;
(f)
the financial strength of the issuer of the significant asset-referenced token, or of the issuer of the significant e-money token, responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;
(g)
the impact of the infringement on the interests of holders of significant asset-referenced tokens or significant e-money tokens;
(h)
the importance of the profits gained, losses avoided by the issuer of the significant asset-referenced token or the significant e-money token responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined;
(i)
the level of cooperation of the issuer of the significant asset-referenced token or of the issuer of the significant e-money token responsible for the infringement with EBA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;
(j)
previous infringements by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token responsible for the infringement;
(k)
measures taken by the issuer of the significant asset-referenced token or by the issuer of the significant e-money token after the infringement to prevent the repetition of such an infringement.
3.   For issuers of significant asset-referenced tokens, the maximum amount of the fine referred to in paragraph 1 shall be up to 12,5 % of its annual turnover in the preceding business year, or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.
4.   For issuers of significant e-money tokens, the maximum amount of the fine referred to in paragraph 1 shall be up to 10 % of its annual turnover in the preceding business year, or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.
Article 132
Periodic penalty payments
1.   EBA shall adopt a decision imposing periodic penalty payments in order to compel:
(a)
a person to cease the conduct constituting an infringement in accordance with a decision taken pursuant to Article 130;
(b)
a person referred to in Article 122(1):
(i)
to provide complete information which has been requested by a decision pursuant to Article 122;
(ii)
to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 123;
(iii)
to submit to an on-site inspection ordered by a decision taken pursuant to Article 124.
2.   A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay.
3.   Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date set out in EBA’s decision imposing the periodic penalty payment.
4.   A periodic penalty payment shall be imposed for a maximum period of six months following the notification of EBA’s decision. At the end of that period, EBA shall review the measure.
Article 133
Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
1.   EBA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 131 and 132, unless such disclosure to the public would seriously jeopardise financial stability or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data.
2.   Fines and periodic penalty payments imposed pursuant to Articles 131 and 132 shall be of an administrative nature.
3.   Fines and periodic penalty payments imposed pursuant to Articles 131 and 132 shall be enforceable in accordance with the rules of civil procedure in force in the State in the territory of which the fine or periodic penalty payment is enforced.
4.   The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the Union.
5.   Where, notwithstanding Articles 131 and 132, EBA decides not to impose fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the competent authorities of the Member State concerned and shall set out the reasons for its decision.
Article 134
Procedural rules for taking supervisory measures and imposing fines
1.   Where, in carrying out its supervisory responsibilities under Article 117, there are clear and demonstrable grounds to suspect that there has been or will be an infringement as listed in Annex V or VI, EBA shall appoint an independent investigation officer within EBA to investigate the matter. The investigation officer shall not be involved or have been directly or indirectly involved in the supervision of the issuers of significant asset-referenced tokens or issuers of significant e-money tokens concerned and shall perform its functions independently from EBA.
2.   The investigation officer shall investigate the alleged infringements, taking into account any comments submitted by the persons who are subject to the investigation, and shall submit a complete file with the investigation officer’s findings to EBA.
3.   In order to carry out its tasks, the investigation officer may exercise the power to request information in accordance with Article 122 and the power to conduct investigations and on-site inspections in accordance with Articles 123 and 124. When using those powers, the investigation officer shall comply with Article 121.
4.   Where carrying out its tasks, the investigation officer shall have access to all documents and information gathered by EBA in its supervisory activities.
5.   Upon completion of its investigation and before submitting the file with its findings to EBA, the investigation officer shall give the persons subject to the investigation the opportunity to be heard on the matters being investigated. The investigation officer shall base its findings only on facts on which the persons concerned have had the opportunity to comment.
6.   The rights of the defence of the persons concerned shall be fully respected during investigations under this Article.
7.   When submitting the file with its findings to EBA, the investigation officer shall notify the persons who are subject to the investigation thereof. The persons subject to the investigation shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information affecting third parties or EBA’s internal preparatory documents.
8.   Based on the file containing the investigation officer’s findings and, when requested by the persons subject to the investigation, after having heard those persons in accordance with Article 135, EBA shall decide whether an infringement as listed in Annex V or VI has been committed by the issuer of the significant asset-referenced token or the issuer of the significant e-money token subject to the investigation and, in such a case, shall take a supervisory measure in accordance with Article 130 or impose a fine in accordance with Article 131.
9.   The investigation officer shall not participate in EBA’s deliberations or in any other way intervene in EBA’s decision-making process.
10.   The Commission shall adopt delegated acts in accordance with Article 139 by 30 June 2024 to supplement this Regulation by specifying further the procedural rules for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of the defence, temporal provisions, the collection of fines or periodic penalty payments and the limitation periods for the imposition and enforcement of fines and periodic penalty payments.
11.   EBA shall bring matters to the attention of the relevant national authorities for investigation and, where appropriate, criminal prosecution where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, EBA shall refrain from imposing fines or periodic penalty payments where it is aware that a prior acquittal or conviction arising from an identical fact or facts which are substantially the same has already acquired the force of 
res judicata
 as a result of criminal proceedings under national law.
Article 135
Hearing of the persons concerned
1.   Before taking any decision pursuant to Article 130, 131 or 132, EBA shall give the persons subject to an investigation the opportunity to be heard on its findings. EBA shall base its decisions only on findings on which the persons subject to such investigation have had an opportunity to comment.
2.   Paragraph 1 shall not apply if urgent action is needed in order to prevent significant and imminent damage to financial stability or to the holders of crypto-assets, in particular retail holders. In such a case, EBA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.
3.   The rights of the defence of the persons subject to an investigation shall be fully respected. Those persons shall be entitled to have access to EBA’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to EBA’s file shall not extend to confidential information or to EBA’s internal preparatory documents.
Article 136
Review by the Court of Justice
The Court of Justice shall have unlimited jurisdiction to review decisions whereby EBA has imposed a fine, a periodic penalty payment or any administrative penalty or other administrative measure in accordance with this Regulation. It may annul, reduce or increase the fine or periodic penalty payment imposed.
Article 137
Supervisory fees
1.   EBA shall charge fees to issuers of significant asset-referenced tokens and issuers of significant e-money tokens. Those fees shall cover EBA’s expenditure for the execution of its supervisory tasks relating to issuers of significant asset-referenced tokens and issuers of significant e-money tokens in accordance with Articles 117 and 119, as well as the reimbursement of costs that the competent authorities might incur carrying out work under this Regulation, in particular as a result of any delegation of tasks in accordance with Article 138.
2.   The amount of the fee charged to an individual issuer of a significant asset-referenced token shall be proportionate to the size of its reserve assets and shall cover all costs incurred by EBA for the performance of its supervisory tasks under this Regulation.
The amount of the fee charged to an individual issuer of a significant e-money token shall be proportionate to the size of issuance of the e-money token in exchange for funds and shall cover all costs derived from the execution of EBA’s supervisory tasks under this Regulation, including the reimbursement of any costs incurred as a result of the execution of those tasks.
3.   The Commission shall adopt a delegated act in accordance with Article 139 by 30 June 2024 to supplement this Regulation by specifying further the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid and the methodology to calculate the maximum amount per entity referred to in paragraph 2 of this Article that can be charged by EBA.
Article 138
Delegation of tasks by EBA to competent authorities
1.   Where necessary for the proper performance of a supervisory task in respect of issuers of significant asset-referenced tokens or issuers of significant e-money tokens, EBA may delegate specific supervisory tasks to a competent authority. Such specific supervisory tasks may include the power to carry out requests for information in accordance with Article 122 and to conduct investigations and on-site inspections in accordance with Article 123 or 124.
2.   Before delegating a task as referred to in paragraph 1, EBA shall consult the relevant competent authority about:
(a)
the scope of the task to be delegated;
(b)
the timetable for the performance of the task; and
(c)
the transmission of necessary information by and to EBA.
3.   In accordance with the delegated act on fees adopted by the Commission pursuant to Article 137(3) and Article 139, EBA shall reimburse a competent authority for the costs incurred as a result of carrying out delegated tasks.
4.   EBA shall review the delegation of tasks at appropriate intervals. Such delegation may be revoked at any time.
TITLE VIII
DELEGATED ACTS
Article 139
Exercise of the delegation
1.   The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.
2.   The power to adopt delegated acts referred to in Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10) and 137(3) shall be conferred on the Commission for a period of 36 months from 29 June 2023. 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.
3.   The delegation of powers referred to in Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10) and 137(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.
4.   Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
5.   As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
6.   A delegated act adopted pursuant to Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10) and 137(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.
TITLE IX
TRANSITIONAL AND FINAL PROVISIONS
Article 140
Reports on the application of this Regulation
1.   By 30 June 2027, having consulted EBA and ESMA, the Commission shall present a report to the European Parliament and the Council on the application of this Regulation accompanied, where appropriate, by a legislative proposal. An interim report shall be presented by 30 June 2025, accompanied, where appropriate, by a legislative proposal.
2.   The reports referred to in paragraph 1 shall contain the following:
(a)
the number of issuances of crypto-assets in the Union, the number of crypto-asset white papers submitted or notified to the competent authorities, the type of crypto-assets issued and their market capitalisation and the number of crypto-assets admitted to trading;
(b)
a description of the experience with the classification of crypto-assets including possible divergences in approaches by competent authorities;
(c)
an assessment of the necessity of the introduction of an approval mechanism for crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens;
(d)
an estimate of the number of Union residents using or investing in crypto-assets issued in the Union;
(e)
where possible, an estimate of the number of Union residents using or investing in crypto-assets issued outside the Union and an explanation of the availability of data in that respect;
(f)
the number and value of fraud, scams, hacks, the use of crypto-assets for payments related to ransomware attacks, cyber-attacks, thefts or losses of crypto-assets reported in the Union, types of fraudulent behaviour, the number of complaints received by crypto-asset service providers and issuers of asset-referenced tokens, the number of complaints received by competent authorities and the subjects of the complaints received;
(g)
the number of issuers of asset-referenced tokens and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of payments made in asset-referenced tokens;
(h)
the number of issuers of significant asset-referenced tokens and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of payments made in significant asset-referenced tokens;
(i)
the number of issuers of e-money tokens and an analysis of the official currencies referenced by the e-money tokens, the composition and the size of the funds deposited or invested in accordance with Article 54 and the volume of payments made in e-money tokens;
(j)
the number of issuers of significant e-money tokens and an analysis of the official currencies referenced by the significant e-money tokens and, for electronic money institutions issuing significant e-money tokens, an analysis of the categories of reserve assets, the size of the reserves of assets, and the volume of payments made in significant e-money tokens;
(k)
the number of significant crypto-asset service providers;
(l)
an assessment of the functioning of the markets in crypto-assets in the Union, including of market development and trends, taking into account the experience of the supervisory authorities, the number of authorised crypto-asset service providers and their respective average market share;
(m)
an assessment of the level of protection of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders;
(n)
an assessment of fraudulent marketing communications and scams involving crypto-assets occurring through social media networks;
(o)
an assessment of the requirements applicable to issuers of crypto-assets and crypto-asset service providers and their impact on operational resilience, market integrity, financial stability, and the protection of clients and holders of crypto-assets;
(p)
an evaluation of the application of Article 81 and of the possibility of introducing appropriateness tests in Articles 78, 79 and 80 in order to better protect clients of crypto-asset service providers, especially retail holders;
(q)
an assessment of whether the scope of crypto-asset services covered by this Regulation is appropriate and whether any adjustment to the definitions set out in this Regulation is needed, as well as whether any additional innovative crypto-asset forms need to be included in the scope of this Regulation;
(r)
an assessment of whether the prudential requirements for crypto-asset service providers are appropriate and whether they should be aligned with the requirements for initial capital and own funds applicable to investment firms under Regulation (EU) 2019/2033 of the European Parliament and of the Council 
(
46
)
 and Directive (EU) 2019/2034 of the European Parliament and of the Council 
(
47
)
;
(s)
an assessment of the appropriateness of the thresholds to classify asset-referenced tokens and e-money tokens as significant as set out in Article 43(1), points (a), (b) and (c), and an assessment of whether the thresholds should be evaluated periodically;
(t)
an assessment of the development of decentralised finance in markets in crypto-assets and of the appropriate regulatory treatment of decentralised crypto-asset systems;
(u)
an assessment of the appropriateness of the thresholds to consider crypto-asset service providers as significant pursuant to Article 85, and an assessment of whether the thresholds should be evaluated periodically;
(v)
an assessment of whether an equivalence regime should be established under this Regulation for entities providing crypto-asset services, issuers of asset-referenced tokens or issuers of e-money tokens from third countries;
(w)
an assessment of whether the exemptions under Articles 4 and 16 are appropriate;
(x)
an assessment of the impact of this Regulation on the proper functioning of the internal market with regard to crypto-assets, including any impact on the access to finance for SMEs and on the development of new means of payment, including payment instruments;
(y)
a description of developments in business models and technologies in markets in crypto-assets with a particular focus on the environmental and climate-related impact of new technologies, as well as an assessment of policy options and where necessary any additional measures that might be warranted to mitigate the adverse impacts on the climate and other environment-related adverse impacts of the technologies used in markets in crypto-assets and, in particular, of the consensus mechanisms used to validate crypto-asset transactions;
(z)
an appraisal of whether any changes are needed to the measures set out in this Regulation to ensure the protection of clients and holders of crypto-assets, market integrity and financial stability;
(aa)
the application of administrative penalties and other administrative measures;
(ab)
an evaluation of the cooperation between the competent authorities, EBA, ESMA, central banks, as well as other relevant authorities, including with regards to the interaction between their responsibilities or tasks, and an assessment of the advantages and disadvantages of the competent authorities of the Member States and EBA, respectively, being responsible for supervision under this Regulation;
(ac)
an evaluation of the cooperation between the competent authorities and ESMA regarding the supervision of significant crypto-asset service providers, and an assessment of the advantages and disadvantages of the competent authorities of the Member States and ESMA, respectively, being responsible for the supervision of significant crypto-asset service providers under this Regulation;
(ad)
the costs for issuers of crypto-assets other than asset-referenced tokens and e-money tokens, to comply with this Regulation as a percentage of the amount raised through crypto-asset issuances;
(ae)
the costs for issuers of asset-referenced tokens and issuers of e-money tokens to comply with this Regulation as a percentage of their operational costs;
(af)
the costs for crypto-asset service providers to comply with this Regulation as a percentage of their operational costs;
(ag)
the number and amount of administrative fines and criminal penalties imposed for infringements of this Regulation by competent authorities and EBA.
3.   Where applicable, the reports referred to in paragraph 1 of this Article shall also follow up on the topics addressed in the reports referred to in Articles 141 and 142.
Article 141
ESMA annual report on market developments
By 31 December 2025 and every year thereafter, ESMA, in close cooperation with EBA, shall submit a report to the European Parliament and to the Council on the application of this Regulation and developments in markets in crypto-assets. The report shall be made publicly available.
The report shall contain the following:
(a)
the number of issuances of crypto-assets in the Union, the number of crypto-asset white papers submitted or notified to the competent authorities, the type of crypto-asset issued and their market capitalisation, and the number of crypto-assets admitted to trading;
(b)
the number of issuers of asset-referenced tokens, and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of transactions in asset-referenced tokens;
(c)
the number of issuers of significant asset-referenced tokens, and an analysis of the categories of reserve assets, the size of the reserves of assets and the volume of transactions in significant asset-referenced tokens;
(d)
the number of issuers of e-money tokens, and an analysis of the official currencies referenced by the e-money tokens, the composition and the size of the funds deposited or invested in accordance with Article 54, and the volume of payments made in e-money tokens;
(e)
the number of issuers of significant e-money tokens, and an analysis of the official currencies referenced by the significant e-money tokens, and, for electronic money institutions issuing significant e-money tokens, an analysis of the categories of reserve assets, the size of the reserves of assets, and the volume of payments made in significant e-money tokens;
(f)
the number of crypto-asset service providers, and the number of significant crypto-asset service providers;
(g)
an estimate of the number of Union residents using or investing in crypto-assets issued in the Union;
(h)
where possible, an estimate of the number of Union residents using or investing in crypto-assets issued outside the Union and an explanation of the availability of data in that respect;
(i)
a mapping of the geographical location and level of know-your-customer and customer due diligence procedures of unauthorised exchanges providing services in crypto-assets to Union residents, including the number of exchanges without a clear domiciliation and the number of exchanges located in jurisdictions included in the list of high-risk third countries for the purposes of Union rules on anti-money laundering and counter-terrorist financing or in the list of non-cooperative jurisdictions for tax purposes, classified by the level of compliance with adequate know-your-customer procedures;
(j)
the proportion of transactions in crypto-assets that occur through a crypto-asset service provider or unauthorised service provider or peer-to-peer, and their transaction volume;
(k)
the number and value of fraud, scams, hacks, the use of crypto-assets for payments related to ransomware attacks, cyber-attacks, thefts or losses of crypto-assets reported in the Union, types of fraudulent behaviour, the number of complaints received by crypto-asset service providers and issuers of asset-referenced tokens, the number of complaints received by competent authorities and the subjects of the complaints received;
(l)
the number of complaints received by crypto-asset service providers, issuers and competent authorities in relation to false and misleading information contained in crypto-asset white papers or in marketing communications, including via social media platforms;
(m)
possible approaches and options, based on best practices and reports by relevant international organisations, to reduce the risk of circumvention of this Regulation, including in relation to the provision of crypto-asset services by third-country actors in the Union without authorisation.
Competent authorities shall provide ESMA with the information necessary for the preparation of the report. For the purposes of the report, ESMA may request information from law enforcement agencies.
Article 142
Report on latest developments in crypto-assets
1.   By 30 December 2024 and after consulting EBA and ESMA, the Commission shall present a report to the European Parliament and the Council on the latest developments with respect to crypto-assets, in particular on matters that are not addressed in this Regulation, accompanied, where appropriate, by a legislative proposal.
2.   The report referred to in paragraph 1 shall contain at least the following:
(a)
an assessment of the development of decentralised-finance in markets in crypto-assets and of the appropriate regulatory treatment of decentralised crypto-asset systems without an issuer or crypto-asset service provider, including an assessment of the necessity and feasibility of regulating decentralised finance;
(b)
an assessment of the necessity and feasibility of regulating lending and borrowing of crypto-assets;
(c)
an assessment of the treatment of services associated to the transfer of e-money tokens, where not addressed in the context of the review of Directive (EU) 2015/2366;
(d)
an assessment of the development of markets in unique and non-fungible crypto-assets and of the appropriate regulatory treatment of such crypto-assets, including an assessment of the necessity and feasibility of regulating offerors of unique and non-fungible crypto-assets as well as providers of services related to such crypto-assets.
Article 143
Transitional measures
1.   Articles 4 to 15 shall not apply to offers to the public of crypto-assets that ended before 30 December 2024.
2.   By way of derogation from Title II, only the following requirements shall apply in relation to crypto-assets other than asset-referenced tokens and e-money tokens that were admitted to trading before 30 December 2024:
(a)
Articles 7 and 9 shall apply to marketing communications published after 30 December 2024;
(b)
operators of trading platforms shall ensure by 31 December 2027 that a crypto-asset white paper, in the cases required by this Regulation, is drawn up, notified and published in accordance with Articles 6, 8 and 9 and updated in accordance with Article 12.
3.   Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner.
Member States may decide not to apply the transitional regime for crypto-asset service providers provided for in the first subparagraph or to reduce its duration where they consider that their national regulatory framework applicable before 30 December 2024 is less strict than this Regulation.
By 30 June 2024, Member States shall notify to the Commission and ESMA whether they have exercised the option provided for in the second subparagraph and the duration of the transitional regime.
4.   Issuers of asset-referenced tokens other than credit institutions that issued asset-referenced tokens in accordance with applicable law before 30 June 2024, may continue to do so until they are granted or refused an authorisation pursuant to Article 21, provided that they apply for authorisation before 30 July 2024.
5.   Credit institutions that issued asset-referenced tokens in accordance with applicable law before 30 June 2024, may continue to do so until the crypto-asset white paper has been approved or has failed to be approved pursuant to Article 17 provided that they notify their competent authority pursuant to paragraph 1 of that Article before 30 July 2024.
6.   By way of derogation from Articles 62 and 63, Member States may apply a simplified procedure for applications for an authorisation that are submitted between 30 December 2024 and 1 July 2026 by entities that on 30 December 2024, were authorised under national law to provide crypto-asset services. The competent authorities shall ensure that Chapters 2 and 3 of Title V are complied with before granting authorisation pursuant to such simplified procedures.
7.   EBA shall exercise its supervisory responsibilities pursuant to Article 117 from the date of application of the delegated acts referred to in Article 43(11).
Article 144
Amendment to Regulation (EU) No 1093/2010
In Article 1(2) of Regulation (EU) No 1093/2010, the first subparagraph is replaced by the following:
‘The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2002/87/EC, Directive 2008/48/EC
 (
*1
)
, Directive 2009/110/EC, Regulation (EU) No 575/2013
 (
*2
)
, Directive 2013/36/EU
 (
*3
)
, Directive 2014/49/EU
 (
*4
)
, Directive 2014/92/EU
 (
*5
)
, Directive (EU) 2015/2366
 (
*6
)
, Regulation (EU) 2023/1114
 (
*7
)
 of the European Parliament and of the Council and, to the extent that those acts apply to credit and financial institutions and the competent authorities that supervise them, within the relevant parts of Directive 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority. The Authority shall also act in accordance with Council Regulation (EU) No 1024/2013
 (
*8
)
.
Article 145
Amendment to Regulation (EU) No 1095/2010
In Article 1(2) of Regulation (EU) No 1095/2010, the first subparagraph is replaced by the following:
‘The Authority shall act within the powers conferred by this Regulation and within the scope of Directives 97/9/EC, 98/26/EC, 2001/34/EC, 2002/47/EC, 2004/109/EC, 2009/65/EC, Directive 2011/61/EU of the European Parliament and of the Council
 (
*9
)
, Regulation (EC) No 1060/2009 and Directive 2014/65/EU of the European Parliament and of the Council
 (
*10
)
, Regulation (EU) 2017/1129 of the European Parliament and of the Council
 (
*11
)
, Regulation (EU) 2023/1114 of the European Parliament and of the Council
 (
*12
)
 and to the extent that those acts apply to firms providing investment services or to collective investment undertakings marketing their units or shares, issuers or offerors of crypto-assets, persons seeking admission to trading or crypto-asset service providers and the competent authorities that supervise them, within the relevant parts of, Directives 2002/87/EC and 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority.
Article 146
Amendment to Directive 2013/36/EU
In Annex I to Directive 2013/36/EU, point 15 is replaced by the following:
‘15.
Issuing electronic money including electronic-money tokens as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114 of the European Parliament and of the Council
 (
*13
)
.
16.
Issuance of asset-referenced tokens as defined in Article 3(1), point (6), of Regulation (EU) 2023/1114.
17.
Crypto-asset services as defined in Article 3(1), point (16), of Regulation (EU) 2023/1114.
Article 147
Amendment to Directive (EU) 2019/1937
In Part I.B of the Annex to Directive (EU) 2019/1937, the following point is added:
‘(xxii)
Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (
OJ L 150, 9.6.2023, p. 40
).’.
Article 148
Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937
1.   Member States shall adopt and publish, by 30 December 2024, the laws, regulations and administrative provisions necessary to comply with Articles 146 and 147.
2.   Member States shall communicate to the Commission, EBA and ESMA the text of the main measures of national law that they adopt in the field covered by Article 116.
Article 149
Entry into force and application
1.   This Regulation shall enter into force on the twentieth day following that of its publication in the 
Official Journal of the European Union
.
2.   This Regulation shall apply from 30 December 2024.
3.   By way of derogation from paragraph 2, Titles III and IV shall apply from 30 June 2024.
4.   By way of derogation from paragraphs 2 and 3 of this Article, Articles 2(5), 3(2), 6(11) and (12), Article 14(1), second subparagraph, Articles 17(8), 18(6) and (7), 19(10) and (11), 21(3), 22(6) and (7), 31(5), 32(5), 34(13), 35(6), 36(4), 38(5), 42(4), 43(11), 45(7) and (8), 46(6), 47(5), 51(10) and (15), 60(13) and (14), 61(3), 62(5) and (6), 63(11), 66(6), 68(10), 71(5), 72(5), 76(16), 81(15), 82(2), 84(4), 88(4), 92(2) and (3), 95(10) and (11), 96(3), 97(1), 103(8), 104(8), 105(7), 107(3) and (4), 109(8) and 119(8), 134(10), 137(3) and Article 139 shall apply from 29 June 2023.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 31 May 2023.
For the European Parliament
The President
R. METSOLA
For the Council
The President
P. KULLGREN
(
1
)
  
            
OJ C 152, 29.4.2021, p. 1
.
(
2
)
  
            
OJ C 155, 30.4.2021, p. 31
.
(
3
)
  Position of the European Parliament of 20 April 2023 (not yet published in the Official Journal) and decision of the Council of 16 May 2023.
(
4
)
  Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (
OJ L 173, 12.6.2014, p. 349
).
(
5
)
  Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (
OJ L 331, 15.12.2010, p. 84
).
(
6
)
  Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (
OJ L 331, 15.12.2010, p. 12
).
(
7
)
  Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (
OJ L 173, 12.6.2014, p. 149
).
(
8
)
  Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (
OJ L 337, 23.12.2015, p. 35
).
(
9
)
  Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (
OJ L 347, 28.12.2017, p. 35
).
(
10
)
  Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (
OJ L 267, 10.10.2009, p. 7
).
(
11
)
  Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (
OJ L 331, 15.12.2010, p. 48
).
(
12
)
  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (
OJ L 287, 29.10.2013, p. 63
).
(
13
)
  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (
OJ L 176, 27.6.2013, p. 338
).
(
14
)
  Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (Unfair Commercial Practices Directive) (
OJ L 149, 11.6.2005, p. 22
).
(
15
)
  Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts (
OJ L 95, 21.4.1993, p. 29
).
(
16
)
  Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC (
OJ L 271, 9.10.2002, p. 16
).
(
17
)
  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (
OJ L 176, 27.6.2013, p. 1
).
(
18
)
  Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (
OJ L 173, 12.6.2014, p. 190
).
(
19
)
  Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (
OJ L 225, 30.7.2014, p. 1
).
(
20
)
  Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (
OJ L 141, 5.6.2015, p. 73
).
(
21
)
  Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (
OJ L 173, 12.6.2014, p. 1
).
(
22
)
  
            
OJ L 123, 12.5.2016, p. 1
.
(
23
)
  Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law (
OJ L 305, 26.11.2019, p. 17
).
(
24
)
  Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (
OJ L 119, 4.5.2016, p. 1
).
(
25
)
  Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (
OJ L 295, 21.11.2018, p. 39
).
(
26
)
  
            
OJ C 337, 23.8.2021, p. 4
.
(
27
)
  Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (
OJ L 335, 17.12.2009, p. 1
).
(
28
)
  Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (
OJ L 354, 23.12.2016, p. 37
).
(
29
)
  Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (
OJ L 198, 25.7.2019, p. 1
).
(
30
)
  Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (
OJ L 166, 30.4.2004, p. 1
).
(
31
)
  Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (
OJ L 284, 30.10.2009, p. 1
).
(
32
)
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OJ L 390, 31.12.2004, p. 38
).
(
33
)
  Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (
OJ L 302, 17.11.2009, p. 32
).
(
34
)
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OJ L 174, 1.7.2011, p. 1
).
(
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)
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OJ L 84, 26.3.1997, p. 22
).
(
36
)
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OJ L 168, 30.6.2017, p. 12
).
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37
)
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OJ L 333, 27.12.2022, p. 1
).
(
38
)
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OJ L 169, 30.6.2017, p. 8
).
(
39
)
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OJ L 168, 27.6.2002, p. 43
).
(
40
)
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OJ L 241, 2.9.2006, p. 26
).
(
41
)
  Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions (
OJ L 11, 17.1.2015, p. 1
).
(
42
)
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OJ L 182, 29.6.2013, p. 19
).
(
43
)
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OJ L 265, 12.10.2022, p. 1
).
(
44
)
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).
(
45
)
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OJ L 257, 28.8.2014, p. 1
).
(
46
)
  Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (
OJ L 314, 5.12.2019, p. 1
).
(
47
)
  Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (
OJ L 314, 5.12.2019, p. 64
).
ANNEX I
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
Part A: Information about the offeror or the person seeking admission to trading
1.
Name;
2.
Legal form;
3.
Registered address and head office, where different;
4.
Date of the registration;
5.
Legal entity identifier or another identifier required pursuant to applicable national law;
6.
A contact telephone number and an email address of the offeror or the person seeking admission to trading, and the period of days within which an investor contacting the offeror or the person seeking admission to trading via that telephone number or email address will receive an answer;
7.
Where applicable, the name of the parent company;
8.
Identity, business addresses and functions of persons that are members of the management body of the offeror or person seeking admission to trading;
9.
Business or professional activity of the offeror or person seeking admission to trading and, where applicable, of its parent company;
10.
The financial condition of the offeror or person seeking admission to trading over the past three years or where the offeror or person seeking admission to trading has not been established for the past three years, its financial condition since the date of its registration.
The financial condition shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is required, including the causes of material changes.
The review shall be a balanced and comprehensive analysis of the development and performance of the business of the offeror or person seeking admission to trading and of its position, consistent with the size and complexity of the business.
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
1.
Name;
2.
Legal form;
3.
Registered address and head office, where different;
4.
Date of the registration;
5.
Legal entity identifier or another identifier required pursuant to applicable national law;
6.
Where applicable, the name of the parent company;
7.
Identity, business addresses and functions of persons that are members of the management body of the issuer;
8.
Business or professional activity of the issuer and, where applicable, of its parent company.
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper
1.
Name;
2.
Legal form;
3.
Registered address and head office, where different;
4.
Date of the registration;
5.
Legal entity identifier or another identifier required pursuant to applicable national law;
6.
Where applicable, the name of the parent company;
7.
The reason why that operator drew up the crypto-asset white paper;
8.
Identity, business addresses and functions of persons that are members of the management body of the operator;
9.
Business or professional activity of the operator and, where applicable, of its parent company.
Part D: Information about the crypto-asset project
1.
Name of the crypto-asset project and of the crypto-assets, if different from the name of the offeror or person seeking admission to trading, and abbreviation or ticker handler;
2.
A brief description of the crypto-asset project;
3.
Details of all natural or legal persons (including business addresses or domicile of the company) involved in the implementation of the crypto-asset project, such as advisors, development team and crypto-asset service providers;
4.
Where the crypto-asset project concerns utility tokens, key features of the goods or services to be developed;
5.
Information about the crypto-asset project, especially past and future milestones of the project and, where applicable, resources already allocated to the project;
6.
Where applicable, planned use of any funds or other crypto-assets collected.
Part E: Information about the offer to the public of crypto-assets or their admission to trading
1.
Indication as to whether the crypto-asset white paper concerns an offer to the public of crypto-assets or their admission to trading;
2.
The reasons for the offer to the public or for seeking admission to trading;
3.
Where applicable, the amount that the offer to the public intends to raise in funds or in any other crypto-asset, including, where applicable, any minimum and maximum target subscription goals set for the offer to the public of crypto-assets, and whether oversubscriptions are accepted and how they are allocated;
4.
The issue price of the crypto-asset being offered to the public (in an official currency or any other crypto-assets), any applicable subscription fee or the method in accordance with which the offer price will be determined;
5.
Where applicable, the total number of crypto-assets to be offered to the public or admitted to trading;
6.
Indication of the prospective holders targeted by the offer to the public of crypto-assets or admission of such crypto-assets to trading, including any restriction as regards the type of holders for such crypto-assets;
7.
Specific notice that purchasers participating in the offer to the public of crypto-assets will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal foreseen in Article 13 or if the offer is cancelled and detailed description of the refund mechanism, including the expected timeline of when such refunds will be completed;
8.
Information about the various phases of the offer to the public of crypto-assets, including information on discounted purchase price for early purchasers of crypto-assets (pre-public sales); in the case of discounted purchase prices for some purchasers, an explanation why purchase prices may be different, and a description of the impact on the other investors;
9.
For time-limited offers, the subscription period during which the offer to the public is open;
10.
The arrangements to safeguard funds or other crypto-assets as referred to in Article 10 during the time-limited offer to the public or during the withdrawal period;
11.
Methods of payment to purchase the crypto-assets offered and methods of transfer of the value to the purchasers when they are entitled to be reimbursed;
12.
In the case of offers to the public, information on the right of withdrawal as referred to in Article 13;
13.
Information on the manner and time schedule of transferring the purchased crypto-assets to the holders;
14.
Information about technical requirements that the purchaser is required to fulfil to hold the crypto-assets;
15.
Where applicable, the name of the crypto-asset service provider in charge of the placing of crypto-assets and the form of such placement (with or without a firm commitment basis);
16.
Where applicable, the name of the trading platform for crypto-assets where admission to trading is sought, and information about how investors can access such trading platforms and the costs involved;
17.
Expenses related to the offer to the public of crypto-assets;
18.
Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading;
19.
The law applicable to the offer to the public of crypto-assets, as well as the competent court.
Part F: Information about the crypto-assets
1.
The type of crypto-asset that will be offered to the public or for which admission to trading is sought;
2.
A description of the characteristics, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article, and functionality of the crypto-assets being offered or admitted to trading, including information about when the functionalities are planned to apply.
Part G: Information on the rights and obligations attached to the crypto-assets
1.
A description of the rights and obligations, if any, of the purchaser, and the procedure and conditions for the exercise of those rights;
2.
A description of the conditions under which the rights and obligations may be modified;
3.
Where applicable, information on the future offers to the public of crypto-assets by the issuer and the number of crypto-assets retained by the issuer itself;
4.
Where the offer to the public of crypto-assets or their admission to trading concerns utility tokens, information about the quality and quantity of goods or services to which the utility tokens give access;
5.
Where the offers to the public of crypto-assets or their admission to trading concerns utility tokens, information on how utility tokens can be redeemed for goods or services to which they relate;
6.
Where an admission to trading is not sought, information on how and where the crypto-assets can be purchased or sold after the offer to the public;
7.
Restrictions on the transferability of the crypto-assets that are being offered or admitted to trading;
8.
Where the crypto-assets have protocols for the increase or decrease of their supply in response to changes in demand, a description of the functioning of such protocols;
9.
Where applicable, a description of protection schemes protecting the value of the crypto-assets and of compensation schemes;
10.
The law applicable to the crypto-assets, as well as the competent court.
Part H: Information on the underlying technology
1.
Information on the technology used, including distributed ledger technology, protocols and technical standards used;
2.
The consensus mechanism, where applicable;
3.
Incentive mechanisms to secure transactions and any fees applicable;
4.
Where the crypto-assets are issued, transferred and stored using distributed ledger technology that is operated by the issuer, the offeror or a third-party acting on their behalf, a detailed description of the functioning of such distributed ledger technology;
5.
Information on the audit outcome of the technology used, if such an audit was conducted.
Part I: Information on the risks
1.
A description of the risks associated with the offer to the public of crypto-assets or their admission to trading;
2.
A description of the risks associated with the issuer, if different from the offeror, or person seeking admission to trading;
3.
A description of the risks associated with the crypto-assets;
4.
A description of the risks associated with project implementation;
5.
A description of the risks associated with the technology used as well as mitigation measures, if any.
ANNEX II
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN ASSET-REFERENCED TOKEN
Part A: Information about the issuer of the asset-referenced token
1.
Name;
2.
Legal form;
3.
Registered address and head office, where different;
4.
Date of the registration;
5.
Legal entity identifier or another identifier required pursuant to applicable national law;
6.
Where applicable, the identity of the parent company;
7.
Identity, business addresses and functions of persons that are members of the management body of the issuer;
8.
Business or professional activity of the issuer and, where applicable, of its parent company;
9.
The financial condition of the issuer over the past three years or, where the issuer has not been established for the past three years, its financial condition since the date of its registration.
The financial condition shall be assessed based on a fair review of the development and performance of the business of the issuer and of its position for each year and interim period for which historical financial information is required, including the causes of material changes.
The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business.
10.
A detailed description of the issuer’s governance arrangements;
11.
Except for issuers of asset-referenced tokens that are exempted from authorisation in accordance with Article 17, details about the authorisation as an issuer of an asset-referenced token and name of the competent authority which granted such authorisation.
For credit institutions, the name of the competent authority of the home Member State.
12.
Where the issuer of the asset-referenced token also issues other crypto-assets, or also has activities related to other crypto-assets, that should be clearly stated; the issuer should also state whether there is any connection between the issuer and the entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to the project participants.
Part B: Information about the asset-referenced token
1.
Name and abbreviation or ticker handler of the asset-referenced token;
2.
A description of the characteristics of the asset-referenced token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article;
3.
Details of all natural or legal persons (including business addresses or domicile of the company) involved in the operationalisation of the asset-referenced token, such as advisors, development team and crypto-asset service providers;
4.
A description of the role, responsibilities and accountability of any third-party entities referred to in Article 34(5), first subparagraph, point (h);
5.
Information about the plans for the asset-referenced tokens, including the description of the past and future milestones and, where applicable, resources already allocated.
Part C: Information about the offer to the public of the asset-referenced token or its admission to trading
1.
Indication as to whether the crypto-asset white paper concerns an offer to the public of the asset-referenced token or its admission to trading;
2.
Where applicable, the amount that the offer to the public of the asset-referenced token intends to raise in funds or in any other crypto-asset, including, where applicable, any minimum and maximum target subscription goals set for the offer to the public of the asset-referenced token, and whether oversubscriptions are accepted and how they are allocated;
3.
Where applicable, the total number of units of the asset-referenced token to be offered or admitted to trading;
4.
Indication of the prospective holders targeted by the offer to the public of the asset-referenced token or admission of such asset-referenced token to trading, including any restriction as regards the type of holders for such asset-referenced token;
5.
A specific notice that purchasers participating in the offer to the public of the asset-referenced token will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, including the expected timeline of when such refunds will be completed; the consequences of exceeding a maximum target subscription goal should be made explicit;
6.
Information about the various phases of the offer to the public of the asset-referenced token, including information on discounted purchase price for early purchasers of the asset-referenced token (pre-public sales) and, in the case of discounted purchase price for some purchasers, an explanation as to why the purchase prices may be different, and a description of the impact on the other investors;
7.
For time-limited offers, the subscription period during which the offer to the public is open;
8.
Methods of payment to purchase and to redeem the asset-referenced token offered;
9.
Information on the method and time schedule of transferring the purchased asset-referenced token to the holders;
10.
Information about technical requirements that the purchaser is required to fulfil to hold the asset-referenced token;
11.
Where applicable, the name of the crypto-asset service provider in charge of the placing of asset-referenced tokens and the form of such placement (with or without a firm commitment basis);
12.
Where applicable, the name of the trading platform for crypto-assets where admission to trading is sought, and information about how investors can access such trading platforms and the costs involved;
13.
Expenses related to the offer to the public of the asset-referenced token;
14.
Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading;
15.
The law applicable to the offer to the public of the asset-referenced token, as well as the competent court.
Part D: Information on the rights and obligations attached to the asset-referenced token
1.
A description of the characteristics and functionality of the asset-referenced token being offered or admitted to trading, including information about when the functionalities are planned to apply;
2.
A description of the rights and obligations, if any, of the purchaser, and the procedure and conditions for the exercise of those rights;
3.
A description of the conditions under which the rights and obligations may be modified;
4.
Where applicable, information on the future offers to the public of the asset-referenced token by the issuer and the number of units of the asset-referenced token retained by the issuer itself;
5.
Where an admission to trading is not sought, information on how and where the asset-referenced token can be purchased or sold after the offer to the public;
6.
Any restrictions on the transferability of the asset-referenced token that is being offered or admitted to trading;
7.
Where the asset-referenced token has protocols for the increase or decrease of its supply in response to changes in demand, a description of the functioning of such protocols;
8.
Where applicable, a description of protection schemes protecting the value of the asset-referenced token and compensation schemes;
9.
Information on the nature and enforceability of rights, including permanent rights of redemption and any claims that holders and any legal or natural person as referred to in Article 39(2), may have against the issuer, including information on how such rights will be treated in the case of insolvency procedures, information on whether different rights are allocated to different holders and the non-discriminatory reasons for such different treatment;
10.
A detailed description of the claim that the asset-referenced token represents for holders, including:
(a)
the description of each referenced asset and specified proportions of each of those assets;
(b)
the relation between the value of the referenced assets and the amount of the claim and the reserve of assets; and
(c)
a description how a fair and transparent valuation of components of the claim is undertaken, which identifies, where relevant, independent parties;
11.
Where applicable, information on the arrangements put in place by the issuer to ensure the liquidity of the asset-referenced token, including the name of the entities in charge of ensuring such liquidity;
12.
The contact details for submitting complaints and description of the complaints-handling procedures and any dispute resolution mechanism or redress procedure established by the issuer of the asset-referenced token;
13.
A description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency;
14.
A description of the rights in the context of the implementation of the recovery plan;
15.
A description of the rights in the context of the implementation of the redemption plan;
16.
Detailed information on how the asset-referenced token is redeemed, including whether the holder will be able to choose the form of redemption, the form of transference or the official currency of redemption;
17.
The law applicable to the asset-referenced token, as well as the competent court.
Part E: Information on the underlying technology
1.
Information on the technology used, including distributed ledger technology, as well as protocols and technical standards used, allowing for the holding, storing and transfer of asset-referenced tokens;
2.
The consensus mechanism, where applicable;
3.
Incentive mechanisms to secure transactions and any fees applicable;
4.
Where the asset-referenced tokens are issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology;
5.
Information on the audit outcome of the technology used, if such an audit was conducted.
Part F: Information on the risks
1.
The risks related to the reserve of assets, when the issuer is not able to fulfil its obligations;
2.
A description of the risks associated with the issuer of the asset-referenced token;
3.
A description of the risks associated with the offer to the public of the asset-referenced token or its admission to trading;
4.
A description of the risks associated with the asset-referenced token, in particular with regard to the assets referenced;
5.
A description of the risks associated with the operationalisation of the asset-referenced token project;
6.
A description of the risks associated with the technology used as well as mitigation measures, if any.
Part G: Information on the reserve of assets
1.
A detailed description of the mechanism aimed at aligning the value of the reserve of assets with the claim associated with the asset-referenced token, including legal and technical aspects;
2.
A detailed description of the reserve of assets and their composition;
3.
A description of the mechanisms through which asset-referenced tokens are issued and redeemed;
4.
Information on whether a part of the reserve assets are invested and, where applicable, a description of the investment policy for those reserve assets;
5.
A description of the custody arrangements for the reserve assets, including their segregation, and the name of crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients, credit institutions or investment firms appointed as custodians of the reserve assets.
ANNEX III
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN E-MONEY TOKEN
Part A: Information about the issuer of the e-money token
1.
Name;
2.
Legal form;
3.
Registered address and head office, where different;
4.
Date of the registration;
5.
Legal entity identifier or another identifier required pursuant to applicable national law;
6.
A contact telephone number and an email address of the issuer, and the period of days within which an investor contacting the issuer via that telephone number or email address will receive an answer;
7.
Where applicable, the identity of the parent company;
8.
Identity, business address and functions of persons that are members of the management body of the issuer;
9.
Business or professional activity of the issuer and, where applicable, of its parent company;
10.
Potential conflicts of interest;
11.
Where the issuer of the e-money token also issues other crypto-assets, or also has other activities related to crypto-assets, that should be clearly stated; the issuer should also state whether there is any connection between the issuer and the entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to project participants;
12.
The issuer’s financial condition over the past three years or, where the issuer has not been established for the past three years, the issuer’s financial condition record since the date of its registration.
The financial condition shall be assessed based on a fair review of the development and performance of the business of the issuer and of its position for each year and interim period for which historical financial information is required, including the causes of material changes.
The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business;
13.
Except for issuers of e-money tokens who are exempted from authorisation in accordance with Article 48(4) and (5), details about the authorisation as an issuer of an e-money token and the name of the competent authority which granted authorisation.
Part B: Information about the e-money token
1.
Name and abbreviation;
2.
A description of the characteristics of the e-money token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article;
3.
Details of all natural or legal persons (including business addresses and/or domicile of the company) involved in the design and development, such as advisors, development team and crypto-asset service providers.
Part C: Information about the offer to the public of the e-money token or its admission to trading
1.
Indication as to whether the crypto-asset white paper concerns an offer to the public of the e-money token or its admission to trading;
2.
Where applicable, the total number of units of the e-money token to be offered to the public or admitted to trading;
3.
Where applicable, name of the trading platforms for crypto-assets where the admission to trading of the e-money token is sought;
4.
The law applicable to the offer to the public of the e-money token, as well as the competent court.
Part D: Information on the rights and obligations attached to e-money tokens
1.
A detailed description of the rights and obligations, if any, that the holder of the e-money token has, including the right of redemption at par value as well as the procedure and conditions for the exercise of those rights;
2.
A description of the conditions under which the rights and obligations may be modified;
3.
A description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency;
4.
A description of rights in the context of the implementation of the recovery plan;
5.
A description of rights in the context of the implementation of the redemption plan;
6.
The contact details for submitting complaints and description of the complaints-handling procedures and any dispute resolution mechanism or redress procedure established by the issuer of the e-money token;
7.
Where applicable, a description of protection schemes protecting the value of the crypto-asset and of compensation schemes;
8.
The law applicable to the e-money token as well as the competent court.
Part E: Information on the underlying technology
1.
Information on the technology used, including distributed ledger technology, as well as the protocols and technical standards used, allowing for the holding, storing and transfer of e-money tokens;
2.
Information about the technical requirements that the purchaser has to fulfil to gain control over the e-money token;
3.
The consensus mechanism, where applicable;
4.
Incentive mechanisms to secure transactions and any fees applicable;
5.
Where the e-money token is issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on its behalf, a detailed description of the functioning of such distributed ledger technology;
6.
Information on the audit outcome of the technology used, if such an audit was conducted.
Part F: Information on the risks
1.
Description of the risks associated with the issuer of the e-money token;
2.
Description of the risks associated with the e-money token;
3.
Description of the risks associated with the technology used as well as mitigation measures, if any.
ANNEX IV
MINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS
Crypto-asset service providers
Type of crypto-asset services
Minimum capital requirements under Article 67(1), point (a)
Class 1
Crypto-asset service provider authorised for the following crypto-asset services:
—
execution of orders on behalf of clients;
—
placing of crypto-assets;
—
providing transfer services for crypto-assets on behalf of clients;
—
reception and transmission of orders for crypto-assets on behalf of clients;
—
providing advice on crypto-assets; and/or
—
providing portfolio management on crypto-assets.
EUR 50 000
Class 2
Crypto-asset service provider authorised for any crypto-asset services under class 1 and:
—
providing custody and administration of crypto-assets on behalf of clients;
—
exchange of crypto-assets for funds; and/or
—
exchange of crypto-assets for other crypto-assets.
EUR 125 000
Class 3
Crypto-asset service provider authorised for any crypto-asset services under class 2 and:
—
operation of a trading platform for crypto-assets.
EUR 150 000
ANNEX V
LIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR ISSUERS OF SIGNIFICANT ASSET-REFERENCED TOKENS
1.
The issuer infringes Article 22(1) by not reporting, for each significant asset-referenced token with an issue value that is higher than EUR 100 000 000, on a quarterly basis to EBA the information referred to in the first subparagraph, points (a) to (d), of that paragraph.
2.
The issuer infringes Article 23(1) by not stopping issuing a significant asset-referenced token upon reaching the thresholds provided for in that paragraph or by not submitting a plan to EBA within 40 working days of reaching those thresholds to ensure that the estimated quarterly average number and average aggregate value of the transactions per day are kept below those thresholds.
3.
The issuer infringes Article 23(4) by not complying with the modifications of the plan referred to in paragraph 1, point (b), of that Article as required by EBA.
4.
The issuer infringes Article 25 by not notifying EBA of any intended change of its business model likely to have a significant influence on the purchase decision of any holders or prospective holders of significant asset-referenced tokens, or by not describing such a change in a crypto-asset white paper.
5.
The issuer infringes Article 25 by not complying with a measure requested by EBA in accordance with Article 25(4).
6.
The issuer infringes Article 27(1) by not acting honestly, fairly and professionally.
7.
The issuer infringes Article 27(1) by not communicating with holders and prospective holders of the significant asset-referenced token in a fair, clear and not misleading manner.
8.
The issuer infringes Article 27(2) by not acting in the best interests of the holders of the significant asset-referenced token, or by giving preferential treatment to specific holders which is not disclosed in the issuer’s crypto-asset white paper or, where applicable, the marketing communications.
9.
The issuer infringes Article 28 by not publishing on its website the approved crypto-asset white paper as referred to in Article 21(1) and, where applicable, the modified crypto-asset white paper as referred to in Article 25.
10.
The issuer infringes Article 28 by not making the crypto-asset white paper publicly accessible by the starting date of the offer to the public of the significant asset-referenced token or the admission to trading of that token.
11.
The issuer infringes Article 28 by not ensuring that the crypto-asset white paper, and, where applicable, the modified crypto-asset white paper, remains available on its website for as long as the significant asset-referenced token is held by the public.
12.
The issuer infringes Article 29(1) and (2) by publishing marketing communications relating to an offer to the public of a significant asset-referenced token, or to the admission to trading of such significant asset-referenced token, which do not comply with the requirements set out in paragraph 1, points (a) to (d), and paragraph 2 of that Article.
13.
The issuer infringes Article 29(3) by not publishing marketing communications and any modifications thereto on its website.
14.
The issuer infringes Article 29(5) by not notifying marketing communications to EBA upon request.
15.
The issuer infringes Article 29(6) by disseminating marketing communications prior to the publication of the crypto-asset white paper.
16.
The issuer infringes Article 30(1) by not disclosing in a clear, accurate and transparent manner in a publicly and easily accessible place on its website the amount of the significant asset-referenced token in circulation and the value and composition of the reserve of assets referred to in Article 36, or by not updating the required information at least monthly.
17.
The issuer infringes Article 30(2) by not publishing as soon as possible in a publicly and easily accessible place on its website a brief, clear, accurate and transparent summary of the audit report, as well as the full and unredacted audit report, in relation to the reserve of assets referred to in Article 36.
18.
The issuer infringes Article 30(3) by not disclosing in a publicly and easily accessible place on its website in a clear, accurate and transparent manner as soon as possible any event that has or is likely to have a significant effect on the value of the significant asset-referenced token or on the reserve of assets referred to in Article 36.
19.
The issuer infringes Article 31(1) by not establishing and maintaining effective and transparent procedures for the prompt, fair and consistent handling of complaints received from holders of the significant asset-referenced token and other interested parties, including consumer associations that represent holders of the significant asset-referenced token, and by not publishing descriptions of those procedures, or, where the significant asset-referenced token is distributed, totally or partially, by third-party entities, by not establishing procedures to also facilitate the handling of complaints between holders and third-party entities as referred to in Article 34(5), first subparagraph, point (h).
20.
The issuer infringes Article 31(2) by not enabling the holders of the significant asset-referenced token to file complaints free of charge.
21.
The issuer infringes Article 31(3) by not developing and making available to the holders of the significant asset-referenced token a template for filing complaints and by not keeping a record of all complaints received and any measures taken in response to those complaints.
22.
The issuer infringes Article 31(4), by not investigating all complaints in a timely and fair manner or by not communicating the outcome of such investigations to the holders of its significant asset-referenced token within a reasonable period.
23.
The issuer infringes Article 32(1) by not implementing and maintaining effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between the issuer itself and its shareholders or members, itself and any shareholder or member, whether direct or indirect, that has a qualifying holding in it, itself and the members of its management body, itself and its employees, itself and the holders of the significant asset-referenced token or itself and any third party providing one of the functions as referred in Article 34(5), first subparagraph, point (h).
24.
The issuer infringes Article 32(2) by not taking all appropriate steps to identify, prevent, manage and disclose conflicts of interest arising from the management and investment of the reserve of assets referred to in Article 36.
25.
The issuer infringes Article 32(3) and (4), by not disclosing, in a prominent place on its website, to the holders of the significant asset-referenced token the general nature and sources of conflicts of interest and the steps taken to mitigate those risks, or by not being sufficiently precise in the disclosure to enable the prospective holders of the significant asset-referenced token to take an informed purchasing decision about such token.
26.
The issuer infringes Article 33 by not immediately notifying EBA of any changes to its management body or by not providing EBA with all necessary information to assess compliance with Article 34(2).
27.
The issuer infringes Article 34(1) by not having robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.
28.
The issuer infringes Article 34(2) by having members of its management body who are not of sufficiently good repute or do not possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties or do not demonstrate that they are capable of committing sufficient time to effectively perform their duties.
29.
The issuer infringes Article 34(3) by not having its management body assess or periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2, 3, 5 and 6 of Title III or by not taking appropriate measures to address any deficiencies in that respect.
30.
The issuer infringes Article 34(4) by having shareholders or members, whether direct or indirect, with qualifying holdings who are not of sufficiently good repute.
31.
The issuer infringes Article 34(5) by not adopting policies and procedures that are sufficiently effective to ensure compliance with this Regulation, in particular by not establishing, maintaining and implementing any of the policies and procedures referred to in the first subparagraph, points (a) to (k), of that paragraph.
32.
The issuer infringes Article 34(5) by not entering into contractual arrangements with third-party entities as referred to in the first subparagraph, point (h), of that paragraph that set out the roles, responsibilities, rights and obligations both of the issuer and of the third-party entity concerned, or by not providing for an unambiguous choice of applicable law.
33.
The issuer infringes Article 34(6), unless it has initiated a plan as referred to in Article 47, by not employing appropriate and proportionate systems, resources or procedures to ensure the continued and regular performance of its services and activities, and by not maintaining all of its systems and security access protocols in conformity with the appropriate Union standards.
34.
The issuer infringes Article 34(7) by not submitting a plan for discontinuation of providing services and activities to EBA, for approval of such discontinuation.
35.
The issuer infringes Article 34(8) by not identifying sources of operational risks and by not minimising those risks through the development of appropriate systems, controls and procedures.
36.
The issuer infringes Article 34(9) by not establishing a business continuity policy and plans to ensure, in the case of an interruption of its ICT systems and procedures, the preservation of essential data and functions and the maintenance of its activities, or, where that is not possible, the timely recovery of such data and functions and the timely resumption of its activities.
37.
The issuer infringes Article 34(10) by not having in place internal control mechanisms and effective procedures for risk management, including effective control and safeguard arrangements for managing ICT systems as required by Regulation (EU) 2022/2554.
38.
The issuer infringes Article 34(11) by not having in place systems and procedures that are adequate to safeguard the availability, authenticity, integrity and confidentiality of data as required by Regulation (EU) 2022/2554 and in line with Regulation (EU) 2016/679.
39.
The issuer infringes Article 34(12) by not ensuring that the issuer is regularly audited by independent auditors.
40.
The issuer infringes Article 35(1) by not having, at all times, own funds equal to amounts of at least the highest of that set in point (a) or (c) of that paragraph or in Article 45(5).
41.
The issuer infringes Article 35(2) of this Regulation where its own funds do not consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.
42.
The issuer infringes Article 35(3) by not complying with the requirement of EBA to hold a higher amount of own funds, following the assessment made in accordance with points (a) to (g) of that paragraph.
43.
The issuer infringes Article 35(5) by not conducting, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks and non-financial stress scenarios such as operational risk.
44.
The issuer infringes Article 35(5) by not complying with the requirement of EBA to hold a higher amount of own funds based on the outcome of the stress testing.
45.
The issuer infringes Article 36(1) by not constituting and, at all times, maintaining a reserve of assets.
46.
The issuer infringes Article 36(1) by not ensuring that the reserve of assets is composed and managed in such a way that the risks associated to the assets referenced by the significant asset-referenced token are covered.
47.
The issuer infringes Article 36(1) by not ensuring that the reserve of assets is composed and managed in such a way that the liquidity risks associated to the permanent rights of redemption of the holders are addressed.
48.
The issuer infringes Article 36(3) by not ensuring that the reserve of assets is operationally segregated from the issuer’s estate, and from the reserve of assets of other asset-referenced tokens.
49.
The issuer infringes Article 36(6) where its management body does not ensure effective and prudent management of the reserve of assets.
50.
The issuer infringes Article 36(6) by not ensuring that the issuance and redemption of the significant asset-referenced token is always matched by a corresponding increase or decrease in the reserve of assets.
51.
The issuer infringes Article 36(7) by not determining the aggregate value of the reserve of assets using market prices, and by not having its aggregate value always at least equal to the aggregate value of the claims against the issuer from holders of the significant asset-referenced token in circulation.
52.
The issuer infringes Article 36(8), by not having a clear and detailed policy describing the stabilisation mechanism of the significant asset-referenced token that meets the conditions set out in points (a) to (g) of that paragraph.
53.
The issuer infringes Article 36(9) by not mandating an independent audit of the reserve of assets every six months, as of the date of its authorisation or as of the date of approval of the crypto-asset white paper pursuant to Article 17.
54.
The issuer infringes Article 36(10) by not notifying to EBA the result of the audit in accordance with that paragraph or by not publishing the result of the audit within two weeks of the date of notification to EBA.
55.
The issuer infringes Article 37(1) by not establishing, maintaining or implementing custody policies, procedures and contractual arrangements that ensure at all times that the conditions listed in the first subparagraph, points (a) to (e), of that paragraph are met.
56.
The issuer infringes Article 37(2) by not having, when issuing two or more significant asset-referenced tokens, a custody policy in place for each pool of reserve of assets.
57.
The issuer infringes Article 37(3) by not ensuring that the reserve assets are held in custody by a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, a credit institution or an investment firm by no later than five working days after the date of issuance of the significant asset-referenced token.
58.
The issuer infringes Article 37(4) by not exercising all due skill, care and diligence in the selection, appointment and review of crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets, or by not ensuring that the custodian is a legal person different from the issuer.
59.
The issuer infringes Article 37(4) by not ensuring that the crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets have the necessary expertise and market reputation to act as custodians of such reserve assets.
60.
The issuer infringes Article 37(4) by not ensuring in the contractual arrangements with the custodians that the reserve assets held in custody are protected against claims of the custodians’ creditors.
61.
The issuer infringes Article 37(5) by not setting out in the custody policies and procedures the selection criteria for the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets or by not setting out the procedure for reviewing such appointment.
62.
The issuer infringes Article 37(5) by not reviewing the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets on a regular basis, by not evaluating its exposures to such custodians or by not monitoring the financial conditions of such custodians on an ongoing basis.
63.
The issuer infringes Article 37(6) by not ensuring that custody of the reserve assets is carried out in accordance with the first subparagraph, points (a) to (d), of that paragraph.
64.
The issuer infringes Article 37(7) by not having the appointment of a crypto-asset service provider, credit institution or investment firm as custodian of the reserve assets evidenced by a contractual arrangement, or by not regulating, by means of such a contractual arrangement, the flow of information necessary to enable the issuer of the significant asset-referenced token, the crypto-asset service provider, the credit institution and the investment firm to perform their functions as custodians.
65.
The issuer infringes Article 38(1) by investing the reserve of assets in any products that are not highly liquid financial instruments with minimal market risk, credit risk and concentration risks or where such investments cannot be liquidated rapidly with minimal adverse price effect.
66.
The issuer infringes Article 38(3) by not holding in custody in accordance with Article 37 the financial instruments in which the reserve of assets is invested.
67.
The issuer infringes Article 38(4) by not bearing all profits and losses and any counterparty or operational risks that result from the investment of the reserve of assets.
68.
The issuer infringes Article 39(1), by not establishing, maintaining and implementing clear and detailed policies and procedures in respect of permanent rights of redemption of holders of the significant asset-referenced token.
69.
The issuer infringes Article 39(1) and (2) by not ensuring that holders of the significant asset-referenced token have permanent rights of redemption in accordance with those paragraphs, and by not establishing a policy on such permanent rights of redemption that meets the conditions listed in Article 39(2), first subparagraph, points (a) to (e).
70.
The issuer infringes Article 39(3) by applying fees in the event of the redemption of the significant asset-referenced token.
71.
The issuer infringes Article 40 by granting interest in relation to the significant asset-referenced token.
72.
The issuer infringes Article 45(1) by not adopting, implementing and maintaining a remuneration policy that promotes the sound and effective risk management of issuers of significant asset-referenced tokens and that does not create incentives to relax risk standards.
73.
The issuer infringes Article 45(2) by not ensuring that its significant asset-referenced token can be held in custody by different crypto-asset service providers authorised for providing custody and administration of crypto-assets on behalf of clients, on a fair, reasonable and non-discriminatory basis.
74.
The issuer infringes Article 45(3) by not assessing or monitoring the liquidity needs to meet requests for redemption of the significant asset-referenced token by its holders.
75.
The issuer infringes Article 45(3) by not establishing, maintaining or implementing a liquidity management policy and procedures or by not ensuring, with those policy and procedures, that the reserve assets have a resilient liquidity profile that enables the issuer of the significant asset-referenced token to continue operating normally, including under scenarios of liquidity stress.
76.
The issuer infringes Article 45(4) by not conducting, on a regular basis, liquidity stress testing or by not strengthening the liquidity requirements where requested by EBA based on the outcome of such tests.
77.
The issuer infringes Article 46(1) by not drawing up and maintaining a recovery plan providing for measures to be taken by the issuer of the significant asset-referenced token to restore compliance with the requirements applicable to the reserve of assets in cases where the issuer fails to comply with those requirements, including the preservation of its services related to the significant asset-referenced token, the timely recovery of operations and the fulfilment of the issuer’s obligations in the case of events that pose a significant risk of disrupting operations.
78.
The issuer infringes Article 46(1) by not drawing up and maintaining a recovery plan that includes appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, as listed in the third subparagraph of that paragraph.
79.
The issuer infringes Article 46(2) by not notifying the recovery plan to EBA and, where applicable, to its resolution and prudential supervisory authorities, within six months of the date of authorisation pursuant to Article 21 or of the date of approval of the crypto-asset white paper pursuant to Article 17.
80.
The issuer infringes Article 46(2) by not regularly reviewing or updating the recovery plan.
81.
The issuer infringes Article 47(1) by not drawing up and maintaining an operational plan to support the orderly redemption of each significant asset-referenced token.
82.
The issuer infringes Article 47(2) by not having a redemption plan that demonstrates the ability of the issuer of the significant asset-referenced token to carry out the redemption of the outstanding significant asset-referenced token issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets.
83.
The issuer infringes Article 47(2) by not having a redemption plan that includes contractual arrangements, procedures or systems, including the designation of a temporary administrator, to ensure the equitable treatment of all holders of the significant asset-referenced token and to ensure that holders of the significant asset-referenced token are paid in a timely manner with the proceeds from the sale of the remaining reserve assets.
84.
The issuer infringes Article 47(2) by not having a redemption plan that ensures the continuity of any critical activities that are necessary for the orderly redemption and that are performed by the issuer or by any third-party entity.
85.
The issuer infringes Article 47(3) by not notifying the redemption plan to EBA within six months of the date of authorisation pursuant to Article 21 or of the date of approval of the crypto-asset white paper pursuant to Article 17.
86.
The issuer infringes Article 47(3) by not regularly reviewing or updating the redemption plan.
87.
The issuer infringes Article 88(1), except where the conditions of Article 88(2) are met, by not informing the public as soon as possible of inside information as referred to in Article 87, that directly concerns that issuer, in a manner that enables fast access and complete, correct and timely assessment of the information by the public.
ANNEX VI
LIST OF INFRINGEMENTS OF PROVISIONS REFERRED TO IN TITLE IV IN CONJUNCTION WITH TITLE III FOR ISSUERS OF SIGNIFICANT E-MONEY TOKENS
1.
The issuer infringes Article 22(1) by not reporting, for each significant e-money token denominated in a currency that is not an official currency of a Member State with an issue value that is higher than EUR 100 000 000, on a quarterly basis to EBA, the information referred to in the first subparagraph, points (a) to (d), of that paragraph.
2.
The issuer infringes Article 23(1) by not stopping issuing a significant e-money token denominated in a currency that is not an official currency of a Member State upon reaching the thresholds provided for in that paragraph or by not submitting a plan to EBA within 40 working days of reaching those thresholds to ensure that the estimated quarterly average number and average aggregate value of the transactions per day are kept below those thresholds.
3.
The issuer infringes Article 23(4) by not complying with the modifications of the plan referred to in paragraph 1, point (b), of that Article as required by EBA.
4.
The issuer infringes Article 35(2) of this Regulation where its own funds do not consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.
5.
The issuer infringes Article 35(3) by not complying with the requirement of EBA to hold a higher amount of own funds, following the assessment made in accordance with points (a) to (g) of that paragraph.
6.
The issuer infringes Article 35(5) by not conducting, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks, and non-financial stress scenarios, such as operational risk.
7.
The issuer infringes Article 35(5) by not complying with the requirement of EBA to hold a higher amount of own funds based on the outcome of the stress testing.
8.
The issuer infringes Article 36(1) by not constituting and, at all times, maintaining a reserve of assets.
9.
The issuer infringes Article 36(1) by not ensuring that the reserve of assets is composed and managed in such a way that the risks associated to the official currency referenced by the significant e-money token are covered.
10.
The issuer infringes Article 36(1) by not ensuring that the reserve of assets is composed and managed in such a way that the liquidity risks associated to the permanent rights of redemption of the holders are addressed.
11.
The issuer infringes Article 36(3) by not ensuring that the reserve of assets is operationally segregated from the issuer’s estate, and from the reserve of assets of other e-money tokens.
12.
The issuer infringes Article 36(6) where its management body does not ensure effective and prudent management of the reserve of assets.
13.
The issuer infringes Article 36(6) by not ensuring that the issuance and redemption of the significant e-money token is always matched by a corresponding increase or decrease in the reserve of assets.
14.
The issuer infringes Article 36(7) by not determining the aggregate value of the reserve of assets by using market prices, and by not having its aggregate value always at least equal to the aggregate value of the claims against the issuer from the holders of the significant e-money token in circulation.
15.
The issuer infringes Article 36(8) by not having a clear and detailed policy describing the stabilisation mechanism of the significant e-money token that meets the conditions set out in points (a) to (g) of that paragraph.
16.
The issuer infringes Article 36(9) by not mandating an independent audit of the reserve of assets every six months after the date of the offer to the public or admission to trading.
17.
The issuer infringes Article 36(10) by not notifying to EBA the result of the audit in accordance with that paragraph or by not publishing the result of the audit within two weeks of the date of notification to EBA.
18.
The issuer infringes Article 37(1) by not establishing, maintaining or implementing custody policies, procedures and contractual arrangements that ensure at all times that the conditions listed in the first subparagraph, points (a) to (e), of that paragraph are met.
19.
The issuer infringes Article 37(2) by not having, when issuing two or more significant e-money tokens, a custody policy in place for each pool of reserve of assets.
20.
The issuer infringes Article 37(3) by not ensuring that the reserve assets are held in custody by a crypto-asset service provider providing custody and administration of crypto-assets on behalf of clients, a credit institution or an investment firm by no later than five working days after the date of issuance of the significant e-money token.
21.
The issuer infringes Article 37(4) by not exercising all due skill, care and diligence in the selection, appointment and review of crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets or by not ensuring that the custodian is a legal person different from the issuer.
22.
The issuer infringes Article 37(4) by not ensuring that the crypto-asset service providers, credit institutions and investment firms appointed as custodians of the reserve assets have the necessary expertise and market reputation to act as custodians of such reserve assets.
23.
The issuer infringes Article 37(4) by not ensuring in the contractual arrangements with the custodians that the reserve assets held in custody are protected against claims of the custodians’ creditors.
24.
The issuer infringes Article 37(5) by not setting out in the custody policies and procedures the selection criteria for the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets or by not setting out the procedure for reviewing such appointment.
25.
The issuer infringes Article 37(5) by not reviewing the appointment of crypto-asset service providers, credit institutions or investment firms as custodians of the reserve assets on a regular basis, and by not evaluating its exposures to such custodians, or by not monitoring the financial conditions of such custodians on an ongoing basis.
26.
The issuer infringes Article 37(6) by not ensuring that the custody of the reserve assets is carried out in accordance with the first subparagraph, points (a) to (d), of that paragraph.
27.
The issuer infringes Article 37(7) by not having the appointment of a crypto-asset service provider, credit institution or investment firm as custodian of the reserve assets evidenced by a contractual arrangement, or by not regulating, by means of such a contractual arrangement, the flow of information necessary to enable the issuer of the significant e-money token, the crypto-asset service provider, the credit institutions and the investment firm to perform their functions as custodians.
28.
The issuer infringes Article 38(1) by investing the reserve of assets in any products that are not highly liquid financial instruments with minimal market risk, credit risk and concentration risks or where such investments cannot be liquidated rapidly with minimal adverse price effect.
29.
The issuer infringes Article 38(3) by not holding in custody in accordance with Article 37 the financial instruments in which the reserve of assets is invested.
30.
The issuer infringes Article 38(4) by not bearing all profits and losses and any counterparty or operational risks that result from the investment of the reserve of assets.
31.
The issuer infringes Article 45(1) by not adopting, implementing and maintaining a remuneration policy that promotes the sound and effective risk management of issuers of significant e-money tokens and that does not create incentives to relax risk standards.
32.
The issuer infringes Article 45(2) by not ensuring that its significant e-money token can be held in custody by different crypto-asset service providers authorised for providing custody and administration of crypto-assets on behalf of clients on a fair, reasonable and non-discriminatory basis.
33.
The issuer infringes Article 45(3) by not assessing or monitoring the liquidity needs to meet requests for redemption of the significant e-money token by its holders.
34.
The issuer infringes Article 45(3) by not establishing, maintaining or implementing a liquidity management policy and procedures or by not ensuring, with those policy and procedures, that the reserve assets have a resilient liquidity profile that enables the issuer of the significant e-money token to continue operating normally, including under liquidity stressed scenarios.
35.
The issuer infringes Article 45(4) by not conducting, on a regular basis, liquidity stress testing or by not strengthening the liquidity requirements where requested by EBA based on the outcome of such tests.
36.
The issuer infringes Article 45(5) by not complying, at all times, with the own funds requirement.
37.
The issuer infringes Article 46(1) by not drawing up and maintaining a recovery plan providing for measures to be taken by the issuer of significant e-money tokens to restore compliance with the requirements applicable to the reserve of assets in cases where the issuer fails to comply with those requirements, including the preservation of its services related to the significant e-money token, the timely recovery of operations and the fulfilment of the issuer’s obligations in the case of events that pose a significant risk of disrupting operations.
38.
The issuer infringes Article 46(1) by not drawing up and maintaining a recovery plan that includes appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, as listed in the third subparagraph, points (a), (b) and (c), of that paragraph.
39.
The issuer infringes Article 46(2) by not notifying the recovery plan to EBA and, where applicable, to its resolution and prudential supervisory authorities, within six months of the date of the offer to the public or admission to trading.
40.
The issuer infringes Article 46(2) by not regularly reviewing or updating the recovery plan.
41.
The issuer infringes Article 47(1) by not drawing up and maintaining an operational plan that supports the orderly redemption of each significant e-money token.
42.
The issuer infringes Article 47(2) by not having a redemption plan that demonstrates the ability of the issuer of the significant e-money token to carry out the redemption of the outstanding significant e-money token issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets.
43.
The issuer infringes Article 47(2) by not having a redemption plan that includes contractual arrangements, procedures or systems, including the designation of a temporary administrator, to ensure the equitable treatment of all holders of the significant e-money token and to ensure that holders of the significant e-money token are paid in a timely manner with the proceeds from the sale of the remaining reserve assets.
44.
The issuer infringes Article 47(2) by not having a redemption plan that ensures the continuity of any critical activities that are necessary for the orderly redemption and that are performed by the issuer or by any third-party entities.
45.
The issuer infringes Article 47(3) by not notifying the redemption plan to EBA within six months of the date of the offer to the public or admission to trading.
46.
The issuer infringes Article 47(3) by not regularly reviewing or updating the redemption plan.

Summary:
European crypto-assets regulation (MiCA)
SUMMARY OF:
Regulation (EU) 2023/1114 on markets in crypto-assets
WHAT IS THE AIM OF THE REGULATION?
Regulation
 (EU) 2023/1114 establishes uniform rules for issuers of 
crypto-assets
 that have so far not been regulated by other 
European Union
 (EU) financial services acts and for providers of services in relation to such crypto-assets (crypto-asset service providers).
The rules cover:
transparency and disclosure requirements for the issuing, the offering to the public and the admission of crypto-assets to a trading platform;
the authorisation and supervision of crypto-asset service providers and issuers of asset-referenced and electronic money (
e-money
) tokens;
the operation, organisation and governance of the issuers and crypto-asset service providers;
protection for holders of crypto-assets and clients of service providers;
measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation.
KEY POINTS
The regulation applies to the issuing, the offering to the public and the admission to trading of crypto-assets, and to the provision of services in relation to crypto-assets.
It distinguishes the following types of crypto-assets:
e-money
 tokens
 (crypto-assets that stabilise their value in relation to a single official currency);
asset-referenced tokens
 (crypto-assets that stabilise their value in relation to other assets or a basket of assets);
crypto-assets other than asset-referenced tokens or 
e-money
 tokens.
Offerors
1
 or persons seeking admission to trading of 
crypto-assets
 other than asset-referenced tokens and 
e-money
 tokens must:
be a 
legal person
2
;
publish a crypto-asset 
White Paper
 and any marketing communication on their website;
act honestly, fairly and professionally;
communicate with actual and potential asset holders in a fair, clear and non-misleading manner;
identify, prevent, manage and disclose any conflicts of interest;
be liable for damages for incorrect information in the White Paper;
provide holders of crypto-assets with a right of withdrawal.
Issuers of 
asset-referenced tokens
 that 
offer them to the public
 or 
seek their admission to trading
 on a 
trading platform for crypto-assets
 must:
be a legal person or a certain undertaking based in the EU;
have authorisation from their home EU 
Member State
; or
be a credit institution that produces a crypto-asset White Paper that is approved by the competent national authority;
redeem their asset-referenced tokens at any time upon request of the holders at market value of the referenced assets or by delivering the referenced assets;
publish a crypto-asset White Paper and any marketing communication on their website and be liable for damages for incorrect information in the White Paper;
act honestly, fairly and professionally;
communicate with actual and potential holders of the tokens in a fair, clear and non-misleading manner;
act in the best interests of the holders of the tokens and treat them equally;
establish and maintain effective and transparent procedures for handling complaints promptly, fairly and consistently;
identify, prevent, manage and disclose any conflicts of interest;
maintain at all times a reserve of assets covering the liabilities towards the holders of the tokens, and have own funds at least equal to the highest of the following: 
€350,000,
2% of the average amount of the reserve assets,
a quarter of the fixed overheads of the preceding year;
establish recovery and redemption plans for use if they are unable to meet their obligations.
Issuers of 
e-money
 tokens
 that offer them to the public or seek their admission to trading on a trading platform for crypto-assets must:
be authorised as a credit or 
e-money
 institution;
publish a crypto-asset White Paper and any marketing communication on their website and be liable for damages for incorrect information in the White Paper;
comply with issuance, redeemability and marketing rules;
issue the tokens at par value on receipt of funds;
redeem, upon a holder’s request, the tokens at any moment and at par value;
invest the funds they receive in secure, low-risk assets in the same currency and deposit them in a separate account in a credit institution;
establish recovery and redemption plans for use if they are unable to meet their obligations.
The 
European Banking Authority
 (EBA) classifies asset-referenced and 
e-money
 tokens as ‘significant’ if certain criteria are met, such as their holders, value or transactions going above certain levels. In such cases, issuers of such significant asset-referenced tokens and 
e-money
 tokens are subject to additional requirements and the EBA takes over the supervisory role.
Crypto-asset service providers must be:
a legal person or certain undertaking authorised by their national authority as a crypto-asset service provider, with a registered office in a Member State where they carry out at least part of their services, effective management and at least one of the directors in the EU; or
under certain conditions, a credit institution, central securities depository, investment firm market operator, 
e-money
 institution, management company of the undertakings for the collective investment in transferable securities or alternative investment fund.
Obligations for all crypto-asset providers
 require them to:
act honestly, fairly and professionally in their actual and potential clients’ best interests;
provide clients with fair, clear and non-misleading information;
not deliberately or negligently mislead clients on the real or perceived advantages of crypto-assets, and warn them of the risks involved;
make their pricing, costs and fee policies, and the climate- and environment-related impact of each crypto-asset prominently available on their website;
have in place prudential safeguards at least equal to the higher of the following: 
the permanent minimum capital requirements in Annex IV, or
one quarter of the preceding year’s fixed overheads;
ensure members of the management body are of good repute and have the knowledge, experience, skills and time to perform their duties effectively;
implement policies and procedures to prevent any money laundering, terrorist financing or other offences;
keep clients’ crypto-assets and funds separate from other assets and not use them on their own account;
establish and maintain effective and transparent procedures to handle clients’ complaints promptly, fairly and consistently;
maintain and operate an effective policy to identify, prevent, manage and disclose conflicts of interest;
take all reasonable steps to avoid any risk when outsourcing activities;
devise a plan for an orderly wind-down of their activities if necessary.
Specific rules cover:
takeovers of issuers of asset-referenced tokens and crypto-asset service providers;
measures to prevent and ban market abuse, such as insider dealing and misuse of insider information;
powers and roles of national authorities, the EBA and the 
European Securities and Markets Authority
 (ESMA).
The regulation does not apply to:
crypto-assets that are covered by other EU financial services acts (e.g. those that qualify as financial instruments, pensions or insurance products);
providers of crypto-asset services exclusively for their parent companies or subsidiaries, liquidators and administrators in insolvency proceedings;
the 
European Central Bank
 and national central banks, the 
European Investment Bank
, the 
European Financial Stabilisation Mechanism
, the 
European Stability Mechanism
 and public international organisations;
crypto-assets that are unique and not interchangeable with others.
The 
European Commission
 presents a report to the 
European Parliament
 and to the 
Council of the European Union
 at various stages once the regulation applies, on:
the latest developments on crypto-assets (after 18 months);
the interim assessment of the regulation (after 24 months);
the application of the regulation (after 48 months).
The Commission also has the power to adopt delegated and implementing acts.
ESMA, in cooperation with the EBA, submits a publicly available 
report
 to the Parliament and to the Council, 12 months after the regulation enters into force and every year thereafter, on the application of the legislation and developments in crypto-asset markets.
European single access point
Amending Regulation (EU) 
2023/2869
 incorporates within Regulation (EU) 2023/1114 a new article concerning the accessibility of information on the European single access point (ESAP), established under Regulation (EU) 
2023/2859
 (see 
summary
). The ESAP will provide access to public financial and sustainability-related information about EU companies and EU investment products. From 
10 January 2030
, when making public any information required under Regulation (EU) 2023/1114, the amending act requires the issuer, offeror or person seeking admission to trading to submit that information at the same time to the relevant collection body for the purpose of making it accessible on the ESAP. The amending regulation also sets out the conditions with which that information must comply.
Regulation (EU) 2023/1114 amends:
Directive 
2013/36/EU
 (
capital requirements
);
Directive (EU) 
2019/1937
 (
protection of persons who report breaches of EU law
);
Regulation (EU) 
No 
1093/2010
 (establishing the 
EBA
);
Regulation (EU) 
No 
1095/2010
 (establishing 
ESMA
).
FROM WHEN DOES THE REGULATION APPLY?
It will apply from 
30 December 2024
. However, rules on asset-referenced tokens (Title III) and 
e-money
 tokens (Title IV) have applied since 
30 June 2024
.
BACKGROUND
The legislation is designed to provide legal clarity and certainty for crypto-asset issuers and providers. It aims to boost innovation while preserving financial stability and protecting investors from risks.
It is part of the 
digital finance package
 adopted by the Commission in September 2020. The package strengthens the EU’s anti-
money laundering
 and countering terrorism financing rules, including rules on information accompanying money transfers.
KEY TERMS
Offeror.
 A natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public.
Legal person.
 An individual, company or any other legal entity that has legal rights and obligations.
MAIN DOCUMENT
Regulation (EU) 
2023/1114
 of the European Parliament and of the Council of 
31 May 2023
 on markets in crypto-assets, and amending Regulations (EU) 
No 1093/2010
 and (EU) 
No 1095/2010
 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 
9.6.2023
, 
pp. 40–205
).
Successive amendments to Regulation (EU) 2023/114 have been incorporated into the original text. This 
consolidated version
 is of documentary value only.
RELATED DOCUMENTS
Regulation (EU) 
2023/2859
 of the European Parliament and of the Council of 
13 December 2023
 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 
20.12.2023
).
See 
consolidated version
.
Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on a Digital Finance Strategy for the EU (
COM(2020) 591 final
, 
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Regulation (EU) 
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 of the European Parliament and of the Council of 
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 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 
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, 
pp. 1–63
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See 
consolidated version
.
Directive (EU) 
2019/1937
 of the European Parliament and of the Council of 
23 October 2019
 on the protection of persons who report breaches of Union law (OJ L 305, 
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, 
pp. 17–56
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.
Regulation (EU) 
2017/1129
 of the European Parliament and of the Council of 
14 June 2017
 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 
30.6.2017
, 
pp. 12–82
).
See 
consolidated version
.
Directive (EU) 
2016/2341
 of the European Parliament and of the Council of 
14 December 2016
 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 
23.12.2016
, 
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See 
consolidated version
.
Directive (EU) 
2015/2366
 of the European Parliament and of the Council of 
25 November 2015
 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) 
No 1093/2010
, and repealing Directive 2007/64/EC (OJ L 337, 
23.12.2015
, 
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).
See 
consolidated version
.
Directive 
2014/49/EU
 of the European Parliament and of the Council of 
16 April 2014
 on deposit guarantee schemes (recast) (OJ L 173, 
12.6.2014
, 
pp. 149–178
).
See 
consolidated version
.
Directive 
2014/65/EU
 of the European Parliament and of the Council of 
15 May 2014
 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (OJ L 173, 
12.6.2014
, 
pp. 349–496
).
See 
consolidated version
.
Directive 
2013/36/EU
 of the European Parliament and of the Council of 
26 June 2013
 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 
27.6.2013
, 
pp. 338–436
).
See 
consolidated version
.
Regulation (EU) 
No 
1093/2010
 of the European Parliament and of the Council of 
24 November 2010
 establishing a European Supervisory Authority (European Banking Authority), amending Decision 
No 716/2009/EC
 and repealing Commission Decision 2009/78/EC (OJ L 331, 
15.12.2010
, 
pp. 12–47
).
See 
consolidated version
.
Regulation (EU) 
No 
1095/2010
 of the European Parliament and of the Council of 
24 November 2010
 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision 
No 716/2009/EC
 and repealing Commission Decision 2009/77/EC (OJ L 331, 
15.12.2010
, 
pp. 84–119
).
See 
consolidated version
.
Directive 
2009/110/EC
 of the European Parliament and of the Council of 
16 September 2009
 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 
10.10.2009
, 
pp. 7–17
).
See 
consolidated version
.
Directive 
2009/138/EC
 of the European Parliament and of the Council of 
25 November 2009
 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (OJ L 335, 
17.12.2009
, 
pp. 1–155
).
See 
consolidated version
.
Directive 
2004/109/EC
 of the European Parliament and of the Council of 
15 December 2004
 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 
31.12.2004
, 
pp. 38–57
).
See 
consolidated version
.
Directive 
97/9/EC
 of the European Parliament and of the Council of 
3 March 1997
 on investor-compensation schemes (OJ L 84, 
26.3.1997
, 
pp. 22–31
).
last update 
25.9.2024

--- DANISH ---

Document:
9.6.2023
DA
Den Europæiske Unions Tidende
L 150/40
EUROPA-PARLAMENTETS OG RÅDETS FORORDNING (EU) 2023/1114
af 31. maj 2023
om markeder for kryptoaktiver og om ændring af forordning (EU) nr. 1093/2010 og (EU) nr. 1095/2010 og direktiv 2013/36/EU og (EU) 2019/1937
(EØS-relevant tekst)
EUROPA-PARLAMENTET OG RÅDET FOR DEN EUROPÆISKE UNION HAR —
under henvisning til traktaten om Den Europæiske Unions funktionsmåde, særlig artikel 114,
under henvisning til forslag fra Europa-Kommissionen,
efter fremsendelse af udkast til lovgivningsmæssig retsakt til de nationale parlamenter,
under henvisning til udtalelse fra Den Europæiske Centralbank 
(
1
)
,
under henvisning til udtalelse fra Det Europæiske Økonomiske og Sociale Udvalg 
(
2
)
,
efter den almindelige lovgivningsprocedure 
(
3
)
, og
ud fra følgende betragtninger:
(1)
Det er vigtigt at sikre, at EU-retsakter om finansielle tjenesteydelser er egnede til den digitale tidsalder og bidrager til en fremtidssikret økonomi, der arbejder for befolkningen, herunder ved at gøre det muligt at anvende innovative teknologier. Unionen har en politisk interesse i at udvikle og fremme anvendelsen af transformative teknologier i den finansielle sektor, herunder indførelsen af distributed ledger-teknologi (DLT). Det forventes, at mange anvendelser af distributed ledger-teknologi, herunder blockchainteknologi, der endnu ikke er blevet undersøgt fuldt ud, vil fortsætte med at resultere i nye typer af erhvervsaktivitet og forretningsmodeller, der sammen med kryptoaktivsektoren selv vil føre til økonomisk vækst og nye beskæftigelsesmuligheder for unionsborgere.
(2)
Kryptoaktiver er en af de vigtigste anvendelser af distributed ledger-teknologi. Kryptoaktiver er en digital gengivelse af værdi eller af rettigheder, som har potentialet til at medføre betydelige fordele for markedsdeltagere, herunder private indehavere af kryptoaktiver. Gengivelse af værdi omfatter den ydre, ikkeiboende værdi, som de berørte parter eller markedsdeltagere tillægger et kryptoaktiv, hvilket betyder, at værdien er subjektiv og alene er baseret på interessen hos køberen af kryptoaktivet. Ved en strømlining af kapitaltilførslen og en styrkelse af konkurrencen kan udbud af kryptoaktiver åbne mulighed for en innovativ og inklusiv finansieringsmåde, herunder for små og mellemstore virksomheder (SMV'er). Kryptoaktiver kan, når de anvendes som betalingsmiddel, give mulighed for billigere, hurtigere og mere effektive betalinger, navnlig på tværs af grænserne, ved at begrænse antallet af mellemled.
(3)
Nogle kryptoaktiver, navnlig dem, der kan betegnes som finansielle instrumenter som defineret i Europa-Parlamentets og Rådets direktiv 2014/65/EU 
(
4
)
, falder inden for anvendelsesområdet for eksisterende EU-retsakter om finansielle tjenesteydelser. Der finder derfor allerede et fuldstændigt sæt EU-regler anvendelse på udstedere af sådanne kryptoaktiver og selskaber, der udøver virksomhed i tilknytning til sådanne kryptoaktiver.
(4)
Andre kryptoaktiver falder imidlertid uden for anvendelsesområdet for EU-retsakter om finansielle tjenesteydelser. Der findes på nuværende tidspunkt ikke andre regler end dem, der vedrører bekæmpelse af hvidvask af penge, for levering af tjenester i forbindelse med sådanne uregulerede kryptoaktiver, herunder for drift af handelsplatforme for kryptoaktiver, veksling mellem kryptoaktiver og midler eller andre kryptoaktiver og levering af deponering og administration af kryptoaktiver på kunders vegne. Manglen på sådanne regler betyder, at indehavere af disse kryptoaktiver er udsatte for risici, navnlig på områder, der ikke er omfattet af forbrugerbeskyttelsesreglerne. Manglen på sådanne regler kan også medføre betydelige risici for markedsintegriteten, herunder med hensyn til markedsmisbrug og med hensyn til økonomisk kriminalitet. For at imødegå disse risici har en række medlemsstater indført særlige bestemmelser for alle — eller en undergruppe af — kryptoaktiver, der falder uden for anvendelsesområdet for EU-retsakter om finansielle tjenesteydelser, og andre medlemsstater overvejer, om de skal lovgive på området for kryptoaktiver.
(5)
Manglen på en overordnet EU-ramme for markeder for kryptoaktiver kan føre til manglende tillid hos brugerne til disse aktiver, hvilket i væsentligt omfang kan hindre udviklingen af et marked for disse aktiver og føre til forspildte muligheder for så vidt angår innovative digitale tjenester, alternative betalingsinstrumenter eller nye finansieringskilder for virksomhederne i Unionen. Hertil kommer, at virksomheder, der anvender kryptoaktiver, ikke ville have nogen retssikkerhed med hensyn til, hvordan deres kryptoaktiver blev behandlet i de forskellige medlemsstater, hvilket ville underminere deres bestræbelser på at anvende kryptoaktiver i forbindelse med digital innovation. Manglen på en overordnet EU-ramme for markeder for kryptoaktiver kunne også føre til uensartet lovgivning, hvilket ville fordreje konkurrencen på det indre marked, gøre det vanskeligere for udbydere af kryptoaktivtjenester at udvide deres aktiviteter på tværs af grænserne og ville føre til regelarbitrage. Markeder for kryptoaktiver har stadig et beskedent omfang og udgør endnu ikke en trussel mod den finansielle stabilitet. Det er imidlertid muligt, at typer af kryptoaktiver, som søger at stabilisere deres pris i forhold til et bestemt aktiv eller til en kurv af aktiver, vil kunne finde bred anvendelse hos private indehavere, og en sådan udvikling kunne skabe yderligere udfordringer for den finansielle stabilitet, betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet.
(6)
Der er derfor behov for en særlig og harmoniseret ramme for markeder for kryptoaktiver på EU-plan for at fastsætte specifikke bestemmelser for kryptoaktiver og dermed forbundne tjenester og aktiviteter, der endnu ikke er omfattet af EU-retsakter om finansielle tjenesteydelser. En sådan ramme bør støtte innovation og fair konkurrence, samtidig med at der sikres et højt beskyttelsesniveau for private indehavere og markedsintegritet på markederne for kryptoaktiver. En klar ramme bør gøre det muligt for udbydere af kryptoaktivtjenester at udvide deres forretningsaktiviteter på tværs af grænserne og bør lette deres adgang til banktjenester med henblik på en uproblematisk afvikling af deres aktiviteter. En EU-ramme for markeder for kryptoaktiver bør sikre en forholdsmæssig behandling af udstedere af kryptoaktiver og udbydere af kryptoaktivtjenester og dermed skabe lige muligheder med hensyn til markedsadgang og den løbende og fremtidig udvikling af markeder for kryptoaktiver. Den bør også fremme finansiel stabilitet og betalingssystemernes smidige funktion og imødegå de pengepolitiske risici, der vil kunne opstå som følge af kryptoaktiver, der søger at stabilisere deres pris i forhold til et bestemt aktiv eller en bestemt kurv af aktiver. Korrekt regulering opretholder medlemsstaternes konkurrenceevne på internationale finansielle og teknologiske markeder og giver kunderne markante fordele i form af adgang til billigere, hurtigere og sikrere finansielle tjenesteydelser og forvaltning af midler. EU-rammen for markeder for kryptoaktiver bør ikke regulere den underliggende teknologi. Det bør i EU-retsakter undgås at skabe en unødvendig og uforholdsmæssig regelbyrde i forbindelse med brug af teknologi, eftersom Unionen og medlemsstaterne søger at opretholde konkurrenceevnen på et globalt marked.
(7)
De konsensusmekanismer, der anvendes til validering af transaktioner med kryptoaktiver, kan have vigtige negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger. Sådanne konsensusmekanismer bør derfor anvende mere miljøvenlige løsninger og sikre, at udstedere af kryptoaktiver og udbydere af kryptoaktivtjenester i tilstrækkelig grad identificerer og oplyser om eventuelle vigtige negative indvirkninger, som de kan have på klimaet, og eventuelle andre miljørelaterede negative indvirkninger. Ved afgørelsen af, om negative virkninger er vigtige, bør der tages hensyn til proportionalitetsprincippet og størrelsen og mængden af det udstedte kryptoaktiv. Den Europæiske Tilsynsmyndighed (Den Europæiske Værdipapir- og Markedstilsynsmyndighed) (ESMA), der blev oprettet ved Europa-Parlamentets og Rådets forordning (EU) nr. 1095/2010 
(
5
)
, bør derfor i samarbejde med Den Europæiske Tilsynsmyndighed (Den Europæiske Banktilsynsmyndighed) (EBA), der blev oprettet ved Europa-Parlamentets og Rådets forordning (EU) nr. 1093/2010 
(
6
)
, bemyndiges til at udarbejde udkast til reguleringsmæssige tekniske standarder med henblik på yderligere at præcisere indholdet, metodologierne og opstillingen af oplysninger vedrørende bæredygtighedsindikatorer med hensyn til klimarelaterede negative indvirkninger og andre miljørelaterede negative indvirkninger og til at skitsere centrale energiindikatorer. Udkastet til reguleringsmæssige tekniske standarder bør også sikre sammenhæng i oplysningerne fra udstedere af kryptoaktiver og fra udbydere af kryptoaktivtjenester. Ved udarbejdelsen af udkastet til reguleringsmæssige tekniske standarder bør ESMA tage hensyn til de forskellige typer konsensusmekanismer, der anvendes til validering af transaktioner med kryptoaktiver, deres karakteristika og forskellene mellem dem. ESMA bør også tage hensyn til eksisterende oplysningskrav, sikre komplementaritet og overensstemmelse og undgå at øge byrden for virksomhederne.
(8)
Markeder for kryptoaktiver er globale og dermed i sagens natur grænseoverskridende. Unionen bør derfor fortsat støtte internationale bestræbelser på at fremme konvergens i behandlingen af kryptoaktiver og kryptoaktivtjenester gennem internationale organisationer eller organer såsom Rådet for Finansiel Stabilitet, Baselkomitéen for Banktilsyn og Den Finansielle Aktionsgruppe.
(9)
EU-retsakter om finansielle tjenesteydelser bør bygge på principperne om »samme aktiviteter, samme risici, samme regler« og om teknologineutralitet. Kryptoaktiver, der er omfattet af eksisterende EU-retsakter om finansielle tjenesteydelser, bør derfor fortsat reguleres i henhold til de eksisterende regler, uanset hvilken teknologi der anvendes til udstedelse eller overførsel af dem, og ikke i henhold til denne forordning. Det fastslås således udtrykkeligt i denne forordning, at kryptoaktiver, der kan betegnes som finansielle instrumenter som defineret i direktiv 2014/65/EU, kryptoaktiver, der kan betegnes som indskud som defineret i Europa-Parlamentets og Rådets direktiv 2014/49/EU 
(
7
)
, herunder struktureret indlån som defineret i direktiv 2014/65/EU, kryptoaktiver, der kan betegnes som midler som defineret i Europa-Parlamentets og Rådets direktiv (EU) 2015/2366 
(
8
)
, undtagen hvis de kan betegnes som elektroniske pengetokens (»e-pengetokens«), kryptoaktiver, der kan betegnes som securitiseringspositioner som defineret i Europa-Parlamentets og Rådets forordning (EU) 2017/2402 
(
9
)
, og kryptoaktiver, der kan betegnes som skades- eller livsforsikringskontrakter, pensionsprodukter eller -ordninger og sociale sikringsordninger, er udelukket fra nærværende forordnings anvendelsesområde. I betragtning af at elektroniske penge og midler, der modtages til gengæld for elektroniske penge, ikke bør behandles som indskud i overensstemmelse med Europa-Parlamentets og Rådets direktiv 2009/110/EF 
(
10
)
, kan e-pengetokens ikke behandles som indskud, der er udelukket fra nærværende forordnings anvendelsesområde.
(10)
Denne forordning bør ikke finde anvendelse på kryptoaktiver, der er unikke og ikkefungible i forhold til andre kryptoaktiver, herunder digital kunst og digitale samlerobjekter. Værdien af sådanne unikke og ikkefungible kryptoaktiver kan tilskrives hvert enkelt kryptoaktivs unikke karakteristika og den nytte, det har for tokenindehaveren. Denne forordning bør heller ikke finde anvendelse på kryptoaktiver, der repræsenterer tjenester, eller fysiske aktiver, der er unikke og ikkefungible, som f.eks. produktgarantier eller fast ejendom. Selv om unikke og ikkefungible kryptoaktiver kan handles på markedspladsen og akkumuleres i spekulationsøjemed, er de ikke umiddelbart indbyrdes udskiftelige, og et sådant kryptoaktivs relative værdi i forhold til et andet kan ikke, idet begge er unikke, fastslås ved sammenligning med et eksisterende markedsaktiv eller et tilsvarende aktiv. Sådanne elementer begrænser de pågældende kryptoaktivers muligheder for at have en finansiel anvendelse og begrænser dermed risiciene for indehavere og det finansielle system og berettiger, at de udelukkes fra denne forordnings anvendelsesområde.
(11)
Brøkdelene af et unikt og ikkefungibelt kryptoaktiv bør ikke betragtes som unikke og ikkefungible. Udstedelse af kryptoaktiver som ikkefungible tokens i en stor serie eller samling bør betragtes som en indikator for, at de er fungible. Den omstændighed, at et kryptoaktiv tildeles en unik identifikator, er ikke i sig selv tilstrækkeligt til at klassificere det som unikt og ikkefungibelt. De repræsenterede aktiver eller rettigheder bør også være unikke og ikkefungible, for at kryptoaktivet kan betragtes som unikt og ikkefungibelt. Udelukkelsen af kryptoaktiver, der er unikke og ikkefungible, fra denne forordnings anvendelsesområde berører ikke kvalificeringen af sådanne kryptoaktiver som finansielle instrumenter. Denne forordning bør også finde anvendelse på kryptoaktiver, der synes at være unikke og ikkefungible, men hvis faktiske elementer eller elementer, der er knyttet til deres faktiske anvendelse, ville gøre dem enten fungible eller ikke unikke. I den forbindelse bør de kompetente myndigheder basere deres vurdering og klassificering af kryptoaktiver på substans frem for form, således at det er elementerne i det pågældende kryptoaktiv, der afgør klassificeringen, og ikke udstederens betegnelse af det.
(12)
Det er hensigtsmæssigt at udelukke visse koncerninterne transaktioner og visse offentlige enheder fra denne forordnings anvendelsesområde, da de ikke udgør en risiko for investorbeskyttelsen, markedsintegriteten, den finansielle stabilitet, betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet. Offentlige internationale organisationer, der er undtaget, omfatter Den Internationale Valutafond og Den Internationale Betalingsbank.
(13)
Digitale aktiver udstedt af centralbanker, der handler i deres egenskab af pengepolitisk myndighed, herunder centralbankpenge i digital form, eller kryptoaktiver udstedt af andre offentlige myndigheder, herunder centrale, regionale og lokale forvaltninger, bør ikke være omfattet af EU-rammen for markeder for kryptoaktiver. Relaterede tjenester, som leveres af sådanne centralbanker, når de handler i deres egenskab af pengepolitisk myndighed, eller andre offentlige myndigheder, bør heller ikke være omfattet af denne EU-ramme.
(14)
Med henblik på at sikre en klar afgrænsning mellem kryptoaktiver, der er omfattet af denne forordning, på den ene side og finansielle instrumenter på den anden side bør ESMA bemyndiges til at udstede retningslinjer vedrørende kriterierne og betingelserne for kvalificeringen af kryptoaktiver som finansielle instrumenter. Disse retningslinjer bør også give mulighed for en bedre forståelse af, hvornår kryptoaktiver, der ellers anses for at være unikke og ikkefungible i forhold til andre kryptoaktiver, eventuelt vil kunne betragtes som finansielle instrumenter. For at fremme en fælles tilgang til klassificeringen af kryptoaktiver bør EBA, ESMA og Den Europæiske Tilsynsmyndighed (Den Europæiske Tilsynsmyndighed for Forsikrings- og Arbejdsmarkedspensionsordninger) (EIOPA), der er oprettet ved Europa-Parlamentets og Rådets forordning (EU) nr. 1094/2010 
(
11
)
 (»de europæiske tilsynsmyndigheder« eller »ESA'erne«), fremme drøftelser om denne klassificering. De kompetente myndigheder bør kunne anmode om udtalelser fra ESA'erne om klassificeringen af kryptoaktiver, herunder klassificeringer, der foreslås af udbydere eller personer, der anmoder om optagelse til handel. Udbydere eller personer, der anmoder om optagelse til handel, er primært ansvarlige for den korrekte klassificering af kryptoaktiver, som kan anfægtes af de kompetente myndigheder, både før datoen for offentliggørelse af udbuddet og på et hvilket som helst tidspunkt derefter. Hvis klassificeringen af et kryptoaktiv synes at være i strid med nærværende forordning eller andre relevante EU-retsakter om finansielle tjenesteydelser, bør ESA'erne benytte deres beføjelser i henhold til forordning (EU) nr. 1093/2010, (EU) nr. 1094/2010 og (EU) nr. 1095/2010 for at sikre en konsekvent og sammenhængende tilgang til den pågældende klassificering.
(15)
I henhold til artikel 127, stk. 2, fjerde led, i traktaten om Den Europæiske Unions funktionsmåde (TEUF) er en af de grundlæggende opgaver, der skal udføres af Det Europæiske System af Centralbanker (ESCB), at fremme betalingssystemernes smidige funktion. Den Europæiske Centralbank (ECB) kan i henhold til artikel 22 i protokol nr. 4 om statutten for Det Europæiske System af Centralbanker og for Den Europæiske Centralbank, der er knyttet som bilag til traktaterne, udstede forordninger med henblik på at sikre effektive og pålidelige clearing- og betalingssystemer inden for Unionen og over for tredjelande. I dette øjemed har ECB vedtaget overvågningskrav for systemisk vigtige betalingssystemer. Denne forordning berører ikke ECB's og de nationale centralbankers ansvar i ESCB for at sikre effektive og pålidelige clearing- og betalingssystemer inden for Unionen og over for tredjelande. Følgelig og for at undgå, at der eventuelt fastlægges parallelle regelsæt, bør EBA, ESMA og ECB udarbejde de relevante udkast til tekniske standarder i henhold til denne forordning i tæt samarbejde. Det er endvidere afgørende for ECB og de nationale centralbanker at have adgang til oplysninger, når de udfører deres opgaver vedrørende overvågningen af betalingssystemer, herunder clearing af betalinger. Denne forordning bør desuden ikke berøre Rådets forordning (EU) nr. 1024/2013 
(
12
)
 og bør fortolkes på en sådan måde, at den ikke er i strid med nævnte forordning.
(16)
Enhver retsakt, der vedtages på området for kryptoaktiver, bør være specifik og fremtidssikret, bør kunne holde trit med innovation og teknologisk udvikling og bør bygge på en tilgang baseret på incitamenter. »Kryptoaktiver« og »distributed ledger-teknologi« bør derfor defineres så bredt som muligt for at tage højde for alle typer kryptoaktiver, der i øjeblikket ikke er omfattet af EU-retsakter om finansielle tjenesteydelser. Enhver retsakt, der vedtages på området for kryptoaktiver, bør også bidrage til målet om bekæmpelse af hvidvask af penge og finansiering af terrorisme. Af samme grund bør enheder, der udbyder tjenester, som falder ind under denne forordnings anvendelsesområde, også overholde de gældende EU-regler for bekæmpelse af hvidvask af penge og finansiering af terrorisme, som integrerer internationale standarder.
(17)
Digitale aktiver, der ikke kan overføres til andre indehavere, falder ikke ind under definitionen af kryptoaktiver. Digitale aktiver, der kun accepteres af udstederen eller udbyderen, og som er teknisk umulige at overføre direkte til andre indehavere, bør derfor udelukkes fra denne forordnings anvendelsesområde. Et eksempel på sådanne digitale aktiver omfatter loyalitetsordninger, hvor loyalitetspoint kun kan veksles til fordele over for udstederen eller udbyderen af de pågældende point.
(18)
Denne forordning klassificerer kryptoaktiver i tre typer, som bør skelnes fra hinanden og være underlagt forskellige krav afhængigt af de risici, de indebærer. Klassificeringen er baseret på, om kryptoaktiverne har til formål at stabilisere deres værdi ved at henvise til andre aktiver. Den første type består af kryptoaktiver, der har til formål at stabilisere deres værdi ved kun at henvise til én officiel valuta. Sådanne kryptoaktivers funktion er meget lig funktionen af elektroniske penge som defineret i direktiv 2009/110/EF. Sådanne kryptoaktiver er ligesom elektroniske penge elektroniske surrogater for mønter og sedler og anvendes sandsynligvis til betalinger. Disse kryptoaktiver bør i denne forordning defineres som »e-pengetokens«. Den anden type af kryptoaktiver vedrører »aktivbaserede tokens«, som har til formål at stabilisere deres værdi ved at henvise til en anden værdi eller rettighed eller en kombination heraf, herunder en eller flere officielle valutaer. Denne anden type omfatter alle andre kryptoaktiver, bortset fra e-pengetokens, hvis værdi understøttes af aktiver, med henblik på at undgå omgåelse og fremtidssikre denne forordning. Endelig består den tredje type af andre kryptoaktiver end aktivbaserede tokens og e-pengetokens og dækker en bred vifte af kryptoaktiver, herunder utility tokens.
(19)
På trods af deres ligheder adskiller elektroniske penge og kryptoaktiver, der henviser til en officiel valuta, sig i dag fra hinanden på en række vigtige punkter. Indehavere af elektroniske penge som defineret i direktiv 2009/110/EF har altid et krav mod udstederen af elektroniske penge og har en kontraktlig rettighed til til enhver tid til pariværdi at genindløse pengeværdien af deres elektroniske penge, der opbevares. Til gengæld giver nogle af de kryptoaktiver, der henviser til en officiel valuta, ikke deres indehavere et sådant krav mod udstederne af disse kryptoaktiver og kunne falde uden for anvendelsesområdet for direktiv 2009/110/EF. Andre kryptoaktiver, der henviser til en officiel valuta, medfører hverken et krav til pariværdi over for den valuta, som de henviser til, eller en begrænsning af genindløsningsperioden. Det forhold, at indehavere af disse kryptoaktiver ikke har et krav mod udstederne af sådanne kryptoaktiver, eller at et sådant krav ikke svarer til den valuta, som disse kryptoaktiver henviser til, kan undergrave tilliden hos indehavere af disse kryptoaktiver. For at undgå en omgåelse af bestemmelserne i direktiv 2009/110/EF bør enhver definition af »e-pengetokens« derfor være så bred som mulig for at tage højde for alle de typer kryptoaktiver, der henviser til én officiel valuta. Desuden bør der fastsættes strenge betingelser for udstedelse af e-pengetokens, herunder forpligtelsen til at sådanne e-pengetokens enten udstedes af et kreditinstitut, der er meddelt tilladelse i henhold til Europa-Parlamentets og Rådets direktiv 2013/36/EU 
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, eller af et e-pengeinstitut, der er meddelt tilladelse i henhold til direktiv 2009/110/EF. Af samme årsag bør udstedere af e-pengetokens også sikre, at indehavere af disse tokens kan udøve deres ret til at genindløse deres tokens når som helst og til pariværdi over for den valuta, der henvises til i disse tokens. Da e-pengetokens også er kryptoaktiver og også kan skabe nye udfordringer med hensyn til beskyttelse af private indehavere og markedsintegritet, der er specifik for kryptoaktiver, bør de også være omfattet af bestemmelserne i denne forordning, der skal imødegå disse udfordringer.
(20)
I betragtning af de forskellige risici og muligheder, der er forbundet med kryptoaktiver, er det nødvendigt at fastsætte bestemmelser for udbydere og personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens og e-pengetokens, samt for udstedere af aktivbaserede tokens og e-pengetokens. Udstedere af kryptoaktiver er enheder, der kontrollerer skabelsen af kryptoaktiver.
(21)
Det er nødvendigt at fastsætte særlige bestemmelser for enheder, der leverer tjenester i forbindelse med kryptoaktiver. En første kategori af sådanne tjenester består i at sikre driften af en handelsplatform for kryptoaktiver, veksle kryptoaktiver til midler eller andre kryptoaktiver, levere deponering og administration af kryptoaktiver på kunders vegne og levere tjenester vedrørende overførsel af kryptoaktiver på kunders vegne. En anden kategori af sådanne tjenester er placering af kryptoaktiver, modtagelse eller transmission af ordrer vedrørende kryptoaktiver på kunders vegne, udførelse af ordrer vedrørende kryptoaktiver på kunders vegne, rådgivning om kryptoaktiver og porteføljepleje af kryptoaktiver. Enhver person, der på et professionelt grundlag leverer sådanne kryptoaktivtjenester i overensstemmelse med denne forordning, bør betragtes som en »udbyder af kryptoaktivtjenester«.
(22)
Denne forordning bør finde anvendelse på fysiske og juridiske personer og visse andre virksomheder og på de kryptotjenester og -aktivaktiviteter, som de udfører, leverer eller kontrollerer direkte eller indirekte, herunder når en del af de pågældende aktiviteter eller tjenester udføres decentralt. Hvis kryptoaktivtjenester leveres fuldt ud decentralt uden en formidler, bør de ikke være omfattet af denne forordnings anvendelsesområde. Denne forordning omfatter de rettigheder og forpligtelser, der gælder for udstedere af kryptoaktiver, udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, og udbydere af kryptoaktivtjenester. Hvis kryptoaktiver ikke har nogen identificerbar udsteder, bør de ikke være omfattet af denne forordnings afsnit II, III eller IV. Udbydere af kryptoaktivtjenester, der leverer tjenester i forbindelse med sådanne kryptoaktiver, bør dog være omfattet af denne forordning.
(23)
Med henblik på at sikre, at alle udbud af kryptoaktiver til offentligheden, undtagen aktivbaserede tokens eller e-pengetokens, der potentielt kan have en finansiel anvendelse, eller enhver optagelse til handel af kryptoaktiver på en handelsplatform for kryptoaktiver (»optagelse til handel«) i Unionen overvåges og kontrolleres korrekt af de kompetente myndigheder, bør alle udbydere eller personer, der anmoder om optagelse til handel, være juridiske personer.
(24)
Af hensyn til beskyttelsen af potentielle private indehavere af kryptoaktiver bør de underrettes om karakteristika, funktioner og risici for de kryptoaktiver, som de har til hensigt at købe. Når der udfærdiges et udbud af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, til offentligheden, eller når der anmodes om optagelse til handel af sådanne kryptoaktiver, i Unionen, bør udbydere eller personer, der anmoder om optagelse til handel, udarbejde, underrette deres kompetente myndighed herom og offentliggøre et oplysningsdokument, der indeholder obligatoriske oplysninger (»en hvidbog om kryptoaktiver«). En hvidbog om kryptoaktiver bør indeholde generelle oplysninger om udstederen, udbyderen eller den person, der anmoder om optagelse til handel, om det projekt, der skal gennemføres med den rejste kapital, om udbuddet af kryptoaktiver til offentligheden eller om deres optagelse til handel, om de rettigheder og forpligtelser, der er knyttet til kryptoaktiverne, om den underliggende teknologi, der anvendes til disse kryptoaktiver, og om de dermed forbundne risici. Hvidbogen om kryptoaktiver bør dog ikke indeholde en beskrivelse af risici, der er uforudsigelige og højst sandsynligt ikke bliver til virkelighed. Oplysningerne i hvidbogen om kryptoaktiver og i den relevante markedsføringskommunikation, f.eks. reklamer og markedsføringsmateriale, herunder via nye kanaler såsom sociale medieplatforme, bør være reelle og klare, og de bør ikke være vildledende. Reklamer og markedsføringsmateriale bør stemme overens med oplysningerne i hvidbogen om kryptoaktiver.
(25)
Hvidbøger om kryptoaktiver, herunder resuméerne heraf, og driftsreglerne for handelsplatforme for kryptoaktiver bør udfærdiges på mindst ét af hjemlandets og af alle værtslandes officielle sprog eller alternativt på et sprog, som er almindeligt i internationale finanskredse. På tidspunktet for vedtagelsen af denne forordning er engelsk det sprog, som er almindeligt i internationale finanskredse, men det kan ændre sig i fremtiden.
(26)
Med henblik på at sikre en forholdsmæssig tilgang bør ingen krav i denne forordning finde anvendelse på udbud til offentligheden af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, der tilbydes gratis, eller som genereres automatisk som belønning for vedligeholdelsen af en distributed ledger eller validering af transaktioner inden for rammerne af en konsensusmekanisme. Desuden bør ingen krav finde anvendelse på udbud af utility tokens, der giver adgang til en eksisterende vare eller tjenesteydelse, som sætter indehaveren i stand til at afhente varen eller anvende tjenesteydelsen, eller når indehaveren af kryptoaktiverne kun har ret til at anvende dem til gengæld for varer og tjenesteydelser i et begrænset net af erhvervsdrivende med kontraktlige ordninger med udbyderen. Sådanne undtagelser bør ikke omfatte kryptoaktiver, der repræsenterer oplagrede varer, som ikke er beregnet til at blive afhentet af køberen efter købet. Undtagelsen vedrørende det begrænsede net bør heller ikke finde anvendelse på kryptoaktiver, der typisk er udformet til et tjenesteudbydernet i konstant vækst. Undtagelsen vedrørende det begrænsede net bør vurderes af den kompetente myndighed, hver gang et udbud eller den samlede værdi af mere end et udbud overstiger en vis tærskelværdi, hvilket betyder, at et nyt udbud ikke automatisk bør være omfattet af en undtagelse for et tidligere udbud. Anvendelsen af de pågældende undtagelser bør ophøre, når udbyderen eller en anden person, der handler på udbyderens vegne, meddeler, at udbyderen har til hensigt at anmode om optagelse til handel, eller de undtagne kryptoaktiver er optaget til handel.
(27)
Med henblik på at sikre en forholdsmæssig tilgang bør kravene i denne forordning om udarbejdelse og offentliggørelse af en hvidbog om kryptoaktiver ikke gælde for udbud af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, der foretages til færre end 150 personer pr. medlemsstat, eller som udelukkende er rettet mod kvalificerede investorer, hvor kryptoaktiverne udelukkende kan indehaves af sådanne kvalificerede investorer. SMV'er og nystartede virksomheder bør ikke pålægges overdrevne og uforholdsmæssige administrative byrder. Udbud til offentligheden af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, i Unionen, hvis samlede værdi ikke overstiger 1 000 000 EUR over en periode på 12 måneder, bør således fritages fra forpligtelsen til at udarbejde en hvidbog om kryptoaktiver.
(28)
Den blotte optagelse til handel eller offentliggørelsen af købs- og salgspriser bør ikke i sig selv betragtes som et udbud til offentligheden af kryptoaktiver. En sådan optagelse eller offentliggørelse bør kun udgøre et udbud til offentligheden af kryptoaktiver, hvis den omfatter en meddelelse, der udgør et udbud til offentligheden i henhold til denne forordning.
(29)
Selv om nogle udbud af kryptoaktiver, bortset fra aktivbaserede tokens eller e-pengetokens, er undtaget fra forskellige krav i denne forordning, finder EU-retsakter, der sikrer forbrugerbeskyttelse, såsom Europa-Parlamentets og Rådets direktiv 2005/29/EF 
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 eller Rådets direktiv 93/13/EØF 
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, herunder eventuelle oplysningskrav heri, fortsat anvendelse på udbud til offentligheden af kryptoaktiver, hvis de vedrører forholdet mellem virksomheder og forbrugere.
(30)
Hvis et udbud til offentligheden vedrører utility tokens for varer, der endnu ikke findes, eller tjenester, der endnu ikke er operationelle, bør varigheden af udbuddet til offentligheden som beskrevet i hvidbogen om kryptoaktiver ikke overstige 12 måneder. Denne begrænsning af varigheden af udbuddet til offentligheden er uafhængig af det tidspunkt, hvor varerne eller tjenesterne opstår eller bliver operationelle og kan anvendes af indehaveren af en utility token efter udløbet af udbuddet til offentligheden.
(31)
For at gøre det muligt med et tilsyn bør udbydere og personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, inden afgivelse af ethvert udbud af kryptoaktiver til offentligheden i Unionen eller før optagelsen til handel af disse kryptoaktiver give meddelelse om deres hvidbog om kryptoaktiver og, efter den kompetente myndigheds anmodning, deres markedsføringskommunikation til den kompetente myndighed i den medlemsstat, hvor de har deres registrerede hjemsted, eller, hvis de ikke har et registreret hjemsted i Unionen, i den medlemsstat, hvor de har en filial. Udbydere, der er etableret i et tredjeland, bør give meddelelse om deres hvidbog om kryptoaktiver og, efter den kompetente myndigheds anmodning, deres markedsføringskommunikation til den kompetente myndighed i den medlemsstat, hvor de har til hensigt at udbyde kryptoaktiverne.
(32)
Operatøren af en handelsplatform bør være ansvarlig for at opfylde kravene i denne forordnings afsnit II, hvor kryptoaktiver er optaget til handel på dennes eget initiativ, og hvidbogen om kryptoaktiver ikke allerede er blevet offentliggjort i de tilfælde, der er fastsat i denne forordning. Operatøren af en handelsplatform bør også være ansvarlig for at overholde nævnte krav, hvor den har indgået en skriftlig aftale herom med den person, der anmoder om optagelse til handel. Den person, der anmoder om optagelse til handel, bør fortsat være ansvarlig, når vedkommende giver operatøren af handelsplatformen vildledende oplysninger. Den person, der anmoder om optagelse til handel, bør også fortsat være ansvarlig med hensyn til forhold, der ikke er uddelegeret til operatøren af handelsplatformen.
(33)
Med henblik på at undgå unødige administrative byrder bør de kompetente myndigheder ikke være forpligtet til at godkende en hvidbog om kryptoaktiver før dennes offentliggørelse. De kompetente myndigheder bør dog have beføjelse til at anmode om ændringer af hvidbogen om kryptoaktiver og af markedsføringskommunikation og om nødvendigt til at anmode om, at der indgår yderligere oplysninger i hvidbogen om kryptoaktiver.
(34)
De kompetente myndigheder bør kunne suspendere eller forbyde et udbud til offentligheden af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, eller optagelse til handel af sådanne kryptoaktiver, hvis et sådant udbud til offentligheden eller en sådan optagelse til handel ikke opfylder de gældende krav i denne forordning, herunder når hvidbogen om kryptoaktiver eller markedsføringskommunikationen ikke er reel eller klar eller er vildledende. De kompetente myndigheder bør også have beføjelse til at offentliggøre en advarsel om, at udbyderen eller den person, der anmoder om optagelse til handel, ikke har formået at opfylde disse krav, enten på dennes websted eller ved en pressemeddelelse.
(35)
Hvidbøger om kryptoaktiver, hvorom der er givet behørig meddelelse til en kompetent myndighed, og markedsføringskommunikationen bør offentliggøres. Efter en sådan offentliggørelse bør udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel, have lov til at udbyde disse kryptoaktiver i hele Unionen og søge om optagelse til handel af disse kryptoaktiver i Unionen.
(36)
Udbydere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, bør sørge for at have effektive ordninger med henblik på overvågning og beskyttelse af de midler eller andre kryptoaktiver, der er fremkommet i forbindelse med udbuddet til offentligheden. Disse ordninger bør også sikre, at alle midler eller andre kryptoaktiver, der indsamles fra indehavere eller potentielle indehavere, returneres behørigt så hurtigt som muligt, hvis et udbud til offentligheden annulleres af en eller anden grund. Udbyderen bør sørge for, at de midler eller andre kryptoaktiver, der indsamles i forbindelse med udbuddet til offentligheden, sikres af en tredjepart.
(37)
For yderligere at sikre beskyttelsen af private indehavere af kryptoaktiver bør private indehavere, der erhverver kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, direkte fra udbyderen eller en udbyder af kryptoaktivtjenester, der placerer kryptoaktiver på udbyderens vegne, indrømmes fortrydelsesret i en periode på 14 dage efter erhvervelsen. For at sikre en uproblematisk gennemførelse af et tidsbegrænset udbud til offentligheden af kryptoaktiver bør fortrydelsesretten ikke udøves af privat indehavere efter tegningsperiodens udløb. Endvidere bør fortrydelsesretten ikke gælde, hvis kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel forud for den private indehavers køb, da prisen på disse kryptoaktiver i så fald afhænger af udsvingene på markederne for kryptoaktiver. Hvis den private indehaver har fortrydelsesret i henhold til denne forordning, bør fortrydelsesretten i henhold til Europa-Parlamentets og Rådets direktiv 2002/65/EF 
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 ikke finde anvendelse.
(38)
Udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel, bør handle ærligt, redeligt og professionelt og bør kommunikere med indehaverne og de potentielle indehavere af kryptoaktiver på en reel, klar og ikke vildledende måde og bør fastlægge, forebygge, håndtere og oplyse om interessekonflikter og have effektive administrative ordninger til at sikre, at deres system- og sikkerhedsprotokoller opfylder EU's standarder. For at bistå de kompetente myndigheder med deres tilsynsopgaver bør ESMA i tæt samarbejde med EBA have mandat til at udstede retningslinjer for disse system- og sikkerhedsprotokoller med henblik på yderligere at specificere disse EU-standarder.
(39)
For yderligere at beskytte indehavere af kryptoaktiver bør reglerne om civilretligt ansvar finde anvendelse på udbydere og personer, der anmoder om optagelse til handel, samt medlemmerne af deres ledelsesorgan for så vidt angår de oplysninger, der gives til offentligheden gennem hvidbogen om kryptoaktiver.
(40)
Aktivbaserede tokens kan i vidt omfang anvendes af indehavere til at overføre værdier eller som vekslingsmiddel og udgør dermed en øget risiko med hensyn til beskyttelse af indehavere af kryptoaktiver, særlig private indehavere, og med hensyn til markedsintegritet i forhold til andre kryptoaktiver. Udstedere af aktivbaserede tokens bør derfor være underlagt strengere krav end udstedere af andre kryptoaktiver.
(41)
Hvis et kryptoaktiv falder ind under definitionen af aktivbaserede tokens eller e-pengetokens, bør denne forordnings afsnit III eller IV finde anvendelse, uanset hvordan udstederen har til hensigt at udforme kryptoaktivet, herunder mekanismen til opretholdelse af en stabil værdi af kryptoaktivet. Det samme gælder såkaldte algoritmiske »stablecoins«, der har til formål at opretholde en stabil værdi i forhold til en officiel valuta eller i forhold til et eller flere aktiver ved hjælp af protokoller, der giver mulighed for at øge eller mindske udbuddet af disse kryptoaktiver som reaktion på ændringer i efterspørgslen. Udbydere eller personer, der anmoder om optagelse til handel af algoritmiske kryptoaktiver, der ikke har til formål at stabilisere kryptoaktivernes værdi ved at henvise til et eller flere aktiver, bør under alle omstændigheder overholde denne forordnings afsnit II.
(42)
For at sikre et korrekt tilsyn med og overvågning af de udbud til offentligheden, der er baseret på aktivbaserede tokens, bør udstedere af aktivbaserede tokens have et registreret hjemsted i Unionen.
(43)
Udbud af aktivbaserede tokens til offentligheden i Unionen eller anmodning om optagelse til handel af disse kryptoaktiver bør kun være mulig, hvis den kompetente myndighed har meddelt tilladelse til udstederen af disse kryptoaktiver og har godkendt den relevante hvidbog om kryptoaktiver. Kravet om tilladelse bør dog ikke gælde, hvis de aktivbaserede tokens udelukkende er rettet mod kvalificerede investorer, eller hvis udbuddet til offentligheden af aktivbaserede tokens ligger under 5 000 000 EUR. I disse tilfælde bør det stadig kræves, at udstederen af de aktivbaserede tokens skal udarbejde en hvidbog om kryptoaktiver for at informere købere om karakteristika og risici ved de aktivbaserede tokens og også skal give meddelelse om hvidbogen om kryptoaktiver til den relevante kompetente myndighed inden offentliggørelsen heraf.
(44)
Kreditinstitutter, der er meddelt tilladelse i henhold til direktiv 2013/36/EU, bør ikke have behov for yderligere tilladelse i henhold til denne forordning for at udbyde eller anmode om optagelse til handel af aktivbaserede tokens. De nationale procedurer, der er fastsat i nævnte direktiv, bør finde anvendelse, men bør suppleres med et krav om at underrette den kompetente myndighed i hjemlandet, der er udpeget i henhold til denne forordning, om de elementer, der gør det muligt for denne myndighed at kontrollere udstederens evne til at udbyde eller anmode om optagelse til handel af aktivbaserede tokens. Kreditinstitutter, der udbyder eller ansøger om optagelse til handel af aktivbaserede tokens, bør være underlagt alle krav, der gælder for udstedere af aktivbaserede tokens, med undtagelse af krav om tilladelse, kapitalgrundlagskrav og godkendelsesproceduren for så vidt angår kvalificerede aktionærer, da disse spørgsmål er omfattet af direktiv 2013/36/EU og af Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 
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. En hvidbog om kryptoaktiver udarbejdet af et sådant kreditinstitut bør godkendes af den kompetente myndighed i hjemlandet inden offentliggørelsen. Kreditinstitutter, der er meddelt tilladelse i henhold til bestemmelserne i national ret til gennemførelse af direktiv 2013/36/EU, og som udbyder eller anmoder om optagelse til handel af aktivbaserede tokens, bør være underlagt de administrative beføjelser, der er fastsat i nævnte direktiv og i henhold til nærværende forordning, herunder en begrænsning af et kreditinstituts forretning og en suspension af eller et forbud mod et udbud til offentligheden af aktivbaserede tokens. Hvis de forpligtelser, der gælder for sådanne kreditinstitutter i henhold til nærværende forordning, overlapper forpligtelserne i direktiv 2013/36/EU, bør kreditinstitutterne opfylde de mere specifikke eller strengere krav og derved sikre, at begge regelsæt overholdes. Meddelelsesproceduren for kreditinstitutter, der har til hensigt at udbyde eller ansøge om optagelse til handel af aktivbaserede tokens i henhold til nærværende forordning, bør ikke berøre bestemmelserne i national ret til gennemførelse af direktiv 2013/36/EU, som fastsætter procedurer for meddelelse af tilladelse til kreditinstitutter til at levere de tjenester, der er opført i bilag I til nævnte direktiv.
(45)
En kompetent myndighed bør på et objektivt og påviseligt grundlag afvise at meddele tilladelse, herunder hvis forretningsmodellen for den ansøgende udsteder af aktivbaserede tokens kan udgøre en alvorlig trussel mod markedsintegriteten, den finansielle stabilitet eller betalingssystemernes smidige funktion. Den kompetente myndighed bør høre EBA, ESMA og ECB, og, hvis udstederen er etableret i en medlemsstat, hvis officielle valuta ikke er euroen, eller hvis den aktivbaserede token henviser til en officiel valuta i en medlemsstat, der ikke er euroen, centralbanken i den pågældende medlemsstat, før der meddeles tilladelse eller gives afslag herpå. EBA's og ESMA's ikkebindende udtalelser bør omhandle klassificeringen af kryptoaktivet, mens ECB og, hvor det er relevant, centralbanken i den berørte medlemsstat bør afgive en udtalelse til den kompetente myndighed om risiciene for den finansielle stabilitet, betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet. De kompetente myndigheder bør afvise at meddele tilladelse i tilfælde, hvor ECB eller centralbanken i en medlemsstat afgiver en negativ udtalelse med henvisning til risiciene mod betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet. Hvis der meddeles tilladelse til en ansøgende udsteder af aktivbaserede tokens, bør den hvidbog om kryptoaktiver, der er udarbejdet af den pågældende udsteder, også anses for at være godkendt. Den kompetente myndigheds tilladelse bør være gyldig i hele Unionen og bør give udstederen af aktivbaserede tokens mulighed for at udbyde disse kryptoaktiver på det indre marked og anmode om optagelse til handel. På samme måde bør denne hvidbog om kryptoaktiver også gælde i hele Unionen uden mulighed for, at medlemsstaterne kan indføre yderligere krav.
(46)
I flere tilfælde, hvor ECB høres i henhold til denne forordning, bør dens udtalelse være bindende, for så vidt som den forpligter en kompetent myndighed til at afvise, inddrage eller begrænse en tilladelse hos udbyderen af aktivbaserede tokens eller til at pålægge udstederen af aktivbaserede tokens specifikke foranstaltninger. Artikel 263, stk. 1, i TEUF fastsætter, at Den Europæiske Unions Domstol (»Domstolen«) prøver lovligheden af retsakter vedtaget af ECB, bortset fra henstillinger og udtalelser. Det skal imidlertid bemærkes, at det er op til Domstolen at fortolke denne bestemmelse i lyset af indholdet og virkningerne af en udtalelse fra ECB.
(47)
Af hensyn til beskyttelsen af private indehavere bør udstedere af aktivbaserede tokens altid give indehavere af aktivbaserede tokens fuldstændige, reelle, klare og ikkevildledende oplysninger. Hvidbøger om kryptoaktiver for aktivbaserede tokens bør indeholde oplysninger om stabiliseringsmekanismen, om investeringspolitikken for reservebeholdningen, om deponeringsordningerne for reservebeholdningen og om indehavernes rettigheder.
(48)
Ud over oplysningerne i hvidbogen om kryptoaktiver bør udstedere af aktivbaserede tokens også løbende give indehavere af sådanne tokens oplysninger. De bør navnlig på deres websted offentliggøre værdien af de aktivbaserede tokens, der er i omløb, samt værdien og sammensætningen af reservebeholdningen. Udstedere af aktivbaserede tokens bør også offentliggøre enhver hændelse, der har eller formodes at have en betydelig indvirkning på værdien af de aktivbaserede tokens eller på reservebeholdningen, uanset om disse kryptoaktiver er optaget til handel.
(49)
Af hensyn til beskyttelsen af private indehavere bør udstedere af aktivbaserede tokens altid handle ærligt, redeligt og professionelt og i den bedste interesse for indehavere af aktivbaserede tokens. Udstedere af aktivbaserede tokens bør også indføre en klar procedure for behandling af klager modtaget fra indehavere af aktivbaserede tokens.
(50)
Udstedere af aktivbaserede tokens bør indføre en politik til at fastlægge, forebygge, håndtere og oplyse om interessekonflikter, der kan opstå som følge af deres forbindelser med deres aktionærer eller selskabsdeltagere eller med alle aktionærer eller selskabsdeltagere, som direkte eller indirekte har en kvalificeret deltagelse i udstederen, eller med medlemmerne af deres ledelsesorgan, deres ansatte, indehavere af aktivbaserede tokens eller tredjepartstjenesteudbydere.
(51)
Udstedere af aktivbaserede tokens bør have solide ledelsesordninger, herunder en klar organisatorisk struktur med en veldefineret, gennemskuelig og konsekvent ansvarsfordeling og effektive procedurer til at identificere, styre, overvåge og indberette de risici, som de er eller kan blive udsat for. Medlemmerne af ledelsesorganet hos sådanne udstedere bør være egnede og hæderlige og bør navnlig ikke være dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme eller for andre lovovertrædelser, som kan rejse tvivl om deres gode omdømme. De aktionærer eller selskabsdeltagere, det være sig fysiske eller juridiske personer, der direkte eller indirekte besidder kvalificerede andele i sådanne udstedere, bør have et tilstrækkeligt godt omdømme og bør navnlig ikke være blevet dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme eller for andre lovovertrædelser, som kan rejse tvivl om deres gode omdømme. Udstedere af aktivbaserede tokens bør også anvende ressourcer, der står i et rimeligt forhold til omfanget af deres aktiviteter, og bør altid sikre kontinuitet og regelmæssighed i udførelsen af deres aktiviteter. Med henblik herpå bør udstedere af aktivbaserede tokens fastlægge en politik for forretningskontinuitet, der i tilfælde af en afbrydelse af deres systemer og procedurer søger at sikre udførelsen af deres centrale aktiviteter i forbindelse med de aktivbaserede tokens. Udstedere af aktivbaserede tokens bør også have en stærk intern kontrol- og risikovurderingsmekanisme samt et system, der sikrer integriteten og fortroligheden af de oplysninger, der modtages. Disse forpligtelser har til formål at sikre beskyttelsen af indehavere af aktivbaserede tokens, navnlig private indehavere, uden at skabe unødvendige hindringer.
(52)
Udstedere af aktivbaserede tokens er som regel kernen i et netværk af enheder, der sikrer udstedelsen af sådanne kryptoaktiver, deres overførsel og distribution til indehavere. Udstedere af aktivbaserede tokens bør derfor være forpligtet til at indgå og ajourføre passende kontraktordninger med tredjepartsenheder for at sikre stabiliseringsmekanismen og investeringen af den reservebeholdning, som understøtter værdien af tokens, deponeringen af en sådan reservebeholdning og, hvor det er relevant, distributionen af aktivbaserede tokens til offentligheden.
(53)
For at imødegå risiciene for den finansielle stabilitet i det bredere finansielle system bør udstedere af aktivbaserede tokens være underlagt kapitalgrundlagskrav. Disse krav bør stå i et rimeligt forhold til omfanget af udstedelsen af de aktivbaserede tokens og beregnes derfor som en procentdel af værdien af den reserve af aktiver, der understøtter værdien af de aktivbaserede tokens. De kompetente myndigheder bør imidlertid være i stand til at øge omfanget af det kapitalgrundlag, der kræves på grundlag af bl.a. vurderingen af udstederens risikostyringsprocesser og interne kontrolmekanismer, kvaliteten og volatiliteten i forbindelse med den reservebeholdning, der understøtter de aktivbaserede tokens, eller den samlede værdi og antallet af transaktioner, der er udført i aktivbaserede tokens.
(54)
Til dækning af deres ansvar over for indehavere af aktivbaserede tokens bør udstedere af aktivbaserede tokens oprette og opretholde en reserve af aktiver, som modsvarer de risici, der er afspejlet i det pågældende ansvar. Reserven af aktiver bør anvendes til gavn for indehavere af aktivbaserede tokens, hvis udstederen ikke er i stand til at overholde sine forpligtelser i forhold til indehaverne såsom ved insolvens. Reserven af aktiver bør sammensættes og forvaltes på en sådan måde, at markeds- og valutarisici er dækket. Udstedere af aktivbaserede tokens bør sikre den forsigtige forvaltning af reserven af aktiver og bør især sikre, at værdien af reserven som minimum beløber sig til den tilsvarende værdi af tokens i omløb, og at ændringer i reserven forvaltes hensigtsmæssigt for at undgå negative virkninger på markedet for reservebeholdninger. Udstedere af aktivbaserede tokens bør derfor have klare og detaljerede politikker, der bl.a. beskriver sammensætning af reserven af aktiver, aktivernes fordeling, den samlede vurdering af de risici, der opstår som følge af reservebeholdningen, proceduren for udstedelse og genindløsning af aktivbaserede tokens, proceduren med henblik på at øge og mindske reservebeholdningen og, hvis reservebeholdningen investeres, den investeringspolitik, som udsteder følger. Udstedere af aktivbaserede tokens, der markedsføres både i Unionen og i tredjelande, bør sikre, at deres reserve af aktiver er til rådighed til dækning af udstedernes ansvar over for indehavere i Unionen. Kravet om at holde reserven af aktiver hos selskaber, der er omfattet af EU-retten, bør derfor finde anvendelse i forhold til den andel af aktivbaserede tokens, der forventes at blive markedsført i Unionen.
(55)
For at forebygge risikoen for tab af aktivbaserede tokens og for at bevare værdien af disse aktiver, bør udstedere af aktivbaserede tokens have en passende politik for deponeringen af deres reservebeholdning. Denne politik bør sikre, at reservebeholdningen til enhver tid holdes adskilt fra udstederens egne aktiver, at reservebeholdningen ikke er behæftet eller pantsat som sikkerhed, og at udstederen af aktivbaserede tokens har øjeblikkelig adgang til denne reservebeholdning. Reservebeholdningen bør alt efter dennes art opbevares i depot af en udbyder af kryptoaktivtjenester, af et kreditinstitut, som er meddelt tilladelse i henhold til direktiv 2013/36/EU, eller af et investeringsselskab, som er meddelt tilladelse i henhold til direktiv 2014/65/EU. Dette bør ikke udelukke muligheden for at delegere opbevaringen af fysiske aktiver til en anden enhed. Udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber, der fungerer som depotforvaltere af reservebeholdninger, bør være ansvarlige over for udsteder eller indehavere af de aktivbaserede tokens for tabet af en sådan reservebeholdning, medmindre de godtgør, at et sådant tab er opstået som følge af en ekstern begivenhed uden for deres rimelige kontrol. Koncentration af depotforvalterne af reservebeholdningen bør undgås. I visse situationer kan dette imidlertid være umuligt, fordi der mangler egnede alternativer. I sådanne tilfælde bør en midlertidig koncentration anses for acceptabel.
(56)
For at beskytte indehaverne af aktivbaserede tokens mod et fald i værdien af de aktiver, som understøtter værdien af disse tokens, bør udstedere af aktivbaserede tokens kun investere reservebeholdningen i sikre aktiver med lav risiko og med minimal markeds-, koncentrations- og kreditrisiko. Da aktivbaserede tokens kan anvendes som vekslingsmiddel, bør alle gevinster eller tab, der opstår som følge af investeringen af reservebeholdningen, bæres af udstederen af de aktivbaserede tokens.
(57)
Indehavere af aktivbaserede tokens bør have en permanent genindløsningsret, således at udstederen til enhver tid er forpligtet til at genindløse de aktivbaserede tokens efter anmodning fra indehavere af de aktivbaserede tokens. Udstederen af aktivbaserede tokens bør genindløse enten ved at betale et beløb i andre midler end elektroniske penge svarende til markedsværdien af de aktiver, som de aktivbaserede tokens henviser til, eller ved at levere de aktiver, som tokenerne henviser til. Udstederen af aktivbaserede tokens bør altid give indehaveren mulighed for at genindløse de aktivbaserede tokens med andre midler end elektroniske penge i den samme officielle valuta, som udstederen accepterede ved salget af tokenerne. Udstederen bør give tilstrækkeligt detaljerede og letforståelige oplysninger om de forskellige former for genindløsning, der er til rådighed.
(58)
For at mindske risikoen for, at aktivbaserede tokens anvendes som et værdilagringsmiddel, bør udstedere af aktivbaserede tokens og udbydere af kryptoaktivtjenester, når de leverer kryptoaktivtjenester i forbindelse med aktivbaserede tokens, ikke indrømme indehavere af aktivbaserede tokens rentetilskrivning for den tidsperiode, i hvilken sådanne indehavere har disse aktivbaserede tokens.
(59)
Aktivbaserede tokens og e-pengetokens bør betragtes som signifikante, når de opfylder eller sandsynligvis vil opfylde visse kriterier, herunder et stort kundegrundlag, en stor markedskapitalisering eller et stort antal transaktioner. De kan i så fald anvendes af et stort antal indehavere, og anvendelsen af dem kan give anledning til særlige udfordringer med hensyn til den finansielle stabilitet, den pengepolitiske transmission eller den monetære suverænitet. Disse signifikante aktivbaserede tokens og e-pengetokens bør derfor være underlagt strengere krav end aktivbaserede tokens eller e-pengetokens, der ikke betragtes som signifikante. Udstedere af signifikante aktivbaserede tokens bør navnlig være underlagt højere kapitalkrav og interoperabilitetskrav, og de bør indføre en likviditetsstyringspolitik. Kommissionen bør som led i sin evaluering af anvendelsen af denne forordning vurdere, om tærsklerne for at klassificere en aktivbaseret token eller e-pengetoken som signifikante er passende. Denne evaluering bør eventuelt ledsages af et lovgivningsforslag.
(60)
Det er vigtigt at have en samlet overvågning af hele økosystemet af udstedere af aktivbaserede tokens for at kunne afgøre sådanne tokens reelle størrelse og indvirkning. For at tage højde for alle de transaktioner, der foregår i forbindelse med en given aktivbaseret token, omfatter overvågningen af sådanne tokens derfor overvågning af alle transaktioner, der foregår, hvad enten de foregår på distributed ledger'en (»på kæden«) eller uden for distributed ledger'en (»uden for kæden«), herunder transaktioner mellem kunder hos den samme udbyder af kryptoaktivtjenester.
(61)
Det er særlig vigtigt at vurdere transaktioner, der foregår med aktivbaserede tokens og knytter sig til anvendelse som vekslingsmiddel i et fælles valutaområde, nemlig dem, der knytter sig til betaling af gæld, herunder i forbindelse med transaktioner med handlende. Disse transaktioner bør ikke omfatte transaktioner, der knytter sig til investeringsfunktioner og -tjenester, såsom veksling til midler eller andre kryptoaktiver, medmindre det kan bevises, at den aktivbaserede token anvendes til afvikling af transaktioner i andre kryptoaktiver. Der vil foreligge en anvendelse til afvikling af transaktioner i andre kryptoaktiver i tilfælde, hvor en transaktion, der involverer to elementer af kryptoaktiver, som er forskellige fra de aktivbaserede tokens, afvikles i de aktivbaserede tokens. Hvis aktivbaserede tokens i vid udstrækning anvendes som vekslingsmiddel i et fælles valutaområde, bør udstederne desuden pålægges at reducere aktivitetsniveauet. En aktivbaseret token bør betragtes som værende anvendt i vid udstrækning som vekslingsmiddel, hvis det gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag, der knytter sig til anvendelse som vekslingsmiddel i et fælles valutaområde, overstiger henholdsvis 1 mio. transaktioner og 200 000 000 EUR.
(62)
Hvis aktivbaserede tokens udgør en alvorlig trussel mod betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet, bør centralbankerne kunne anmode den kompetente myndighed om at inddrage tilladelsen hos udbyderen af disse aktivbaserede tokens. Hvis aktivbaserede tokens udgør en trussel mod betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet, bør centralbankerne kunne anmode den kompetente myndighed om at begrænse antallet af de aktivbaserede tokens, der skal udstedes, eller pålægge et mindstebeløb.
(63)
Denne forordning berører ikke national ret om anvendelsen af national og udenlandsk valuta ved operationer mellem valutaindlændinge, som er indført af medlemsstater uden for euroområdet under udøvelsen af deres ret til monetær suverænitet.
(64)
Udstedere af aktivbaserede tokens bør udarbejde en genopretningsplan med foranstaltninger, som udsteder skal træffe med henblik på fornyet opfyldelse af de krav, der gælder for reserven af aktiver, herunder i tilfælde, hvor opfyldelsen af krav om genindløsning skaber midlertidig ubalance i reserven af aktiver. Den kompetente myndighed bør have beføjelse til midlertidigt at suspendere genindløsningen af aktivbaserede tokens for at beskytte rettighederne for indehaverne af de aktivbaserede tokens og den finansielle stabilitet.
(65)
Udstedere af aktivbaserede tokens bør have en plan for en velordnet genindløsning af tokens for at sikre beskyttelsen af rettighederne for indehavere af aktivbaserede tokens, hvis udstederne ikke er i stand til at opfylde deres forpligtelser, herunder i tilfælde af at man ophører med udstedelsen af de aktivbaserede tokens. Hvis udstederen af aktivbaserede tokens er et kreditinstitut eller en enhed, der er omfattet af Europa-Parlamentets og Rådets direktiv 2014/59/EU 
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, bør den kompetente myndighed konsultere den relevante afviklingsmyndighed. Denne afviklingsmyndighed bør kunne gennemgå genindløsningsplanen med henblik på at identificere eventuelle elementer heri, som kunne få en negativ indvirkning på udstederens afviklingsmuligheder, udstederens afviklingsstrategi eller eventuelle handlinger, der er planlagt i udstederens afviklingsplan, og fremsætte henstillinger herom til den kompetente myndighed. I den forbindelse bør afviklingsmyndigheden også kunne overveje, om der er behov for ændringer af afviklingsplanen eller afviklingsstrategien, i overensstemmelse med bestemmelserne i direktiv 2014/59/EU og Europa-Parlamentets og Rådets forordning (EU) nr. 806/2014 
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, alt efter hvad der er relevant. En sådan gennemgang fra afviklingsmyndighedens side bør ikke berøre tilsynsmyndighedens eller afviklingsmyndighedens beføjelser til at træffe kriseforebyggelsesforanstaltninger eller krisestyringsforanstaltninger, alt efter hvad der er relevant.
(66)
Udstedere af e-pengetokens bør godkendes enten som et kreditinstitut i henhold til direktiv 2013/36/EU eller som et e-pengeinstitut i henhold til direktiv 2009/110/EF. E-pengetokens bør anses for at være »elektroniske penge« som defineret i direktiv 2009/110/EF, og deres udstedere bør, medmindre andet er fastsat i denne forordning, opfylde de relevante krav i direktiv 2009/110/EF om adgang til at optage og udøve virksomhed som udsteder af elektroniske penge og tilsyn med en sådan virksomhed og kravene om udstedelse og genindløsning af e-pengetokens. Udstedere af e-pengetokens bør udarbejde en hvidbog om kryptoaktiver og give meddelelse til deres kompetente myndighed herom. Undtagelser vedrørende begrænsede net, vedrørende visse transaktioner foretaget af udbydere af elektroniske kommunikationsnet og vedrørende e-pengeinstitutter, der kun udsteder elektroniske penge inden for et begrænset maksimumbeløb, baseret på den fakultative undtagelse i direktiv 2009/110/EF, bør også gælde for e-pengetokens. Udstedere af e-pengetokens bør dog pålægges at udarbejde en hvidbog om kryptoaktiver med henblik på at oplyse købere om e-pengetokens karakteristika og risici og bør også pålægges at give meddelelse om hvidbogen om kryptoaktiver til den kompetente myndighed inden offentliggørelsen heraf.
(67)
Indehavere af e-pengetokens bør have et krav mod udstederen af e-pengetokens. Indehavere af e-pengetokens bør altid indrømmes en ret til genindløsning til pariværdi over for midler i den officielle valuta, som det pågældende e-pengetoken henviser til. Bestemmelserne i direktiv 2009/110/EF om muligheden for at opkræve et gebyr i forbindelse med genindløsning er ikke relevante i forbindelse med e-pengetokens.
(68)
For at mindske risikoen for, at e-pengetokens anvendes som et værdilagringsmiddel, bør udstedere af e-pengetokens og udbydere af kryptoaktivtjenester, når de leverer kryptoaktivtjenester i forbindelse med e-pengetokens, ikke indrømme indehavere af e-pengetokens rentetilskrivning, herunder rentetilskrivning, der ikke er relateret til den tidsperiode, i hvilken sådanne indehavere har disse e-pengetokens.
(69)
Hvidbogen om kryptoaktiver, der er udarbejdet af en udsteder af e-pengetokens, bør indeholde alle de oplysninger vedrørende den pågældende udsteder og udbuddet af e-pengetokens eller optagelse til handel heraf, som er nødvendige for at sætte potentielle købere i stand til at træffe en informeret købsbeslutning og forstå de risici, der er forbundet med udbuddet af e-pengetokens. Hvidbogen om kryptoaktiver bør også udtrykkeligt henvise til retten for indehavere af e-pengetokens til at genindløse deres e-pengetokens mod midler i den officielle valuta, som e-pengetokenerne henviser til, til pariværdi og til enhver tid.
(70)
Hvis en udsteder af e-pengetokens investerer de midler, denne har modtaget til gengæld for e-pengetokens, bør sådanne midler investeres i aktiver med samme officielle valuta som den, den pågældende e-pengetoken henviser til, for at undgå valutarisici.
(71)
Signifikante e-pengetokens kan udgøre større risici for den finansielle stabilitet end e-pengetokens, som ikke er signifikante, og traditionelle elektroniske penge. Udstedere af signifikante e-pengetokens, som er e-pengeinstitutter, bør derfor være underlagt yderligere krav. Sådanne udstedere af signifikante e-pengetokens bør navnlig være underlagt højere kapitalkrav end udstedere af andre e-pengetokens, være underlagt interoperabilitetskrav og indføre en likviditetsstyringspolitik. De bør også opfylde nogle af de samme krav, som gælder for udstedere af aktivbaserede tokens med hensyn til reserven af aktiver, f.eks. sådanne vedrørende deponering og investering af reserven af aktiver. Disse krav til udstedere af signifikante e-pengetokens bør finde anvendelse i stedet for artikel 5 og 7 i direktiv 2009/110/EF. Eftersom nævnte bestemmelser i direktiv 2009/110/EF ikke finder anvendelse på kreditinstitutter, når de udsteder e-penge, bør de yderligere krav til signifikante e-pengetokens i henhold til denne forordning heller ikke gøre det.
(72)
Udstedere af e-pengetokens bør have indført genopretnings- og genindløsningsplaner for at sikre beskyttelsen af rettighederne for indehavere af e-pengetokens, når udstedere ikke er i stand til at opfylde deres forpligtelser.
(73)
I de fleste medlemsstater er levering af kryptoaktivtjenester endnu ikke reguleret på trods af de potentielle risici, som de udgør for investorbeskyttelsen, markedsintegriteten og den finansielle stabilitet. For at imødegå sådanne risici fastsætter denne forordning operationelle, organisatoriske og tilsynsmæssige krav på EU-plan, der finder anvendelse på udbydere af kryptoaktivtjenester.
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Med henblik på at muliggøre et effektivt tilsyn og fjerne muligheden for at unddrage sig eller omgå tilsyn bør kryptoaktivtjenester kun leveres af juridiske personer, der har et vedtægtsmæssigt hjemsted i en medlemsstat, hvor de udøver væsentlige forretningsaktiviteter, herunder levering af kryptoaktivtjenester. Virksomheder, der ikke er juridiske personer, såsom kommercielle partnerskaber, bør på visse betingelser også kunne levere kryptoaktivtjenester. Det er afgørende, at udbydere af kryptoaktivtjenester opretholder en reel forvaltning af deres aktiviteter i Unionen for at undgå at underminere et effektivt tilsyn og sikre håndhævelsen af krav i medfør af denne forordning, som har som formål at sikre investorbeskyttelsen, markedsintegriteten og den finansielle stabilitet. Regelmæssig tæt direkte kontakt mellem tilsynsmyndighederne og de ansvarlige ledere af udbydere af kryptoaktivtjenester bør være et væsentligt element i et sådant tilsyn. Udbydere af kryptoaktivtjenester bør derfor have deres faktiske hovedsæde i Unionen, og mindst et medlem af ledelsen skal være bosiddende i Unionen. Ved det faktiske hovedsæde forstås det sted, hvor de centrale ledelsesmæssige og kommercielle beslutninger, der er nødvendige for at drive forretningen, træffes.
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Denne forordning bør ikke berøre muligheden for, at personer med hjemsted i Unionen, på eget initiativ kan modtage kryptoaktivtjenester leveret af en tredjelandsvirksomhed. Når en tredjelandsvirksomhed leverer kryptoaktivtjenester på initiativ af en person med hjemsted i Unionen, bør disse kryptoaktivtjenester ikke anses for at være leveret på Unionens område. Når en tredjelandsvirksomhed opsøger kunder eller potentielle kunder i Unionen eller markedsfører kryptoaktivtjenester eller -aktiviteter i Unionen, bør dens tjenester ikke anses for at være kryptoaktivtjenester, som leveres udelukkende på kundens eget initiativ. I et sådant tilfælde bør tredjelandsvirksomheden godkendes som en udbyder af kryptoaktivtjenester.
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I betragtning af, at udbyderne af kryptoaktivtjenester hidtil har været forholdsvis små, bør beføjelsen til at tillade og føre tilsyn med sådanne tjenesteudbydere overdrages til de nationale kompetente myndigheder. En tilladelse som kryptoaktivtjenesteudbyder bør meddeles, afslås eller inddrages af den kompetente myndighed i den medlemsstat, hvor enheden har sit vedtægtsmæssige hjemsted. Når der meddeles en tilladelse, bør den angive de kryptoaktivtjenester, for hvilke kryptoaktivtjenesteudbyderen er meddelt tilladelse, og gælde for hele Unionen.
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For at sikre den fortsatte beskyttelse af Unionens finansielle system mod risiciene for hvidvask af penge og finansiering af terrorisme er det nødvendigt at sikre, at udbydere af kryptoaktivtjenester foretager øget kontrol af finansielle transaktioner, som involverer kunder og finansielle institutioner fra tredjelande, der er opført som højrisikotredjelande, fordi de er jurisdiktioner med strategiske mangler i deres nationale ordninger for bekæmpelse af hvidvask af penge og finansiering af terrorisme, der i væsentlig grad truer Unionens finansielle system, som omhandlet i Europa-Parlamentets og Rådets direktiv (EU) 2015/849 
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Visse virksomheder, der er omfattet af EU-retsakter om finansielle tjenesteydelser, bør have lov til at levere alle eller nogle kryptoaktivtjenester uden at skulle indhente tilladelse som kryptoaktivtjenesteudbyder i henhold til denne forordning, hvis de giver deres kompetente myndigheder visse oplysninger, før de leverer disse tjenester for første gang. I sådanne tilfælde bør disse virksomheder anses for at være kryptoaktivtjenesteudbydere, og de relevante administrative beføjelser som fastsat i denne forordning, herunder beføjelsen til at suspendere eller forbyde visse kryptoaktivtjenester, bør finde anvendelse på dem. Disse virksomheder bør være underlagt alle de krav, der gælder for kryptoaktivtjenesteudbydere i henhold til denne forordning, med undtagelse af krav om tilladelse, kapitalgrundlagskrav og godkendelsesproceduren vedrørende aktionærer og selskabsdeltagere, som besidder kvalificerede andele, da disse spørgsmål er omfattet af de respektive EU-retsakter, i henhold til hvilke de blev meddelt tilladelse. Meddelelsesproceduren for kreditinstitutter, der har til hensigt at levere kryptoaktivtjenester i henhold til denne forordning, bør ikke berøre bestemmelserne i national ret til gennemførelse af direktiv 2013/36/EU, som fastsætter procedurer for meddelelse af tilladelse til kreditinstitutter til at levere de tjenester, der er opført i bilag I til nævnte direktiv.
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Af hensyn til forbrugerbeskyttelsen, markedsintegriteten og den finansielle stabilitet bør udbydere af kryptoaktivtjenester altid handle ærligt, redeligt og professionelt og i deres kunders bedste interesse. Kryptoaktivtjenester bør betragtes som »finansielle tjenesteydelser« som defineret i direktiv 2002/65/EF, når de opfylder kriterierne i nævnte direktiv. Ved fjernsalg bør kontrakterne mellem udbydere af kryptoaktivtjenester og forbrugere også være omfattet af direktiv 2002/65/EF, medmindre andet udtrykkeligt er fastsat i denne forordning. Udbydere af kryptoaktivtjenester bør give deres kunder fuldstændige, reelle, klare og ikkevildledende oplysninger og advare dem om de risici, der er forbundet med kryptoaktiver. Udbydere af kryptoaktivtjenester bør offentliggøre deres prispolitikker, indføre klagebehandlingsprocedurer og have en effektiv politik til identificering, forebyggelse, håndtering og oplysning i forbindelse med interessekonflikter.
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Af hensyn til forbrugerbeskyttelsen bør udbydere af kryptoaktivtjenester, der er meddelt tilladelse i henhold til denne forordning, opfylde visse tilsynsmæssige krav. Disse tilsynsmæssige krav bør fastsættes som et fast beløb eller stå i forhold til de faste omkostninger for det foregående år, afhængigt af hvilke typer tjenester de leverer.
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Udbydere af kryptoaktivtjenester bør være underlagt strenge organisatoriske krav. Medlemmerne af ledelsesorganet hos udbydere af kryptoaktivtjenester bør være egnede og hæderlige og bør navnlig ikke være dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme eller for andre lovovertrædelser, som kan rejse tvivl om deres gode omdømme. De aktionærer eller selskabsdeltagere, det være sig fysiske eller juridiske personer, der direkte eller indirekte besidder kvalificerede andele i udbydere af kryptoaktivtjenester, bør have et tilstrækkeligt godt omdømme og bør navnlig ikke være blevet dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme eller for andre lovovertrædelser, som kan indvirke på deres gode omdømme. Hvis den indflydelse, som udøves af aktionærer og selskabsdeltagere, der besidder kvalificerede andele i udbydere af kryptoaktivtjenester, sandsynligvis vil være til skade for en sund og forsigtig forvaltning af kryptoaktivtjenesteudbyderen under hensyntagen til bl.a. deres tidligere aktiviteter, risikoen for, at de deltager i ulovlige aktiviteter, eller et tredjelands regerings indflydelse eller kontrol, bør de kompetente myndigheder desuden have beføjelse til at imødegå disse risici. Udbydere af kryptoaktivtjenester bør beskæftige ledelse og personale med passende viden, kvalifikationer og ekspertise og bør tage alle rimelige skridt til at udføre deres funktioner, herunder gennem udarbejdelsen af en forretningskontinuitetsplan. De bør have velfungerende interne kontrol- og risikovurderingsmekanismer samt passende systemer og procedurer til sikring af integriteten og fortroligheden af de oplysninger, de modtager. Udbydere af kryptoaktivtjenester bør have passende ordninger til registrering af alle de transaktioner, ordrer og tjenester i forbindelse med kryptoaktivtjenester, som de leverer. De bør også have indført systemer til påvisning af potentielt markedsmisbrug begået af kunder.
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For at garantere beskyttelsen af deres kunder bør udbydere af kryptoaktivtjenester have passende ordninger, der skal beskytte kundernes ejendomsrettigheder i forbindelse med kryptoaktiver, som de har. Såfremt deres forretningsmodel kræver, at de har midler som defineret i direktiv (EU) 2015/2366 i form af pengesedler, mønter, kontopenge eller elektroniske penge, der tilhører deres kunder, bør udbydere af kryptoaktivtjenester placere sådanne midler hos et kreditinstitut eller en centralbank, hvis der er adgang til en konto hos centralbanken. Udbydere af kryptoaktivtjenester bør kun kunne foretage betalingstransaktioner i forbindelse med de kryptoaktivtjenester, de tilbyder, hvis de er meddelt tilladelse som betalingsinstitut i overensstemmelse med nævnte direktiv.
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Afhængigt af hvilke tjenester de leverer, og som følge af de specifikke risici, der er forbundet med hver type tjeneste, bør udbydere af kryptoaktivtjenester være underlagt krav, der er specifikke for disse tjenester. Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, bør indgå en aftale med deres kunder med visse bindende bestemmelser og bør fastlægge og gennemføre en politik om deponering, som efter anmodning bør stilles til rådighed for kunderne i et elektronisk format. En sådan aftale bør bl.a. præcisere arten af den leverede tjeneste, hvilket kan omfatte opbevaring af kryptoaktiver, der tilhører kunder, eller metoderne til adgang til sådanne kryptoaktiver, i hvilket tilfælde kunden kan bevare kontrollen over kryptoaktiverne i depot. Alternativt kan kryptoaktiverne eller metoderne til adgang til dem overføres under kryptoaktivtjenesteudbyderens fulde kontrol. Kryptoaktivtjenesteudbydere, der opbevarer kryptoaktiver, som tilhører kunder, eller metoderne til adgang til sådanne kryptoaktiver, bør sikre, at de pågældende kryptoaktiver ikke anvendes for egen regning. Kryptoaktivtjenesteudbyderne bør sikre, at alle opbevarede kryptoaktiver til enhver tid er ubehæftede. Disse udbydere af kryptoaktivtjenester bør også holdes ansvarlige for alle skader, der skyldes en hændelse i forbindelse med informations- og kommunikationsteknologi (»IKT«), herunder hændelser som følge af cyberangreb, tyveri eller eventuelle funktionsfejl. Udbydere af hardware eller software til ikkehostede tegnebøger bør ikke være omfattet af denne forordnings anvendelsesområde.
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For at sikre, at markederne for kryptoaktiver fungerer korrekt, bør de udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, have detaljerede bestemmelser for driften heraf, sikre, at deres systemer og procedurer er tilstrækkeligt modstandsdygtige, være underlagt krav om før- og efterhandelsgennemsigtighedsordninger, der er tilpasset markedet for kryptoaktiver, og på grundlag af objektive kriterier fastsætte gennemsigtige og ikkeforskelsbehandlende regler for adgangen til deres platforme. Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, bør også have en gennemsigtig gebyrstruktur for de tjenester, der ydes, for at undgå afgivelse af ordrer, der kan bidrage til markedsmisbrug eller ureglementerede handelsvilkår. Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, bør kunne afvikle transaktioner, der er gennemført på handelsplatforme på og uden for kæden, og bør sikre rettidig afvikling. Afviklingen af transaktioner bør indledes senest 24 timer efter, at en transaktion er gennemført på handelsplatformen. I tilfælde af afvikling uden for kæden bør afviklingen indledes på samme arbejdsdag, mens afviklingen i tilfælde af afvikling på kæden kan tage længere tid, da den ikke kontrolleres af den kryptoaktivtjenesteudbyder, der driver handelsplatformen.
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Af hensyn til forbrugerbeskyttelsen bør udbydere af kryptoaktivtjenester, der veksler kryptoaktiver til midler eller andre kryptoaktiver ved at anvende deres egen kapital, fastlægge en ikkeforskelsbehandlende handelspolitik. De bør offentliggøre enten bindende prisstillelser eller den metode, de anvender til at fastsætte prisen på de kryptoaktiver, som de ønsker at veksle, og de bør offentliggøre eventuelle grænser, de måtte ønske at fastsætte for det beløb, der skal veksles. De bør også være omfattet af krav om efterhandelsgennemsigtighedsordninger.
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Udbydere af kryptoaktivtjenester, der udfører ordrer om kryptoaktiver på vegne af kunder, bør udarbejde en politik for ordreudførelse og altid søge at opnå det bedst mulige resultat for deres kunder, herunder når de handler som kundens modpart. De bør træffe alle nødvendige foranstaltninger for at undgå, at deres ansatte misbruger oplysninger i forbindelse med kundeordrer. Udbydere af kryptoaktivtjenester, der modtager ordrer og videregiver disse ordrer til andre udbydere af kryptoaktivtjenester, bør indføre procedurer for en hurtig og korrekt fremsendelse af disse ordrer. Udbydere af kryptoaktivtjenester bør ikke modtage penge- eller naturalieydelser for videregivelsen af disse ordrer til en bestemt handelsplatform for kryptoaktiver eller til andre udbydere af kryptoaktivtjenester. De bør overvåge effektiviteten af deres ordreudførelsesordninger og ordreudførelsespolitik, vurdere, om de handelssystemer, der er en del af ordreudførelsespolitikken, giver det bedst mulige resultat for kunden, eller om de skal ændre deres ordreudførelsesordninger, og give de kunder, som de har et løbende kundeforhold med, meddelelse om enhver væsentlig ændring i ordreudførelsesordninger eller ordreudførelsespolitik.
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Når en udbyder af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, er kundens modpart, kan der være ligheder med tjenester i form af veksling af kryptoaktiver til midler eller andre kryptoaktiver. I forbindelse med veksling af kryptoaktiver til midler eller andre kryptoaktiver fastsættes kursen for vekslingen dog frit af udbyderen af kryptoaktivtjenester som en valutaveksling. Ved udførelsen af ordrer vedrørende kryptoaktiver på vegne af kunder bør udbyderen af kryptoaktivtjenester dog altid sørge for, at den opnår det bedst mulige resultat for sin kunde, herunder når den handler som kundens modpart, i overensstemmelse med sin bedste ordreudførelsespolitik. Veksling af kryptoaktiver til midler eller andre kryptoaktiver bør, når den foretages af udstederen eller udbyderen, ikke være en kryptoaktivtjeneste.
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Udbydere af kryptoaktivtjenester, som placerer kryptoaktiver for potentielle indehavere, bør før kontraktindgåelsen oplyse disse personer om, hvordan de har til hensigt at udføre deres tjeneste. For at garantere beskyttelsen af deres kunder bør udbydere af kryptoaktivtjenester, der er meddelt tilladelse til at placere kryptoaktiver, have indført specifikke og passende procedurer til at forebygge, overvåge, håndtere og afsløre eventuelle interessekonflikter, der opstår i forbindelse med placeringen af kryptoaktiverne hos deres egne kunder, og når den foreslåede pris for placering af kryptoaktiver er overvurderet eller undervurderet. Placering af kryptoaktiver på en udbyders vegne bør ikke betragtes som særskilt udbud.
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Af hensyn til forbrugerbeskyttelsen bør de udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, enten efter anmodning fra en tredjepart eller på eget initiativ, eller som yder porteføljepleje af kryptoaktiver, foretage en vurdering af, om disse kryptoaktivtjenester eller kryptoaktiver er egnede for kunderne, under hensyntagen til deres kunders erfaring, viden, mål og evne til at bære tab. Hvis kunderne ikke giver udbydere af kryptoaktivtjenester oplysninger om deres erfaring, viden, mål og evne til at bære tab, eller det er klart, at kryptoaktiverne ikke er egnede for kunderne, bør udbyderne af kryptoaktiver ikke anbefale sådanne kryptoaktiver til de pågældende kunder eller begynde at yde porteføljepleje af kryptoaktiver. I forbindelse med rådgivning om kryptoaktiver bør udbydere af kryptoaktivtjenester give kunderne en rapport, som bør omfatte egnethedsvurderingen, hvori det præciseres, hvilken rådgivning der er ydet, og hvordan den opfylder kundernes præferencer og mål. Når udbydere af kryptoaktivtjenester leverer porteføljepleje af kryptoaktiver, bør de forelægge periodiske rapporter for deres kunder, som bør indeholde en gennemgang af deres aktiviteter og af porteføljens resultater samt en ajourført erklæring om egnethedsvurderingen.
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Nogle kryptoaktivtjenester, navnlig levering af deponering og administration af kryptoaktiver på kunders vegne, placering af kryptoaktiver og tjenester til overførsel af kryptoaktiver på vegne af kunder, kan overlappe betalingstjenester som defineret i direktiv (EU) 2015/2366.
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De værktøjer, som udstedere af elektroniske penge stiller til rådighed for deres kunder til forvaltning af en e-pengetoken, kan ikke nødvendigvis skelnes fra aktivitet vedrørende levering af deponerings- og forvaltningstjenester som reguleret ved denne forordning. E-pengeinstitutter bør derfor kun kunne udbyde deponeringstjenester uden forudgående tilladelse i henhold til denne forordning med henblik på at levere kryptoaktivtjenester i forbindelse med de e-pengetokens, som de udsteder.
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Den virksomhed, som traditionelle distributører af elektroniske penge udøver, nemlig distribution af elektroniske penge på vegne af udstedere, vil svare til at placere kryptoaktiver i henhold til denne forordning. Fysiske eller juridiske personer, der har ret til at distribuere elektroniske penge i henhold til direktiv 2009/110/EF, bør dog også kunne distribuere e-pengetokens på vegne af udstedere af e-pengetokens uden at skulle indhente forudgående tilladelse i henhold til denne forordning til at levere kryptoaktivtjenester. Sådanne distributører bør derfor være undtaget fra kravet om at søge om tilladelse som udbyder af kryptoaktivtjenester med henblik på placering af kryptoaktiver.
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En udbyder af tjenester til overførsel af kryptoaktiver bør være en enhed, der på vegne af en kunde sørger for overførsel af kryptoaktiver fra en distributed ledger-adresse eller -konto til en anden. En sådan overførselstjeneste bør ikke omfatte validatorer, knudepunkter eller minere, der kan være et led i at bekræfte en transaktion og gøre status over den underliggende distributed ledger. Mange udbydere af kryptoaktivtjenester tilbyder også en form for tjeneste til overførsel af kryptoaktiver som del af f.eks. tjenesten til levering af deponering og administration af kryptoaktiver på kunders vegne, veksling af kryptoaktiver til midler eller andre kryptoaktiver eller udførelse af ordrer vedrørende kryptoaktiver på vegne af kunder. Afhængigt af de præcise egenskaber ved de tjenester, der knytter sig til overførsel af e-pengetokens, kan disse tjenester falde ind under definitionen af betalingstjenester i direktiv (EU) 2015/2366. I så fald bør disse overførsler udføres af en enhed, der er meddelt tilladelse til at udbyde sådanne betalingstjenester i overensstemmelse med nævnte direktiv.
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Denne forordning omhandler ikke långivning og lånoptagelse i kryptoaktiver, herunder e-pengetokens, og bør derfor ikke berøre gældende national ret. Muligheden og behovet for at regulere sådanne aktiviteter bør vurderes yderligere.
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Det er vigtigt at sikre tillid til markederne for kryptoaktiver og disse markeders integritet. Det er derfor nødvendigt at fastsætte bestemmelser for at forhindre markedsmisbrug vedrørende de kryptoaktiver, der optages til handel. Da udstedere af kryptoaktiver og udbydere af kryptoaktivtjenester ofte er små og mellemstore virksomheder, vil det imidlertid være ude af proportioner at anvende alle bestemmelserne i Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 
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 på disse. Det er derfor nødvendigt at fastsætte specifikke bestemmelser, der forbyder visse former for adfærd, der kan underminere brugernes tillid til markederne for kryptoaktiver og disse markeders integritet, herunder insiderhandel, uretmæssig videregivelse af intern viden og markedsmanipulation vedrørende kryptoaktiver. Disse skræddersyede bestemmelser om markedsmisbrug, der er begået i forbindelse med kryptoaktiver, bør anvendes i tilfælde, hvor kryptoaktiver er optaget til handel.
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Der bør skabes større retssikkerhed for deltagere på markedet for kryptoaktiver gennem en karakterisering af to elementer, der er væsentlige for specificeringen af intern viden, nemlig om den pågældende viden er specifik, og i hvilket omfang den vil kunne påvirke kurserne på kryptoaktiver. Disse elementer bør også tages i betragtning med henblik på forebyggelse af markedsmisbrug i forbindelse med markeder for kryptoaktiver og deres funktion, idet der f.eks. tages hensyn til brugen af sociale medier, brugen af smarte kontrakter til ordreudførelse og koncentrationen af minecentre.
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Derivater, der kan betegnes som finansielle instrumenter som defineret i direktiv 2014/65/EU, og hvis underliggende aktiv er et kryptoaktiv, er omfattet af forordning (EU) nr. 596/2014, når de handles på et reguleret marked, en multilateral handelsfacilitet eller en organiseret handelsfacilitet. Kryptoaktiver, der falder ind under nærværende forordnings anvendelsesområde, og som er underliggende aktiver til disse derivater, bør være underlagt bestemmelserne om markedsmisbrug i nærværende forordning.
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De kompetente myndigheder bør have tilstrækkelige beføjelser til at føre tilsyn med udstedelsen, udbuddet til offentligheden og optagelsen til handel af kryptoaktiver, herunder aktivbaserede tokens og e-pengetokens, samt udbydere af kryptoaktivtjenester. Disse beføjelser bør omfatte beføjelsen til at suspendere eller forbyde et udbud til offentligheden eller en optagelse til handel af kryptoaktiver eller levering af en kryptoaktivtjeneste samt til at undersøge overtrædelser af bestemmelserne om markedsmisbrug. Udstedere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, bør ikke være underlagt tilsyn i henhold til denne forordning, når udstederen ikke er en udbyder eller en person, der anmoder om optagelse til handel.
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De kompetente myndigheder bør også have beføjelse til at pålægge udstedere, udbydere eller personer, der anmoder om optagelse til handel af kryptoaktiver, herunder aktivbaserede tokens eller e-pengetokens, og udbydere af kryptoaktivtjenester sanktioner. Ved valget af arten af og niveauet for en administrativ sanktion eller anden administrativ foranstaltning bør de kompetente myndigheder tage hensyn til alle relevante omstændigheder, herunder overtrædelsens grovhed og varighed, og hvorvidt den er begået forsætligt.
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I betragtning af den grænseoverskridende karakter af markederne for kryptoaktiver bør de kompetente myndigheder samarbejde indbyrdes for at afsløre og forebygge overtrædelser af denne forordning.
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Med henblik på at lette gennemsigtigheden vedrørende kryptoaktiver og udbydere af kryptoaktivtjenester bør ESMA oprette en fortegnelse over hvidbøger om kryptoaktiver, udstedere af aktivbaserede tokens, udstedere af e-pengetokens og udbydere af kryptoaktivtjenester.
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Signifikante aktivbaserede tokens kan anvendes som vekslingsmiddel og til store mængder af betalingstransaktioner. Eftersom sådanne store mængder kan udgøre en specifik risiko for de monetære transmissionskanaler og den monetære suverænitet, er det hensigtsmæssigt at pålægge EBA opgaven med at føre tilsyn med udstederne af aktivbaserede tokens, når sådanne aktivbaserede tokens er blevet klassificeret som signifikante. En sådan pålæggelse bør ske under hensyn til den meget specifikke type risici, som aktivbaserede tokens udgør, og bør ikke danne præcedens for andre EU-retsakter om finansielle tjenesteydelser.
(103)
De kompetente myndigheder med ansvar for tilsyn i henhold til direktiv 2009/110/EF bør føre tilsyn med udstedere af e-pengetokens. I betragtning af den potentielle udbredte anvendelse af signifikante e-pengetokens som betalingsmiddel og de risici, som disse kan udgøre for den finansielle stabilitet, er det nødvendigt med et dobbelt tilsyn udført både af de kompetente myndigheder og af EBA for så vidt angår udstedere af signifikante e-pengetokens. EBA bør føre tilsyn med, at udstedere af signifikante e-pengetokens overholder de særlige supplerende krav, der er fastsat i denne forordning for sådanne tokens. Da de særlige supplerende krav kun bør gælde for e-pengeinstitutter, der udsteder signifikante e-pengetokens, bør kreditinstitutter, der udsteder signifikante e-pengetokens, som ikke er omfattet af sådanne krav, fortsat være underlagt tilsyn af deres respektive kompetente myndigheder. Det dobbelte tilsyn bør ske under hensyn til den meget specifikke type risici, som e-pengetokens udgør, og bør ikke danne præcedens for andre EU-retsakter om finansielle tjenesteydelser.
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Signifikante e-pengetokens i en anden officiel valuta i en medlemsstat end euroen, der anvendes som vekslingsmiddel og til at afvikle store mængder betalingstransaktioner, kan, selv om det sandsynligvis ikke vil finde sted, udgøre specifikke risici for den monetære suverænitet for den medlemsstat, hvis officielle valuta de lyder på. Hvis mindst 80 % af antallet af indehavere af og af mængden af transaktioner i disse signifikante e-pengetokens er koncentreret i hjemlandet, bør de tilsynsmæssige forpligtelser ikke overføres til EBA.
(105)
EBA bør oprette et tilsynskollegium for hver udsteder af signifikante aktivbaserede tokens og signifikante e-pengetokens. Eftersom udstedere af signifikante aktivbaserede tokens og signifikante e-pengetokens som regel udgør kernen i et netværk af enheder, der sikrer udstedelsen, overførslen og distributionen af sådanne kryptoaktiver, bør medlemmerne af tilsynskollegiet for hver udsteder derfor bl.a. omfatte de kompetente myndigheder for de mest relevante handelsplatforme for kryptoaktiver i tilfælde, hvor de signifikante aktivbaserede tokens eller de signifikante e-pengetokens er optaget til handel, og de kompetente myndigheder for de mest relevante enheder og udbydere af kryptoaktivtjenester, der sikrer deponering og forvaltning af de signifikante aktivbaserede tokens og af signifikante e-pengetokens på vegne af indehaverne. Tilsynskollegiet for udstedere af signifikante aktivbaserede tokens og af signifikante e-pengetokens bør lette samarbejdet og udvekslingen af oplysninger blandt sine medlemmer og bør afgive ikkebindende udtalelser om bl.a. ændringer i tilladelser eller tilsynsforanstaltninger vedrørende sådanne udstedere.
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Med henblik på at føre tilsyn med udstedere af signifikante aktivbaserede tokens og af signifikante e-pengetokens bør EBA bl.a. have beføjelser til at gennemføre kontrolbesøg på stedet, træffe tilsynsforanstaltninger og pålægge bøder.
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EBA bør opkræve gebyrer af udstedere af signifikante aktivbaserede tokens og af signifikante e-pengetokens for at dække sine omkostninger, herunder de faste omkostninger. For udstedere af aktivbaserede tokens bør gebyret stå i et rimeligt forhold til omfanget af deres reserve af aktiver. For udstedere af signifikante e-pengetokens bør gebyret stå i et rimeligt forhold til størrelsen af de midler, der modtages til gengæld for signifikante e-pengetokens.
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For at sikre at denne forordning er effektiv, bør beføjelsen til at vedtage retsakter delegeres til Kommissionen i overensstemmelse med artikel 290 i TEUF for så vidt angår yderligere præcisering af tekniske elementer i definitionerne i denne forordning for at tilpasse dem til markedsudviklingen og den teknologiske udvikling, yderligere præcisering af visse kriterier med henblik på at fastslå, hvorvidt aktivbaserede tokens eller e-pengetokens bør klassificeres som signifikante, fastlæggelse af, hvornår der er væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel for den ordnede funktion og integriteten af markeder for kryptoaktiver eller for stabiliteten af hele eller dele af det finansielle system i Unionen, yderligere præcisering af procedurereglerne for udøvelse af beføjelsen til at pålægge bøder eller tvangsbøder, herunder bestemmelser om ret til forsvar, fastsættelse af frister og opkrævning af bøder eller tvangsbøder samt forældelsesfrister for pålæggelse og tvangsfuldbyrdelse af bøder og tvangsbøder, og yderligere præcisering af arten og størrelsen af de tilsynsgebyrer, som EBA kan pålægge udstedere af signifikante aktivbaserede tokens eller signifikante e-pengetokens. Det er navnlig vigtigt, at Kommissionen gennemfører relevante høringer under sit forberedende arbejde, herunder på ekspertniveau, og at disse høringer gennemføres i overensstemmelse med principperne i den interinstitutionelle aftale af 13. april 2016 om bedre lovgivning 
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. For at sikre lige deltagelse i forberedelsen af delegerede retsakter modtager Europa-Parlamentet og Rådet navnlig alle dokumenter på samme tid som medlemsstaternes eksperter, og deres eksperter har systematisk adgang til møder i Kommissionens ekspertgrupper, der beskæftiger sig med forberedelse af delegerede retsakter.
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For at fremme en ensartet anvendelse af denne forordning i hele Unionen, herunder passende beskyttelse af indehavere af kryptoaktiver og kunder hos udbydere af kryptoaktivtjenester, særlig når de er forbrugere, bør der udvikles tekniske standarder. Det er effektivt og hensigtsmæssigt at give EBA og ESMA, som er organer med højt specialiseret ekspertise, til opgave at udvikle udkast til reguleringsmæssige tekniske standarder, som ikke indebærer politikvalg, med henblik på forelæggelse for Kommissionen.
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Kommissionen bør tillægges beføjelser til at vedtage reguleringsmæssige tekniske standarder udviklet af EBA og ESMA med hensyn til indholdet, metodologierne og opstillingen af oplysninger i en hvidbog om kryptoaktiver om de vigtigste negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger af den konsensusmekanisme, der anvendes til at udstede kryptoaktivet, proceduren for godkendelse af hvidbøger om kryptoaktiver, der indgives af kreditinstitutter, når de udsteder aktivbaserede tokens, de oplysninger, som en ansøgning om tilladelse som udsteder af aktivbaserede tokens indeholder, den metodologi, der skal anvendes til at udarbejde skøn over det kvartalsvise gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag, der er knyttet til anvendelse af aktivbaserede tokens og e-pengetokens i en valuta, der ikke er en officiel valuta i en medlemsstat, som vekslingsmiddel i hvert enkelt fælles valutaområde, krav, modeller og procedurer for behandling af klager fra indehavere af aktivbaserede tokens og fra kunder hos udbydere af kryptoaktivtjenester; kravene til politikker og procedurer til at identificere, forebygge, håndtere og oplyse om interessekonflikter hos udstedere af aktivbaserede tokens og nærmere forhold og metodologi vedrørende indholdet af de pågældende oplysninger; proceduren og tidsrammen for en udsteder af aktivbaserede tokens og signifikante e-pengetokens for tilpasning til højere kapitalgrundlagskrav, kriterierne for at kræve et højere kapitalgrundlag, minimumskravene til udformning af stresstestprogrammer; likviditetskravene til reserven af aktiver; de finansielle instrumenter, som reserven af aktiver kan investeres i; detaljeret indhold af de oplysninger, der er nødvendige for at foretage vurderingen af den foreslåede erhvervelse af den kvalificerede andel i en udsteder af aktivbaserede tokens, krav til yderligere forpligtelser for udstedere af signifikante aktivbaserede tokens; de oplysninger, som kreditinstitutter, værdipapircentraler, investeringsselskaber, markedsoperatører, e-pengeinstitutter, administrationsselskaber for investeringsinstitutter og forvaltere af alternative investeringsfonde, der agter at levere kryptoaktivtjenester, giver til kompetente myndigheder; de oplysninger, som en ansøgning om tilladelse som udbyder af kryptoaktivtjenester indeholder; indholdet, metodologierne og opstillingen af oplysninger, som udbyderen af kryptoaktivtjenester offentliggør om de vigtigste negative indvirkninger på klimaet og andre miljørelaterede negative virkninger af den konsensusmekanisme, der anvendes til at udstede hvert kryptoaktiv, for hvilket de leverer tjenester; foranstaltninger, som sikrer kontinuitet og regelmæssighed i ydelsen af kryptoaktivtjenesterne, og de fortegnelser, der skal føres over alle kryptoaktivtjenester, -ordrer og -transaktioner, som de varetager; kravene til politikker til at identificere, forebygge, håndtere og oplyse om interessekonflikter hos udbydere af kryptoaktivtjenester og nærmere forhold og metodologi vedrørende indholdet af de pågældende oplysninger; den måde, hvorpå gennemsigtighedsoplysninger fra operatøren af en handelsplatform skal tilbydes, og indholdet og formatet af ordrebøgerne vedrørende handelsplatformen; detaljeret indhold af de oplysninger, der er nødvendige for at foretage vurderingen af den foreslåede erhvervelse af den kvalificerede andel i en udbyder af kryptoaktivtjenester; de passende ordninger, systemer og procedurer til overvågning og afsløring af markedsmisbrug, meddelelsesskabelonen til indberetning af mistanke om markedsmisbrug og koordineringsprocedurer mellem de relevante kompetente myndigheder med henblik på at afsløre markedsmisbrug; de oplysninger, der skal udveksles mellem de kompetente myndigheder; en dokumentskabelon til samarbejdsordninger mellem medlemsstaternes kompetente myndigheder og tilsynsmyndigheder i tredjelande; de data, der er nødvendige for klassificeringen af hvidbøger om kryptoaktiver i ESMA's fortegnelse, og de praktiske ordninger for at sikre, at sådanne data er maskinlæsbare; under hvilke betingelser visse medlemmer af tilsynskollegiet for udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens skal anses for at være de mest relevante i deres kategori, og de betingelser, under hvilke betingelser aktivbaserede tokens eller e-pengetokens anses for at blive anvendt i stort omfang med henblik på at kvalificere visse medlemmer af det pågældende kollegium, og nærmere oplysninger om de praktiske foranstaltninger for kollegiets drift. Kommissionen bør vedtage disse reguleringsmæssige tekniske standarder ved hjælp af delegerede retsakter, jf. artikel 290 i TEUF, og i overensstemmelse med artikel 10-14 i henholdsvis forordning (EU) nr. 1093/2010 og (EU) nr. 1095/2010.
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Kommissionen bør tillægges beføjelser til at vedtage gennemførelsesmæssige tekniske standarder, der er udarbejdet af EBA og ESMA, for så vidt angår fastlæggelse af standardformularer, -formater og -modeller for hvidbøger om kryptoaktiver, fastlæggelse af standardformularer, -modeller og -procedurer til brug for fremsendelse af oplysninger med henblik på ansøgning om tilladelse som udsteder af aktivbaserede tokens, fastlæggelse af standardformularer, -formater og -modeller til brug for indberetning af aktivbaserede tokens og e-pengetokens i en valuta, der ikke er en officiel valuta i en medlemsstat, og som udstedes til en værdi af over 100 000 000 EUR, udarbejdelse af standardformularer, -modeller og -procedurer for meddelelse af oplysninger til de kompetente myndigheder fra kreditinstitutter, værdipapircentraler, investeringsselskaber, markedsoperatører, e-pengeinstitutter, administrationsselskaber for investeringsinstitutter og forvaltere af alternative investeringsfonde, der agter at levere kryptoaktivtjenester; fastlæggelse af standardformularer, -modeller og -procedurer for ansøgning om tilladelse som udbydere af kryptoaktivtjenester fastlæggelse af de tekniske metoder til offentliggørelse af intern viden og til udsættelse af offentliggørelsen af intern viden, og fastsættelse af standardformularer, -modeller og -procedurer for samarbejde og udveksling af oplysninger mellem kompetente myndigheder og mellem kompetente myndigheder, EBA og ESMA. Kommissionen bør vedtage disse gennemførelsesmæssige tekniske standarder ved hjælp af gennemførelsesretsakter, jf. artikel 291 i TEUF, og i overensstemmelse med artikel 15 i forordning (EU) nr. 1093/2010 og artikel 15 i forordning (EU) nr. 1095/2010.
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Målene med denne forordning, nemlig at løse problemet med fragmenteringen af de lovgivningsmæssige rammer for udbydere eller personer, der anmoder om optagelse til handel af andre kryptoaktiver end aktivbaserede tokens og e-pengetokens, for udstedere af aktivbaserede tokens og e-pengetokens og for udbydere af kryptoaktivtjenester og sikre et velfungerende indre marked for kryptoaktiver, samtidig med at man sikrer beskyttelse af indehavere af kryptoaktiver og kunder hos udbydere af kryptoaktivtjenester, særlig private indehavere, såvel som at beskytte markedsintegritet og finansiel stabilitet, kan ikke i tilstrækkelig grad opfyldes af medlemsstaterne, men kan bedre nås på EU-plan ved at etablere en ramme for en eventuel udvikling af et stort grænseoverskridende marked for kryptoaktiver og kryptoaktivtjenester; Unionen kan derfor vedtage foranstaltninger i overensstemmelse med nærhedsprincippet, jf. artikel 5 i traktaten om Den Europæiske Union. I overensstemmelse med proportionalitetsprincippet, jf. nævnte artikel, går denne forordning ikke videre, end hvad der er nødvendigt for at nå disse mål.
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For at undgå at forstyrre de markedsdeltagere, der leverer tjenester og aktiviteter i forbindelse med andre kryptoaktiver end aktivbaserede tokens og e-pengetokens udstedt før denne forordnings anvendelse, bør udstedere af disse kryptoaktiver fritages fra forpligtelsen til at offentliggøre en hvidbog om kryptoaktiver og visse andre krav i denne forordning. Visse forpligtelser bør dog gælde anvendelse, når sådanne kryptoaktiver var optaget til handel før datoen for denne forordnings anvendelse. For at undgå forstyrrelser for eksisterende markedsdeltagere er det nødvendigt med overgangsbestemmelser for udstedere af aktivbaserede tokens, der var i drift på tidspunktet for denne forordnings ikrafttræden.
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Da de nationale regler, der gælder for udbydere af kryptoaktivtjenester inden denne forordnings ikrafttræden, varierer fra medlemsstat til medlemsstat, er det vigtigt, at de medlemsstater, der i dag ikke har strenge tilsynsmæssige krav til udbydere af kryptoaktivtjenester, der på nuværende tidspunkt opererer i henhold til deres regler, har mulighed for at kræve, at sådanne udbydere af kryptoaktivtjenester er underlagt strengere krav end dem, der gælder i henhold til de nationale regler. I sådanne tilfælde bør medlemsstaterne kunne undlade at anvende eller reducere den overgangsperiode på 18 måneder, som ellers ville gøre det muligt for udbydere af kryptoaktivtjenester at levere tjenester på grundlag af deres eksisterende nationale regler. En sådan mulighed for medlemsstaterne bør ikke danne præcedens for andre EU-retsakter om finansielle tjenesteydelser.
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Whistleblowere kan gøre de kompetente myndigheder opmærksomme på nye oplysninger, som hjælper disse til at afsløre overtrædelser af denne forordning og pålægge sanktioner. Denne forordning bør derfor sikre, at der er indført passende ordninger til at gøre det muligt for whistleblowere at advare de kompetente myndigheder om aktuelle eller potentielle overtrædelser af denne forordning og til at beskytte dem mod repressalier. Dette bør ske ved at ændre Europa-Parlamentets og Rådets direktiv (EU) 2019/1937 
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, således at det finder anvendelse på overtrædelser af denne forordning.
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Eftersom EBA bør have mandat til at føre direkte tilsyn med udstedere af signifikante aktivbaserede tokens og af signifikante e-pengetokens, og ESMA bør have mandat til at gøre brug af sine beføjelser i relation til signifikante udbydere af kryptoaktivtjenester, er det nødvendigt at sikre, at EBA og ESMA er i stand til at udøve alle deres beføjelser og opgaver med henblik på at opfylde deres mål om at beskytte offentlige interesser ved at bidrage til det finansielle systems stabilitet og effektivitet på kort, mellemlang og lang sigt af hensyn til Unionens økonomi, dens borgere og virksomheder og sikre, at udstedere af kryptoaktiver og udbydere af kryptoaktivtjenester er omfattet af forordning (EU) nr. 1093/2010 og (EU) nr. 1095/2010. Disse forordninger bør derfor ændres i overensstemmelse hermed.
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Udstedelse, udbud eller anmodning om optagelse til handel af kryptoaktiver og levering af kryptoaktivtjenester kan indebære behandling af personoplysninger. Enhver behandling af personoplysninger i henhold til denne forordning foretages i overensstemmelse med gældende EU-ret om beskyttelse af personoplysninger. Denne forordning berører ikke rettigheder og forpligtelser i henhold til Europa-Parlamentets og Rådets forordning (EU) 2016/679 
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 og Europa-Parlamentets og Rådets forordning (EU) 2018/1725 
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.
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Den Europæiske Tilsynsførende for Databeskyttelse er blevet hørt i overensstemmelse med artikel 42, stk. 1, i forordning (EU) 2018/1725 og afgav en udtalelse den 24. juni 2021 
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Anvendelsesdatoen for denne forordning bør udskydes for at gøre det muligt at vedtage reguleringsmæssige tekniske standarder, gennemførelsesmæssige tekniske standarder og delegerede retsakter, som er nødvendige for at præcisere visse elementer i denne forordning —
VEDTAGET DENNE FORORDNING:
AFSNIT I
GENSTAND, ANVENDELSESOMRÅDE OG DEFINITIONER
Artikel 1
Genstand
1.   Ved denne forordning fastlægges der ensartede krav til udbud til offentligheden og optagelse til handel på en handelsplatform af andre kryptoaktiver end aktivbaserede tokens og e-pengetokens, af aktivbaserede tokens og af e-pengetokens såvel som krav til udbydere af kryptoaktivtjenester.
2.   Der fastlægges ved denne forordning navnlig følgende:
a)
krav til gennemsigtighed og oplysning i forbindelse med udstedelse, udbud til offentligheden og optagelse til handel af kryptoaktiver på en handelsplatform for kryptoaktiver (»optagelse til handel«)
b)
krav til tilladelse til og tilsyn med udbydere af kryptoaktivtjenester, udstedere af aktivbaserede tokens og udstedere af e-pengetokens samt drift, organisation og ledelse heraf
c)
krav til beskyttelse af indehavere af kryptoaktiver i forbindelse med udstedelse, udbud til offentligheden og optagelse til handel af kryptoaktiver
d)
krav til beskyttelse af kunder hos udbydere af kryptoaktivtjenester
e)
foranstaltninger til forebyggelse mod insiderhandel, uretmæssig videregivelse af intern viden og markedsmanipulation vedrørende kryptoaktiver med henblik på at sikre integriteten af markederne for kryptoaktiver.
Artikel 2
Anvendelsesområde
1.   Denne forordning finder anvendelse på fysiske og juridiske personer og visse andre virksomheder, der er involveret i udstedelse, udbud til offentligheden og optagelse til handel af kryptoaktiver, eller som leverer tjenesteydelser i forbindelse med kryptoaktiver i Unionen.
2.   Denne forordning finder ikke anvendelse på:
a)
personer, der udelukkende leverer kryptoaktivtjenester for deres moderselskaber, for deres egne datterselskaber eller for andre datterselskaber tilhørende deres moderselskaber
b)
en kurator eller en administrator, der handler i forbindelse med en insolvensprocedure, bortset fra formålene i artikel 47
c)
ECB, medlemsstaternes centralbanker, når de handler i deres egenskab af pengepolitiske myndigheder, eller andre offentlige myndigheder i medlemsstaterne
d)
Den Europæiske Investeringsbank og dens datterselskaber
e)
Den Europæiske Finansielle Stabilitetsfacilitet og Den Europæiske Stabilitetsmekanisme
f)
offentlige internationale organisationer.
3.   Denne forordning finder ikke anvendelse på kryptoaktiver, der er unikke og ikkefungible i forhold til andre kryptoaktiver.
4.   Denne forordning finder ikke anvendelse på kryptoaktiver, der betragtes som en eller flere af følgende ting:
a)
finansielle instrumenter
b)
indskud, herunder strukturerede indlån
c)
midler, medmindre de betragtes som e-pengetokens
d)
securitiseringspositioner i forbindelse med en securitisering som defineret i artikel 2, nr. 1), i forordning (EU) 2017/2402
e)
skades- eller livsforsikringsprodukter, der falder ind under de forsikringsklasser, der er anført i bilag I og II til Europa-Parlamentets og Rådets direktiv 2009/138/EF 
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, eller genforsikrings- og retrocessionsaftaler som omhandlet i nævnte direktiv
f)
pensionsprodukter, som i henhold til national ret anses for at have til hovedformål at sikre investor en pensionsindkomst, og som berettiger investor til visse ydelser
g)
officielt anerkendte arbejdsmarkedspensionsordninger, der falder ind under anvendelsesområdet for Europa-Parlamentets og Rådets direktiv (EU) 2016/2341 
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 eller direktiv 2009/138/EF
h)
individuelle pensionsprodukter, hvor arbejdsgiverens finansielle bidrag er et krav i henhold til national ret, og hvor arbejdsgiveren eller arbejdstageren ikke har noget valg med hensyn til pensionsproduktet eller -udbyderen
i)
et paneuropæisk personligt pensionsprodukt som defineret i artikel 2, nr. 2), i Europa-Parlamentets og Rådets forordning (EU) 2019/1238 
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j)
sociale sikringsordninger, som er omfattet af Europa-Parlamentets og Rådets forordning (EF) nr. 883/2004 
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 og forordning (EF) nr. 987/2009 
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.
5.   Senest den 30. september 2024 udsteder ESMA med henblik på denne artikels stk. 4, litra a), retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 vedrørende kriterierne og betingelserne for kvalificeringen af kryptoaktiver som finansielle instrumenter.
6.   Denne forordning berører ikke forordning (EU) nr. 1024/2013.
Artikel 3
Definitioner
1.   I denne forordning forstås ved:
1)
»distributed ledger-teknologi« eller »DLT«: en teknologi, der muliggør drift og brug af distributed ledgers
2)
»distributed ledger«: et informationsregister, der registrerer transaktioner, og som deles og synkroniseres mellem et sæt af DLT-netknudepunkter ved hjælp af en konsensusmekanisme
3)
»konsensusmekanisme«: regler og procedurer, hvorved der mellem DLT-netknudepunkter opnås enighed om, at en transaktion er valideret
4)
»DLT-netknudepunkt«: en anordning eller proces, der indgår i et netværk, og som indeholder en fuldstændig eller delvis kopi af registreringer af alle transaktioner i en distributed ledger
5)
»kryptoaktiv«: en digital gengivelse af en værdi eller af en rettighed, som kan overføres og lagres elektronisk ved hjælp af distributed ledger-teknologi eller lignende teknologi
6)
»aktivbaseret token«: en form for kryptoaktiv, der ikke er en elektronisk pengetoken, og som hævdes at bevare en stabil værdi ved at henvise til en anden værdi eller rettighed eller en kombination heraf, herunder en eller flere officielle valutaer
7)
»elektronisk pengetoken« eller »e-pengetoken«: en form for kryptoaktiv, som hævdes at bevare en stabil værdi ved at henvise til værdien af en officiel valuta
8)
»officiel valuta«: en officiel valuta i et land udstedt af en centralbank eller en anden monetær myndighed
9)
»utility token«: en form for kryptoaktiv, som udelukkende er beregnet til at give adgang til en vare eller en tjeneste, der leveres af udstederen
10)
»udsteder«: en fysisk eller juridisk person eller en anden virksomhed, der udsteder kryptoaktiver
11)
»ansøgende udsteder«: en udsteder af aktivbaserede tokens eller e-pengetokens, som ansøger om tilladelse til at udbyde disse kryptoaktiver til offentligheden eller anmoder om, at disse kryptoaktiver optages til handel
12)
»udbud til offentligheden«: kommunikation til personer i enhver form og ad enhver vej med tilstrækkelige oplysninger om udbudsbetingelserne og de udbudte kryptoaktiver, således at potentielle indehavere bliver i stand til at træffe afgørelse om køb af disse kryptoaktiver
13)
»udbyder«: en fysisk eller juridisk person eller en anden virksomhed, eller udstederen, som udbyder kryptoaktiver til offentligheden
14)
»midler«: midler som defineret i artikel 4, nr. 25), i direktiv (EU) 2015/2366
15)
»udbyder af kryptoaktivtjenester«: en juridisk person eller en anden virksomhed, hvis erhverv eller forretning består i at levere en eller flere kryptoaktivtjenester til kunder på et erhvervsmæssigt grundlag, og som har tilladelse til at levere kryptoaktivtjenester i overensstemmelse med artikel 59
16)
»kryptoaktivtjeneste«: en af nedenstående tjenester og aktiviteter vedrørende ethvert kryptoaktiv:
a)
levering af deponering og administration af kryptoaktiver på kunders vegne
b)
drift af en handelsplatform for kryptoaktiver
c)
veksling mellem kryptoaktiver og midler
d)
veksling mellem kryptoaktiver og andre kryptoaktiver
e)
udførelse af ordrer vedrørende kryptoaktiver på vegne af kunder
f)
placering af kryptoaktiver
g)
modtagelse og formidling af ordrer vedrørende kryptoaktiver på vegne af kunder
h)
rådgivning om kryptoaktiver
i)
porteføljepleje i forbindelse med kryptoaktiver
j)
levering af tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder
17)
»levering af deponering og administration af kryptoaktiver på kunders vegne«: på kunders vegne opbevaring af eller kontrol med kryptoaktiver eller metoderne til adgang til sådanne kryptoaktiver, hvor det er relevant i form af private krypteringsnøgler
18)
»drift af en handelsplatform for kryptoaktiver«: forvaltning af et eller flere multilaterale systemer, som inden for systemet under iagttagelse af sine regler sætter forskellige tredjeparters købs- og salgsinteresser i kryptoaktiver i forbindelse med hinanden eller befordrer dette på en sådan måde, at det medfører indgåelse af en aftale, enten ved at veksle mellem kryptoaktiver og midler eller ved veksling mellem et kryptoaktiv og et andet kryptoaktiv
19)
»veksling mellem kryptoaktiver og midler«: indgåelse af købs- eller salgskontrakter vedrørende kryptoaktiver med kunder mod midler ved anvendelse af egenbeholdningen
20)
»veksling mellem kryptoaktiver og andre kryptoaktiver«: indgåelse af købs- eller salgskontrakter vedrørende kryptoaktiver med kunder mod andre kryptoaktiver ved anvendelse af egenbeholdningen
21)
»udførelse af ordrer vedrørende kryptoaktiver på vegne af kunder«: indgåelse af aftaler på kunders vegne om køb eller salg af et eller flere kryptoaktiver eller tegning på vegne af kunder af et eller flere kryptoaktiver, hvilket omfatter indgåelse af kontrakter om salg af kryptoaktiver på tidspunktet for deres udbud til offentligheden eller optagelse til handel
22)
»placering af kryptoaktiver«: markedsføring af kryptoaktiver til købere på vegne af udbyderen eller for dennes regning eller på vegne af en part med tilknytning til udbyderen eller for dennes regning
23)
»modtagelse og formidling af ordrer vedrørende kryptoaktiver på vegne af kunder«: modtagelse fra en person af en ordre om køb eller salg af en eller flere kryptoaktiver eller om tegning af et eller flere kryptoaktiver og formidlingen af denne ordre til en tredjepart med henblik på udførelse
24)
»rådgivning om kryptoaktiver«: tilbud om, afgivelse af eller samtykke til at give en kunde personaliserede anbefalinger, enten på kundens anmodning eller på vegne af den udbyder af kryptoaktivtjenester, som yder rådgivningen, vedrørende en eller flere transaktioner i forbindelse med kryptoaktiver eller anvendelsen af kryptoaktivtjenester
25)
»porteføljepleje i forbindelse med kryptoaktiver«: porteføljepleje i henhold til den enkelte kundes afgivne mandat med skønsmæssige beføjelser, såfremt sådanne porteføljer omfatter et eller flere kryptoaktiver
26)
»levering af tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder«: levering af tjenester til overførsel af kryptoaktiver fra en distributed ledger-adresse eller -konto til en anden på vegne af en fysisk eller juridisk person
27)
»ledelsesorgan«: det eller de organer hos en udsteder, udbyder eller person, der anmoder om optagelse til handel, eller hos en udbyder af kryptoaktivtjenester, der er udpeget i overensstemmelse med national ret, og som har beføjelse til at fastlægge enhedens strategi, målsætninger og generelle ledelsesprincipper, og som fører tilsyn med og overvåger ledelsens beslutningstagning i enheden og omfatter de personer, der varetager den faktiske ledelse af enheden
28)
»kreditinstitut«: kreditinstitut som defineret i artikel 4, stk. 1, nr. 1), i forordning (EU) nr. 575/2013 og godkendt i medfør af direktiv 2013/36/EU
29)
»investeringsselskab«: et investeringsselskab, som defineret i artikel 4, stk. 1, nr. 2), i forordning (EU) nr. 575/2013 og godkendt i medfør af direktiv 2014/65/EU
30)
»kvalificerede investorer«: personer eller enheder, der er opført i afsnit I, punkt 1-4, i bilag II til direktiv 2014/65/EU
31)
»tætte forbindelser«: tætte forbindelser som defineret i artikel 4, stk. 1, nr. 35), i direktiv 2014/65/EU
32)
»reserve af aktiver«: den kurv af reservebeholdninger, der sikrer fordringen over for udstederen
33)
»hjemland«:
a)
hvis udbyderen af kryptoaktiver, undtagen aktivbaserede tokens eller elektroniske pengetokens, eller den person, der anmoder om optagelse til handel heraf, har sit vedtægtsmæssige hjemsted i Unionen, den medlemsstat, hvor den pågældende udbyder eller person har sit vedtægtsmæssige hjemsted
b)
hvis udbyderen af kryptoaktiver, undtagen aktivbaserede tokens eller elektroniske pengetokens, eller den person, der anmoder om optagelse til handel heraf, ikke har et vedtægtsmæssigt hjemsted i Unionen, men har en eller flere filialer i Unionen, den medlemsstat, som den pågældende udbyder eller person har valgt blandt de medlemsstater, hvor den har filialer
c)
hvis udbyderen af kryptoaktiver, undtagen aktivbaserede tokens eller elektroniske pengetokens, eller den person, der anmoder om optagelse til handel heraf, har hjemsted i et tredjeland og ikke har nogen filial i Unionen, enten den medlemsstat, hvor det er hensigten første gang at udbyde kryptoaktiverne til offentligheden, eller den medlemsstat, hvor den første ansøgning om optagelse til handel indgives, idet valget herimellem træffes af udbyderen eller den person, der anmoder om optagelse til handel
d)
for en udsteder af aktivbaserede tokens, den medlemsstat, hvor udstederen af de aktivbaserede tokens har sit vedtægtsmæssige hjemsted
e)
for en udsteder af e-pengetokens, den medlemsstat, hvor udstederen af e-pengetokens er godkendt som kreditinstitut i henhold til direktiv 2013/36/EU eller som et e-pengeinstitut i henhold til direktiv 2009/110/EF
f)
for udbydere af kryptoaktivtjenester, den medlemsstat, hvor udbyderen af kryptoaktivtjenester har sit vedtægtsmæssige hjemsted
34)
»værtsland«: den medlemsstat, hvor en udbyder eller en person, der anmoder om optagelse til handel, har foretaget et udbud til offentligheden af kryptoaktiver eller anmoder om optagelse til handel, eller hvor en udbyder af kryptoaktivtjenester leverer kryptoaktivtjenester, hvis medlemsstaten er forskellig fra hjemlandet
35)
»kompetent myndighed«: en eller flere myndigheder, der:
a)
er udpeget af den enkelte medlemsstat i henhold til artikel 93 vedrørende udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens og e-pengetokens, udstedere af aktivbaserede tokens eller udbydere af kryptoaktivtjenester
b)
er udpeget af den enkelte medlemsstat med henblik på anvendelsen af direktiv 2009/110/EF vedrørende udstedere af e-pengetokens
36)
»kvalificeret andel«: direkte eller indirekte andel, som repræsenterer mindst 10 % af kapitalen eller stemmerettighederne hos en udsteder af aktivbaserede tokens eller en udbyder af kryptoaktivtjenester, jf. henholdsvis artikel 9 og 10 i Europa-Parlamentets og Rådets direktiv 2004/109/EF 
(
32
)
, under hensyntagen til betingelserne for sammenlægning i det nævnte direktivs artikel 12, stk. 4 og 5, eller som giver mulighed for at udøve en væsentlig indflydelse på ledelsen af den udsteder af aktivbaserede tokens eller ledelsen af den udbyder af kryptoaktivtjenester, som besidder andelen
37)
»privat indehaver«: enhver fysisk person, der ikke handler som led i den pågældende persons erhverv, forretning, håndværk eller profession
38)
»onlinegrænseflade«: enhver form for software, herunder et websted, dele af et websted eller en applikation, der drives af eller på vegne af en udbyder eller en udbyder af kryptoaktivtjenester, og som giver indehavere af kryptoaktiver adgang til deres kryptoaktiver og giver kunder adgang til kryptoaktivtjenester
39)
»kunde«: en fysisk eller juridisk person, til hvem en udbyder af kryptoaktivtjenester udbyder kryptoaktivtjenester
40)
»ejermatchningshandel«: ejermatchningshandel som defineret i artikel 4, stk. 1, nr. 38), i direktiv 2014/65/EU
41)
»betalingstjenester«: betalingstjenester som defineret i artikel 4, nr. 3), i direktiv (EU) 2015/2366
42)
»betalingstjenesteudbyder«: en betalingstjenesteudbyder som defineret i artikel 4, nr. 11), i direktiv (EU) 2015/2366
43)
»e-pengeinstitut«: et e-pengeinstitut som defineret i artikel 2, nr. 1), i direktiv 2009/110/EF
44)
»elektroniske penge«: elektroniske penge som defineret i artikel 2, stk. 2, i direktiv 2009/110/EF
45)
»personoplysninger«: personoplysninger som defineret i artikel 4, nr. 1), i forordning (EU) 2016/679
46)
»betalingsinstitut«: et betalingsinstitut som defineret i artikel 4, nr. 4), i direktiv (EU) 2015/2366
47)
»administrationsselskab for investeringsinstitutter«: administrationsselskab som defineret i artikel 2, stk. 1, litra b), i Europa-Parlamentets og Rådets direktiv 2009/65/EF 
(
33
)
48)
»forvalter af alternative investeringsfonde«: en FAIF som defineret i artikel 4, stk. 1, litra b), i Europa-Parlamentets og Rådets direktiv 2011/61/EU 
(
34
)
49)
»finansielt instrument«: finansielle instrumenter som defineret i artikel 4, stk. 1, nr. 15) i direktiv 2014/65/EU
50)
»indskud«: et indskud som defineret i artikel 2, stk. 1, nr. 3) i direktiv 2014/49/EU
51)
»struktureret indlån«: et struktureret indlån som defineret i artikel 4, stk. 1, nr. 43) i direktiv 2014/65/EU.
2.   Kommissionen tillægges beføjelser til at vedtage delegerede retsakter i overensstemmelse med artikel 139 med henblik på at supplere denne forordning ved yderligere at præcisere tekniske elementer i definitionerne i nærværende artikels stk. 1 og tilpasse disse definitioner til markedsudviklingen og den teknologiske udvikling.
AFSNIT II
KRYPTOAKTIVER, UNDTAGEN AKTIVBASEREDE TOKENS ELLER E-PENGETOKENS
Artikel 4
Udbud af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, til offentligheden
1.   En person må ikke udbyde et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, til offentligheden i Unionen, medmindre denne person:
a)
er en juridisk person
b)
har udarbejdet en hvidbog om kryptoaktiver vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 6
c)
har givet meddelelse om den pågældende hvidbog om kryptoaktiver i overensstemmelse med artikel 8
d)
har offentliggjort den pågældende hvidbog om kryptoaktiver i overensstemmelse med artikel 9
e)
har udarbejdet eventuel markedsføringskommunikation vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 7
f)
har offentliggjort eventuel markedsføringskommunikation vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 9
g)
opfylder de krav til udbydere, der er fastsat i artikel 14.
2.   Stk. 1, litra b), c), d) og f), finder ikke anvendelse på følgende udbud til offentligheden af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens:
a)
et udbud til færre end 150 fysiske eller juridiske personer pr. medlemsstat, hvor sådanne personer handler for egen regning
b)
den samlede værdi af et udbud til offentligheden af et kryptoaktiv i Unionen ikke overstiger 1 000 000 EUR over en periode på 12 måneder, regnet fra udbuddets begyndelse, eller det tilsvarende beløb i en anden officiel valuta eller i kryptoaktiver
c)
et udbud af et kryptoaktiv, der udelukkende er rettet til kvalificerede investorer, hvor kryptoaktivet kun kan indehaves af sådanne kvalificerede investorer.
3.   Dette afsnit finder ikke anvendelse på udbud til offentligheden af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, hvis et af følgende forhold gør sig gældende:
a)
kryptoaktivet udbydes gratis
b)
kryptoaktivet genereres automatisk som belønning for vedligeholdelsen af distributed ledger'en eller validering af transaktioner
c)
udbuddet vedrører en utility token, der giver adgang til en vare eller en tjenesteydelse, der findes eller udbydes
d)
indehaveren af kryptoaktivet har kun ret til at anvende det til gengæld for varer og tjenesteydelser i et begrænset net af erhvervsdrivende med kontraktlige ordninger med udbyderen.
Med henblik på første afsnit, litra a), anses et kryptoaktiv ikke for at være udbudt gratis, hvis køberne skal levere eller påtage sig at levere personoplysninger til udbyderen til gengæld for dette kryptoaktiv, eller hvis udbyderen af et kryptoaktiv af potentielle indehavere af dette kryptoaktiv modtager gebyrer, provisioner, pengeydelser eller naturalieydelser til gengæld for dette kryptoaktiv fra tredjepart.
Hvis den samlede værdi af et udbud til offentligheden af et kryptoaktiv under de i første afsnit, litra d), omhandlede omstændigheder i Unionen overstiger 1 000 000 EUR for hver periode på 12 måneder regnet fra det oprindelige udbuds begyndelse, sender udbyderen en meddelelse til den kompetente myndighed med en beskrivelse af udbuddet og en redegørelse for, hvorfor udbuddet er undtaget fra dette afsnit i henhold til første afsnit, litra d).
På grundlag af den i tredje afsnit omhandlede meddelelse træffer den kompetente myndighed en behørigt begrundet afgørelse, hvis den finder, at aktiviteten ikke opfylder betingelserne for en undtagelse som et begrænset net i henhold til første afsnit, litra d), og underretter udbyderen herom.
4.   Undtagelserne i stk. 2 og 3 finder ikke anvendelse, hvis udbyderen eller en anden person, der handler på udbyderens vegne, i en nogen form for kommunikation tilkendegiver sin hensigt om at anmode om optagelse til handel af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken.
5.   Der kræves ikke tilladelse som udbyder af kryptoaktivtjenester i henhold til artikel 59 for levering af deponering og forvaltning af kryptoaktiver på vegne af kunder eller for levering af tjenester vedrørende overførsel af kryptoaktiver i forbindelse med kryptoaktiver, hvis udbud til offentligheden er undtaget i henhold til nærværende artikels stk. 3, medmindre:
a)
der findes et andet udbud til offentligheden af det samme kryptoaktiv, og dette udbud er ikke omfattet af undtagelsen, eller
b)
det udbudte kryptoaktiv er optaget på en handelsplatform.
6.   Såfremt udbuddet til offentligheden af kryptoaktivet, undtagen en aktivbaseret token eller e-pengetoken, vedrører en utility token, der giver adgang til varer eller tjenesteydelser, som endnu ikke eksisterer eller endnu ikke udbydes, må gyldighedsperioden af udbuddet til offentligheden som beskrevet i hvidbogen om kryptoaktiver, ikke overstige 12 måneder, regnet fra datoen for offentliggørelsen af hvidbogen om kryptoaktiver.
7.   Efterfølgende udbud til offentligheden af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, betragtes som et separat udbud til offentligheden, som kravene i stk. 1 finder anvendelse på, jf. dog eventuel anvendelse af stk. 2 eller 3 på det efterfølgende udbud til offentligheden.
Der stilles ikke krav om en yderligere hvidbog om kryptoaktiver i forbindelse med efterfølgende udbud til offentligheden af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, når der er offentliggjort en hvidbog om kryptoaktiver i overensstemmelse med artikel 9 og 12, og den person, der er ansvarlig for udarbejdelsen af en sådan hvidbog, skriftligt erklærer sig indforstået med anvendelsen heraf.
8.   Hvis et udbud til offentligheden af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, er undtaget fra forpligtelsen til at offentliggøre en hvidbog om kryptoaktiver i henhold til stk. 2 eller 3, men der alligevel frivilligt udarbejdes en hvidbog, finder dette afsnit anvendelse.
Artikel 5
Optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens
1.   En person må ikke anmode om optagelse til handel af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, i Unionen, medmindre denne person:
a)
er en juridisk person
b)
har udarbejdet en hvidbog om kryptoaktiver vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 6
c)
har givet meddelelse om hvidbogen om kryptoaktiver i overensstemmelse med artikel 8
d)
har offentliggjort hvidbogen om kryptoaktiver i overensstemmelse med artikel 9
e)
har udarbejdet eventuel markedsføringskommunikation vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 7
f)
har offentliggjort eventuel markedsføringskommunikation vedrørende det pågældende kryptoaktiv i overensstemmelse med artikel 9
g)
opfylder de krav, der er fastsat i artikel 14 til personer, der anmoder om optagelse til handel.
2.   Når et kryptoaktiv optages til handel på initiativ fra en operatør af en handelsplatform, og der ikke er offentliggjort en hvidbog om kryptoaktiver i overensstemmelse med artikel 9 i de tilfælde, der er fastsat i denne forordning, skal operatøren af den pågældende handelsplatform for kryptoaktiver opfylde kravene i nærværende artikels stk. 1.
3.   Uanset stk. 1 kan en person, der anmoder om optagelse til handel af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, og den respektive operatør af handelsplatformen skriftligt aftale, at det er operatøren af handelsplatformen, der skal opfylde alle eller en del af de i stk. 1, litra b)-g), omhandlede krav.
Det skal klart fremgå af den i dette stykkes første afsnit omhandlede skriftlige aftale, at den person, der anmoder om optagelse til handel, skal give operatøren af handelsplatformen alle de oplysninger, der er nødvendige for, at denne operatør kan opfylde de i stk. 1, litra b)-g), omhandlede krav, alt efter hvad der er relevant.
4.   Stk. 1, litra b), c) og d), finder ikke anvendelse, hvis:
a)
kryptoaktivet allerede er optaget til handel på en anden handelsplatform for kryptoaktiver i Unionen, og
b)
hvidbogen om kryptoaktiver er udarbejdet i overensstemmelse med artikel 6 og ajourført i overensstemmelse med artikel 12, og den person, der er ansvarlig for udarbejdelsen af en sådan hvidbog, skriftligt erklærer sig indforstået med anvendelsen heraf.
Artikel 6
Indhold og form af hvidbogen om kryptoaktiver
1.   En hvidbog om kryptoaktiver skal indeholde alle følgende oplysninger som nærmere specificeret i bilag I:
a)
oplysninger om udbyderen eller den person, der anmoder om optagelse til handel
b)
oplysninger om udstederen, hvis denne er forskellig fra udbyderen eller den person, der anmoder om optagelse til handel
c)
oplysninger om operatøren af handelsplatformen i de tilfælde, hvor denne udarbejder hvidbogen om kryptoaktiver
d)
oplysninger om kryptoaktivprojektet
e)
oplysninger om udbuddet til offentligheden af kryptoaktivet eller dets optagelse til handel
f)
oplysninger om kryptoaktivet
g)
oplysninger om de rettigheder og forpligtelser, der er knyttet til kryptoaktivet
h)
oplysninger om den underliggende teknologi
i)
oplysninger om risici
j)
oplysninger om de primære negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger af den konsensusmekanisme, der anvendes til at udstede kryptoaktivet.
I tilfælde, hvor hvidbogen om kryptoaktiver ikke udarbejdes af de i første afsnit, litra a), b) og c), omhandlede personer, skal hvidbogen om kryptoaktiver også angive identiteten af den person, der har udarbejdet hvidbogen om kryptoaktiver, og årsagen til, at den pågældende person har udarbejdet den.
2.   Alle de i stk. 1 anførte oplysninger skal være reelle og klare og må ikke være vildledende. Hvidbogen om kryptoaktiver må ikke indeholde væsentlige mangler og skal præsenteres i en kortfattet og forståelig form.
3.   Hvidbogen om kryptoaktiver skal indeholde følgende klare og iøjnefaldende erklæring på første side:
»Denne hvidbog om kryptoaktiver er ikke blevet godkendt af en kompetent myndighed i en af Den Europæiske Unions medlemsstater. Udbyderen af kryptoaktivet er eneansvarlig for indholdet af denne hvidbog om kryptoaktiver.«
Hvis hvidbogen om kryptoaktiver udarbejdes af den person, der anmoder om optagelse til handel, eller af en operatør af en handelsplatform, skal man i stedet for »udbyder« skrive »person, der anmoder om optagelse til handel« eller »operatør af handelsplatformen« i den i første afsnit omhandlede erklæring.
4.   Ud over den i stk. 5 omhandlede erklæring må hvidbogen om kryptoaktiver ikke indeholde påstande angående kryptoaktivets fremtidige værdi.
5.   Hvidbogen om kryptoaktiver skal indeholde følgende klare og utvetydige erklæring:
a)
kryptoaktivet kan helt eller delvis miste sin værdi
b)
kryptoaktivet kan ikke altid overdrages
c)
kryptoaktivet er muligvis ikke likvidt
d)
hvis udbuddet til offentligheden vedrører en utility token, kan den pågældende utility token muligvis ikke omveksles med den vare eller tjenesteydelse, der er afgivet løfte om i hvidbogen om kryptoaktiver, navnlig i tilfælde af kryptoaktivprojektets manglende succes eller afbrydelse
e)
kryptoaktivet er ikke omfattet af investorgarantiordningerne efter Europa-Parlamentets og Rådets direktiv 97/9/EF 
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f)
kryptoaktivet er ikke omfattet af indskudsgarantiordningerne efter direktiv 2014/49/EU.
6.   Hvidbogen om kryptoaktiver skal indeholde en erklæring fra ledelsesorganet for udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af handelsplatformen. Denne erklæring, som indsættes efter den erklæring, der er omhandlet i stk. 3, skal bekræfte, at hvidbogen om kryptoaktiver er i overensstemmelse med dette afsnit, og at de oplysninger, der fremlægges i hvidbogen om kryptoaktiver, efter ledelsesorganets bedste overbevisning er reelle, klare og ikke vildledende, og at der i hvidbogen om kryptoaktiver ikke er udeladt oplysninger, som må forventes at kunne påvirke dens indhold.
7.   Hvidbogen om kryptoaktiver skal indeholde et resumé, der indsættes efter den i stk. 6 omhandlede erklæring, og som i et kort og ikketeknisk sprog indeholder vigtige oplysninger om udbuddet til offentligheden af kryptoaktivet eller om den påtænkte optagelse til handel. Resuméet skal være letforståeligt formuleret og opstillet i et tydeligt og altomfattende format, og i en læsbar skriftstørrelse. Resuméet af hvidbogen skal indeholde relevante oplysninger om det pågældende kryptoaktivs kendetegn og således hjælpe potentielle indehavere af kryptoaktivet med at træffe en informeret beslutning.
Resuméet skal indeholde en advarsel om, at:
a)
det bør læses som en introduktion til hvidbogen om kryptoaktiver
b)
den potentielle indehaver bør basere enhver beslutning om køb af den aktivbaserede token på indholdet af hele hvidbogen om kryptoaktiver og ikke på resuméet alene
c)
udbuddet til offentligheden af kryptoaktivet ikke udgør et udbud af eller en opfordring til køb af finansielle instrumenter, og at et sådant udbud eller en sådan opfordring kun kan foretages ved hjælp af et prospekt eller andre udbudsdokumenter i henhold til gældende national ret
d)
hvidbogen om kryptoaktiver ikke udgør et prospekt som omhandlet i Europa-Parlamentets og Rådets forordning (EU) 2017/1129 
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 eller andet udbudsdokument i henhold til EU-retten eller national ret.
8.   Hvidbogen om kryptoaktiver skal indeholde datoen for meddelelsen herom og en indholdsfortegnelse.
9.   Hvidbogen om kryptoaktiver udfærdiges på et af hjemlandets officielle sprog eller på et sprog, som er almindeligt i internationale finanskredse.
Hvis kryptoaktivet også udbydes i en anden medlemsstat end hjemlandet, udfærdiges hvidbogen også på et officielt sprog i værtslandet eller på et sprog, som er almindeligt i internationale finanskredse.
10.   Hvidbogen om kryptoaktiver skal stilles til rådighed i et maskinlæsbart format.
11.   ESMA udarbejder i samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -formater og -modeller med henblik på stk. 10.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at vedtage de i første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
12.   ESMA udarbejder i samarbejde med EBA udkast til reguleringsmæssige tekniske standarder for indholdet, metodologierne og opstillingen af de oplysninger, der er omhandlet i stk. 1, første afsnit, litra j), for så vidt angår bæredygtighedsindikatorerne i forbindelse med negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger.
Ved udarbejdelsen af de udkast til reguleringsmæssige tekniske standarder, der er omhandlet i første afsnit, tager ESMA hensyn til de forskellige typer konsensusmekanismer, der anvendes til at validere transaktioner med kryptoaktiver, deres incitamentsstrukturer og anvendelsen af energi, vedvarende energi og naturressourcer, produktion af affald og drivhusgasemissioner. ESMA ajourfører disse reguleringsmæssige tekniske standarder i overensstemmelse med den reguleringsmæssige og teknologiske udvikling.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 7
Markedsføringskommunikation
1.   Markedsføringskommunikation, der vedrører et udbud til offentligheden af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, eller optagelse til handel af et sådant kryptoaktiv skal opfylde følgende betingelser:
a)
markedsføringskommunikationen fremstår tydeligt som sådant
b)
oplysningerne i markedsføringskommunikationen er reelle og klare og ikke vildledende
c)
oplysningerne i markedsføringskommunikationen er i overensstemmelse med oplysningerne i hvidbogen om kryptoaktiver, hvis der kræves en sådan hvidbog i henhold til artikel 4 eller 5
d)
i markedsføringskommunikationen anføres det klart, at der er offentliggjort en hvidbog om kryptoaktiver, og webstedet for udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af handelsplatformen for det pågældende kryptoaktiv angives tydeligt sammen med et telefonnummer og en e-mailadresse til at kontakte den pågældende person
e)
markedsføringskommunikationen indeholder følgende klare og iøjnefaldende erklæring:
»Denne markedsføringskommunikation om kryptoaktiver er ikke blevet gennemlæst eller godkendt af en kompetent myndighed i nogen af Den Europæiske Unions medlemsstater. Udbyderen af kryptoaktivet er eneansvarlig for indholdet af denne markedsføringskommunikation om kryptoaktiver.«
Hvis markedsføringskommunikationen udarbejdes af den person, der anmoder om optagelse til handel, eller af operatøren af en handelsplatform, skal man i stedet for »udbyder« skrive »person, der anmoder om optagelse til handel« eller »operatør af handelsplatformen« i den i første afsnit, litra e), omhandlede erklæring.
2.   Hvis der kræves en hvidbog om kryptoaktiver i henhold til artikel 4 eller 5, må der ikke udsendes markedsføringskommunikation forud for offentliggørelsen af hvidbogen om kryptoaktiver. Muligheden for, at udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af en handelsplatform kan foretage markedssonderinger, berøres ikke heraf.
3.   Den kompetente myndighed i den medlemsstat, hvor markedsføringskommunikationen udsendes, har beføjelse til at vurdere overholdelsen af stk. 1 med hensyn til denne markedsføringskommunikation.
Den kompetente myndighed i hjemlandet bistår om nødvendigt den kompetente myndighed i den medlemsstat, hvor markedsføringskommunikationen udsendes, med at vurdere, om markedsføringskommunikationen stemmer overens med oplysningerne i hvidbogen om kryptoaktiver.
4.   Brugen af enhver af de tilsyns- og undersøgelsesbeføjelser, der er fastsat i artikel 94, i forbindelse med et værtslands kompetente myndigheds håndhævelse af bestemmelserne i nærværende artikel meddeles uden unødig forsinkelse til den kompetente myndighed i hjemlandet for udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af en handelsplatform for kryptoaktiverne.
Artikel 8
Meddelelse om hvidbogen om kryptoaktiver og om markedsføringskommunikationen
1.   Udbydere, personer, der anmoder om optagelse til handel, eller operatører af handelsplatforme for kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, giver meddelelse til den kompetente myndighed i deres hjemland om deres hvidbog om kryptoaktiver.
2.   Markedsføringskommunikationen meddeles efter anmodning den kompetente myndighed i hjemlandet og den kompetente myndighed i værtslandet, når det henvender sig til potentielle indehavere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, i disse medlemsstater.
3.   De kompetente myndigheder må ikke kræve forudgående godkendelse af en hvidbog om kryptoaktiver eller af den dertil hørende markedsføringskommunikation før den respektive offentliggørelse heraf.
4.   Meddelelsen om hvidbogen om kryptoaktiver som omhandlet i stk. 1 ledsages af en redegørelse for årsagerne til, at det kryptoaktiv, der er beskrevet i hvidbogen om kryptoaktiver, ikke bør betragtes som værende:
a)
et kryptoaktiv, der er udelukket fra denne forordnings anvendelsesområde i overensstemmelse med artikel 2, stk. 4
b)
en e-pengetoken eller
c)
en aktivbaseret token.
5.   Der skal mindst 20 arbejdsdage før offentliggørelsesdatoen for hvidbogen om kryptoaktiver gives meddelelse til den kompetente myndighed i hjemlandet om de elementer, der er omhandlet i stk. 1 og 4.
6.   Udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel, giver sammen med den i stk. 1 omhandlede meddelelse den kompetente myndighed i deres hjemland en liste over eventuelle værtslande, hvor de har til hensigt at udbyde deres kryptoaktiver til offentligheden eller til hensigt at søge om optagelse til handel. De skal også underrette den kompetente myndighed i deres hjemland om begyndelsesdatoen for det planlagte udbud til offentligheden eller den planlagte optagelse til handel og om en eventuel ændring af denne dato.
Hjemlandets kompetente myndighed underretter det centrale kontaktpunkt i værtslandene om det påtænkte udbud til offentligheden eller den påtænkte optagelse til handel og giver det pågældende centrale kontaktpunkt meddelelse om den tilsvarende hvidbog om kryptoaktiver senest fem arbejdsdage efter modtagelsen af den i første afsnit omhandlede liste.
7.   Den kompetente myndighed i hjemlandet meddeler ESMA de oplysninger, der er anført i stk. 1, 2 og 4, samt begyndelsesdatoen for det planlagte udbud til offentligheden eller den planlagte optagelse til handel og eventuelle ændringer af denne dato. Den meddeler disse oplysninger senest fem arbejdsdage efter modtagelsen heraf fra udbyderen eller fra den person, der anmoder om optagelse til handel.
ESMA stiller hvidbogen om kryptoaktiver til rådighed i fortegnelsen efter artikel 109, stk. 2, senest på begyndelsesdatoen for udbuddet til offentligheden eller optagelsen til handel.
Artikel 9
Offentliggørelse af hvidbogen om kryptoaktiver og af markedsføringskommunikationen
1.   Udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel, offentliggør deres hvidbøger om kryptoaktiver og, hvor det er relevant, markedsføringskommunikationen på deres websted, som skal være offentligt tilgængeligt i rimelig tid forud for og senest på begyndelsesdatoen for udbuddet til offentligheden af disse kryptoaktiver eller ved optagelsen til handel af disse kryptoaktiver. Hvidbøgerne om kryptoaktiver og, hvor det er relevant, markedsføringskommunikationen skal forblive tilgængeligt på webstedet for udbyderne eller de personer, der anmoder om optagelse til handel, så længe kryptoaktiverne indehaves af offentligheden.
2.   De offentliggjorte hvidbøger om kryptoaktiver og, hvor det er relevant, markedsføringskommunikationen skal være identisk med den version, der er meddelt den kompetente myndighed i overensstemmelse med artikel 8 eller i givet fald med den version, der er ændret i overensstemmelse med artikel 12.
Artikel 10
Resultatet af udbuddet til offentligheden og beskyttelsesforanstaltninger
1.   Udbydere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, som fastsætter en tidsbegrænsning for deres udbud til offentligheden af disse kryptoaktiver, offentliggør på deres websted resultatet af udbuddet til offentligheden senest 20 arbejdsdage efter tegningsperiodens udløb.
2.   Udbydere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, som ikke fastsætter en tidsbegrænsning for deres udbud til offentligheden af disse kryptoaktiver, offentliggør på deres websted løbende og mindst en gang om måneden antallet af kryptoaktivenheder i omløb.
3.   Udbydere af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, som fastsætter en tidsbegrænsning for deres udbud til offentligheden af kryptoaktiver, sørger for at have effektive ordninger med henblik på overvågning og beskyttelse af de midler eller andre kryptoaktiver, der er fremkommet i forbindelse med udbuddet til offentligheden. Hertil sikrer de pågældende udbydere, at de midler eller kryptoaktiver, der indsamles under udbuddet til offentligheden, opbevares i depot på en eller begge af følgende måder:
a)
et kreditinstitut, hvor midlerne er fremkommet i forbindelse med udbuddet til offentligheden
b)
en udbyder, der leverer deponering og administration af kryptoaktiver på kunders vegne.
4.   Når udbuddet til offentligheden ikke har nogen tidsfrist, skal udbyderen overholde denne artikels stk. 3, indtil den private indehavers fortrydelsesret i henhold til artikel 13 er udløbet.
Artikel 11
Rettigheder for udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel
1.   Efter offentliggørelse af hvidbogen om kryptoaktiver i overensstemmelse med artikel 9 og, hvor det er relevant, den ændrede hvidbog om kryptoaktiver i overensstemmelse med artikel 12 kan udbydere udbyde kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, i hele Unionen, og disse kryptoaktiver kan optages til handel på en handelsplatform for kryptoaktiver i Unionen.
2.   Udbydere og personer, der anmoder om, at kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, optages til handel, som har offentliggjort en hvidbog om kryptoaktiver i overensstemmelse med artikel 9 og, hvor det er relevant, en ændret hvidbog om kryptoaktiver i henhold til artikel 12, er ikke omfattet af yderligere oplysningskrav med hensyn til udbuddet til offentligheden eller optagelse til handel af dette kryptoaktiv.
Artikel 12
Ændring af offentliggjorte hvidbøger om kryptoaktiver og af offentliggjort markedsføringskommunikation
1.   Udbydere, personer, der anmoder om optagelse til handel, eller operatører af en handelsplatform for kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, ændrer deres offentliggjorte hvidbøger om kryptoaktiver og, hvor det er relevant, deres offentliggjorte markedsføringskommunikation, når der foreligger en væsentlig ny omstændighed, væsentlig fejl eller væsentlig unøjagtighed, som kan påvirke vurderingen af kryptoaktiverne. Dette krav gælder, så længe udbuddet til offentligheden varer, eller så længe kryptoaktivet er optaget til handel.
2.   Udbydere, personer, der anmoder om optagelse til handel, eller operatører af en handelsplatform for kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, giver senest syv arbejdsdage før offentliggørelsen den kompetente myndighed i deres hjemland meddelelse om de ændrede hvidbøger om kryptoaktiver og, hvor det er relevant, ændret markedsføringskommunikation og den påtænkte offentliggørelsesdato, herunder årsagerne til sådanne ændringer.
3.   På offentliggørelsesdatoen eller tidligere, hvis den kompetente myndighed kræver det, orienterer udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af handelsplatformen omgående offentligheden på sit websted om, at der er givet meddelelse om en ændret hvidbog om kryptoaktiver til den kompetente myndighed i hjemlandet, og giver et kort resumé af årsagerne til denne meddelelse af, at hvidbogen om kryptoaktiver er ændret.
4.   Oplysningernes rækkefølge i en ændret hvidbog om kryptoaktiver og, hvor det er relevant, i ændret markedsføringsmateriale skal være i overensstemmelse med den hvidbog om kryptoaktiver eller det markedsføringsmateriale, der er offentliggjort i overensstemmelse med artikel 9.
5.   Senest fem arbejdsdage efter modtagelsen af den ændrede hvidbog om kryptoaktiver og, hvor det er relevant, af den ændrede markedsføringskommunikation orienterer den kompetente myndighed i hjemlandet den kompetente myndighed i de værtslande, der er omhandlet i artikel 8, stk. 6, om den ændrede hvidbog om kryptoaktiver og, hvor det er relevant, den ændrede markedsføringskommunikation og underretter ESMA om meddelelsen og offentliggørelsesdatoen.
ESMA stiller den ændrede hvidbog om kryptoaktiver til rådighed i fortegnelsen efter artikel 109, stk. 2, efter offentliggørelsen.
6.   Udbydere, personer, der anmoder om optagelse til handel, eller operatører af handelsplatforme for kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, offentliggør den ændrede hvidbog om kryptoaktiver og, hvor det er relevant, den ændrede markedsføringskommunikation, herunder årsagerne til en sådan ændring, på deres websted i overensstemmelse med artikel 9.
7.   Den ændrede hvidbog om kryptoaktiver og, hvor det er relevant, den ændrede markedsføringskommunikation skal være tidsstemplet. Den senest ændrede hvidbog om kryptoaktiver og, hvor det er relevant, den ændrede markedsføringskommunikation skal være markeret som den gældende udgave. Alle ændrede hvidbøger om kryptoaktiver og, hvor det er relevant, ændret markedsføringskommunikation forbliver tilgængeligt på udstederens websted, så længe kryptoaktiverne indehaves af offentligheden.
8.   Hvis udbuddet til offentligheden vedrører en utility token, der giver adgang til varer eller tjenesteydelser, som endnu ikke eksisterer eller endnu ikke udbydes, må den i artikel 4, stk. 6, omhandlede gyldighedsperiode på 12 måneder ikke forlænges, hvis der foretages ændringer i den ændrede hvidbog om kryptoaktiver og, hvor det er relevant, i den ændrede markedsføringskommunikation.
9.   Ældre versioner af hvidbogen om kryptoaktiver og markedsføringskommunikationen skal forblive offentligt tilgængelige på webstedet for udbydere, personer, der anmoder om optagelse til handel, eller operatører af handelsplatforme i mindst ti år efter datoen for offentliggørelsen af de pågældende ældre udgaver med en tydelig advarsel om, at de ikke længere er gyldige, og med et hyperlink til det særlige afsnit på webstedet, hvor den seneste version af de pågældende dokumenter er offentliggjort.
Artikel 13
Fortrydelsesret
1.   Private indehavere, der køber kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, enten direkte fra en udbyder eller fra en udbyder af kryptoaktivtjenester, der placerer kryptoaktiver på vegne af den pågældende udbyder, har fortrydelsesret.
Private indehavere har en frist på 14 kalenderdage til at fortryde aftalen om køb af andre kryptoaktiver end aktivbaserede tokens og e-pengetokens uden at pådrage sig gebyrer eller omkostninger og uden at skulle give en begrundelse. Den periode, hvor denne fortrydelsesret kan udøves, løber fra datoen for den private indehavers aftale om at købe for disse kryptoaktiver.
2.   Alle betalinger, der modtages fra en privat indehaver, herunder eventuelle afgifter, godtgøres uden unødig forsinkelse og under ingen omstændigheder senere end 14 dage fra den dato, hvor udbyderen eller udbyderen af kryptoaktivtjenester, der placerer kryptoaktiver på vegne af den pågældende udbyder, underrettes om den private indehavers beslutning om at fortryde aftalen.
Tilbagebetalingen udføres under anvendelse af det samme betalingsmiddel, som den private indehaver benyttede til den oprindelige handel, medmindre den private indehaver udtrykkeligt har accepteret noget andet, og forudsat at den private indehaver ikke pålægges nogen form for gebyrer eller omkostninger som følge af tilbagebetalingen.
3.   Udbydere af kryptoaktiver giver oplysninger om den i stk. 1 omhandlede fortrydelsesret i deres hvidbog om kryptoaktiver.
4.   Den i stk. 1 omhandlede fortrydelsesret finder ikke anvendelse, hvis kryptoaktiverne er blevet optaget til handel forud for den private indehavers køb.
5.   Hvis udbydere har fastsat en tidsfrist for deres udbud til offentligheden af sådanne kryptoaktiver i overensstemmelse med artikel 10, kan fortrydelsesretten ikke udøves efter tegningsperiodens udløb.
Artikel 14
Forpligtelser for udbydere og personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens
1.   Udbydere og personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, skal:
a)
handle ærligt, redeligt og professionelt
b)
kommunikere med indehavere og potentielle indehavere af kryptoaktiver på en reel, klar og ikkevildledende måde
c)
indkredse, forebygge, håndtere og oplyse om eventuelle interessekonflikter, der måtte opstå
d)
vedligeholde alle deres systemer og sikkerhedsadgangsprotokoller i henhold til passende EU-standarder.
Med henblik på stk. 1, litra d), udsteder ESMA i samarbejde med EBA inden den 30. december 2024 retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 for at præcisere EU-standarderne.
2.   Udbydere og personer, der anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, skal handle i sådanne kryptoaktivindehaveres interesse og behandle disse ens, medmindre der fremlægges oplysninger om fortrinsbehandling af specifikke indehavere og grundene til denne behandling i hvidbogen om kryptoaktiver og, hvor det er relevant, markedsføringskommunikationen.
3.   Hvis et udbud til offentligheden af et kryptoaktiv, undtagen en aktivbaseret token eller e-pengetoken, annulleres, sikrer udbydere af et sådant kryptoaktiv, at midler indsamlet af indehavere eller potentielle indehavere behørigt returneres til disse senest 25 kalenderdage efter annullationsdatoen.
Artikel 15
Ansvar for oplysningerne i hvidbogen om kryptoaktiver
1.   Hvis en udbyder, en person, der anmoder om optagelse til handel, eller operatøren af en handelsplatform har overtrådt artikel 6 ved i sin hvidbog om kryptoaktiver eller i en ændret hvidbog om kryptoaktiver at afgive oplysninger, der ikke er fuldstændige, reelle, eller klare eller er vildledende, hæfter den pågældende udbyder, person, der anmoder om optagelse til handel eller operatør af en handelsplatform, og medlemmerne af dens administrations-, ledelses- eller tilsynsorgan over for en indehaver af et kryptoaktiv for ethvert tab som følge af denne overtrædelse.
2.   Enhver kontraktlig fraskrivelse eller indskrænkning af det civilretligt ansvar omhandlet i stk. 1 anses for uden retsvirkning.
3.   Når hvidbogen og markedsføringskommunikationen udarbejdes af operatøren af handelsplatformen i overensstemmelse med artikel 5, stk. 3, er den person, der anmoder om optagelse til handel, også ansvarlig, hvis vedkommende giver oplysninger, der ikke er fuldstændige, reelle eller klare eller er vildledende, til operatøren af handelsplatformen.
4.   Det påhviler indehavere af et kryptoaktiv at fremlægge beviser for, at udbyderen, en person der anmoder om optagelse til handel af kryptoaktiver eller operatøren af en handelsplatform for kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, har overtrådt artikel 6 ved at afgive oplysninger, der ikke er fuldstændige, reelle, eller klare eller er vildledende, og at det at have handlet i tillid til sådanne oplysninger har influeret på indehavers beslutning om at købe, sælge eller veksle det nævnte kryptoaktiv.
5.   Udbyderen, den person, der anmoder om optagelse til handel, eller operatøren af handelsplatformen og medlemmerne af dennes administrations-, ledelses- eller tilsynsorgan hæfter ikke over for en indehaver at et kryptoaktiv for tab, der er lidt som følge af, at der er handlet i tillid til oplysningerne i et resumé som omhandlet i artikel 6, stk. 7, herunder eventuelle oversættelser heraf, medmindre resuméet:
a)
misvisende, unøjagtigt eller uoverensstemmende, når det læses sammen med de øvrige dele i hvidbogen om kryptoaktiver, eller
b)
ikke, når det læses sammen med de øvrige dele af hvidbogen om kryptoaktiver, indeholder nøgleoplysninger, således at potentielle indehavere af kryptoaktivet lettere kan tage stilling til, om de vil købe de pågældende kryptoaktiver.
6.   Denne artikel viger for ethvert andet civilretligt ansvar, der gælder i henhold til national ret.
AFSNIT III
AKTIVBASEREDE TOKENS
KAPITEL 1
Tilladelse til at udbyde aktivbaserede tokens til offentligheden og til at ansøge om optagelse til handel
Artikel 16
Tilladelse
1.   En person må ikke udbyde en aktivbaseret token til offentligheden eller anmode om optagelse til handel heraf i Unionen, medmindre denne person er udstederen af denne aktivbaserede token og er:
a)
en juridisk person eller virksomhed, der er etableret i Unionen, og er meddelt tilladelse hertil af den kompetente myndighed i sit hjemland i overensstemmelse med artikel 21, eller
b)
et kreditinstitut, der fungerer i overensstemmelse med artikel 17.
Uanset første afsnit kan øvrige personer efter skriftligt samtykke fra udstederen af en aktivbaseret token udbyde denne aktivbaserede token til offentligheden eller anmode om optagelse til handel heraf. Disse enheder skal overholde artikel 27, 29 og 40.
Andre virksomheder kan med henblik på første afsnit, litra a), kun udstede aktivbaserede tokens, hvis deres retlige status sikrer et beskyttelsesniveau for tredjeparts interesser svarende til det, der ydes af juridiske personer, og at de er underlagt et ækvivalent tilsyn, der svarer til deres juridiske form.
2.   Stk. 1 anvendes ikke, hvor:
a)
den gennemsnitlige udestående værdi af den aktivbaserede token, beregnet ved udgangen af hver kalenderdag, i en periode på 12 måneder, aldrig har oversteget 5 000 000 EUR eller det tilsvarende beløb i en anden valuta, og udstederen ikke er tilknyttet et netværk af andre fritagne udstedere, eller
b)
udbuddet til offentligheden af den aktivbaserede token udelukkende er rettet til kvalificerede investorer, og den aktivbaserede token kun kan indehaves af sådanne kvalificerede investorer.
Udstedere af aktivbaserede tokens skal i de tilfælde, hvor dette stykke finder anvendelse, udarbejde en hvidbog om kryptoaktiver som omhandlet i artikel 19 og give meddelelse om denne hvidbog om kryptoaktiver og, efter anmodning, meddelelse om enhver markedsføringskommunikation til den kompetente myndighed i deres hjemland.
3.   Den tilladelse, som den kompetente myndighed giver en person som omhandlet i stk. 1, første afsnit, litra a), er gyldig for hele Unionen og gør det muligt for en udsteder af en aktivbaseret token at udbyde den aktivbaserede token, for hvilke denne er meddelt tilladelse, til offentligheden i hele Unionen eller at anmode om optagelse til handel af en sådan aktivbaseret token.
4.   Den kompetente myndigheds godkendelse af udstederens hvidbog om kryptoaktiver i henhold til artikel 17, stk. 1, eller artikel 21, stk. 1, eller af en ændret hvidbog om kryptoaktiver i henhold til artikel 25 gælder for hele Unionen.
Artikel 17
Krav til kreditinstitutter
1.   En aktivbaseret token udstedt af et kreditinstitut kan udbydes eller optages til handel, hvis kreditinstituttet:
a)
udarbejder en hvidbog om kryptoaktiver som omhandlet i artikel 19 for den aktivbaserede token, forelægger hvidbogen om kryptoaktiver til godkendelse af den kompetente myndighed i hjemlandet i overensstemmelse med proceduren i de reguleringsmæssige tekniske standarder i henhold til nærværende artikels stk. 8, og hvidbogen godkendes af den kompetente myndighed
b)
mindst 90 arbejdsdage forud for udstedelse af det første aktivbaserede token meddeler den respektive kompetente myndighed følgende oplysninger:
i)
en driftsplan, der viser den forretningsmodel, som kreditinstituttet agter at følge
ii)
en juridisk vurdering af, at den aktivbaserede token ikke betragtes som hverken:
—
et kryptoaktiv, der er udelukket fra denne forordnings anvendelsesområde i overensstemmelse med artikel 2, stk. 4, eller
—
en e-pengetoken
iii)
en detaljeret beskrivelse af ledelsesordningerne som omhandlet i artikel 34, stk. 1
iv)
politikker og procedurer som omhandlet i artikel 34, stk. 5, første afsnit
v)
en beskrivelse af de kontraktlige ordninger med tredjepartsenheder som omhandlet i artikel 34, stk. 5, andet afsnit
vi)
en beskrivelse af forretningskontinuitetspolitikken som omhandlet i artikel 34, stk. 9
vii)
en beskrivelse af interne kontrolmekanismer og risikostyringsprocedurer som omhandlet i artikel 34, stk. 10
viii)
en beskrivelse af de systemer og procedurer, der skal garantere tilgængeligheden, autenticiteten, integriteten og fortroligheden af data, som omhandlet i artikel 34, stk. 11.
2.   Et kreditinstitut, der tidligere har underrettet den kompetente myndighed om udstedelse af en anden aktivbaseret token i overensstemmelse med stk. 1, litra b), er ikke forpligtet til at indgive de oplysninger, som det tidligere har indgivet til den kompetente myndighed, hvis sådanne oplysninger er identiske. Ved indgivelse af de oplysninger, der kræves i henhold til stk. 1, litra b), skal kreditinstituttet udtrykkeligt bekræfte, at oplysninger, der ikke indgives på ny, stadig er ajour.
3.   Den kompetente myndighed, der modtager den i stk. 1, litra b), omhandlede meddelelse, vurderer inden for 20 arbejdsdage efter modtagelsen af oplysningerne heri, hvorvidt de i litraen fastsatte oplysninger er indgivet. Hvis den kompetente myndighed konkluderer, at en meddelelse ikke er fuldstændig, fordi der mangler oplysninger, underretter den straks det meddelende kreditinstitut herom og fastsætter en frist, inden for hvilken kreditinstituttet skal indgive de manglende oplysninger.
Fristen for indgivelse af manglende oplysninger må ikke overstige 20 arbejdsdage fra datoen for anmodningen. Den periode, der er fastsat i stk. 1, litra b), suspenderes indtil udløbet af denne frist. Eventuelle yderligere anmodninger fra den kompetente myndighed om at supplere eller præcisere oplysningerne beror på denne myndigheds skøn, men må ikke medføre en suspension af vurderingsperioden i stk. 1, litra b).
Kreditinstituttet må ikke udbyde den aktivbaserede token til offentligheden eller anmode om optagelse til handel heraf, så længe meddelelsen er ufuldstændig.
4.   Et kreditinstitut, der udsteder aktivbaserede tokens, herunder signifikante aktivbaserede tokens, er ikke omfattet af artikel 16, 18, 20, 21, 24, 35, 41 eller 42.
5.   Den kompetente myndighed meddeler straks ECB de fuldstændige oplysninger, der er modtaget i henhold til stk. 1, og, hvis kreditinstituttet er etableret i en medlemsstat, der har en anden officiel valuta end euroen, eller, hvis den aktivbaserede token henviser til en anden officiel valuta i en medlemsstat end euroen, også til centralbanken i den pågældende medlemsstat.
ECB og, hvor det er relevant, medlemsstatens centralbank som omhandlet i første afsnit afgiver senest 20 arbejdsdage efter modtagelsen af de fuldstændige oplysninger en udtalelse om disse oplysninger og fremsender denne udtalelse til den kompetente myndighed.
Den kompetente myndighed kræver, at kreditinstituttet ikke udbyder den aktivbaserede token til offentligheden eller anmoder om optagelse til handel, hvis ECB eller, hvor det er relevant, medlemsstatens centralbank som omhandlet i første afsnit afgiver en negativ udtalelse med begrundelse i en risiko for betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet.
6.   Den kompetente myndighed meddeler ESMA de oplysninger, der er anført i artikel 109, stk. 3, efter at have kontrolleret fuldstændigheden af de oplysninger, der er modtaget i henhold til nærværende artikels stk. 1.
ESMA stiller disse oplysninger til rådighed i fortegnelsen efter artikel 109, stk. 3, på begyndelsesdatoen for udbuddet til offentligheden eller optagelsen til handel.
7.   Den relevante kompetente myndighed underretter senest to arbejdsdage efter inddragelsen af tilladelsen ESMA om inddragelsen af tilladelsen til et kreditinstitut, der udsteder aktivbaserede tokens. EMSA stiller straks oplysninger om sådan inddragelse til rådighed i fortegnelsen efter artikel 109, stk. 3.
8.   EBA udarbejder i tæt samarbejde med ESMA og ECB udkast til reguleringsmæssige tekniske standarder med henblik på at præcisere proceduren for godkendelse af en hvidbog om kryptoaktiver som omhandlet i stk. 1, litra a).
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
Artikel 18
Ansøgning om tilladelse
1.   Juridiske personer og andre virksomheder, der agter at udbyde aktivbaserede tokens til offentligheden eller anmode om optagelse til handel af aktivbaserede tokens indgiver deres ansøgning om tilladelse som omhandlet i artikel 16 til den kompetente myndighed i deres hjemland.
2.   Den i stk. 1 omhandlede ansøgning skal indeholde samtlige følgende oplysninger:
a)
den ansøgende udsteders adresse
b)
den ansøgende udsteders identifikator for den juridiske enhed
c)
den ansøgende udsteders vedtægter, hvis relevant
d)
en driftsplan, der viser den forretningsmodel, som den ansøgende udsteder agter at følge
e)
en juridisk vurdering af, at den aktivbaserede token ikke betragtes som hverken:
i)
et kryptoaktiv, der er udelukket fra denne forordnings anvendelsesområde i overensstemmelse med artikel 2, stk. 4, eller
ii)
en e-pengetoken
f)
en detaljeret beskrivelse af den ansøgende udsteders ledelsesordninger som omhandlet i artikel 34, stk. 1
g)
hvis der forefindes samarbejdsordninger med specifikke udbydere af kryptoaktivtjenester, en beskrivelse af den ansøgende kryptoaktivtjenesteudbyders interne kontrolmekanismer og -procedurer til at sikre overholdelse af forpligtelserne vedrørende hvidvask og terrorfinansiering i direktiv (EU) 2015/849
h)
identiteten på medlemmerne af den ansøgende udsteders ledelsesorgan
i)
dokumentation for, at de i litra h) omhandlede personer har et tilstrækkeligt godt omdømme og passende viden, kompetence og erfaring til at stå for ledelsen af den ansøgende udsteder
j)
dokumentation for, at enhver aktionær eller selskabsdeltager, der direkte eller indirekte besidder en kvalificerede andel i den ansøgende udsteder, har et tilstrækkeligt godt omdømme
k)
en hvidbog om kryptoaktiver som omhandlet i artikel 19
l)
politikker og procedurer som omhandlet i artikel 34, stk. 5, første afsnit
m)
en beskrivelse af de kontraktlige ordninger med tredjepartsenheder som omhandlet i artikel 34, stk. 5, andet afsnit
n)
en beskrivelse af den ansøgende udsteders politik for forretningskontinuitet som omhandlet i artikel 34, stk. 9
o)
en beskrivelse af interne kontrolmekanismer og risikostyringsprocedurer som omhandlet i artikel 34, stk. 10
p)
en beskrivelse af de systemer og procedurer, der skal garantere tilgængeligheden, autenticiteten, integriteten og fortroligheden af data, som omhandlet i artikel 34, stk. 11
q)
en beskrivelse af den ansøgende udsteders klagebehandlingsprocedurer som omhandlet i artikel 31
r)
i relevant omfang, en liste over værtslande, hvor den ansøgende udsteder agter at udbyde den aktivbaserede token til offentligheden eller agter at søge om optagelse til handel af den aktivbaserede token.
3.   Udstedere, der allerede har fået meddelt tilladelse for så vidt angår én aktivbaseret token, er ikke forpligtet til med henblik på tilladelse for så vidt angår en anden aktivbaseret token at indgive oplysninger, de tidligere har indgivet til den kompetente myndighed, hvis sådanne oplysninger ville være identiske. Udstederen skal ved indgivelse af de oplysninger, der kræves i henhold til stk. 2, udtrykkeligt bekræfte, at de oplysninger, der ikke er indgivet på ny, stadig er ajour.
4.   Den kompetente myndighed giver den ansøgende udsteder skriftlig bekræftelse på modtagelsen af en meddelelse i henhold til stk. 1 straks og under alle omstændigheder senest to arbejdsdage herefter.
5.   Med henblik på anvendelsen af stk. 2, litra i) og j), skal den ansøgende udsteder af den aktivbaserede token fremlægge bevis for følgende forhold:
a)
for alle medlemmer af ledelsesorganet: ren straffeattest eller at de pågældende aldrig er blevet pålagt sanktioner i henhold til gældende handelsret, insolvensret og ret om finansielle tjenesteydelser eller om bekæmpelse af hvidvask af penge, finansiering af terrorisme, svig eller erhvervsansvar
b)
medlemmerne af ledelsesorganet hos den ansøgende udsteder af den aktivbaserede token har tilsammen passende viden, kompetence og erfaring til at stå for ledelsen af udstederen af den aktivbaserede token, og de pågældende personer er forpligtet til at afsætte tilstrækkelig tid til at varetage deres opgaver
c)
for alle aktionærer og selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i den ansøgende udsteder: ren straffeattest og at de pågældende aldrig er blevet pålagt sanktioner i henhold til gældende handelsret, insolvensret og ret om finansielle tjenesteydelser eller om bekæmpelse af hvidvask af penge, finansiering af terrorisme, svig eller erhvervsansvar.
6.   EBA udarbejder i nært samarbejde med ESMA og ECB udkast til reguleringsmæssige tekniske standarder, til yderligere præcisering af de oplysninger, der er omhandlet i stk. 2.
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
7.   EBA udarbejder i tæt samarbejde med ESMA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -modeller og -procedurer vedrørende de oplysninger, der skal indgå i ansøgningen, for at sikre ensartetheden i hele Unionen.
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at vedtage de i første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1093/2010.
Artikel 19
Indhold og form af hvidbogen om kryptoaktiver for aktivbaserede tokens
1.   En hvidbog om kryptoaktiver for en aktivbaseret token skal indeholde alle følgende oplysninger som nærmere specificeret i bilag II:
a)
oplysninger om udstederen af den aktivbaserede token
b)
oplysninger om den aktivbaserede token
c)
oplysninger om udbuddet til offentligheden af den aktivbaserede token eller optagelse til handel heraf
d)
oplysninger om de rettigheder og forpligtelser, der er knyttet til den aktivbaserede token
e)
oplysninger om den understøttende teknologi
f)
oplysninger om risici
g)
oplysninger om reserven af aktiver
h)
oplysninger om de primære negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger af den konsensusmekanisme, der anvendes til at udstede den aktivbaserede token.
Hvidbogen om kryptoaktiver skal også angive identiteten af den person udover udstederen, der udbyder til offentligheder eller anmoder om optagelse til handel i henhold til artikel 16, stk. 1, andet afsnit, og årsagen til, at den pågældende person udbyder denne aktivbaserede token eller anmoder om optagelse til handel heraf. I tilfælde, hvor hvidbogen om kryptoaktiver ikke udarbejdes af udstederen, skal hvidbogen om kryptoaktiver også angive identiteten af den person, der har udarbejdet hvidbogen om kryptoaktiver, og årsagen til, at den pågældende person har udarbejdet den.
2.   Alle de i stk. 1 omhandlede oplysninger skal være reelle, klare og ikkevildledende. Hvidbogen om kryptoaktiver må ikke udvise væsentlige mangler og skal udformes i en kortfattet og forståelig form.
3.   Hvidbogen om kryptoaktiver må ikke indeholde nogen påstande om kryptoaktivernes fremtidige værdi, foruden den i stk. 4 omhandlede erklæring.
4.   Hvidbogen om kryptoaktiver skal indeholde følgende klare og utvetydige erklæring:
a)
den aktivbaserede token kan helt eller delvis miste sin værdi
b)
den aktivbaserede token kan muligvis ikke altid overdrages
c)
den aktivbaserede token er muligvis ikke likvid
d)
hvis relevant, en klar advarsel om, at den aktivbaserede token ikke er omfattet af investorgarantiordningerne efter direktiv 97/9/EF
e)
en klar advarsel om, at den aktivbaserede token ikke er omfattet af indskudsgarantiordningerne efter direktiv 2014/49/EU.
5.   Hvidbogen om kryptoaktiver skal indeholde en erklæring fra ledelsesorganet hos udstederen af den aktivbaserede token. Denne erklæring skal bekræfte, at hvidbogen er i overensstemmelse med kravene i dette afsnit, at de oplysninger, der fremlægges i hvidbogen efter ledelsesorganets bedste overbevisning er reelle, klare og ikke vildledende, og at intet er udeladt af hvidbogen, der ville kunne påvirke dens væsentlighed.
6.   Hvidbogen om kryptoaktiver skal indeholde et resumé, der indsættes efter den erklæring, der er omhandlet i stk. 5, der i et kort og ikketeknisk sprog indeholder centrale oplysninger om udbuddet til offentligheden af den aktivbaserede token eller om den påtænkte optagelse til handel af den aktivbaserede token. Resuméet skal være letforståeligt formuleret og opstillet i et tydeligt og altomfattende format, og i en læsbar skriftstørrelse. Resuméet af hvidbogen skal indeholde hensigtsmæssige oplysninger om kendetegnene ved den pågældende aktivbaserede token med henblik på at hjælpe potentielle indehavere af denne aktivbaserede token med at træffe en informeret beslutning.
Resuméet skal indeholde en advarsel om, at:
a)
det bør læses som en introduktion til hvidbogen om kryptoaktiver
b)
den potentielle indehaver bør basere enhver beslutning om køb af den aktivbaserede token på indholdet af hele hvidbogen om kryptoaktiver og ikke på resuméet alene
c)
udbuddet til offentligheden af den aktivbaserede token ikke udgør et udbud af eller en opfordring til køb af finansielle instrumenter, og at et sådant udbud eller en sådan opfordring kun kan foretages ved hjælp af et prospekt eller andre udbudsdokumenter i henhold til gældende national ret
d)
hvidbogen om kryptoaktiver ikke udgør et prospekt som omhandlet i forordning (EU) 2017/1129 eller andet udbudsdokument i henhold til EU-retten eller national ret.
Resuméet skal angive, at indehavere af aktivbaserede tokens til enhver tid har ret til genindløsning, og betingelserne for en sådan genindløsning.
7.   Hvidbogen om kryptoaktiver skal indeholde datoen for meddelelsen herom og en indholdsfortegnelse.
8.   Hvidbogen om kryptoaktiver udfærdiges på et af hjemlandets officielle sprog eller på et sprog, som er almindeligt i internationale finanskredse.
Hvis den aktivbaserede token også udbydes i en anden medlemsstat end udstederens hjemland, udfærdiges hvidbogen også på et officielt sprog i værtslandet eller på et sprog, som er almindeligt i internationale finanskredse.
9.   Hvidbogen om kryptoaktiver skal stilles til rådighed i et maskinlæsbart format.
10.   ESMA udarbejder i samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -formater og -modeller med henblik på stk. 9.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at vedtage de i første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
11.   ESMA udarbejder i samarbejde med EBA udkast til reguleringsmæssige tekniske standarder for indholdet, metodologierne og opstillingen af de oplysninger, der er omhandlet i stk. 1, første afsnit, litra h), for så vidt angår bæredygtighedsindikatorerne i forbindelse med negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger.
Ved udarbejdelsen af de udkast til reguleringsmæssige tekniske standarder, der er omhandlet i første afsnit, tager ESMA hensyn til de forskellige typer konsensusmekanismer, der anvendes til at validere transaktioner med kryptoaktiver, deres incitamentsstrukturer og anvendelsen af energi, vedvarende energi og naturressourcer, produktion af affald og drivhusgasemissioner. ESMA ajourfører disse reguleringsmæssige tekniske standarder i overensstemmelse med den reguleringsmæssige og teknologiske udvikling.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 20
Vurdering af ansøgningen om tilladelse
1.   De kompetente myndigheder, der modtager en ansøgning om tilladelse som omhandlet i artikel 18, vurderer senest 25 arbejdsdage efter modtagelsen af en sådan ansøgning, om den, herunder den i artikel 19 omhandlede hvidbog om kryptoaktiver, omfatter alle påkrævede oplysninger. De underretter straks den ansøgende udsteder om, hvorvidt ansøgningen, herunder hvidbogen om kryptoaktiver, mangler påkrævede oplysninger. Hvis ansøgningen, herunder hvidbogen om kryptoaktiver, ikke er fuldstændig, fastsætter de en frist, inden for hvilken den ansøgende udsteder skal fremlægge eventuelle manglende oplysninger.
2.   De kompetente myndigheder vurderer senest 60 arbejdsdage efter modtagelsen af en fuldstændig ansøgning, om den ansøgende udsteder opfylder kravene i dette afsnit, og træffer en udførlig afgørelse om meddelelse af eller at afslå at meddele tilladelse. Inden for disse 60 arbejdsdage kan de kompetente myndigheder anmode den ansøgende udsteder om oplysninger på ansøgningen, herunder om hvidbogen om kryptoaktiver som omhandlet i artikel 19.
De kompetente myndigheder kan under vurderingsprocessen samarbejde med de kompetente myndigheder for bekæmpelse af hvidvask af penge og finansiering af terrorisme, med finansielle efterretningsenheder eller med andre offentlige organer.
3.   Vurderingsperioden i stk. 1 og 2 suspenderes i tidsrummet mellem datoen for de kompetente myndigheders anmodning om manglende oplysninger og deres modtagelse af den ansøgende udsteders svar herpå. Suspenderingen må ikke overstige 20 arbejdsdage. Eventuelle yderligere anmodninger fra de kompetente myndigheder om at supplere eller præcisere oplysningerne beror på de kompetente myndigheders skøn, men må ikke medføre en suspension af vurderingsperioden i stk. 1 og 2.
4.   De kompetente myndigheder fremsender efter de 60 arbejdsdage, der er omhandlet i stk. 2, deres udkast til afgørelse og ansøgningsdossieret til EBA, ESMA og ECB. Hvis den ansøgende udsteder har hjemsted i en medlemsstat, der ikke har euroen som officiel valuta, eller hvis en officiel valuta i en medlemsstat, der ikke er euroen, henviser til den aktivbaserede token, fremsender de kompetente myndigheder deres udkast til afgørelse og ansøgningsdossieret til centralbanken i den pågældende medlemsstat.
5.   EBA og ESMA afgiver efter anmodning fra den kompetente myndighed og senest 20 arbejdsdage efter modtagelse af udkastet til afgørelse og af ansøgningen en udtalelse om deres vurdering af den juridiske vurdering, der er omhandlet i artikel 18, stk. 2, litra e), og fremsender deres respektive udtalelser til den berørte kompetente myndighed.
ECB eller, hvor det er relevant, en centralbank som omhandlet i stk. 4, afgiver senest 20 arbejdsdage efter modtagelsen af udkastet til afgørelse og ansøgningsdossieret en ikkebindende udtalelse om sin vurdering af de risici, som udstedelse af denne aktivbaserede token kan udgøre for den finansielle stabilitet, betalingssystemernes smidige funktion, den pengepolitiske transmission og den monetære suverænitet, og fremsender sin udtalelse til den berørte kompetente myndighed.
De udtalelser, der er omhandlet i nærværende stykkes første og andet afsnit, er ikke bindende, jf. dog artikel 21, stk. 4.
Den kompetente myndighed tager dog behørigt hensyn til de udtalelser, der er omhandlet i nærværende stykkes første og andet afsnit.
Artikel 21
Meddelelse af eller afslag på tilladelse
1.   De kompetente myndigheder træffer senest 25 arbejdsdage efter modtagelse af de i artikel 20, stk. 5, omhandlede udtalelser en fuldt begrundet afgørelse om meddelelse af eller afslag på tilladelse til den ansøgende udsteder og underretter senest 5 arbejdsdage efter denne afgørelse den ansøgende udsteder herom. Hvis en ansøgende udsteder er meddelt tilladelse, anses dens hvidbog om kryptoaktiver for godkendt.
2.   De kompetente myndigheder afslår at meddele tilladelse, hvis der er objektive og påviselige grunde til, at:
a)
den ansøgende udsteders ledelsesorgan kan udgøre en trussel for dens effektive, sunde og forsigtige ledelse og forretningskontinuitet og for tilstrækkelig hensyntagen til dens kunders interesser og markedets integritet
b)
medlemmerne af ledelsesorganet ikke opfylder de krav, der er fastsat i artikel 34, stk. 2
c)
aktionærer og selskabsdeltager, der direkte eller indirekte besidder kvalificerede andele, ikke opfylder kriterierne for tilstrækkeligt godt omdømme i artikel 34, stk. 4
d)
den ansøgende udsteder ikke opfylder eller forventeligt ikke opfylder nogen af kravene i dette afsnit
e)
den ansøgende udsteders forretningsmodel kan udgøre en alvorlig trussel mod markedets integritet, den finansielle stabilitet, betalingssystemernes smidige funktion eller kan udsætte udstederen eller sektoren for alvorlige risici for hvidvaskning af penge og finansiering af terrorisme.
3.   EBA og ESMA udsteder senest den 30. juni 2024 i fællesskab retningslinjer i overensstemmelse med henholdsvis artikel 16 i forordning (EU) nr. 1093/2010 og artikel 16 i forordning (EU) nr. 1095/2010 for vurderingen af egnetheden af medlemmerne af ledelsesorganet for udstedere af aktivbaserede tokens og af de aktionærer og selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i udstedere af aktivbaserede tokens.
4.   De kompetente myndigheder afslår også at meddele tilladelse, hvis ECB eller, hvor det er relevant, centralbanken afgiver en negativ udtalelse i henhold til artikel 20, stk. 5, med begrundelse i en risiko for betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet.
5.   De kompetente myndigheder meddeler senest to arbejdsdage efter meddelelse af tilladelse det centrale kontaktpunkt i værtslandet, ESMA, EBA, ECB og i givet fald de i artikel 20, stk. 4, omhandlede centralbanker de oplysninger, der er anført i artikel 109, stk. 3.
ESMA stiller sådanne oplysninger til rådighed i fortegnelsen efter artikel 109, stk. 3, fra begyndelsesdatoen for udbuddet til offentligheden eller optagelsen til handel.
6.   De kompetente myndigheder underretter ligeledes EBA, ESMA og ECB og, hvor relevant, den i artikel 20, stk. 4, omhandlede centralbank, om alle afslag på ansøgninger om tilladelse, med begrundelse for afgørelsen og, hvor relevant, en redegørelse for eventuel afvigelse fra udtalelserne omhandlet i artikel 20, stk. 5.
Artikel 22
Indberetning af aktivbaserede tokens
1.   Udstederen af hver aktivbaseret token med en emissionsværdi på over 100 000 000 EUR indberetter hvert kvartal følgende oplysninger til den kompetente myndighed:
a)
antallet af indehavere
b)
værdien af den udstedte aktivbaserede token og størrelsen af reserven af aktiver
c)
det gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag i det relevante kvartal
d)
en vurdering af det gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag i det relevante kvartal, der knytter sig til dens anvendelse som vekslingsmiddel inden for et fælles valutaområde.
Med henblik på første afsnit, litra c) og d), forstås ved transaktion enhver ændring af den fysiske eller juridiske person, der er berettiget til den aktivbaserede token som følge af overførsel af den aktivbaserede token fra én distributed ledger-adresse eller -konto til en anden.
Transaktioner, der knytter sig til veksling mod midler eller andre kryptoaktiver med udstederen eller med en udbyder af kryptoaktivtjenester, bør ikke betragtes som knyttet til anvendelse af den aktivbaserede token som vekslingsmiddel, medmindre det kan bevises, at den aktivbaserede token anvendes til afvikling af transaktioner i andre kryptoaktiver.
2.   Den kompetente myndighed kan kræve, at udstedere af aktivbaserede tokens overholder den indberetningspligt, der er omhandlet i stk. 1, for så vidt angår aktivbaserede tokens, der udstedes til en værdi af under 100 000 000 EUR.
3.   Udbydere af kryptoaktivtjenester, der leverer tjenester vedrørende aktivbaserede tokens, skal give udstederen af den aktivbaserede token de oplysninger, der er nødvendige for at kunne klargøre den i stk. 1 omhandlede indberetning, herunder ved at indberette transaktioner uden for distributed ledger'en.
4.   Den kompetente myndighed videregiver de modtagne oplysninger til ECB og, hvor det er relevant, en centralbank som omhandlet i artikel 20, stk. 4, og de kompetente myndigheder i værtslandene.
5.   ECB og, hvor det er relevant, den centralbank som er omhandlet i artikel 20, stk. 4, kan give den kompetente myndighed sin egen vurdering af det kvartalsvise gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag, der knytter sig til anvendelse af den aktivbaserede token som vekslingsmiddel inden for et fælles valutaområde.
6.   EBA udarbejder i tæt samarbejde med ECB udkast til reguleringsmæssige tekniske standarder til specificering af den metodologi, der skal anvendes til at udarbejde skøn over det kvartalsvise gennemsnitlige antal og den kvartalsvise gennemsnitlige samlede værdi af transaktioner pr. dag, der knytter sig til anvendelse af den aktivbaserede token som vekslingsmiddel inden for et fælles valutaområde.
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
7.   EBA udarbejder udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -formater og -modeller for den i stk. 1 omhandlede indberetning og afgivelse af de i stk. 3 omhandlede oplysninger.
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1093/2010.
Artikel 23
Begrænsninger på udstedelse af aktivbaserede tokens i udbredt brug som vekslingsmiddel
1.   Når vurderingen for en aktivbaseret token af det kvartalsvise gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner pr. dag, der knytter sig til dens anvendelse som vekslingsmiddel i et fælles valutaområde, overstiger henholdsvis 1 000 000 transaktioner og 200 000 000 EUR, skal udstederen:
a)
ophøre med at udstede den aktivbaserede token, og
b)
senest 40 arbejdsdage efter, at denne tærskel var nået, forelægge den kompetente myndighed en plan for at sikre, at det vurderede kvartalsvise gennemsnitlige antal og den vurderede gennemsnitlige samlede værdi af disse transaktioner pr. dag holdes under henholdsvis 1 000 000 transaktioner og 200 000 000 EUR.
2.   Den kompetente myndighed anvender oplysningerne fra udstederen, dens eget skøn eller det skøn, som ECB eller, hvor det er relevant, centralbanken som omhandlet i artikel 20, stk. 4, har afgivet, alt efter hvad der er højest, til at vurdere, om tærsklen i stk. 1 er nået.
3.   Hvis flere udstedere udsteder den samme aktivbaserede token, skal de kriterier, der er omhandlet i stk. 1, vurderes af den kompetente myndighed efter sammenlægning af dataene fra alle udstedere.
4.   Udstederen forelægger den kompetente myndighed den i stk. 1, litra b), omhandlede plan til godkendelse. Den kompetente myndighed kræver i fornødent omfang ændringer, herunder pålæggelse af et mindstebeløb, for at sikre en rettidig nedgang i anvendelsen af den aktivbaserede token som vekslingsmiddel.
5.   Den kompetente myndighed må kun give udstederen tilladelse til at udstede den aktivbaserede token, når der foreligger bevis for, at det vurderede kvartalsvise gennemsnitlige antal og den vurderede gennemsnitlige samlede værdi af transaktioner pr. dag, der knytter sig til dens anvendelse som vekslingsmiddel i et fælles valutaområde, er lavere end henholdsvis 1 000 000 transaktioner og 200 000 000 EUR.
Artikel 24
Inddragelse af tilladelsen
1.   De kompetente myndigheder inddrager tilladelsen til en udsteder af en aktivbaseret token i følgende situationer:
a)
udsteder har indstillet sin virksomhed i seks på hinanden følgende måneder eller har ikke anvendt sin tilladelse i 12 på hinanden følgende måneder
b)
udsteder har opnået sin tilladelse på uretmæssig vis såsom ved at afgive urigtige erklæringer i den i artikel 18 omhandlede ansøgning om tilladelse eller i en hvilken som helst hvidbog om kryptoaktiver, der er ændret i overensstemmelse med artikel 25
c)
udsteder opfylder ikke længere de betingelser, hvorpå tilladelsen blev meddelt
d)
udsteder har gjort sig skyldig i alvorlige overtrædelser af bestemmelserne i dette afsnit
e)
udsteder er under insolvensbehandling i overensstemmelse med gældende national ret
f)
udsteder har været genstand for en genindløsningsplan
g)
udsteders forretningsmodel kan udgøre en alvorlig trussel mod markedets integritet, den finansielle stabilitet, betalingssystemernes smidige funktion eller kan udsætte udstederen eller sektoren for alvorlige risici for hvidvaskning af penge og finansiering af terrorisme.
Udstederen af den aktivbaserede token underretter dens kompetente myndighed om enhver af de situationer, der er omhandlet i første afsnit, litra e) og f).
2.   De kompetente myndigheder inddrager også tilladelsen til en udsteder af en aktivbaseret token, hvis ECB eller, hvor det er relevant, en centralbank som omhandlet i artikel 20, stk. 4, afgiver udtalelse om, at den aktivbaserede token udgør en alvorlig trussel mod betalingssystemers smidige funktion, pengepolitisk transmission eller den monetære suverænitet.
3.   De kompetente myndigheder begrænser mængden af en aktivbaseret token, der udstedes, eller fastsætter et mindstebeløb på den aktivbaserede token, hvis ECB eller, hvor det er relevant, en centralbank som omhandlet i artikel 20, stk. 4, afgiver udtalelse om, at den aktivbaserede token udgør en trussel mod betalingssystemers smidige funktion, pengepolitisk transmission eller den monetære suverænitet, og fastsætter den gældende grænse eller mindstebeløb.
4.   De relevante kompetente myndigheder giver den kompetente myndighed for en udsteder af en aktivbaseret token øjeblikkelig meddelelse om følgende situationer:
a)
en tredjepartsenhed som omhandlet i artikel 34, stk. 5, første afsnit, litra h), har mistet sin tilladelse som kreditinstitut som omhandlet i artikel 8 i direktiv 2013/36/EU, som en udbyder af kryptoaktivtjenester som omhandlet i artikel 59 i denne forordning, som et betalingsinstitut eller som et e-pengeinstitut
b)
medlemmerne af udsteders ledelsesorgan eller aktionærer eller selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i udstederen, har overtrådt bestemmelser i national ret til gennemførelse af Europa-Parlamentets og Rådets direktiv (EU) 2015/849.
5.   De kompetente myndigheder inddrager tilladelsen som udsteder af en aktivbaseret token, hvis de mener, at de i denne artikels stk. 4, omhandlede forhold påvirker det gode omdømme hos medlemmerne af den pågældende udbyders ledelsesorgan eller det gode omdømme for aktionærer eller selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i udstederen, eller hvorvidt omstændigheder indikerer svigt i ledelsesordninger eller interne kontrolmekanismer som omhandlet i artikel 34.
Når tilladelsen er inddraget, gennemfører udstederen af den aktivbaserede token proceduren i artikel 47.
6.   Den kompetente myndighed underretter senest to arbejdsdage efter inddragelsen af tilladelsen ESMA om inddragelsen af tilladelsen til udstederen af den aktivbaserede token. EMSA stiller straks oplysninger om sådan inddragelse til rådighed i det i artikel 109, stk. 3, omhandlede register.
Artikel 25
Ændring af offentliggjorte hvidbøger om kryptoaktiver for aktivbaserede tokens
1.   Udstedere af aktivbaserede tokens giver den kompetente myndighed i deres hjemland meddelelse om enhver påtænkt ændring af deres forretningsmodel, som kan tænkes at få væsentlig indflydelse på enhver faktisk eller potentiel indehavers købsbeslutning vedrørende aktivbaserede tokens, og som indtræffer efter den i artikel 21 omhandlede tilladelse eller efter godkendelsen af hvidbogen i henhold til artikel 17 såvel som i sammenhæng med artikel 23. Sådanne ændringer omfatter blandt andet alle væsentlige ændringer af:
a)
ledelsesordningerne, herunder kanaler for indberetning til ledelsesorganet og risikostyringsrammen
b)
reserven af aktiver og deponering af reserven af aktiver
c)
de rettigheder, der indrømmes indehavere af aktivbaserede tokens
d)
den mekanisme, hvorigennem den aktivbaserede token udstedes og genindløses
e)
protokollerne for validering af transaktionerne i aktivbaserede tokens
f)
funktionsmåden hvad angår udstederens proprietære distributed ledger-teknologi, hvor de aktivbaserede tokens udstedes, overføres og lagres ved anvendelse af en sådan distributed ledger-teknologi
g)
mekanismerne til at sikre likviditeten af aktivbaserede tokens, herunder likviditetsstyringspolitikken og -procedurerne for udstedere af signifikante aktivbaserede tokens som omhandlet i artikel 45
h)
ordninger med tredjepartsenheder, herunder forvaltning af reserven af aktiver og investering af reserven, deponering af reserven af aktiver og, hvor det er relevant, distribution af aktivbaserede tokens til offentligheden
i)
klagebehandlingsproceduren
j)
risikovurderingen vedrørende hvidvaskning af penge og finansiering af terrorisme og de generelle politikker og procedurer i forbindelse hermed.
Udstedere af aktivbaserede tokens underretter den kompetente myndighed i deres hjemland mindst 30 arbejdsdage før, at de påtænkte ændringer får virkning.
2.   Hvis en påtænkt ændring som omhandlet i stk. 1 er meddelt den kompetente myndighed, udarbejder udstederen af en aktivbaseret token et udkast til en ændret hvidbog om kryptoaktiver og sikrer, at rækkefølgen af de viste oplysninger er i overensstemmelse med den oprindelige hvidbog om kryptoaktiver.
Udstederen af den aktivbaserede token skal underrette den kompetente myndighed i hjemlandet om udkastet til revideret hvidbog om kryptoaktiver.
Den kompetente myndighed bekræfter elektronisk hurtigst muligt udkastet til den ændrede hvidbog om kryptoaktiver og senest fem arbejdsdage efter modtagelsen heraf.
Den kompetente myndighed godkender eller giver afslag på godkendelse af udkastet til den ændrede hvidbog om kryptoaktiver senest 30 arbejdsdage efter sin bekræftelse på modtagelse heraf. Den kompetente myndighed kan også under gennemgangen af udkastet til den ændrede hvidbog om kryptoaktiver anmode om supplerende oplysninger, forklaringer eller begrundelser vedrørende udkastet til den ændrede hvidbog om kryptoaktiver. Når den kompetente myndighed anmoder om sådanne supplerende oplysninger, begynder fristen på 30 arbejdsdage først, når den kompetente myndighed har modtaget de supplerende oplysninger, der blev anmodet om.
3.   Hvis den kompetente myndighed finder, at ændringerne af en hvidbog om kryptoaktiver potentielt er relevante for betalingssystemernes smidige funktion, pengepolitisk transmission og den monetære suverænitet, hører den ECB og, hvor det er relevant, den i artikel 20, stk. 4, omhandlede centralbank. Den kompetente myndighed kan i sådanne tilfælde også høre EBA og ESMA.
ECB eller den relevante centralbank og, hvor det er relevant, EBA og ESMA afgiver udtalelse senest 20 arbejdsdage efter modtagelsen af den i første afsnit omhandlede høring.
4.   Hvis den kompetente myndighed godkender den ændrede hvidbog om kryptoaktiver, kan denne kræve, at udstederen af den aktivbaserede token:
a)
indfører mekanismer, der sikrer beskyttelsen af indehavere af den aktivbaserede token, når en potentiel ændring af udstederens transaktioner kan have en væsentlig indvirkning på værdien, stabiliteten eller risiciene hvad angår den aktivbaserede token eller reserven af aktiver
b)
træffer passende korrigerende foranstaltninger for at imødegå forhold, der kan hæmme den finansielle stabilitet eller betalingssystemernes smidige funktion.
Den kompetente myndighed pålægger udstederen af den aktivbaserede token at træffe passende foranstaltninger til at imødegå forhold, der kan hæmme betalingssystemernes smidige funktion, den pengepolitiske transmission eller den monetære suverænitet, hvis ECB eller, hvor det er relevant, en centralbank som omhandlet i artikel 20, stk. 4, foreslår sådanne korrigerende foranstaltninger i forbindelse med høringer som omhandlet i nærværende artikels stk. 3.
Når ECB og centralbanken som omhandlet i artikel 20, stk. 4, har foreslået foranstaltninger, der adskiller sig fra dem, som den kompetente myndighed har foreskrevet, skal de foreslåede foranstaltninger kombineres, og hvis det ikke er muligt, skal den mest stringente foranstaltning have forrang.
5.   Den kompetente myndighed fremsender den ændrede hvidbog om kryptoaktiver til ESMA, de centrale kontaktpunkter i værtslandene, EBA, ECB og, hvor det er relevant, centralbanken i den pågældende medlemsstat senest to arbejdsdage efter godkendelsen.
ESMA stiller den ændrede hvidbog om kryptoaktiver til rådighed, som er blevet meddelt dem, i den i artikel 109 omhandlede fortegnelse.
Artikel 26
Det ansvar, som påhviler udstedere af aktivbaserede tokens, for oplysningerne i hvidbogen om kryptoaktiver
1.   Hvis en udsteder har overtrådt artikel 19 ved i sin hvidbog om kryptoaktiver eller i en ændret hvidbog om kryptoaktiver at afgive oplysninger, der ikke er fuldstændige, reelle eller klare eller er vildledende, hæfter den pågældende udsteder og medlemmerne af dens administrations-, ledelses- eller tilsynsorgan over for en indehaver af en sådan aktivbaseret token for ethvert tab som følge af denne overtrædelse.
2.   Enhver kontraktlig fraskrivelse eller indskrænkning af det civilretligt ansvar omhandlet i stk. 1 anses for uden retsvirkning.
3.   Det påhviler indehaveren af den aktivbaserede token at fremlægge beviser for, at udbyderen af denne aktivbaserede token har overtrådt artikel 19 ved i sin hvidbog om kryptoaktiver eller i en ændret hvidbog om kryptoaktiver at afgive oplysninger, der ikke er fuldstændige, reelle eller klare eller er vildledende, og at det at have handlet i tillid til sådanne oplysninger har indvirket på indehavers beslutning om køb, salg eller veksling af denne aktivbaserede token.
4.   Udstederen og medlemmerne af dennes bestyrelse, direktion eller tilsynsorgan hæfter ikke for tab, der er lidt som følge af at have handlet i tillid til oplysningerne i et resumé i henhold til artikel 19, herunder eventuelle oversættelser heraf, medmindre resuméet:
a)
er misvisende, unøjagtigt eller uoverensstemmende, når det læses sammen med de øvrige dele i hvidbogen om kryptoaktiver, eller
b)
når det læses sammen med de øvrige dele af hvidbogen om kryptoaktiver, ikke indeholder nøgleoplysninger til at bistå potentielle indehavere med at tage stilling til, om de vil købe den pågældende aktivbaserede token.
5.   Denne artikel viger for ethvert andet civilretligt ansvar, der gælder i henhold til national ret.
KAPITEL 2
Forpligtelser for udstedere af aktivbaserede tokens
Artikel 27
Forpligtelse til at handle ærligt, redeligt og professionelt og i den bedste interesse for indehavere af aktivbaserede tokens
1.   Udstedere af aktivbaserede tokens skal handle ærligt, redeligt og professionelt og kommunikere med indehavere og potentielle indehavere af aktivbaserede tokens på en reel, klar og ikke vildledende måde.
2.   Udstedere af aktivbaserede tokens skal handle i den bedste interesse for indehaverne af sådanne tokens og behandle disse ens, medmindre der foreligger oplysninger om fortrinsbehandling i hvidbogen om kryptoaktiver og, hvor det er relevant, markedsføringskommunikationen.
Artikel 28
Offentliggørelse af hvidbogen om kryptoaktiver
En udsteder af aktivbaserede tokens offentliggør på sit websted den godkendte hvidbog om kryptoaktiver som omhandlet i artikel 17, stk. 1, eller artikel 21, stk. 1, og, hvor det er relevant, den ændrede hvidbog om kryptoaktiver som omhandlet i artikel 25. Den godkendte hvidbog om kryptoaktiver gøres offentligt tilgængelig senest på begyndelsesdatoen for udbuddet til offentligheden af den aktivbaserede token eller optagelsen til handel af denne token. Den godkendte hvidbog om kryptoaktiver og, hvor det er relevant, den ændrede hvidbog om kryptoaktiver forbliver tilgængeligt på udstederens websted, så længe den aktivbaserede token indehaves af offentligheden.
Artikel 29
Markedsføringskommunikation
1.   Markedsføringskommunikation, der vedrører et udbud til offentligheden af en aktivbaseret token eller optagelse til handel af en sådan aktivbaseret token, skal opfylde samtlige følgende betingelser:
a)
markedsføringskommunikationen fremstår tydeligt som sådant
b)
oplysningerne i markedsføringskommunikationen er reelle og klare og ikke vildledende
c)
oplysningerne i markedsføringskommunikationen stemmer overens med oplysningerne i hvidbogen om kryptoaktiver
d)
i markedsføringskommunikationen anføres det klart, at der er offentliggjort en hvidbog om kryptoaktiver, og webstedet for udstederen af den pågældende aktivbaserede token såvel som dennes telefonnummer og e-mailadresse til kontakt angives.
2.   Markedsføringskommunikationen skal indeholde en klar og utvetydig erklæring om, at indehavere af en aktivbaseret token over for udstederen har ret til genindløsning når som helst.
3.   Markedsføringskommunikationen og enhver ændring heraf offentliggøres på udstederens websted.
4.   De kompetente myndigheder må ikke kræve, at der foreligger godkendelse af markedsføringskommunikationerne før deres offentliggørelse.
5.   Der gives meddelelse om markedsføringskommunikation til den relevante kompetente myndighed efter anmodning.
6.   Der må ikke formidles markedsføringskommunikation forud for offentliggørelsen af hvidbogen om kryptoaktiver. En sådan begrænsning berører ikke udstederen af den aktivbaserede tokens mulighed for at foretage markedsundersøgelser.
Artikel 30
Løbende oplysninger til indehavere af aktivbaserede tokens
1.   Udstedere af aktivbaserede tokens offentliggør på en klar, præcis og gennemsigtig måde på et offentligt og lettilgængeligt sted på deres websted mængden af de aktivbaserede tokens, der er i omløb, samt værdien og sammensætningen af den reserve af aktiver, der er omhandlet i artikel 36. Disse oplysninger skal ajourføres mindst hver måned.
2.   Udstedere af aktivbaserede tokens skal på et offentligt og lettilgængeligt sted på deres websted så hurtigt som muligt offentliggøre et kort, klart, præcist og gennemsigtigt sammendrag af revisionsrapporten samt den fulde, ucensurerede revisionsrapport vedrørende den reserve af aktiver, der er omhandlet i artikel 36.
3.   Med forbehold af artikel 88 oplyser udstedere af aktivbaserede tokens så hurtigt som muligt og på en klar, præcis og gennemsigtig måde på et offentligt og lettilgængeligt sted på deres websted om enhver begivenhed, der har eller forventes at have en væsentlig indvirkning på værdien af de aktivbaserede tokens eller på den reserve af aktiver, der er omhandlet i artikel 36.
Artikel 31
Klagebehandlingsprocedure
1.   Udstedere af aktivbaserede tokens skal fastlægge og opretholde effektive og gennemsigtige procedurer for øjeblikkelig, retfærdig og konsekvent behandling af klager, der er modtaget fra indehavere af aktivbaserede tokens og andre interesserede parter, herunder forbrugerorganisationer der repræsenterer indehavere af aktivbaserede tokens, og skal offentliggøre beskrivelser af disse procedurer. Hvis aktivbaserede tokens fordeles helt eller delvist af tredjepartsenheder som omhandlet i artikel 34, stk. 5, første afsnit, litra h), indfører udstedere af de aktivbaserede tokens procedurer for at lette behandlingen af sådanne klager mellem indehavere af de aktivbaserede tokens og sådanne tredjepartsenheder.
2.   Indehavere af aktivbaserede tokens skal kunne indgive klager vederlagsfrit til udstedere af aktivbaserede tokens eller, hvor det er relevant, til de tredjepartsenheder, der er omhandlet i stk. 1.
3.   Udstedere af aktivbaserede tokens og, hvor det er relevant, de tredjepartsenheder, der er omhandlet i stk. 1, skal udfærdige en model til indgivelse af klager, som de stiller til rådighed for indehavere af aktivbaserede tokens, og skal føre en fortegnelse over alle modtagne klager og eventuelle foranstaltninger, der træffes som reaktion herpå.
4.   Udstedere af aktivbaserede tokens skal undersøge og behandle alle klager rettidigt og retfærdigt og meddele indehaverne af deres aktivbaserede tokens resultatet af sådanne undersøgelser inden for en rimelig frist.
5.   EBA udarbejder i tæt samarbejde med ESMA udkast til reguleringsmæssige tekniske standarder til yderligere at fastlægge krav, modeller og procedurer for klagebehandlingen.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
Artikel 32
Identificering, forebyggelse, håndtering og oplysning i forbindelse med interessekonflikter
1.   Udstedere af aktivbaserede tokens gennemfører og opretholder effektive politikker og procedurer til at identificere, forebygge, håndtere og oplyse om interessekonflikter mellem sig selv og:
a)
deres aktionærer eller selskabsdeltagere
b)
alle aktionærer eller selskabsdeltagere, som direkte eller indirekte besidder en kvalificeret deltagelse i udstederen
c)
medlemmerne af deres ledelsesorgan
d)
deres ansatte
e)
indehavere af aktivbaserede tokens, eller
f)
enhver tredjepart, der udfører en af de funktioner, der er omhandlet i artikel 34, stk. 5, første afsnit, litra h).
2.   Udstedere af aktivbaserede tokens træffer navnlig alle relevante foranstaltninger til at identificere, forebygge, håndtere og oplyse om interessekonflikter, der opstår i forbindelse med forvaltning og investering af den i artikel 36 omhandlede reserve af aktiver.
3.   Udstedere af aktivbaserede tokens giver på et fremtrædende sted på deres websted indehavere af deres aktivbaserede tokens oplysninger af generel karakter, om kilder til interessekonflikter som omhandlet i stk. 1 og om de skridt, der er taget for at afbøde disse.
4.   De oplysninger, der er omhandlet i stk. 3, skal være tilstrækkeligt præcise til, at indehavere af deres aktivbaserede tokens kan træffe en informeret beslutning om de aktivbaserede tokens.
5.   EBA udarbejder udkast til reguleringsmæssige tekniske standarder med henblik på nærmere at præcisere:
a)
kravene til de politikker og procedurer, der er omhandlet i stk. 1
b)
nærmere forhold og metodologi vedrørende indholdet af de oplysninger, der er omhandlet i stk. 3.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
Artikel 33
Indberetning af ændringer i ledelsesorganet
Udbydere af kryptoaktivtjenester giver øjeblikkeligt deres kompetente myndighed meddelelse om enhver ændring i deres ledelsesorgan og giver deres kompetente myndighed alle de oplysninger, der er nødvendige for dennes vurdering af overholdelsen af artikel 34, stk. 2.
Artikel 34
Ledelsesordninger
1.   Udstedere af aktivbaserede tokens skal have solide ledelsesordninger, herunder en klar organisatorisk struktur med en veldefineret, gennemskuelig og konsekvent ansvarsfordeling og effektive procedurer til at identificere, styre, overvåge og indberette de risici, som de er eller kan blive udsat for, samt hensigtsmæssige interne kontrolmekanismer, herunder solide administrative og regnskabsmæssige procedurer.
2.   Medlemmerne af ledelsesorganet hos udbydere af aktivbaserede tokens skal have et tilstrækkeligt godt omdømme og besidde passende viden, kompetence og erfaring, både enkeltvis og tilsammen, til at udføre deres opgaver. De må navnlig ikke være dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme eller for andre lovovertrædelser, der kan rejse tvivl om deres gode omdømme. De skal også kunne vise, at de er i stand til at afsætte tilstrækkelig tid til reelt at varetage deres hverv.
3.   Ledelsesorganet hos udstedere af aktivbaserede tokens vurderer og evaluerer regelmæssigt effektiviteten af den politik og de ordninger og procedurer, der er indført for at efterleve kapitel 2, 3, 5 og 6 i dette afsnit, og træffer hensigtsmæssige foranstaltninger til at afhjælpe eventuelle mangler i den henseende.
4.   Aktionærer eller selskabsdeltagere, der besidder en kvalificeret andel i udstedere af aktivbaserede tokens, skal have et tilstrækkeligt godt omdømme og må navnlig ikke være blevet dømt for lovovertrædelser vedrørende hvidvaskning af penge eller finansiering af terrorisme eller andre lovovertrædelser, der påvirker deres gode omdømme.
5.   Udstedere af aktivbaserede tokens opstiller regler og procedurer, som er tilstrækkeligt effektive til at sikre, at denne forordning overholdes. Udstedere af aktivbaserede tokens fastlægger, opretholder eller gennemfører navnlig politikker og procedurer for:
a)
reserven af aktiver som omhandlet i artikel 36
b)
deponering af reserven af aktiver, herunder adskillelse af aktiverne, som omhandlet i artikel 37
c)
rettigheder, der er indrømmet indehavere af aktivbaserede tokens, som omhandlet i artikel 39
d)
den mekanisme, hvorigennem der udstedes og genindløses aktivbaserede tokens
e)
protokollerne for validering af transaktioner i aktivbaserede tokens
f)
funktionsmåden hvad angår udstederens proprietære distributed ledger-teknologi, hvis de aktivbaserede tokens udstedes, overføres og lagres ved anvendelse af sådan distributed ledger-teknologi eller tilsvarende teknologi, der drives af udstederen eller en tredjepart, der handler på dennes vegne
g)
mekanismerne til at sikre likviditeten af aktivbaserede tokens, herunder likviditetsstyringspolitikken og -procedurerne for udstedere af signifikante aktivbaserede tokens som omhandlet i artikel 45
h)
ordninger med tredjepartsenheder med hensyn til forvaltning af reserven af aktiver og investering af reserven af aktiver, deponering af reserven af aktiver og, hvor det er relevant, distribution af aktivbaserede tokens til offentligheden
i)
skriftligt samtykke fra udstederne af aktivbaserede tokens til øvrige personer, der muligvis vil udbyde eller anmode om optagelse til handel af de aktivbaserede tokens
j)
klagebehandling som anført i artikel 31
k)
interessekonflikter som anført i artikel 32.
Hvis udstedere af aktivbaserede tokens indgår ordninger som omhandlet i første afsnit, litra h), fastsættes disse ordninger i en kontrakt med tredjepartsenhederne. Disse kontraktlige ordninger fastlægger funktioner, ansvarsområder, rettigheder og forpligtelser både for udstederne af aktivbaserede tokens og for hver enkelt tredjepart. Enhver kontraktlig ordning med konsekvenser på tværs af jurisdiktioner skal fastsætte utvetydigt lovvalg.
6.   Medmindre de har iværksat en genindløsningsplan som omhandlet i artikel 47, anvender udstedere af aktivbaserede tokens passende og forholdsmæssige systemer, ressourcer og procedurer for at sikre, at deres tjenester og aktiviteter fortsat udføres regelmæssigt. Med henblik herpå vedligeholder udstedere af aktivbaserede tokens alle deres systemer og sikkerhedsadgangsprotokoller i overensstemmelse med de hensigtsmæssige EU-standarder.
7.   Hvis udstederen af en aktivbaseret token beslutter at indstille leveringen af sine tjenester og aktiviteter, herunder ved at ophøre med udstedelsen af denne aktivbaserede token, forelægger denne en plan for den kompetente myndighed med henblik på godkendelse af et sådant ophør.
8.   Udstedere af aktivbaserede tokens identificerer kilderne til operationelle risici og reducerer disse ved at udvikle passende systemer, kontroller og procedurer.
9.   Udstedere af aktivbaserede tokens etablerer en forretningskontinuitetspolitik og planer til at sikre, at væsentlige data og funktioner bevares i tilfælde af en afbrydelse af deres IKT-systemer og procedurer, og at deres aktiviteter opretholdes, eller, hvis dette ikke er muligt, en rettidig genopretning af sådanne data og funktioner og en rettidig genoptagelse af deres aktiviteter.
10.   Udstedere af aktivbaserede tokens sørger for at have interne kontrolmekanismer og effektive procedurer til styring, herunder effektiv kontrol og sikkerhedsforanstaltninger med hensyn til forvaltning af IKT-systemer, som påkrævet i henhold til Europa-Parlamentets og Rådets forordning (EU) 2022/2554 
(
37
)
. Procedurerne skal sikre en samlet vurdering af afhængigheden af tredjepartsenheder som omhandlet i nærværende artikels stk. 5, første afsnit, litra h). Udstedere af aktivbaserede tokens overvåger og evaluerer regelmæssigt, om de interne kontrolmekanismer og -procedurer er tilstrækkelige og effektive, og træffer passende foranstaltninger til at afhjælpe eventuelle mangler i den henseende.
11.   Udstedere af aktivbaserede tokens sørger for, at der er indført systemer og procedurer, som er egnede til at garantere tilgængeligheden, autenticiteten, integriteten og fortroligheden af data, som krævet i henhold til forordning (EU) 2022/2554 og i overensstemmelse med forordning (EU) 2016/679. Disse systemer skal registrere og beskytte relevante data og oplysninger, der indsamles og produceres i forbindelse med udstederes virksomhed.
12.   Udstedere af aktivbaserede tokens sørger for, at de revideres regelmæssigt af uafhængige revisorer. Resultaterne af disse revisioner fremlægges for den pågældende udsteders ledelsesorgan og stilles til rådighed for den kompetente myndighed.
13.   Senest den 30. juni 2024 udsteder EBA i tæt samarbejde med ESMA og ECB retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1093/2010, der præciserer minimumsindholdet af ledelsesordningerne vedrørende:
a)
redskaberne til overvågning af de risici, der er omhandlet i stk. 8
b)
den forretningskontinuitetsplan, der er omhandlet i stk. 9
c)
den interne kontrolmekanisme, der er omhandlet i stk. 10
d)
de revisioner, der er omhandlet i stk. 12, herunder det minimum af dokumentation, der skal anvendes ved revisionen.
EBA tager ved udstedelsen af de retningslinjer, der er omhandlet i første afsnit, hensyn til bestemmelserne om forvaltningskrav i andre EU-retsakter om finansielle tjenesteydelser, herunder direktiv 2014/65/EU.
Artikel 35
Kapitalgrundlagskrav
1.   Udstedere af aktivbaserede tokens skal til enhver tid have et kapitalgrundlag svarende til et beløb, der mindst svarer til det højeste af følgende:
a)
350 000 EUR
b)
2 % af det gennemsnitlige beløb af reserven af aktiver som omhandlet i artikel 36
c)
en fjerdedel af det foregående års faste omkostninger.
Med henblik på anvendelsen af første afsnit, litra b), forstås ved det gennemsnitlige beløb af reserven af aktiver det gennemsnitlige beløb af reserven af aktiver ved udgangen af hver kalenderdag beregnet over de sidste seks måneder.
Når en udsteder udbyder mere end én aktivbaseret token, er det beløb, der er omhandlet i første afsnit, litra b), lig med summen af det gennemsnitlige beløb af den reserve af aktiver, der understøtter hver aktivbaseret token.
Det beløb, der er omhandlet i første afsnit, litra c), tages årligt til revision og beregnes i overensstemmelse med artikel 67, stk. 3.
2.   Det kapitalgrundlag, der er omhandlet i denne artikels stk. 1, består af de egentlige kernekapitalposter og -instrumenter, der er omhandlet i artikel 26-30 i forordning (EU) nr. 575/2013, efter det fulde fradrag, jf. artikel 36 i nævnte forordning, uden anvendelse af de i artikel 46, stk. 4, og artikel 48 i nævnte forordning omhandlede tærskelbaserede undtagelser.
3.   Den kompetente myndighed i hjemlandet kan kræve, at en udsteder af en aktivbaseret token har et kapitalgrundlag, der er op til 20 % højere end det beløb, der følger af anvendelsen af stk. 1, første afsnit, litra b), hvis en vurdering af et af følgende punkter indikerer en højere grad af risiko:
a)
vurderingen af risikostyringsprocesser og interne kontrolmekanismer hos udstederen af den aktivbaserede token som omhandlet i artikel 34, stk. 1, 8 og 10
b)
kvaliteten og volatiliteten af reserven af aktiver som omhandlet i artikel 36
c)
de typer af rettigheder, som udstederen af den aktivbaserede token har indrømmet indehavere af den aktivbaserede token, i overensstemmelse med artikel 39
d)
hvis reserven af aktiver omfatter investeringer, risici i forbindelse med investeringspolitikken for denne reserve
e)
den samlede værdi og antallet af transaktioner, der er udført i den aktivbaserede token
f)
betydningen af de markeder, på hvilke den aktivbaserede token udbydes og markedsføres
g)
i relevant omfang, markedskapitaliseringen af den aktivbaserede token.
4.   Den kompetente myndighed i hjemlandet kan kræve, at en udsteder af en aktivbaseret token, som ikke er signifikant, opfylder et eller flere af kravene i artikel 45, hvis det er nødvendigt for at imødegå den højere grad af risici, der er konstateret i henhold til nærværende artikels stk. 3, eller enhver anden risiko, som der tages sigte på med artikel 45, såsom likviditetsrisici.
5.   Udstedere af aktivbaserede tokens skal, jf. dog stk. 3, med jævne mellemrum foretage stresstestning, der tager højde for alvorlige, men plausible finansielle stressscenarier såsom rentechok og ikkefinansielle stressscenarier såsom operationelle risici. Den kompetente myndighed i hjemlandet stiller på grundlag af resultatet af stresstestningen krav til udstederen af den aktivbaserede token om at have et kapitalgrundlag, der er mellem 20 % og 40 % højere end det beløb, der følger af anvendelsen af stk. 1, første afsnit, litra b), under visse omstændigheder under hensyntagen til risikoudsigterne og resultatet af stresstestningen.
6.   EBA udarbejder i nært samarbejde med ESMA og ECB udkast til reguleringsmæssige tekniske standarder, til yderligere præcisering af:
a)
proceduren og tidsrammen for en udsteder af en signifikant aktivbaseret token for tilpasning til højere kapitalgrundlagskrav som fastsat i stk. 3
b)
kriterierne for at kræve et højere kapitalgrundlag som fastsat i stk. 3
c)
minimumskravene til udformning af stresstest-programmer under hensyntagen til størrelsen, kompleksiteten og arten af den aktivbaserede token, herunder, men ikke begrænset til:
i)
typerne af stresstest og deres vigtigste formål og anvendelser
ii)
hyppigheden af gennemførelse af de forskellige stresstest
iii)
de interne ledelsesordninger
iv)
den relevante datainfrastruktur
v)
metodologien og troværdigheden af antagelser
vi)
anvendelse af proportionalitetsprincippet på alle minimumskrav, det være sig kvantitative eller kvalitative, og
vii)
minimumshyppigheden af stresstestene og de fælles referenceparametre for stresstestscenarierne.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
KAPITEL 3
Reserve af aktiver
Artikel 36
Forpligtelse til at have en reserve af aktiver og sammensætning og forvaltning af denne reserve
1.   Udstedere af aktivbaserede tokens etablerer og opretholder til enhver tid en reserve af aktiver.
Reserven af aktiver sammensættes og forvaltes på en sådan måde, at
a)
de risici, der er forbundet med de aktiver, som de aktivbaserede tokens henviser til, er omfattet og
b)
der tages højde for de likviditetsrisici, der er forbundet med indehavernes permanente genindløsningsrettigheder.
2.   Reserven af aktiver skal af hensyn til indehaverne af aktivbaserede tokens være retligt adskilt fra udstederens realformue og fra reserven af aktiver bestående af andre aktivbaserede tokens i overensstemmelse med gældende ret, således at udstedernes kreditorer ikke kan gøre regres i forhold til reserven af aktiver, navnlig i tilfælde af insolvens.
3.   Udstedere af aktivbaserede tokens skal sikre, at reserven af aktiver operationelt adskilles fra deres realformue og fra reserven af aktiver for andre tokens.
4.   EBA udarbejder i tæt samarbejde med ESMA og ECB udkast til reguleringsmæssige tekniske standarder, der yderligere præciserer likviditetskravene under hensyn til reserven af aktivers og selve den aktivbaserede tokens størrelse, kompleksitet og art.
De reguleringsmæssige tekniske standarder skal navnlig fastsætte:
a)
den relevante procentdel af reserven af aktiver opgjort i dagligt udløb, herunder procentdel af omvendte genkøbsaftaler, som kan opsiges med én arbejdsdags varsel, og procentdel af kontantbeholdningen, som kan hæves med én arbejdsdags varsel
b)
den relevante procentdel af reserven af aktiver opgjort ugentligt udløb, herunder procentdel af omvendt genkøbsaftaler, som kan opsiges med fem arbejdsdags varsel, og procentdel af kontantbeholdningen, som kan hæves med fem arbejdsdags varsel
c)
andre relevante udløb af løbetider og overordnede teknikker til likviditetsstyring
d)
de minimumsbeløb i hver officiel valuta, der henvises til, som skal opføres som indskud i kreditinstitutter, og som ikke må være mindre end 30 % af det beløb, der er opført i hver officiel valuta.
Med henblik på andet afsnit, litra a), b) og c), tager EBA blandt andet hensyn til de relevante tærskler, der er fastsat i artikel 52 i direktiv 2009/65/EF.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
5.   Udstedere, som udbyder to eller flere aktivbaserede tokens til offentligheden administrerer og opretholder adskilte puljer af reserver af aktiver for hver aktivbaserede token. Hver af disse puljer af reserver af aktiver skal forvaltes separat.
Hvis forskellige udstedere af aktivbaserede tokens udbyder den samme aktivbaserede token til offentligheden, skal disse udstedere kun administrere og opretholde en enkelt reserve af aktiver for den pågældende aktivbaserede token.
6.   Ledelsesorganerne for udstedere af aktivbaserede tokens sikrer en effektiv og forsigtig forvaltning af reserven af aktiver. Udstederne sikrer, at udstedelse og genindløsning af aktivbaserede tokens altid modsvares af en tilsvarende stigning eller et tilsvarende fald i reserven af aktiver.
7.   Udstederen af en aktivbaseret token fastsætter den samlede værdi af reserven af aktiver ved brug af markedspriser. Den samlede værdi skal mindst svare til den samlede værdi af de krav, som indehaverne af den aktivbaserede token i omløb har over for udstederen.
8.   Udstedere af aktivbaserede tokens skal have en klar og detaljeret politik, der beskriver stabiliseringsmekanismen for sådanne tokens. Denne politik skal navnlig:
a)
opstille en liste over de aktiver, som de aktivbaserede tokens henviser til, og sammensætningen af disse aktiver
b)
beskrive typen af aktiver og den nøjagtige fordeling af de aktiver, der indgår i reserven af aktiver
c)
indeholde en detaljeret vurdering af risici, herunder kreditrisiko, markedsrisiko, koncentrationsrisiko og likviditetsrisiko som følger af reserven af aktiver
d)
beskrive den procedure, hvorved de aktivbaserede tokens udstedes og genindløses, og den procedure, hvorved denne udstedelse og genindløsning vil resultere i en tilsvarende, henholdsvis stigning og nedgang i reserven af aktiver
e)
angive, om en del af reserven af aktiver investeres som fastsat i artikel 38
f)
hvis udstedere af aktivbaserede tokens investerer en del af reserven af aktiver som fastsat i artikel 38, indeholde en detaljeret beskrivelse af investeringspolitikken og en vurdering af, hvordan investeringspolitikken kan påvirke værdien af reserven af aktiver
g)
beskrive proceduren for køb af aktivbaserede tokens og for genindløsning af sådanne tokens mod reserven af aktiver og udarbejde en liste over de personer eller personkategorier, der har ret til at gøre dette.
9.   Udstedere af aktivbaserede tokens skal, jf. dog artikel 34, stk. 12, give autorisation til gennemførelsen af en uafhængig revision af reserven af aktiver hver sjette måned til vurdering af overholdelsen af reglerne i dette kapitel fra datoen for deres tilladelse i henhold til artikel 21 eller fra datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17.
10.   Udstederen skal meddele den kompetente myndighed resultaterne af revisionen i stk. 9 uden opsættelse og senest seks uger efter værdiansættelsens referencedato. Udstederen skal offentliggøre resultatet af revisionen senest to uger efter datoen for meddelelsen til den kompetente myndighed. Den kompetente myndighed kan pålægge udbyderen at udsætte offentliggørelsen af revisionsresultatet i tilfælde af:
a)
at udbyderen er blevet pålagt at gennemføre genopretningsordninger eller -foranstaltninger i overensstemmelse med artikel 46, stk. 3
b)
at udbyderen er blevet pålagt at gennemføre en genindløsningsplan i overensstemmelse med artikel 47
c)
at det vurderes at være nødvendigt at beskytte indehaverne af aktivbaserede tokens' økonomiske interesser
d)
at det vurderes at være nødvendigt at undgå en betydelig negativ virkning på det finansielle system i udbyderens hjemland eller i en anden medlemsstat.
11.   Værdiansættelsen til markedspriser som omhandlet i denne artikels stk. 7 foretages, hvor det er muligt, ved at anvende opgørelse til markedsværdi som defineret i artikel 2, nr. 8), i Europa-Parlamentets og Rådets forordning (EU) 2017/1131 
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.
Når der anvendes opgørelse til markedsværdi, værdiansættes reserveaktivet under anvendelse af den mere forsigtighedsbaserede del af tilbuddet, medmindre aktivet kan handles til middelkurs. Kun markedsdata af god kvalitet må anvendes, og sådanne data skal vurderes på grundlag af alle følgende faktorer:
a)
antallet af modparter og disses kvalitet
b)
volumen og omsætning i markedet for reserven af aktiver
c)
størrelsen af reserven af aktiver.
12.   Hvis det ikke er muligt at anvende opgørelse til markedsværdi som omhandlet i denne artikels stk. 11, eller hvis markedsdataene ikke er af tilstrækkelig god kvalitet, værdiansættes reserveaktivet konservativt ved hjælp af opgørelse til modelværdi som defineret i artikel 2, nr. 9), i forordning (EU) 2017/1131.
Modellen skal give et præcist skøn over reserven af aktivers indre værdi på grundlag af følgende ajourførte nøglefaktorer:
a)
volumen og omsætning på denne reserve af aktivers marked
b)
størrelsen af reserven af aktiver
c)
markedsrisikoen, renterisikoen og kreditrisikoen knyttet til reserveaktivet.
Når der anvendes opgørelse til modelværdi, anvendes metoden med opgørelse til amortiseret kostpris som defineret i artikel 2, nr. 10), i forordning (EU) 2017/1131 ikke.
Artikel 37
Deponering af reserve af aktiver
1.   Udstedere af aktivbaserede tokens fastlægger, opretholder og gennemfører politikker og procedurer og indgår, ajourfører og gennemfører kontraktlige ordninger for deponering, der til enhver tid sikrer, at:
a)
reserven af aktiver ikke er behæftet eller pantsat som en aftale om finansiel sikkerhedsstillelse som defineret i artikel 2, stk. 1, litra a), i Europa-Parlamentets og Rådets direktiv 2002/47/EF 
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b)
reserven af aktiver deponeres i henhold til nærværende artikels stk. 6
c)
udstedere af aktivbaserede tokens har øjeblikkelig adgang til reserven af aktiver med henblik på at imødekomme eventuelle krav om genindløsning fra indehavere af aktivbaserede tokens
d)
koncentration af depotforvalterne af reserven af aktiver undgås
e)
risiko for koncentration af reserven af aktiver undgås.
2.   Udstedere af aktivbaserede tokens, som udsteder to eller flere aktivbaserede tokens i Unionen, skal have en politik for deponering for hver enkelt pulje af reserver af aktiver. Forskellige udstedere af aktivbaserede tokens, som har udstedt den samme aktivbaserede token, administrerer og opretholder kun én politik for deponering.
3.   Reserven af aktiver opbevares i depot senest fem arbejdsdage efter den dato, hvor den aktivbaserede token blev udstedt af en eller flere af følgende:
a)
en udbyder af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, hvis reserven af aktiver består af kryptoaktiver
b)
et kreditinstitut, uanset type af reserve af aktiver
c)
et investeringsselskab, der leverer accessoriske tjenesteydelser i form af opbevaring og administration af finansielle instrumenter på kunders vegne som omhandlet i bilag I, afsnit B, punkt 1), til direktiv 2014/65/EU, hvis reserven af aktiver består af finansielle instrumenter.
4.   Udstedere af aktivbaserede tokens udviser passende dygtighed, omhu og hurtighed i forbindelse med udvælgelse, udnævnelse og revision af udbydere af kryptoaktivtjenester, kreditinstitutter og investeringsselskaber, der er udpeget som depotforvaltere af reserven af aktiver i henhold til stk. 3. Depotforvalteren skal være en anden juridisk person end udstederen.
Udstedere af aktivbaserede tokens skal sikre, at kreditinstitutter, udbydere af kryptoaktivtjenester og investeringsselskaber, der er udnævnt som depotforvaltere af reserven af aktiver som omhandlet i stk. 3, har den nødvendige ekspertise og det nødvendige markedsomdømme til at være depotforvaltere af en sådan reserve af aktiver under hensyntagen til de pågældende, kryptoaktivtjenesteudbyderes, kreditinstitutters og investeringsselskabers bogføringspraksis, opbevaringsprocedurer og interne kontrolmekanismer. Kontraktlige ordninger mellem udstedere af aktivbaserede tokens og depotforvaltere skal sikre, at de reserver af aktiver, der opbevares i depot, beskyttes mod krav fra depotforvalternes kreditorer.
5.   De i stk. 1 omhandlede politikker og procedurer for deponering fastsætter udvælgelseskriterier for udnævnelser af udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber til depotforvaltere af reserven af aktiver og for proceduren for revurdering af sådanne udnævnelser.
Udstedere af aktivbaserede tokens revurderer regelmæssigt udnævnelsen af udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber som depotforvaltere af reserven af aktiver. Udstedere af aktivbaserede tokens skal med henblik på denne revurdering evaluere deres eksponeringer for sådanne depotforvaltere, idet der tages hensyn til det fulde omfang af deres forhold til disse, og sådanne depotforvalteres finansielle betingelser overvåges løbende.
6.   Depotforvaltere af reserven af aktiver som omhandlet i stk. 4, sikrer, at deponeringen af disse reserveaktiver sker på følgende måde:
a)
kreditinstitutterne opbevarer midler i depot på en konto, der er åbnet i kreditinstitutternes regnskaber
b)
for finansielle instrumenter, der kan opbevares i depot, opbevarer kreditinstitutter eller investeringsselskaber alle de finansielle instrumenter i depot, der kan registreres på en konto for finansielle instrumenter, som er åbnet i kreditinstitutternes eller investeringsselskabernes regnskaber, og alle de finansielle instrumenter, der fysisk kan leveres til sådanne kreditinstitutter eller investeringsselskaber
c)
for kryptoaktiver, der kan opbevares i depot, opbevarer udbydere af kryptoaktivtjenester de kryptoaktiver i depot, der indgår i reserven af aktiver, eller metoderne til adgang til sådanne kryptoaktiver, hvor det er relevant, i form af private krypteringsnøgler
d)
for andre aktiver kontrollerer kreditinstitutterne, at udstederne af de aktivbaserede tokens er ejere af de aktivbaserede tokens, og de fører en fortegnelse over disse reserver af aktiver, for hvilke de er overbevist om, at udstederne af de aktivbaserede tokens ejer disse reserver af aktiver.
Med henblik på første afsnit, litra a), skal kreditinstitutterne sikre, at midlerne er registreret i kreditinstitutternes regnskaber på separate konti i overensstemmelse med de bestemmelser i national ret, der gennemfører artikel 16 i Kommissionens direktiv 2006/73/EF 
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. Kontoen åbnes i navnet på udstederen af de aktivbaserede tokens med det formål at forvalte reserven af aktiver for hver aktivbaseret token, således at midlerne i depotet klart kan identificeres som hørende til hver reserve af aktiver.
Med henblik på første afsnit, litra b), skal kreditinstitutterne og investeringsselskaberne sikre, at alle de finansielle instrumenter, som kan registreres på en konto for finansielle instrumenter, der er åbnet i kreditinstitutternes regnskaber og i investeringsselskabernes regnskaber, er registreret i kreditinstitutternes og investeringsselskabernes regnskaber på separate konti i overensstemmelse med de bestemmelser i national ret, der gennemfører artikel 16 i direktiv 2006/73/EF. Kontoen for de finansielle instrumenter åbnes i navnet på udstederne af aktivbaserede tokens med det formål at forvalte reserven af aktiver for hver aktivbaseret token, således at de finansielle instrumenter i depotet klart kan identificeres som hørende til hver reserve af aktiver.
Med henblik på første afsnit, litra c), skal udbydere af kryptoaktivtjenester udarbejde en fortegnelse over kundepositioner i udstederne af de aktivbaserede tokens' navne med det formål at forvalte reserver af aktiver bestående af hver aktivbaseret token, således at de deponerede kryptoaktiver klart kan identificeres som hørende til hver reserve af aktiver.
Med henblik på første afsnit, litra d), baseres vurderingen af, hvorvidt udstederne af aktivbaserede tokens ejer reserven af aktiver, på oplysninger eller dokumenter fremlagt af udstedere af aktivbaserede tokens og, hvis de foreligger, på ekstern dokumentation.
7.   Udnævnelsen af en udbyder af kryptoaktivtjenester, et kreditinstitut eller et investeringsselskab som depotforvalter af reserven af aktiver i overensstemmelse med stk. 4 dokumenteres ved en skriftlig kontrakt som omhandlet i artikel 34, stk. 5, andet afsnit. Disse kontraktlige ordninger regulerer bl.a. den informationsudveksling, som er nødvendig for at gøre det muligt for udstederne af aktivbaserede tokens og for udbyderne af kryptoaktivtjenester, kreditinstitutterne og investeringsselskaberne at varetage deres funktion som depotforvaltere.
8.   Udbydere af kryptoaktivtjenester, kreditinstitutter og investeringsselskaber, der i henhold til stk. 4 er udpeget som depotforvaltere, skal handle ærligt, redeligt, professionelt, uafhængigt og således, at de tjener udstederne af og indehaverne af sådanne tokens' interesser.
9.   Udbydere af kryptoaktivtjenester, kreditinstitutter og investeringsselskaber, der er blevet udpeget som depotforvaltere i overensstemmelse med stk. 4, må ikke udføre aktiviteter med hensyn til udstedere af aktivbaserede tokens, som kan skabe interessekonflikter mellem de pågældende udstedere, indehaverne af aktivbaserede tokens og dem selv, medmindre alle følgende betingelser er opfyldt:
a)
udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber har funktionsmæssigt og hierarkisk adskilt udførelsen af deres depotopgaver fra de opgaver, som de potentielt kunne komme i konflikt med
b)
potentielle interessekonflikter er blevet behørigt identificeret, overvåget og håndteret af udstederen af de aktivbaserede tokens, og denne har oplyst indehaverne af de aktivbaserede tokens herom i overensstemmelse med artikel 32.
10.   I tilfælde af tab af et finansielt instrument eller et kryptoaktiv, der opbevares i depot som omhandlet i stk. 6, skal den udbyder af kryptoaktivtjenester, det kreditinstitut eller det investeringsselskab, som mistede det pågældende finansielle instrument eller kryptoaktiv, uden unødig opsættelse kompensere eller godtgøre udstederen af den aktivbaserede token i form af et finansielt instrument eller kryptoaktiv af identisk type eller den tilsvarende værdi. Den pågældende udbyder af kryptoaktivtjenester eller det pågældende kreditinstitut eller investeringsselskab hæfter ikke, hvis det kan godtgøres, at tabet er opstået som følge af en ekstern begivenhed, der ligger uden for den pågældendes rimelige kontrol, og hvis konsekvenser ville have været uundgåelige, også selv om der var truffet alle rimelige forholdsregler.
Artikel 38
Investering af reserven af aktiver
1.   Udstedere af aktivbaserede tokens, som investerer en del af reserven af aktiver, må kun investere i højlikvide finansielle instrumenter med en minimal markedsrisiko, kreditrisiko og koncentrationsrisiko. Investeringerne skal kunne realiseres hurtigt med en minimal negativ indvirkning på prisen til følge.
2.   Enheder i et institut for kollektiv investering i omsættelige værdipapirer (investeringsinstitut, UCITS) anses for at være aktiver med minimal markedsrisiko, kreditrisiko og koncentrationsrisiko med henblik på stk. 1, hvis dette UCITS udelukkende investerer i aktiver som yderligere specificeret af EBA i overensstemmelse med stk. 5, og hvis udstederen af aktivbaserede tokens sikrer, at reserven af aktiver investeres på en sådan måde, at koncentrationsrisikoen minimeres.
3.   De finansielle instrumenter, hvori reserven af aktiver investeres, opbevares i depot i overensstemmelse med artikel 37.
4.   Enhver fortjeneste eller ethvert tab, herunder udsving i værdien af de i stk. 1 omhandlede finansielle instrumenter, og eventuelle modpartsrisici eller operationelle risici som følge af investeringen af reserven af aktiver afholdes af udstederen af den aktivbaserede token.
5.   EBA udarbejder i samarbejde med ESMA og ECB udkast til reguleringsmæssige tekniske standarder, der præciserer de finansielle instrumenter, der kan anses for meget likvide og med minimal markeds-, kredit- og koncentrationsrisiko som omhandlet i stk. 1. Ved fastlæggelsen af disse finansielle instrumenter, tager EBA hensyn til:
a)
de forskellige typer aktiver, som en aktivbaseret token kan henvise til
b)
overensstemmelsen mellem de aktiver, der henvises til af den aktivbaserede token, og de højlikvide finansielle instrumenter, i hvilke udstederne kan investere
c)
betingelserne for anerkendelse som meget likvide aktiver i henhold til artikel 412 i forordning (EU) nr. 575/2013 og Kommissionens delegerede forordning (EU) 2015/61 
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d)
begrænsninger for koncentration, der forhindrer udsteder i at:
i)
investere mere end en vis procentdel af reserven af aktiver i højlikvide finansielle instrumenter med minimal markedsrisiko, kreditrisiko og koncentrationsrisiko udstedt af en enkelt enhed
ii)
opbevare mere end en vis procentdel af kryptoaktiver eller aktiver i depot hos udbydere af kryptoaktivtjenester eller kreditinstitutter tilhørende samme koncern som defineret i artikel 2, nr. 11, i Europa-Parlamentets og Rådets direktiv 2013/34/EU 
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 eller investeringsselskaber.
EBA fastsætter med henblik på første afsnit, litra d), nr. i), passende grænser for så vidt angår koncentrationskrav. Disse grænser fastsættes blandt andet under hensyntagen til de relevante tærskler fastsat i artikel 52 i direktiv 2009/65/EF.
EBA forelægger de udkast til reguleringsmæssige tekniske standarder, der er omhandlet i første afsnit, for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
Artikel 39
Ret til genindløsning
1.   Indehavere af aktivbaserede tokens har til enhver tid ret til genindløsning over for udstederne af de aktivbaserede tokens og med hensyn til reserven af aktiver, når udstedere ikke er i stand til at opfylde deres forpligtelser som omhandlet i dette afsnits kapitel 6. Udstederne fastlægger, opretholder og gennemfører klare og detaljerede politikker og procedurer for sådanne permanente genindløsningsrettigheder.
2.   Efter anmodning fra en indehaver af en aktivbaseret token genindløser en udsteder af en sådan token enten ved at betale et beløb i andre midler end elektroniske penge svarende til markedsværdien af de aktiver, som de aktivbaserede tokens, der besiddes, henviser til, eller ved at levere de aktiver, som denne token henviser til. Udstedere fastlægger en politik for en sådan permanent ret til genindløsning, der fastsætter:
a)
betingelserne, herunder tærskelværdier, perioder og tidsrammer, for indehavere af aktivbaserede tokens med henblik på at udøve en sådan ret til genindløsning
b)
de mekanismer og procedurer, der skal sikre genindløsning af de aktivbaserede tokens, også under stressede markedsforhold samt i forbindelse med gennemførelsen af genopretningsplanen i artikel 46, eller i tilfælde af en velordnet genindløsning af aktivbaserede tokens som omhandlet i artikel 47
c)
vurderingen af eller principperne for værdiansættelse af de aktivbaserede tokens og af reserven af aktiver, når retten til genindløsning udøves af indehaveren af aktivbaserede tokens, herunder ved at anvende værdiansættelsesmetoden i artikel 36, stk. 11
d)
betingelserne for afvikling af genindløsningen og
e)
foranstaltninger, som udstederne træffer for på passende vis at forvalte stigninger eller fald i reserven af aktiver med henblik på at undgå eventuelle negative indvirkninger på markedet for reservebeholdningen.
Hvis udstederne, når de sælger aktivbaserede tokens, accepterer betaling i andre midler end elektroniske penge, i en officiel valuta, skal de altid tilbyde en mulighed for at genindløse tokens i andre midler end elektroniske penge, i den samme officielle valuta.
3.   Med forbehold af artikel 46 pålægges genindløsning af aktivbaserede tokens ikke gebyr.
Artikel 40
Forbud mod rentetilskrivning
1.   Udstedere af aktivbaserede tokens må ikke tilskrive renter i forbindelse med aktivbaserede tokens.
2.   Udbydere af kryptoaktivtjenester må ikke tilskrive renter, når de leverer kryptoaktivtjenester i forbindelse med aktivbaserede tokens.
3.   Med henblik på stk. 1 og 2 behandles ethvert vederlag eller andre ydelser for den tid, i hvilken en indehaver af aktivbaserede tokens besidder sådanne aktivbaserede tokens, som renter. Dette omfatter nettogodtgørelse eller rabat med en virkning svarende til rente, som indehaveren af aktivbaserede tokens modtager direkte fra udstederen eller fra tredjeparter, og som er direkte forbundet med aktivbaserede tokens, eller fra vederlag eller prissætning af andre produkter.
KAPITEL 4
Forpligtelser for alle udstedere af aktivbaserede tokens
Artikel 41
Vurdering af foreslåede erhvervelser af udstedere af aktivbaserede tokens
1.   Enhver fysisk eller juridisk person eller sådanne personer, som handler samlet, og som har besluttet direkte eller indirekte at erhverve (»den foreslåede erhverver«) en kvalificeret andel i en udsteder af en aktivbaseret token eller direkte eller indirekte yderligere at forøge en sådan kvalificeret andel, således at andelen af stemmerettigheder eller kapitalandele derved vil nå op på eller overstige 20 %, 30 % eller 50 %, eller således, at udstederen af den aktivbaserede token derved bliver denne persons datterselskab, giver skriftligt meddelelse herom til den kompetente myndighed for den pågældende udsteder og angiver omfanget af den påtænkte andel og de oplysninger, der kræves i henhold til de reguleringsmæssige tekniske standarder, som Kommissionen har vedtaget i overensstemmelse med artikel 42, stk. 4.
2.   Enhver fysisk eller juridisk person, der har besluttet direkte eller indirekte at afhænde sin kvalificerede andel i en udsteder af en aktivbaseret token, giver forud for afhændelsen af denne andel skriftlig meddelelse om sin beslutning til den kompetente myndighed og angiver størrelsen af denne andel. Denne person underretter også den kompetente myndighed om sin beslutning om at formindske sin kvalificerede andel så meget, at andelen af stemmerettigheder eller kapitalandele derved vil nå ned under en tærskel på 10 %, 20 %, 30 % eller 50 %, eller så meget, at udstederen af den aktivbaserede token derved vil ophøre med at være denne persons datterselskab.
3.   Den kompetente myndighed anerkender straks og under alle omstændigheder senest to arbejdsdage efter modtagelsen af en meddelelse som omhandlet i stk. 1 skriftligt modtagelsen heraf.
4.   Den kompetente myndighed vurderer den påtænkte foreslåede erhvervelse som omhandlet i denne artikels stk. 1, og de oplysninger, der kræves i henhold til de reguleringsmæssige tekniske standarder, som Kommissionen har vedtaget i overensstemmelse med artikel 42, stk. 4, senest 60 arbejdsdage fra datoen for den i nærværende artikels stk. 3 omhandlede skriftlige anerkendelse af modtagelsen. Den kompetente myndighed anerkender modtagelsen af meddelelsen og underretter den foreslåede erhverver om den dato, hvor vurderingsperioden udløber.
5.   I forbindelse med den vurdering, der er omhandlet i stk. 4, kan den kompetente myndighed anmode den foreslåede erhverver om eventuelle supplerende oplysninger, der er nødvendige for at gennemføre den pågældende vurdering. En sådan anmodning fremsættes, før vurderingen afsluttes, og under alle omstændigheder senest den 50. arbejdsdag at regne fra den dato for den skriftlige anerkendelse af modtagelsen, der er anført i stk. 3. Sådanne anmodninger fremsættes skriftligt og præciserer, hvilke supplerende oplysninger der er behov for.
Den kompetente myndighed suspenderer den i stk. 4, første afsnit, omhandlede vurderingsperiode, indtil den har modtaget de i dette stykkes første afsnit omhandlede supplerende oplysninger. Suspensionen må ikke overstige 20 arbejdsdage. Eventuelle yderligere anmodninger fra den kompetente myndighed om supplerende oplysninger eller præciseringer af de modtagne oplysninger må ikke medføre yderligere suspension af vurderingsperioden.
Den kompetente myndighed kan forlænge suspensionen som omhandlet i dette stykkes andet afsnit i op til 30 arbejdsdage, hvis den foreslåede erhverver er placeret uden for Unionen eller omfattet af et tredjelands lovgivning.
6.   En kompetent myndighed, der efter den i stk. 4 omhandlede vurderings afslutning beslutter at modsætte sig den i stk. 1 foreslåede erhvervelse, giver inden for to arbejdsdage, og under alle omstændigheder før den i stk. 4, andet afsnit, omhandlede dato for forlængelse, hvis det er relevant, den foreslåede erhverver meddelelse herom i overensstemmelse med stk. 5, andet og tredje afsnit. Meddelelsen om denne beslutning skal begrundes.
7.   Hvis den kompetente myndighed ikke modsætter sig den foreslåede erhvervelse, der er omhandlet i stk. 1, inden den dato for forlængelse, hvis det er relevant, der er omhandlet i stk. 4, i overensstemmelse med stk. 5, andet og tredje afsnit, anses den foreslåede erhvervelse for at være godkendt.
8.   Den kompetente myndighed kan fastsætte en maksimumsperiode for afslutningen af den foreslåede erhvervelse, jf. stk. 1, og om nødvendigt forlænge denne maksimumsperiode.
Artikel 42
Indholdet af vurderingen af foreslåede erhvervelser af udstedere af aktivbaserede tokens
1.   I forbindelse med udførelsen af vurderingen som omhandlet i artikel 41, stk. 4, vurderer den kompetente myndighed egnetheden af den foreslåede erhverver, og den foreslåede erhvervelses finansielle soliditet som omhandlet i artikel 41, stk. 1, ud fra alle følgende kriterier:
a)
den foreslåede erhververs omdømme
b)
omdømme, viden, kompetence og erfaring hos enhver person, som skal lede forretningsaktiviteten for udstederen af den aktivbaserede token som følge af den foreslåede erhvervelse
c)
den foreslåede erhververs finansielle soliditet, navnlig i forhold til den type forretningsaktivitet, der forfølges eller påtænkes af udstederen af den aktivbaserede token, i hvilken erhvervelsen foreslås
d)
hvorvidt udstederen af den aktivbaserede token vil kunne overholde og fortsætte med at overholde bestemmelserne i dette afsnit
e)
om der er rimelige grunde til i forbindelse med den foreslåede erhvervelse at formode, at hvidvask af penge eller finansiering af terrorisme, jf. henholdsvis artikel 1, stk. 3 og 5, i direktiv (EU) 2015/849, forekommer eller forsøges eller er forekommet eller er blevet forsøgt, eller at den foreslåede erhvervelse vil kunne øge risikoen herfor.
2.   Den kompetente myndighed må kun gøre indsigelse mod den foreslåede erhvervelse, hvis der er rimelige grunde hertil på baggrund af kriterierne i denne artikels stk. 1, eller hvis de i henhold til artikel 41, stk. 4, afgivne oplysninger er ufuldstændige eller falske.
3.   Medlemsstaterne må hverken pålægge forhåndsbetingelser vedrørende størrelsen af den kvalificerede kapitalandel, der er påkrævet for at kunne erhverves i henhold til denne forordning, eller tillade deres kompetente myndigheder at vurdere den foreslåede erhvervelse ud fra markedets økonomiske behov.
4.   EBA udarbejder i tæt samarbejde med ESMA udkast til reguleringsmæssige tekniske standarder, der præciserer det detaljerede indhold af de oplysninger, der er nødvendige for at foretage den i artikel 41, stk. 4, første afsnit, omhandlede vurdering. De krævede oplysninger skal være relevante for en tilsynsmæssig vurdering, forholdsmæssige og tilpasses den foreslåede erhververs forhold og den foreslåede erhvervelse, jf. artikel 41, stk. 1.
EBA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
KAPITEL 5
Signifikante aktivbaserede tokens
Artikel 43
Klassificering af aktivbaserede tokens som signifikante aktivbaserede tokens
1.   Kriterierne for klassificering af aktivbaserede tokens som signifikante aktivbaserede tokens er følgende som yderligere præciseret i de delegerede retsakter, der er vedtaget i henhold til stk. 11:
a)
antallet af indehavere af den aktivbaserede token er større end 10 mio.
b)
værdien af den udstedte aktivbaserede token, dens markedskapitalisering eller omfanget af reserven af aktiver for så vidt angår udstederen af den aktivbaserede token overstiger 5 000 000 000 EUR
c)
det gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktioner i den pågældende aktivbaserede token pr. dag i den relevante periode overstiger henholdsvis 2,5 mio. transaktioner og 500 000 000 EUR
d)
udstederen af den aktivbaserede token er leverandør af centrale platformstjenester og udpeget som gatekeeper i henhold til Europa-Parlamentets og Rådets forordning (EU) 2022/1925 
(
43
)
e)
betydningen af aktiviteterne hos udstederen af den aktivbaserede token på internationalt plan, herunder brugen af den aktivbaserede token til betalinger og pengeoverførsler
f)
den aktivbaserede token eller dens udsteders indbyrdes forbundethed med det finansielle system
g)
det forhold, at den samme udsteder udsteder mindst én yderligere aktivbaseret token eller e-pengetoken og leverer mindst én kryptoaktivtjeneste.
2.   EBA klassificerer aktivbaserede tokens som signifikante aktivbaserede tokens, hvis mindst tre af de i denne artikels stk. 1 omhandlede kriterier er opfyldt:
a)
i den periode, som dækkes af den første informationsrapport som omhandlet i nærværende artikels stk. 4, efter tilladelse i henhold til artikel 21 eller efter godkendelsen af hvidbogen om kryptoaktiver i henhold til artikel 17, eller
b)
i den periode, som dækkes af mindst to på hinanden følgende informationsrapporter som omhandlet i nærværende artikels stk. 4.
3.   Hvis flere udstedere udsteder den samme aktivbaserede token, skal opfyldelsen af de kriterier, der er omhandlet i stk. 1, vurderes efter sammenlægning af dataene fra disse udstedere.
4.   De kompetente myndigheder i udstederens hjemland rapporterer mindst to gange om året oplysninger til EBA og ECB, der er relevante for vurderingen af opfyldelsen af de kriterier, der er omhandlet i nærværende artikels stk. 1, herunder, hvor det er relevant, de oplysninger, der er modtaget i henhold til artikel 22.
Hvis udstederen er etableret i en medlemsstat, der ikke har euroen som officiel valuta, eller hvis den aktivbaserede token henviser til en medlemsstats officielle valuta, som ikke er euroen, fremsender de kompetente myndigheder de oplysninger, der er omhandlet i første afsnit, til centralbanken i den pågældende medlemsstat.
5.   Hvis EBA vurderer, at en aktivbaseret token opfylder kriterierne i stk. 1 i overensstemmelse med stk. 2, udarbejder EBA et udkast til afgørelse om klassificering af den aktivbaserede token som en signifikant aktivbaseret token og giver udstederne af denne aktivbaserede token, den kompetente myndighed i udstederens hjemland, ECB, og, i de i stk. 4, andet afsnit, omhandlede tilfælde, centralbanken i den berørte medlemsstat meddelelse om dette udkast til afgørelse.
EBA giver udstedere af sådanne aktivbaserede tokens, deres kompetente myndigheder, ECB og, hvor det er relevant, centralbanken i den berørte medlemsstat 20 arbejdsdage fra datoen for meddelelse af EBA's udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
6.   EBA træffer sin endelige afgørelse om, hvorvidt en aktivbaseret token skal klassificeres som en signifikant aktivbaseret token, senest 60 arbejdsdage efter datoen for den i stk. 5 omhandlede meddelelse og giver straks udstederen af en sådan aktivbaseret token og dennes kompetente myndighed meddelelse herom.
7.   Hvis en aktivbaseret token er blevet klassificeret som signifikant i henhold til en afgørelse truffet af EBA i overensstemmelse med stk. 6, overføres tilsynsansvaret over for en udsteder af denne signifikante aktivbaserede token fra den kompetente myndighed i udstederens hjemland til EBA senest 20 arbejdsdage efter datoen for meddelelsen af denne afgørelse.
EBA og den kompetente myndighed samarbejder om at sikre, at overgangen af tilsynsbeføjelserne forløber uden problemer.
8.   EBA genvurderer årligt klassificeringen af signifikante aktivbaserede tokens på grundlag af de tilgængelige oplysninger, herunder fra de rapporter, der er omhandlet i stk. 4, eller de oplysninger, der modtages efter artikel 22.
Hvis EBA vurderer, at visse aktivbaserede tokens ikke længere opfylder kriterierne i stk. 1 i overensstemmelse med stk. 2, udarbejder EBA et udkast til afgørelse om ikke længere at klassificere denne aktivbaserede token som signifikant og giver udstederne af disse aktivbaserede tokens, den kompetente myndighed i deres hjemland, ECB og, i de i stk. 4, andet afsnit, omhandlede tilfælde, centralbanken i den pågældende medlemsstat, meddelelse om dette udkast til afgørelse.
Udstedere af sådanne aktivbaserede tokens, deres kompetente myndigheder, ECB og centralbanken som omhandlet i stk. 4 har 20 arbejdsdage fra datoen for meddelelsen af dette udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
9.   EBA træffer sin endelige afgørelse om, hvorvidt en aktivbaseret token ikke længere skal klassificeres som signifikant, senest 60 arbejdsdage efter datoen for den meddelelse, der er omhandlet i stk. 8, og giver straks udstederen af sådanne aktivbaserede tokens og dennes kompetente myndighed meddelelse om denne afgørelse.
10.   Hvis en aktivbaseret token ikke længere klassificeres som signifikant i henhold til en afgørelse truffet af EBA i overensstemmelse med stk. 9, overføres tilsynsansvaret over for en udsteder af denne aktivbaserede token fra EBA til den kompetente myndighed i udstederens hjemland senest 20 arbejdsdage efter datoen for meddelelsen af denne afgørelse.
EBA og den kompetente myndighed samarbejder om at sikre, at overgangen af tilsynsbeføjelserne forløber uden problemer.
11.   Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 139 for at supplere denne forordning ved yderligere at præcisere det i stk. 1 omhandlede kriterium for at kunne klassificere aktivbaserede tokens som signifikante og fastlægge:
a)
de omstændigheder, hvorunder aktiviteterne hos udstederen af den aktivbaserede token anses for signifikante på internationalt plan uden for Unionen
b)
de forhold, hvorunder den aktivbaserede token og deres udstedere anses for at være indbyrdes forbundet med det finansielle system
c)
indhold og form af oplysninger fra de kompetente myndigheder til EBA og ECB i henhold til nærværende artikels stk. 4 og artikel 56, stk. 3.
Artikel 44
Frivillig klassificering af aktivbaserede tokens som signifikante aktivbaserede tokens
1.   Ansøgende udstedere af aktivbaserede tokens kan i deres ansøgning om tilladelse i henhold til artikel 18 eller i deres meddelelse i henhold til artikel 17 angive, at de ønsker, at deres aktivbaserede tokens klassificeres som signifikante aktivbaserede tokens. I så fald underretter den kompetente myndighed omgående EBA, ECB og, i de i artikel 43, stk. 4, omhandlede tilfælde, centralbanken i den berørte medlemsstat om den ansøgende udsteders ansøgning.
For at en aktivbaseret token kan klassificeres som signifikant i henhold til denne artikel, skal den ansøgende udsteder af den aktivbaserede token ved hjælp af en detaljeret driftsplan som omhandlet i artikel 17, stk. 1, litra b), nr. i), og artikel 18, stk. 2, litra d), påvise, at udstederen sandsynligvis opfylder mindst tre af kriterierne i artikel 43, stk. 1.
2.   EBA udarbejder senest 20 arbejdsdage efter meddelelsen som omhandlet i denne artikels stk. 1 et udkast til afgørelse med sin udtalelse på grundlag af driftsplanen om, hvorvidt den aktivbaserede token opfylder eller sandsynligvis vil opfylde mindst tre af kriterierne i artikel 43, stk. 1, og giver den kompetente myndighed i den ansøgende udsteders hjemland, ECB og, i de i artikel 43, stk. 4, andet afsnit omhandlede tilfælde, centralbanken i den berørte medlemsstat meddelelse om dette udkast til afgørelse.
Kompetente myndigheder for udstedere af sådanne aktivbaserede tokens, ECB og, hvor det er relevant, den berørte medlemsstats centralbank har 20 arbejdsdage fra datoen for meddelelsen af dette udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
3.   EBA træffer sin endelige afgørelse om, hvorvidt en aktivbaseret token skal klassificeres som signifikant, senest 60 arbejdsdage efter den i stk. 1 omhandlede meddelelse og giver straks den ansøgende udsteder af en sådan aktivbaseret token og dennes kompetente myndighed meddelelse herom.
4.   Hvis aktivbaserede tokens er blevet klassificeret som signifikante i henhold til en afgørelse truffet af EBA i overensstemmelse med denne artikels stk. 3, overføres de tilsynsmæssige forpligtelser for så vidt angår udstedere af disse aktivbaserede tokens fra den kompetente myndighed til EBA på datoen for den kompetente myndigheds afgørelse om at give den i artikel 21, stk. 1, omhandlede tilladelse eller på datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17.
Artikel 45
Særlige yderligere forpligtelser for udstedere af signifikante aktivbaserede tokens
1.   Udstedere af signifikante aktivbaserede tokens opstiller, gennemfører og opretholder en aflønningspolitik, der fremmer sund og effektiv risikostyring i forbindelse med sådanne udstedere, og som ikke skaber incitamenter til en lempelse af risikostandarderne.
2.   Udstedere af signifikante aktivbaserede tokens sikrer, at sådanne tokens kan opbevares i depot hos forskellige udbydere af kryptoaktivtjenester, der er meddelt tilladelse til levering af deponering og administration af kryptoaktiver på kunders vegne, herunder udbydere af kryptoaktivtjenester, som ikke tilhører samme gruppe som defineret i artikel 2, nr. 11), i direktiv 2013/34/EU på et fair, rimeligt og ikkeforskelsbehandlende grundlag.
3.   Udstedere af signifikante aktivbaserede tokens vurderer og overvåger likviditetsbehovet for at imødekomme genindløsningskrav for aktivbaserede tokens fremsat af deres indehavere. Med henblik herpå fastlægger, opretholder eller gennemfører udstedere af signifikante aktivbaserede tokens likviditetsstyringspolitikker og -procedurer. Denne politik og disse procedurer sikrer, at reserven af aktiver har en robust likviditetsprofil, der gør det muligt for udstedere af signifikante aktivbaserede tokens at fortsætte driften normalt, også i situationer med likviditetsbetonede scenarier.
4.   Udstedere af signifikante aktivbaserede tokens foretager regelmæssigt likviditetsstresstest. Afhængigt af resultatet af sådanne test kan EBA beslutte at skærpe de likviditetskrav, der er omhandlet i denne artikels stk. 7, første afsnit, litra b), og i artikel 36, stk. 6.
Hvis en udsteder af signifikante aktivbaserede tokens udbyder to eller flere aktivbaserede tokens eller leverer kryptoaktivtjenester, skal stresstestningen dække alle disse aktiviteter på en udtømmende og holistisk måde.
5.   Den procentdel, der er omhandlet i artikel 35, stk. 1, første afsnit, litra b), fastsættes til 3 % af det gennemsnitlige beløb af reserven af aktiver for udstedere af signifikante aktivbaserede tokens.
6.   Hvis flere udstedere udbyder den samme signifikante aktivbaserede token, finder stk. 1-5 anvendelse på hver udsteder.
Hvis en udsteder udbyder to eller flere aktivbaserede tokens i Unionen, og mindst én af disse aktivbaserede tokens klassificeres som signifikante, finder stk. 1-5 anvendelse på den pågældende udsteder.
7.   EBA udarbejder i nært samarbejde med ESMA udkast til reguleringsmæssige tekniske standarder, til præcisering af:
a)
minimumsindholdet af ledelsesordningerne for aflønningspolitikken som omhandlet i stk. 1
b)
mindsteindholdet af likviditetsstyringspolitikken og procedurer, jf. stk. 3, herunder ved at præcisere mindstebeløbet for indskud i hver enkelt officiel valuta, der henvises til, og som ikke kan være lavere end 60 % af det beløb, der henvises til i hver enkelt officiel valuta
c)
proceduren og tidsrammen for en udsteder af en signifikant aktivbaseret token for tilpasning af dens eget kapitalgrundlagsbeløb som krævet i stk. 5.
For så vidt angår kreditinstitutter kalibrerer EBA de tekniske standarder under hensyntagen til eventuelle interaktioner mellem de reguleringsmæssige krav, der er fastsat ved denne forordning, og de reguleringsmæssige krav, der er fastsat i andre EU-retsakter.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
8.   EBA udsteder i tæt samarbejde med ESMA og ECB retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1093/2010 med henblik på at fastlægge fælles referenceparametre for de stresstestscenarier, der skal indgå i stresstestene omhandlet i nærværende artikels stk. 4. Disse retningslinjer ajourføres regelmæssigt under hensyntagen til den seneste markedsudvikling.
KAPITEL 6
Genopretnings- og genindløsningsplaner
Artikel 46
Genopretningsplan
1.   En udsteder af en aktivbaseret token udarbejder og opretholder en genopretningsplan, der indeholder foranstaltninger, som udstederen skal træffe for igen at opfylde de krav, der gælder for reserven af aktiver i tilfælde, hvor udstederen ikke opfylder disse krav.
Genopretningsplanen skal også omfatte bevarelse af udsteders tjenester vedrørende den aktivbaserede token, rettidig genopretning af transaktioner og opfyldelse af udsteders forpligtelser i tilfælde af begivenheder, der udgør en betydelig risiko for at forstyrre transaktioner.
Genopretningsplanen skal indeholde passende betingelser og procedurer for at sikre rettidig gennemførelse af genopretningsforanstaltninger samt en bred vifte af genopretningsmuligheder, herunder:
a)
likviditetsgebyrer på genindløsning
b)
begrænsning af mængden af den aktivbaserede token, der kan genindløses på en arbejdsdag
c)
suspension af genindløsning.
2.   Udstederen af den aktivbaserede token underretter den kompetente myndighed om genopretningsplanen senest seks måneder efter datoen for meddelelse af tilladelse i henhold til artikel 21 eller senest seks måneder efter datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17. Den kompetente myndighed kræver ændringer af genopretningsplanen, hvis det er nødvendigt for at sikre, at den gennemføres korrekt, og underretter udstederen om sin beslutning om at anmode om disse ændringer senest 40 arbejdsdage efter datoen for meddelelsen af planen. Denne afgørelse gennemføres af udstederen senest 40 arbejdsdage efter datoen for meddelelsen af denne afgørelse. Udstederen gennemgår og ajourfører regelmæssigt genopretningsplanen.
Udstederen giver, hvor det er relevant, også meddelelse om genopretningsplanen til sine afviklings- og tilsynsmyndigheder parallelt med den kompetente myndighed.
3.   Hvis udstederen ikke opfylder de krav, der gælder for reserven af aktiver som omhandlet i dette afsnits kapitel 3, eller på grund af en finansiel situation i hastig forværring i nær fremtid sandsynligvis ikke vil kunne opfylde disse krav, har den kompetente myndighed for at sikre opfyldelse af de gældende krav beføjelse til at kræve, at udstederen gennemfører en eller flere af de ordninger eller foranstaltninger, der er fastsat i genopretningsplanen, eller ajourfører genopretningsplanen, når omstændighederne afviger fra antagelserne i den oprindelige genopretningsplan, og gennemfører en eller flere af de ordninger eller foranstaltninger, der er fastsat i den ajourførte plan inden for en bestemt tidsfrist.
4.   Under de omstændigheder, der er omhandlet i stk. 3, har den kompetente myndighed beføjelse til midlertidigt at suspendere genindløsningen af aktivbaserede tokens, forudsat at suspensionen er berettiget under hensyntagen til interesserne hos indehaverne af aktivbaserede tokens og den finansielle stabilitet.
5.   Den kompetente myndighed giver, hvor det er relevant, udstederens afviklings- og tilsynsmyndigheder meddelelse om enhver foranstaltning, der er truffet i henhold til stk. 3 og 4.
6.   EBA udsteder efter høring af ESMA retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1093/2010 for at angive formatet af genopretningsplanen og de oplysninger, der skal gives i genopretningsplanen.
Artikel 47
Genindløsningsplan
1.   En udsteder af en aktivbaseret token udarbejder og opretholder en operationel plan til støtte for en velordnet genindløsning af hver aktivbaseret token, som skal gennemføres efter en afgørelse truffet af den kompetente myndighed om, at udstederen ikke er i stand til eller sandsynligvis ikke er i stand til at opfylde sine forpligtelser, herunder i tilfælde af insolvens eller, hvor det er relevant, afvikling eller i tilfælde af inddragelse af udstederens tilladelse, uden at dette berører indledningen af en kriseforebyggelsesforanstaltning eller krisestyringsforanstaltning som defineret i henholdsvis artikel 2, stk. 1, nr. 101) og 102), i direktiv 2014/59/EU eller en afviklingshandling som defineret i artikel 2, nr. 11), i Europa-Parlamentets og Rådets forordning (EU) 2021/23 
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44
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.
2.   Genindløsningsplanen skal godtgøre, at udstederen af den aktivbaserede token er i stand til at foretage genindløsning af den udestående aktivbaserede token, der er udstedt, uden unødig økonomisk skade for indehaverne heraf eller for stabiliteten af markederne for reserven af aktiver.
Genindløsningsplanen skal omfatte kontraktlige ordninger, procedurer og systemer, herunder udpegelse af en midlertidig administrator i overensstemmelse med gældende lov, for at sikre en ensartet behandling af alle indehavere af aktivbaserede tokens og at sikre, at indehaverne af aktivbaserede tokens betales rettidigt med provenuet fra salget af de resterende reserver af aktiver.
Genindløsningsplanen skal sikre kontinuitet i eventuelle kritiske aktiviteter, der er nødvendige for en velordnet genindløsning, og som udføres af udstedere eller af eventuelle tredjepartsenheder.
3.   Udstederen af den aktivbaserede token underretter den kompetente myndighed om genindløsningsplanen senest seks måneder efter datoen for meddelelse af tilladelse i henhold til artikel 21 eller senest seks måneder efter datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17. Den kompetente myndighed kræver ændringer af genindløsningsplanen, hvis det er nødvendigt for at sikre, at den gennemføres korrekt, og underretter udstederen om sin beslutning om at anmode om disse ændringer senest 40 arbejdsdage efter datoen for meddelelsen af planen. Denne afgørelse gennemføres af udstederen senest 40 arbejdsdage efter datoen for meddelelsen af denne afgørelse. Udstederen gennemgår og ajourfører regelmæssigt genindløsningsplanen.
4.   Den kompetente myndighed giver, hvor det er relevant, udstederens afviklings- og tilsynsmyndighed meddelelse om genindløsningsplanen.
Afviklingsmyndigheden kan gennemgå genindløsningsplanen med henblik på at identificere eventuelle handlinger i genindløsningsplanen, der kunne få en negativ indvirkning på udsteders afviklingsmuligheder, og kan fremsætte henstillinger til den kompetente myndighed i denne henseende.
5.   EBA udsteder retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1093/2010 for at præcisere:
a)
indholdet af genindløsningsplanen og hyppigheden af gennemgang under hensyntagen til størrelsen, kompleksiteten og arten af den aktivbaserede token og dens udsteders forretningsmodel, og
b)
udløsningsmekanismerne for gennemførelsen af genindløsningsplanen.
AFSNIT IV
E-PENGETOKENS
KAPITEL 1
Krav, der skal opfyldes af alle udstedere af e-pengetokens
Artikel 48
Krav til udbud til offentligheden eller optagelse til handel af e-pengetokens
1.   En person må ikke udbyde e-pengetokens til offentligheden eller anmode om optagelse til handel af en e-pengetoken i Unionen, medmindre denne person er udstederen af en sådan e-pengetoken og:
a)
er meddelt tilladelse som kreditinstitut eller e-pengeinstitut, og
b)
har givet meddelelse om en hvidbog om kryptoaktiver til den kompetente myndighed og har offentliggjort denne hvidbog om kryptoaktiver i overensstemmelse med artikel 51.
Uanset første afsnit kan andre personer efter skriftligt samtykke fra udstederen udbyde eller anmode om optagelse til handel af e-pengetokenen. Disse personer skal efterkomme artikel 50 og 53.
2.   E-pengetokens anses for at være elektroniske penge.
En e-pengetoken, der henviser til en officiel valuta i en medlemsstat, anses for at være udbudt til offentligheden i Unionen.
3.   Afsnit II og III i direktiv 2009/110/EF finder anvendelse på e-pengetokens, medmindre andet er anført i dette afsnit.
4.   Denne artikels stk. 1 finder ikke anvendelse på udstedere af e-pengetokens, der er undtaget i overensstemmelse med artikel 9, stk. 1, i direktiv 2009/110/EF.
5.   Dette afsnit, undtagen denne artikels stk. 7 og artikel 51, finder ikke anvendelse på e-pengetokens, der er undtaget i henhold til artikel 1, stk. 4 og 5, i direktiv 2009/110/EF.
6.   Udstedere af e-pengetokens underretter senest 40 arbejdsdage før den dato, hvor de har til hensigt at udbyde disse e-pengetokens til offentligheden eller anmode om optagelse til handel heraf, deres kompetente myndighed herom.
7.   Hvis stk. 4 eller 5 finder anvendelse, udarbejder udstedere af e-pengetokens en hvidbog om kryptoaktiver og giver den kompetente myndighed meddelelse om en sådan hvidbog om kryptoaktiver i overensstemmelse med artikel 51.
Artikel 49
Udstedelse og genindløsning af e-pengetokens
1.   Uanset artikel 11 i direktiv 2009/110/EF finder kun kravene til udstedelse og genindløsning af e-pengetokens i nærværende artikel anvendelse på udstedere af e-pengetokens.
2.   Indehavere af e-pengetokens har et krav over for udstederne af disse e-pengetokens.
3.   Udstedere af e-pengetokens udsteder e-pengetokens til pariværdi ved modtagelse af midler.
4.   Efter anmodning fra en indehaver af en e-pengetoken genindløser udstederen af denne e-pengetoken den til enhver tid til pariværdi ved i andre midler end elektroniske penge at indbetale pengeværdien af den e-pengetoken, der opbevares, til indehaveren af e-pengetokenen.
5.   Udstedere af e-pengetokens oplyser på en fremtrædende plads om betingelserne for genindløsning i den i artikel 51, stk. 1, første afsnit, litra d), omhandlede hvidbog om kryptoaktiver.
6.   Med forbehold af artikel 46 pålægges genindløsning af e-pengetokens ikke gebyr.
Artikel 50
Forbud mod rentetilskrivning
1.   Uanset artikel 12 i direktiv 2009/110/EF må udstedere af e-pengetokens ikke tilskrive renter i forbindelse med e-pengetokens.
2.   Udbydere af kryptoaktivtjenester må ikke tilskrive renter ved levering af kryptoaktivtjenester i forbindelse med e-pengetokens.
3.   Med henblik på stk. 1 og 2 behandles ethvert vederlag eller andre ydelser for den tid, i hvilken en indehaver af en e-pengetoken besidder en sådan e-pengetoken, som renter. Dette omfatter nettogodtgørelse eller rabat med en virkning svarende til rente, som indehaveren af e-pengetokenen modtager direkte fra udstederen eller fra tredjeparter, og som er direkte forbundet med e-pengetokenen, eller fra vederlag eller prissætning af andre produkter.
Artikel 51
Indhold og form af hvidbogen om kryptoaktiver vedrørende elektroniske pengetokens
1.   En hvidbog om kryptoaktiver for en e-pengetoken skal indeholde alle følgende oplysninger som nærmere specificeret i bilag III:
a)
oplysninger om udstederen af e-pengetokenen
b)
oplysninger om e-pengetokenen
c)
oplysninger om udbuddet til offentligheden af e-pengetokenen eller optagelse til handel heraf
d)
oplysninger om de rettigheder og forpligtelser, der er knyttet til e-pengetokenen
e)
oplysninger om den understøttende teknologi
f)
oplysninger om risici
g)
oplysninger om de primære negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger af den konsensusmekanisme, der anvendes til at udstede e-pengetokenen.
Hvidbogen om kryptoaktiver skal også angive identiteten af den person ud over udstederen, der udbyder e-pengetokenen til offentligheden eller anmoder om dens optagelse til handel i henhold til artikel 48, stk. 1, andet afsnit, og årsagen til, at den pågældende person udbyder denne e-pengetoken eller anmoder om optagelse til handel heraf.
2.   Alle de i stk. 1 omhandlede oplysninger skal være reelle, klare og må ikke være vildledende. Hvidbogen om kryptoaktiver må ikke udvise væsentlige mangler og skal udformes i en kortfattet og forståelig form.
3.   Hvidbogen om kryptoaktiver skal indeholde følgende klare og iøjnefaldende erklæring på første side:
»Denne hvidbog om kryptoaktiver er ikke blevet godkendt af en kompetent myndighed i en af Den Europæiske Unions medlemsstater. Kryptoaktivets udsteder er eneansvarlig for indholdet af denne hvidbog om kryptoaktiver.«
4.   Hvidbogen om kryptoaktiver skal indeholde en klar advarsel om, at:
a)
e-pengetokenen ikke er omfattet af investorgarantiordningerne i direktiv 97/9/EF
b)
e-pengetokenen ikke er omfattet af indskudsgarantiordningerne i direktiv 2014/49/EU.
5.   Hvidbogen om kryptoaktiver skal indeholde en erklæring fra ledelsesorganet for udstederen af e-pengetokenen. Denne erklæring, som indsættes efter den erklæring, der er omhandlet i stk. 3, skal bekræfte, at hvidbogen om kryptoaktiver er i overensstemmelse med dette afsnit, og at de oplysninger, der fremlægges i hvidbogen om kryptoaktiver, efter ledelsesorganets bedste overbevisning er fuldstændige, reelle, klare og ikkevildledende, og at der i hvidbogen om kryptoaktiver ikke er nogen udeladelse, som må forventes at kunne påvirke dens indførsel.
6.   Hvidbogen om kryptoaktiver skal indeholde et resumé, der indsættes efter den erklæring, der er omhandlet i stk. 5, der i et kort og ikketeknisk sprog indeholder centrale oplysninger om udbuddet til offentligheden af e-pengetokenen eller om den påtænkte optagelse til handel af e-pengetokenen. Resuméet skal være letforståeligt formuleret og opstillet i et tydeligt og altomfattende format, og i en læsbar skriftstørrelse. Resuméet af hvidbogen skal indeholde hensigtsmæssige oplysninger om kendetegnene ved de pågældende kryptoaktiver med henblik på at hjælpe potentielle indehavere af kryptoaktiver med at træffe en informeret beslutning.
Resuméet skal indeholde en advarsel om, at:
a)
det bør læses som en introduktion til hvidbogen om kryptoaktiver
b)
den potentielle indehaver bør basere enhver beslutning om køb af e-pengetokenen på indholdet af hele hvidbogen om kryptoaktiver og ikke på resuméet alene
c)
udbuddet til offentligheden af e-pengetokenen ikke udgør et udbud af eller en opfordring om køb af finansielle instrumenter, og at et sådant udbud eller en sådan opfordring kun kan foretages ved hjælp af et prospekt eller andre udbudsdokumenter i henhold til gældende national ret
d)
hvidbogen om kryptoaktiver ikke udgør et prospekt som omhandlet i forordning (EU) 2017/1129 eller andet udbudsdokument i henhold til EU-retten eller national ret.
Resuméet skal angive, at indehavere af e-pengetokenen til enhver tid har ret til genindløsning til pariværdi og betingelserne for genindløsning.
7.   Hvidbogen om kryptoaktiver skal indeholde datoen for meddelelsen herom og en indholdsfortegnelse.
8.   Hvidbogen om kryptoaktiver udfærdiges på et af hjemlandets officielle sprog eller på et sprog, som er almindeligt i internationale finanskredse.
Hvis e-pengetokenen også udbydes i en anden medlemsstat end hjemlandet, udfærdiges hvidbogen også på et officielt sprog i værtslandet eller på et sprog, som er almindeligt i internationale finanskredse.
9.   Hvidbogen om kryptoaktiver skal stilles til rådighed i et maskinlæsbart format.
10.   ESMA udarbejder i samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -formater og -modeller med henblik på stk. 9.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
11.   Udstedere af e-pengetokens giver meddelelse til deres kompetente myndighed om deres hvidbog om kryptoaktiver mindst 20 arbejdsdage før deres offentliggørelse heraf.
De kompetente myndigheder må ikke kræve, at der foreligger godkendelse af hvidbøger om kryptoaktiver før deres offentliggørelse.
12.   Enhver betydelig ny omstændighed, enhver væsentlig fejl eller væsentlig unøjagtighed, som kan påvirke vurderingen af e-pengetokenen, skal beskrives i en ændret hvidbog om kryptoaktiver udarbejdet af udstederne, meddelt de kompetente myndigheder og offentliggjort på udstederens websted.
13.   Inden e-pengetokenen udbydes til offentligheden i Unionen, eller der ansøges om optagelse til handel af e-pengetokenen, offentliggør udstederen af en sådan e-pengetoken en hvidbog om kryptoaktiver på sit websted.
14.   Udstederen af e-pengetokenen skal sammen med meddelelsen af hvidbogen om kryptoaktiver i henhold til nærværende artikels stk. 11 give den kompetente myndighed de i artikel 109, stk. 4, omhandlede oplysninger. Den kompetente myndighed meddeler senest fem arbejdsdage efter modtagelsen af oplysningerne fra udstederen ESMA de oplysninger, der er anført i artikel 109, stk. 4.
Den kompetente myndighed skal også give ESMA meddelelse om enhver ændret hvidbog om kryptoaktiver og om enhver inddragelse af tilladelse til udstederen af e-pengetokenen.
ESMA stiller disse oplysninger til rådighed i fortegnelsen efter artikel 109, stk. 4, på begyndelsesdatoen for udbuddet til offentligheden eller optagelsen til handel eller i tilfælde af en ændret hvidbog om kryptoaktiver eller inddragelse af tilladelsen, straks.
15.   ESMA udarbejder i samarbejde med EBA udkast til reguleringsmæssige tekniske standarder for indholdet, metodologierne og opstillingen af de oplysninger, der er omhandlet i stk. 1, litra g), for så vidt angår bæredygtighedsindikatorerne i forbindelse med negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger.
Ved udarbejdelsen af de udkast til reguleringsmæssige tekniske standarder, der er omhandlet i første afsnit, tager ESMA hensyn til de forskellige typer konsensusmekanismer, der anvendes til at validere transaktioner med kryptoaktiver, deres incitamentsstrukturer og anvendelsen af energi, vedvarende energi og naturressourcer, produktion af affald og drivhusgasemissioner. ESMA ajourfører de reguleringsmæssige tekniske standarder i overensstemmelse med den reguleringsmæssige og teknologiske udvikling.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 52
Det ansvar, som påhviler udstedere af e-pengetokens, for oplysningerne i hvidbogen on kryptoaktiver
1.   Hvis en udsteder af en e-pengetoken har overtrådt artikel 51 ved i sin hvidbog om kryptoaktiver eller i en ændret hvidbog om kryptoaktiver at afgive oplysninger, der ikke er fuldstændige, reelle eller klare eller er vildledende, er den pågældende udsteder og medlemmerne af dens administrations-, ledelses- eller tilsynsorgan ansvarlig over for en indehaver af en sådan e-pengetoken for ethvert tab som følge af denne overtrædelse.
2.   Enhver kontraktlig udelukkelse eller begrænsning af civilretligt ansvar som omhandlet i stk. 1 har ingen retsvirkning.
3.   Det påhviler indehaveren af e-pengetokenen at fremlægge beviser for, at udbyderen af denne e-pengetoken har overtrådt artikel 51 ved i sin hvidbog om kryptoaktiver eller i en ændret hvidbog om kryptoaktiver at afgive oplysninger, der ikke er fuldstændige, reelle eller klare eller er vildledende, og at indehaverens tillid til oplysningerne har indvirket på dennes beslutning om køb, salg eller veksling af denne e-pengetoken.
4.   Udstederen og medlemmerne af dennes bestyrelse, direktion eller tilsynsorgan hæfter ikke for tab, der er lidt som følge af tillid til oplysningerne i et resumé i henhold til artikel 51, stk. 6, herunder eventuelle oversættelser heraf, medmindre resuméet:
a)
misvisende, unøjagtigt eller uoverensstemmende, når det læses sammen med de øvrige dele i hvidbogen om kryptoaktiver, eller
b)
når det læses sammen med de øvrige dele af hvidbogen om kryptoaktiver, ikke indeholder nøgleoplysninger til at bistå potentielle indehavere med at tage stilling til, om de vil købe de pågældende e-pengetokens.
5.   Denne artikel viger for ethvert andet civilretligt ansvar, der gælder i henhold til national ret.
Artikel 53
Markedsføringskommunikation
1.   Markedsføringskommunikation, der vedrører et udbud til offentligheden af en e-pengetoken eller optagelse til handel af en sådan e-pengetoken, skal opfylde samtlige følgende betingelser:
a)
markedsføringskommunikationen fremstår tydeligt som sådant
b)
oplysningerne i markedsføringskommunikationen er reelle og klare og ikke vildledende
c)
oplysningerne i markedsføringskommunikationen stemmer overens med oplysningerne i hvidbogen om kryptoaktiver
d)
i markedsføringskommunikationen anføres det klart, at der er offentliggjort en hvidbog om kryptoaktiver, og webstedet for udstederen af e-pengetokenen samt udstederens telefonnummer og e-mailadresse angives ligeledes.
2.   Markedsføringskommunikationen skal indeholde en klar og utvetydig erklæring om, at indehavere af e-pengetokenen har ret til når som helst at genindløse denne e-pengetoken over for udstederen til pariværdi.
3.   Markedsføringskommunikationen og enhver ændring heraf offentliggøres på udstederens websted.
4.   De kompetente myndigheder må ikke kræve, at der foreligger godkendelse af markedsføringskommunikationen før dens offentliggørelse.
5.   Der gives meddelelse om markedsføringskommunikationen til den kompetente myndighed efter anmodning.
6.   Der må ikke formidles markedsføringskommunikation forud for offentliggørelsen af hvidbogen om kryptoaktiver. En sådan begrænsning berører ikke udstederen af e-pengetokenens mulighed for at foretage markedsundersøgelser.
Artikel 54
Investering af midler modtaget til gengæld for e-pengetokens
Midler, som udstedere af e-pengetokens har modtaget til gengæld for e-pengetokens og beskyttet i overensstemmelse med artikel 7, stk. 1, i direktiv 2009/110/EF, skal opfylde følgende:
a)
mindst 30 % af de modtagne midler er altid indsat på særskilte konti i et kreditinstitut
b)
de resterende modtagne midler er investeret i sikre aktiver med lav risiko, der betragtes som højlikvide finansielle instrumenter med minimal markedsrisiko, kreditrisiko og koncentrationsrisiko, jf. artikel 38, stk. 1, i denne forordning, og er denomineret i den samme officielle valuta som den, e-pengetokenen henviser til.
Artikel 55
Genopretnings- og genindløsningsplaner
Afsnit III, kapitel 6, finder tilsvarende anvendelse på udstedere af e-pengetokens.
Som undtagelse fra artikel 46, stk. 2, skal datoen, hvorpå genopretningsplanen senest skal meddeles den kompetente myndighed, med hensyn til udstedere af e-pengetokens ligge inden for seks måneder efter datoen for udbuddet til offentligheden eller optagelse til handel.
Som undtagelse fra artikel 47, stk. 3, skal datoen, hvorpå genindløsningsplanen senest skal meddeles den kompetente myndighed, med hensyn til udstedere af e-pengetokens ligge inden for seks måneder efter datoen for udbuddet til offentligheden eller optagelse til handel.
KAPITEL 2
Signifikante e-pengetokens
Artikel 56
Klassificering af e-pengetokens som signifikante e-pengetokens
1.   EBA klassificerer e-pengetokens som signifikante e-pengetokens, hvis mindst tre af kriterierne anført i artikel 43, stk. 1, er opfyldt:
a)
i den periode, som dækkes af den første informationsrapport som omhandlet i nærværende artikels stk. 3 efter disse tokens udbud til offentligheden eller anmodning om optagelse til handel af disse tokens, eller
b)
i den periode, som dækkes af mindst to på hinanden følgende informationsrapporter som omhandlet i nærværende artikel stk. 3.
2.   Når flere udstedere udsteder den samme e-pengetoken, vurderes opfyldelsen af de kriterier, der er omhandlet i artikel 43, stk. 1, efter sammenfatning af dataene fra disse udstedere.
3.   De kompetente myndigheder i udstederens hjemland rapporterer mindst to gange om året oplysninger til EBA og ECB oplysninger, der er relevante for vurderingen af om opfyldelsen af de kriterier, der er omhandlet i artikel 43, stk. 1, herunder i givet fald de oplysninger, der er modtaget efter artikel 22.
Hvis udstederen har hjemsted i en medlemsstat, der ikke har euroen som valuta, eller hvis en medlemsstats valuta, der ikke er euroen, som e-pengetokens henviser til, fremsender de kompetente myndigheder de oplysninger, som er omhandlet i første afsnit, til centralbanken i den pågældende medlemsstat.
4.   Hvis EBA vurderer, at en e-pengetoken opfylder kriterierne i artikel 43, stk. 1, i overensstemmelse med nærværende artikels stk. 1 udarbejder EBA et udkast til afgørelse om at klassificere e-pengetokenen som en signifikant e-pengetoken og giver udstederen af e-pengetokenen, den kompetente myndighed i udstederens hjemland, ECB og, i de i nærværende artikels stk. 3, andet afsnit, omhandlede tilfælde, centralbanken i den berørte medlemsstat meddelelse om dette udkast til afgørelse.
Udstedere af sådanne e-pengetokens, deres kompetente myndigheder, ECB og, hvor det er relevant, den berørte medlemsstats centralbank har 20 arbejdsdage fra datoen for meddelelsen af dette udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
5.   EBA træffer sin endelige afgørelse om, hvorvidt en e-pengetoken skal klassificeres som en signifikant e-pengetoken, senest 60 arbejdsdage efter datoen for den i stk. 4 omhandlede meddelelse og giver straks udstederen af en sådan e-pengetoken og dennes kompetente myndighed meddelelse om denne afgørelse.
6.   Hvis en e-pengetoken er blevet klassificeret som signifikant i henhold til en afgørelse truffet af EBA i overensstemmelse med stk. 5, overføres tilsynsansvaret over for en udsteder af denne e-pengetoken fra den kompetente myndighed i udstederens hjemland til EBA i overensstemmelse med artikel 117, stk. 4, senest 20 arbejdsdage efter datoen for meddelelsen af denne afgørelse.
EBA og den kompetente myndighed samarbejder om at sikre, at overgangen af tilsynsbeføjelserne forløber uden problemer.
7.   Uanset stk. 6 overføres de tilsynsmæssige forpligtelser over for udstederne af signifikante e-pengetokens i en medlemsstats anden officielle valuta end euroen, hvor mindst 80 % af antallet af indehavere af og mængden af transaktioner i disse signifikante e-pengetokens er koncentreret i hjemlandet, ikke til EBA.
Den kompetente myndighed i udstederens hjemland giver hvert år EBA oplysninger om ethvert tilfælde, hvor undtagelsen som omhandlet i det første afsnit finder anvendelse.
Med henblik på første afsnit anses en transaktion for at finde sted i hjemlandet, når betaleren eller betalingsmodtageren er etableret i denne medlemsstat.
8.   EBA genvurderer årligt klassificeringen af de signifikante e-pengetokens på grundlag af de tilgængelige oplysninger, herunder fra de rapporter, der er omhandlet i nærværende artikels stk. 3, eller de oplysninger, der er modtaget efter artikel 22.
Hvis EBA vurderer, at visse e-pengetokens ikke længere opfylder kriterierne i artikel 43, stk. 1, i overensstemmelse med nærværende artikels stk. 1, udarbejder EBA et udkast til afgørelse om ikke længere at klassificere e-pengetokenen som signifikant og giver udstederne af disse e-pengetokens, de kompetente myndigheder i deres hjemlande, ECB og, i de i nærværende artikels stk. 3, andet afsnit, omhandlede tilfælde, centralbanken i den berørte medlemsstat meddelelse om dette udkast til afgørelse.
Udstedere af sådanne e-pengetokens, deres kompetente myndigheder, ECB og den berørte medlemsstats centralbank har 20 arbejdsdage fra datoen for meddelelsen af dette udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
9.   EBA træffer sin endelige afgørelse om, hvorvidt en e-pengetoken ikke længere skal klassificeres som signifikant, senest 60 arbejdsdage efter datoen for den i stk. 8 omhandlede meddelelse og giver straks udstederen af denne e-pengetoken og dennes kompetente myndighed meddelelse om denne afgørelse.
10.   Hvis en e-pengetoken ikke længere kvalificeres som signifikant i henhold til en afgørelse truffet af EBA i overensstemmelse med stk. 9, overføres tilsynsansvaret over for en udsteder af denne e-pengetoken fra EBA til den kompetente myndighed i udstederens hjemland senest 20 arbejdsdage efter datoen for meddelelsen af denne afgørelse.
EBA og den kompetente myndighed samarbejder om at sikre, at overgangen af tilsynsbeføjelserne forløber uden problemer.
Artikel 57
Frivillig klassificering af e-pengetokens som signifikante e-pengetokens
1.   En udsteder af en e-pengetoken, der er meddelt tilladelse som kreditinstitut eller som e-pengeinstitut, eller som ansøger om en sådan tilladelse, kan angive, at denne ønsker at klassificere sin e-pengetoken som en signifikant e-pengetoken. I så fald underretter den kompetente myndighed omgående EBA, EBC og, i de i artikel 56, stk. 3, andet afsnit, omhandlede tilfælde, den berørte medlemsstats centralbank om den potentielle udsteders ansøgning.
For at en e-pengetoken kan klassificeres som signifikant i henhold til denne artikel, skal udstederen af e-pengetokenen ved hjælp af en detaljeret driftsplan påvise, at udstederen sandsynligvis opfylder mindst tre af kriterierne i artikel 43, stk. 1.
2.   EBA udarbejder senest 20 arbejdsdage efter datoen for den i nærværende artikels stk. 1 omhandlede meddelelse et udkast til afgørelse med sin udtalelse på grundlag af udstederens driftsplan om, hvorvidt e-pengetokenen opfylder eller sandsynligvis opfylder mindst tre af kriterierne i artikel 43, stk. 1, og giver den kompetente myndighed i udstederens hjemland, ECB og, i de i artikel 56, stk. 3, andet afsnit, omhandlede tilfælde, centralbanken meddelelse om dette udkast til afgørelse.
Kompetente myndigheder for udstedere af sådanne e-pengetokens, ECB og, hvor det er relevant, centralbanken i den pågældende medlemsstat har 20 arbejdsdage fra datoen for meddelelsen af dette udkast til afgørelse til skriftligt at fremsætte bemærkninger og kommentarer. EBA tager behørigt hensyn til disse bemærkninger og kommentarer før vedtagelsen af en endelig afgørelse.
3.   EBA træffer sin endelige afgørelse om, hvorvidt en e-pengetoken skal klassificeres som en signifikant e-pengetoken, senest 60 arbejdsdage efter datoen for den i stk. 1 omhandlede meddelelse og giver straks udstederen af en sådan e-pengetoken og dennes kompetente myndighed meddelelse om denne afgørelse.
4.   Hvis en e-pengetoken er blevet klassificeret som signifikant i henhold til en afgørelse truffet af EBA i overensstemmelse med nærværende artikels stk. 3, overføres tilsynsansvaret over for en udsteder af denne e-pengetoken fra den kompetente myndighed til EBA i overensstemmelse med artikel 117, stk. 4, senest 20 arbejdsdage efter datoen for meddelelsen af denne afgørelse.
EBA og de kompetente myndigheder samarbejder om at sikre, at overgangen af tilsynsbeføjelserne forløber uden problemer.
5.   Uanset stk. 4 overføres de tilsynsmæssige forpligtelser over for udstedere af signifikante e-pengetokens i en anden officiel valuta i en medlemsstat end euroen, ikke til EBA, hvor mindst 80 % af antallet af indehavere af og mængden af transaktioner i de signifikante e-pengetokens er eller forventes at blive koncentreret i hjemlandet.
Den kompetente myndighed i udstederens hjemland giver hvert år EBA oplysninger om anvendelsen af den i første afsnit omhandlede undtagelse.
Med henblik på første afsnit anses en transaktion for at finde sted i hjemlandet, når betaleren eller betalingsmodtageren er etableret i denne medlemsstat.
Artikel 58
Særlige yderligere forpligtelser for udstedere af e-pengetokens
1.   E-pengeinstitutter, der udsteder signifikante e-pengetokens, er underlagt:
a)
de krav, der er omhandlet i artikel 36-38 og i artikel 45, stk. 1-4, i denne forordning i stedet for artikel 7 i direktiv 2009/110/EF
b)
de krav, der er omhandlet i artikel 35, stk. 2, 3 og 5, og artikel 45, stk. 5, i denne forordning i stedet for artikel 5 i direktiv 2009/110/EF.
Som undtagelse fra artikel 36, stk. 9, skal den uafhængige revision med hensyn til udstedere af signifikante e-pengetokens udføres hver sjette måned fra datoen for afgørelsen om at klassificere disse e-pengetokens som signifikante i henhold til artikel 56 eller 57, alt efter tilfældet.
2.   De kompetente myndigheder i hjemlandet kan kræve, at e-pengeinstitutter, der udsteder e-pengetokens, som ikke er signifikante, opfylder ethvert krav omhandlet i stk. 1, hvis det er nødvendigt for at imødegå de risici, som disse bestemmelser har til formål at imødegå, såsom likviditetsrisici, operationelle risici eller risici som følge af manglende overholdelse af kravene til forvaltning af reserver af aktiver.
3.   Artikel 22 og 23 og artikel 24, stk. 3, finder anvendelse på e-pengetokens i en valuta, der ikke er en officiel valuta i en medlemsstat.
AFSNIT V
BETINGELSER FOR TILLADELSE OG DRIFT FOR UDBYDERE AF KRYPTOAKTIVTJENESTER
KAPITEL 1
Tilladelse til udbydere af kryptoaktivtjenester
Artikel 59
Tilladelse
1.   En person må ikke levere kryptoaktivtjenester i Unionen, medmindre denne person er:
a)
en juridisk person eller anden virksomhed, der er meddelt tilladelse som kryptoaktivtjenesteudbyder i overensstemmelse med artikel 63, eller
b)
et kreditinstitut, en værdipapircentral, et investeringsselskab, en markedsoperatør, et e-pengeinstitut, et administrationsselskab for investeringsinstitutter eller en forvalter af en alternativ investeringsfond, der har tilladelse til at levere kryptoaktivtjenester i henhold til artikel 60.
2.   Kryptoaktivtjenesteudbydere, som er meddelt tilladelse i overensstemmelse med artikel 63, skal have et registreret hjemsted i en medlemsstat, hvorfra de udfører i det mindste en del af deres kryptoaktivtjenester. De skal have hovedsæde i Unionen, og mindst et af bestyrelsesmedlemmerne skal være bosiddende i Unionen.
3.   Med henblik på stk. 1, litra a), må andre virksomheder, der ikke er juridiske personer, kun levere kryptoaktivtjenester, hvis deres juridiske form sikrer et beskyttelsesniveau for tredjeparters interesser svarende til det, der ydes af juridiske personer, og hvis de er underlagt et tilsvarende tilsyn, som er passende for deres juridiske form.
4.   Kryptoaktivtjenesteudbydere, som er meddelt tilladelse i henhold til artikel 63, skal til enhver tid overholde betingelserne for deres tilladelse.
5.   En person, der ikke er en kryptoaktivtjenesteudbyder, må ikke anvende et navn eller et firmanavn eller udsende markedsføringskommunikation eller gennemføre nogen anden proces, der antyder, at den pågældende er kryptoaktivtjenesteudbyder, eller som vil kunne skabe forvirring i den henseende.
6.   De kompetente myndigheder, der meddeler en tilladelse i overensstemmelse med artikel 63, sikrer, at det i sådanne tilladelser specificeres, hvilke kryptoaktivtjenester udbydere af kryptoaktivtjenester har fået tilladelse til at levere.
7.   Udbydere af kryptoaktivtjenester har mulighed for at levere kryptoaktivtjenester i hele Unionen, enten gennem etableringsretten, herunder gennem en filial, eller gennem den frie udveksling af tjenester. Udbydere af kryptoaktivtjenester, der leverer kryptoaktivtjenester på tværs af grænserne, er ikke forpligtet til at have en fysisk tilstedeværelse på et værtslands geografiske område.
8.   Udbydere af kryptoaktivtjenester, der ønsker at tilføje kryptoaktivtjenester til deres tilladelse som omhandlet i artikel 63, anmoder de kompetente myndigheder, der har meddelt den første tilladelse, om en udvidelse af deres tilladelse ved at supplere og ajourføre de oplysninger, der er omhandlet i artikel 62. Anmodningen om udvidelse behandles i overensstemmelse med artikel 63.
Artikel 60
Levering af kryptoaktivtjenester fra visse finansielle enheder
1.   Et kreditinstitut kan levere kryptoaktivtjenester, hvis det giver dets hjemlands kompetente myndighed meddelelse om de i stk. 7 omhandlede oplysninger mindst 40 arbejdsdage, inden det leverer disse tjenester første gang.
2.   En værdipapircentral, der er meddelt tilladelse i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 909/2014 
(
45
)
, må kun levere deponering og administration af kryptoaktiver på kunders vegne, hvis den mindst 40 arbejdsdage, før den første gang leverer denne tjeneste, underretter hjemlandets kompetente myndighed om de oplysninger, der er omhandlet i stk. 7.
Med henblik på nærværende stykkes første afsnit anses levering af deponering og administration af kryptoaktiver på kunders vegne for at svare til at levere, føre eller drive værdipapirkonti i forbindelse med den afviklingstjeneste, der er omhandlet i afsnit B, nr. 3), i bilaget til forordning (EU) nr. 909/2014.
3.   Et investeringsselskab kan levere kryptoaktivtjenester i Unionen svarende til de investeringstjenester og -aktiviteter, som det specifikt er meddelt tilladelse til i henhold til direktiv 2014/65/EU, hvis det giver hjemlandets kompetente myndighed meddelelse om de oplysninger, der er omhandlet i nærværende artikels stk. 7, mindst 40 arbejdsdage, inden disse tjenester leveres første gang.
Med henblik på dette stykke:
a)
levering af deponering og administration af kryptoaktiver på kunders vegne anses for at svare til den accessoriske tjenesteydelse, der er omhandlet i afsnit B, nr. 1), i bilag I til direktiv 2014/65/EU
b)
driften af en handelsplatform for kryptoaktiver anses for at svare til driften af en multilateral handelsfacilitet og driften af en organiseret handelsfacilitet som omhandlet i henholdsvis afsnit A, nr. 8) og 9), i bilag I til direktiv 2014/65/EU
c)
veksling af kryptoaktiver til midler og andre kryptoaktiver anses for at svare til handel for egen regning som omhandlet i afsnit A, nr. 3), i bilag I til direktiv 2014/65/EU
d)
udførelse af ordrer vedrørende kryptoaktiver på kunders vegne anses for at svare til udførelse af ordrer på kunders vegne, der er omhandlet i afsnit A, nr. 2), i bilag I til direktiv 2014/65/EU
e)
placering af kryptoaktiver anses for at svare til emissionsgaranti eller placering af finansielle instrumenter på grundlag af en fast forpligtelse og placering af finansielle instrumenter uden en fast forpligtelse som omhandlet i henholdsvis afsnit A, nr. 6) og 7), i bilag I til direktiv 2014/65/EU
f)
modtagelse og formidling af ordrer på kryptoaktiver på kunders vegne anses for at svare til modtagelse og formidling af ordrer i forbindelse med en eller flere af de finansielle instrumenter, der er omhandlet i afsnit A, nr. 1), i bilag I til direktiv 2014/65/EU
g)
rådgivning om kryptoaktiver anses for at svare til investeringsrådgivning som omhandlet i afsnit A, nr. 5), i bilag I til direktiv 2014/65/EU
h)
porteføljepleje af kryptoaktiver anses for at svare til den porteføljepleje, der er omhandlet i afsnit A, nr. 4), i bilag I til direktiv 2014/65/EU.
4.   Et e-pengeinstitut, der er meddelt tilladelse i henhold til direktiv 2009/110/EF må kun levere deponering og administration af kryptoaktiver på kunders vegne og tjenester vedrørende overførsel af kryptoaktiver på kunders vegne, med hensyn til de e-pengetokens, den udsteder, hvis den giver hjemlandets kompetente myndighed meddelelse om de oplysninger, der er omhandlet i nærværende artikels stk. 7, mindst 40 arbejdsdage, inden disse tjenester leveres første gang.
5.   Et administrationsselskab for investeringsinstitutter eller en forvalter af en alternativ investeringsfond kan levere kryptoaktivtjenester svarende til forvaltning af porteføljer af investeringstjenester og accessoriske tjenesteydelser, som det specifikt er meddelt tilladelse til i henhold til direktiv 2009/65/EF eller 2011/61/EU, hvis selskabet eller forvalteren giver hjemlandets kompetente myndighed meddelelse om oplysninger, der er omhandlet i nærværende artikels stk. 7, mindst 40 arbejdsdage, inden disse tjenester leveres første gang.
I forbindelse med dette stykke:
a)
modtagelse og formidling af ordrer på kryptoaktiver på kunders vegne anses for at svare til modtagelse og formidling af ordrer i forbindelse med de finansielle instrumenter, der er omhandlet i artikel 6, stk. 4, litra b), nr. iii), i direktiv 2011/61/EU
b)
rådgivning om kryptoaktiver anses for at svare til investeringsrådgivning som omhandlet i artikel 6, stk. 4, litra b), nr. i), i direktiv 2011/61/EU og artikel 6, stk. 3, litra b), nr. i), i direktiv 2009/65/EF
c)
porteføljepleje af kryptoaktiver anses for at svare til de tjenester, der er omhandlet i artikel 6, stk. 4, litra a), i direktiv 2011/61/EU og artikel 6, stk. 3, litra a), i direktiv 2009/65/EF.
6.   En markedsoperatør, der er meddelt tilladelse i henhold til direktiv 2014/65/EU, kan drive en handelsplatform for kryptoaktiver, hvis den giver hjemlandets kompetente myndighed meddelelse om de oplysninger, der er omhandlet i nærværende artikels stk. 7, mindst 40 arbejdsdage, inden disse tjenester leveres første gang.
7.   Med henblik på stk. 1-6 skal der gives meddelelse om følgende oplysninger:
a)
en driftsplan, hvori det angives, hvilke former for kryptoaktivtjenester den ansøgende kryptoaktivtjenesteudbyder ønsker at levere, herunder hvor og hvordan disse tjenester skal markedsføres
b)
en beskrivelse af:
i)
de interne kontrolmekanismer, de politikker og procedurer, der skal sikre overholdelse af de bestemmelserne i den nationale lovgivning, der gennemfører direktiv (EU) 2015/849
ii)
risikovurderingssystemet for styring af risici for hvidvask af penge og finansiering af terrorisme, og
iii)
forretningskontinuitetsplanen
c)
den tekniske dokumentation for IKT-systemerne og sikkerhedsordningerne og en beskrivelse heraf på ikketeknisk sprog
d)
en beskrivelse af proceduren for adskillelse af kunders kryptoaktiver og midler
e)
en beskrivelse af politikken for ordreudførelse, hvis det er hensigten at levere deponering og administration af kryptoaktiver på kunders vegne
f)
en beskrivelse af handelsplatformens driftsregler og af procedurerne for og systemet til påvisning af markedsmisbrug, hvis det er hensigten at drive en handelsplatform for kryptoaktiver
g)
en beskrivelse af den ikkeforskelsbehandlende handelspolitik, der ligger til grund for kundeforholdet, samt en beskrivelse af metoden til fastsættelse af prisen på de kryptoaktiver, som foreslås vekslet til midler eller til andre kryptoaktiver, hvis det er hensigten at veksle kryptoaktiver til midler eller andre kryptoaktiver
h)
en beskrivelse af politikken for ordreudførelse, hvis det er hensigten at udføre ordrer vedrørende kryptoaktiver på vegne af kunder
i)
dokumentation for, at de fysiske personer, der yder rådgivning på vegne af den ansøgende kryptoaktivtjenesteudbyder, eller som yder porteføljepleje på vegne af den ansøgende kryptoaktivtjenesteudbyder, har den nødvendige viden og ekspertise til at opfylde deres forpligtelser, hvis det er hensigten at yde rådgivning om kryptoaktiver eller om porteføljepleje af kryptoaktiver
j)
hvorvidt kryptoaktivtjenesten vedrører aktivbaserede tokens, e-pengetokens eller andre kryptoaktiver
k)
oplysninger om den måde, hvorpå sådanne overførselstjenester vil blive leveret, hvis det er hensigten at tilbyde tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder.
8.   En kompetent myndighed, der modtager meddelelse som omhandlet i stk. 1-6, vurderer senest 20 arbejdsdage efter modtagelsen af sådanne meddelelse, om alle ønskede oplysninger er indgivet. Hvis den kompetente myndighed konkluderer, at en meddelelse ikke er fuldstændig, underretter den straks den meddelende enhed herom og fastsætter en frist, inden for hvilken enheden skal indgive de manglende oplysninger.
Fristen for indgivelse af manglende oplysninger må ikke overstige 20 arbejdsdage fra datoen for anmodningen. Hver periode, der er fastsat i stk. 1-6, suspenderes indtil udløbet af denne frist. Eventuelle yderligere anmodninger fra den kompetente myndighed om at supplere eller præcisere oplysningerne beror på denne myndigheds skøn, men må ikke medføre en suspension af en periode omhandlet i stk. 1-6.
Udbyderen af kryptoaktivtjenester må ikke begynde at levere kryptoaktivtjenesterne, så længe meddelelsen er ufuldstændig.
9.   De enheder, der er omhandlet i stk. 1-6, er ikke forpligtet til at indgive nogle af de oplysninger, der er omhandlet i stk. 7, og som tidligere er indgivet til den kompetente myndighed, hvis sådanne oplysninger ville være identiske. De enheder, der er omhandlet i stk. 1-6, skal ved indgivelse af de oplysninger, der kræves i henhold til stk. 7, udtrykkeligt angive, at de oplysninger, der tidligere er indgivet, stadig er ajour.
10.   Hvis de enheder, der er omhandlet i denne artikels stk. 1-6, leverer kryptoaktivtjenester, er de ikke omfattet af artikel 62, 63, 64, 67, 83 og 84.
11.   Retten til at levere kryptoaktivtjenester som omhandlet i denne artikels stk. 1-6 ophæves ved inddragelsen af den tilladelse, der gav den pågældende enhed mulighed for at levere kryptoaktivtjenester uden at skulle indhente en tilladelse i henhold til artikel 59.
12.   De kompetente myndigheder meddeler ESMA de oplysninger, der er anført i artikel 109, stk. 5, efter at have kontrolleret fuldstændigheden af de oplysninger, der er omhandlet i stk. 7.
ESMA stiller disse oplysninger til rådighed i den i artikel 109 omhandlede fortegnelse på begyndelsesdatoen for den påtænkte levering af kryptoaktivtjenester.
13.   ESMA udarbejder i nært samarbejde med EBA udkast til reguleringsmæssige tekniske standarder, til yderligere præcisering af de oplysninger, der er omhandlet i stk. 7.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
14.   ESMA udarbejder i tæt samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder med henblik på at fastlægge standardformularer, -modeller og -procedurer i henhold til meddelelsen i stk. 7.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
Artikel 61
Levering af kryptoaktivtjenester udelukkende på kundens eget initiativ
1.   Når en kunde, der er etableret eller befinder sig i Unionen, udelukkende på eget initiativ foranlediger levering af en kryptoaktivtjeneste eller -aktivitet fra en tredjelandsvirksomhed, finder kravet om tilladelse efter artikel 59 ikke anvendelse på tredjelandsvirksomhedens levering af denne kryptoaktivtjeneste eller aktivitet til den pågældende kunde, herunder en forbindelse med specifik tilknytning til leveringen af den pågældende kryptoaktivtjeneste eller aktivitet.
Hvis et tredjelandsselskab, herunder gennem en enhed, der handler på dets vegne, eller som har tætte forbindelser til dette tredjelandsselskab eller enhver anden person, der handler på denne enheds vegne, retter henvendelse til kunder eller potentielle kunder i Unionen, uanset det kommunikationsmiddel, der anvendes til opfordring om køb, fremme eller markedsføring i Unionen, betragtes det ikke som en tjeneste, der udelukkende leveres på kundens eget initiativ, med forbehold af koncerninterne forbindelser.
Andet afsnit gælder uanset eventuelle kontraktlige bestemmelser eller ansvarsfraskrivelser, som måtte fastsætte noget andet, herunder enhver bestemmelse eller ansvarsfraskrivelse om, at en tredjelandsvirksomheds levering af tjenester anses for en tjeneste leveret udelukkende på kundens eget initiativ.
2.   En kundes udelukkende eget initiativ som omhandlet i stk. 1 giver ikke en tredjelandsvirksomhed ret til at markedsføre nye typer af kryptoaktiver eller kryptoaktivtjenester til den pågældende kunde.
3.   ESMA udsteder senest den 30. december 2024 retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 for at præcisere de situationer, hvor en tredjelandsvirksomhed anses for at rette henvendelse til kunder, der er etableret eller befinder sig i Unionen.
For at fremme konvergens og fremme konsekvent tilsyn med risikoen for misbrug af denne artikel udsteder ESMA også retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 for tilsynspraksis for at afsløre og forhindre omgåelse af nærværende forordning.
Artikel 62
Ansøgning om tilladelse som kryptoaktivtjenesteudbyder
1.   Juridiske personer og andre virksomheder, der har til hensigt at levere kryptoaktivtjenester indgiver deres ansøgning om tilladelse som kryptoaktivtjenesteudbyder til den kompetente myndighed i deres hjemland.
2.   Den i stk. 1 omhandlede ansøgning skal indeholde følgende oplysninger:
a)
navn, herunder det juridiske navn og ethvert andet handelsnavn, der anvendes, identifikatoren for juridiske enheder for den ansøgende kryptoaktivtjenesteudbyder, det af den pågældende udbyder anvendte websted, en kontakt-e-mailadresse, et kontakttelefonnummer og dennes fysiske adresse
b)
den ansøgende kryptoaktivtjenesteudbyders juridiske form
c)
den ansøgende kryptoaktivtjenesteudbyders vedtægter, hvor det er relevant
d)
en driftsplan, hvori det angives, hvilke former for kryptoaktivtjenester den ansøgende kryptoaktivtjenesteudbyder ønsker at levere, herunder hvor og hvordan disse tjenester skal markedsføres
e)
dokumentation for, at den ansøgende kryptoaktivtjenesteudbyder opfylder kravene til forsigtighedshensynene i artikel 67
f)
en beskrivelse af den ansøgende kryptoaktivtjenesteudbyders ledelsesordninger
g)
dokumentation for, at medlemmer af den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan har et tilstrækkeligt godt omdømme og besidder den passende viden, kompetence og erfaring til at stå for ledelsen af denne udbyder
h)
identiteten af aktionærer og selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i den ansøgende kryptoaktivtjenesteudbyder, og størrelsen af disse andele samt bevis for, at disse personer har et tilstrækkeligt godt omdømme
i)
en beskrivelse af den ansøgende kryptoaktivtjenesteudbyders interne kontrolmekanismer, politikker og procedurer for at fastlægge, vurdere og styre risici, herunder risikoen for hvidvask og terrorfinansiering, og en forretningskontinuitetsplan
j)
den tekniske dokumentation for IKT-systemerne og sikkerhedsordningerne og en beskrivelse heraf på ikketeknisk sprog
k)
en beskrivelse af proceduren for adskillelse af kunders kryptoaktiver og midler
l)
en beskrivelse af den ansøgende kryptoaktivtjenesteudbyders procedure for behandling af klager
m)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at levere deponering og administration af kryptoaktiver på kunders vegne, en beskrivelse af deponeringspolitikken
n)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at drive en handelsplatform for kryptoaktiver, en beskrivelse af handelsplatformens driftsregler og af proceduren og systemet til påvisning af markedsmisbrug
o)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at veksle kryptoaktiver til midler til andre kryptoaktiver, en beskrivelse af den ikkeforskelsbehandlende handelspolitik, der ligger til grund for kundeforholdet, samt en beskrivelse af metoden til fastsættelse af prisen på de kryptoaktiver, som den ansøgende kryptoaktivtjenesteudbyder foreslår vekslet til midler eller andre kryptoaktiver
p)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at udføre ordrer vedrørende kryptoaktiver på vegne af kunder, en beskrivelse af politikken for ordreudførelse
q)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at yde rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, dokumentation for, at de fysiske personer, der yder rådgivning på vegne af den ansøgende kryptoaktivtjenesteudbyder, eller som yder porteføljepleje på vegne af den ansøgende kryptoaktivtjenesteudbyder, har den nødvendige viden og ekspertise til at opfylde deres forpligtelser
r)
hvis den ansøgende kryptoaktivtjenesteudbyder har til hensigt at tilbyde tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder, oplysninger om den måde, hvorpå sådanne overførselstjenester vil blive leveret
s)
den type kryptoaktiv, som kryptoaktivtjenesten vedrører.
3.   Med henblik på stk. 2, litra g) og h), forelægger den ansøgende kryptoaktivtjenesteudbyder dokumentation for alt det følgende:
a)
for alle medlemmer af den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan: ren straffeattest og at de pågældende aldrig er blevet pålagt sanktioner i henhold til gældende handelsret, insolvensret og ret om finansielle tjenesteydelser eller om bekæmpelse af hvidvask af penge og finansiering af terrorisme, om svig eller om erhvervsansvar
b)
at medlemmerne af den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan tilsammen har passende viden, kompetence og erfaring til at lede kryptoaktivtjenesteudbyderen, og at disse personer er forpligtede til at afsætte tilstrækkelig tid til at udføre deres opgaver
c)
for alle aktionærer og selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i den ansøgende kryptoaktivtjenesteudbyder: ren straffeattest eller at de pågældende aldrig er blevet pålagt sanktioner i henhold til gældende handelsret, insolvensret og ret om finansielle tjenesteydelser eller om bekæmpelse af hvidvask af penge og finansiering af terrorisme, om svig eller om erhvervsansvar.
4.   De kompetente myndigheder må ikke kræve, at en ansøgende kryptoaktivtjenesteudbyder leverer oplysninger som omhandlet i denne artikel stk. 2 og 3, som de allerede har modtaget i henhold til den respektive procedure for tilladelse i overensstemmelse med direktiv 2009/110/EF, 2014/65/EU eller (EU) 2015/2366 eller i henhold til national lovgivning, der finder anvendelse på kryptoaktivtjenester, før den 29. juni 2023, forudsat at disse oplysninger eller dokumenter stadig er ajourførte.
5.   ESMA udarbejder i nært samarbejde med EBA udkast til reguleringsmæssige tekniske standarder, til yderligere præcisering af de oplysninger, der er omhandlet i stk. 2 og 3.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
6.   ESMA udarbejder i tæt samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -modeller og -procedurer til brug for oplysninger, der skal indgå i ansøgningen om tilladelse som kryptoaktivtjenesteudbyder.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
Artikel 63
Vurdering af ansøgning om tilladelse og meddelelse af eller afslag på tilladelse
1.   De kompetente myndigheder giver uden unødig forsinkelse og senest inden fem arbejdsdage efter modtagelsen af en ansøgning efter henhold til artikel 62, stk. 1, skriftlig bekræftelse på modtagelsen heraf til den ansøgende kryptoaktivtjenesteudbyder.
2.   De kompetente myndigheder vurderer senest 25 arbejdsdage efter modtagelsen af en ansøgning i henhold til artikel 62, stk. 1, om ansøgningen er fuldstændig, ved at kontrollere, at oplysningerne i artikel 62, stk. 2, er blevet indgivet.
Hvis ansøgningen ikke er fuldstændig, fastsætter de kompetente myndigheder en frist, inden for hvilken den ansøgende kryptoaktivtjenesteudbyder skal fremlægge eventuelt manglende oplysninger.
3.   De kompetente myndigheder kan afslå at behandle ansøgninger, hvis sådanne ansøgninger stadig er ufuldstændige efter udløbet af den frist, der fastsat af myndighederne i overensstemmelse med stk. 2, andet afsnit.
4.   Når en ansøgning er fuldstændig, underretter de kompetente myndigheder straks den ansøgende kryptoaktivtjenesteudbyder herom.
5.   De kompetente myndigheder rådfører sig med de kompetente myndigheder i en anden medlemsstat, før de meddeler udbyderen af kryptoaktivtjenester tilladelse eller giver afslag herpå, når den ansøgende kryptoaktivtjenesteudbyder har én af følgende statusser i forhold til et kreditinstitut, en værdipapircentral, et investeringsselskab, en markedsoperatør, et administrationsselskab for investeringsinstitutter, en forvalter af en alternativ investeringsfond, et betalingsinstitut, et forsikringsselskab, et e-pengeinstitut eller en arbejdsmarkedsrelateret pensionskasse, der er meddelt tilladelse i denne anden medlemsstat
a)
den er dens eller dets datterselskab
b)
den er et datterselskab af en modervirksomhed for denne enhed eller
c)
den er kontrolleret af de samme fysiske og juridiske personer, som kontrollerer denne enhed.
6.   Inden de kompetente myndigheder meddeler eller giver afslag på en tilladelse som udbyder af kryptoaktivtjenester:
a)
kan de konsultere de kompetente myndigheder for bekæmpelse af hvidvask af penge og finansiering af terrorisme og finansielle efterretningsenheder for at kontrollere, at den ansøgende kryptoaktivtjenesteudbyder ikke har været genstand for en undersøgelse af adfærd i forbindelse med hvidvask af penge eller finansiering af terrorisme
b)
skal de sikre, at den ansøgende kryptoaktivtjenesteudbyder, der driver virksomheder eller er afhængig af tredjeparter, der er etableret i højrisikotredjelande identificeret i henhold til artikel 9 i direktiv (EU) 2015/849, overholder bestemmelserne i den nationale lovgivning til gennemførelse af nævnte direktivs artikel 26, stk. 2, artikel 45, stk. 3, og artikel 45, stk. 5
c)
skal de i givet fald sikre, at den ansøgende kryptoaktivtjenesteudbyder har indført passende procedurer for at overholde bestemmelserne i den nationale lovgivning til gennemførelse af artikel 18a, stk. 1 og 3, i direktiv (EU) 2015/849.
7.   Såfremt der er tale om tætte forbindelser mellem den ansøgende kryptoaktivtjenesteudbyder og andre fysiske eller juridiske personer, meddeler de kompetente myndigheder kun tilladelse, hvis disse forbindelser ikke hindrer en effektiv varetagelse af deres tilsynsopgaver.
8.   Kompetente myndighed afslår at meddele tilladelse, hvis de love og forskrifter i et tredjeland, som gælder for en eller flere fysiske eller juridiske personer, med hvilke den ansøgende kryptoaktivtjenesteudbyder har tætte forbindelser, eller vanskeligheder med at håndhæve disse love og forskrifter forhindrer den kompetente myndighed i effektivt at udøve sit tilsynshverv.
9.   De kompetente myndigheder vurderer senest 40 arbejdsdage efter modtagelse af en fuldstændig ansøgning, om den ansøgende kryptoaktivtjenesteudbyder overholder dette afsnit, og vedtager en fuldt begrundet afgørelse om meddelelse af eller afslag på tilladelse som kryptoaktivtjenesteudbyder. Den kompetente myndighed underretter ESMA om denne afgørelse inden for fem arbejdsdage fra vedtagelse af afgørelsen. Ved denne vurdering tages der hensyn til arten, omfanget og kompleksiteten af de kryptoaktivtjenester, som den ansøgende kryptoaktivtjenesteudbyder har til hensigt at levere.
10.   De kompetente myndigheder afslår at meddele tilladelse til en ansøgning som kryptoaktivtjenesteudbyder, hvis der er objektive og påviselige grunde til at tro, at:
a)
den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan udgør en trussel mod dets effektive, sunde og forsigtige ledelse og forretningskontinuitet og mod en passende hensyntagen til forsikringstagernes interesser og markedets integritet eller udsætter den ansøgende kryptoaktivtjenesteudbyder for en alvorlig risiko for hvidvask af penge eller finansiering af terrorisme
b)
medlemmerne af den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan ikke opfylder de krav, der er fastsat i artikel 68, stk. 1
c)
de aktionærer eller selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i den ansøgende kryptoaktivtjenesteudbyder, ikke opfylder kriterierne for tilstrækkeligt godt omdømme i artikel 68, stk. 2
d)
den ansøgende kryptoaktivtjenesteudbyder ikke opfylder eller ikke forventes at opfylde nogen af kravene i dette afsnit.
11.   ESMA og EBA udsteder i fællesskab retningslinjer i overensstemmelse med henholdsvis artikel 16 i forordning (EU) nr. 1095/2010 og artikel 16 i forordning (EU) nr. 1093/2010 for vurderingen af egnetheden af medlemmerne af den ansøgende kryptoaktivtjenesteudbyders ledelsesorgan og af de aktionærer eller selskabsdeltagere, der direkte eller indirekte besidder kvalificerede andele i den ansøgende kryptoaktivtjenesteudbyder.
ESMA og EBA udsteder de i første afsnit omhandlede retningslinjer senest den 30. juni 2024.
12.   Kompetente myndigheder kan i løbet af den i stk. 9 omhandlede vurderingsperiode, men ikke efter den tyvende arbejdsdag i denne periode, anmode om yderligere oplysninger, der måtte være nødvendige for at afslutte vurderingen. Sådanne anmodninger fremsættes skriftligt til den ansøgende kryptoaktivtjenesteudbyder og skal præcisere, hvilke supplerende oplysninger der er behov for.
Vurderingsperioden i henhold til stk. 9 suspenderes i perioden mellem datoen for de kompetente myndigheders anmodning om manglende oplysninger og modtagelsen af et svar herpå fra den ansøgende kryptoaktivtjenesteudbyder. Suspensionen må ikke overstige 20 arbejdsdage. Eventuelle yderligere anmodninger fra de kompetente myndigheder om at supplere eller præcisere oplysningerne beror på de kompetente myndigheders skøn, men må ikke medføre en suspension af vurderingsperioden i stk. 9.
13.   De kompetente myndigheder underretter inden for to arbejdsdage fra at have givet tilladelse ESMA om de oplysninger, der er omhandlet i artikel 109, stk. 5. De kompetente myndigheder underretter ligeledes ESMA om alle afslag på ansøgninger om tilladelse. ESMA gør de i artikel 109, stk. 5, omhandlede oplysninger tilgængelige i fortegnelsen omhandlet i nævnte artikel senest den dato, hvor levering af kryptoaktivtjenester påbegynder.
Artikel 64
Inddragelse af tilladelse til en udbyder af kryptoaktivtjenester
1.   De kompetente myndigheder inddrager tilladelsen til en udbyder af kryptoaktivtjenester, hvis udbyderen af kryptoaktivtjenester gør et af følgende:
a)
ikke har anvendt sin tilladelse i en periode på 12 måneder efter datoen for tilladelsen
b)
udtrykkeligt har givet afkald på sin tilladelse
c)
ikke har leveret kryptoaktivtjenester i ni på hinanden følgende måneder
d)
har opnået sin tilladelse på uretmæssig vis såsom i form af falske erklæringer i sin ansøgning om tilladelse
e)
ikke længere opfylder de betingelser, hvorpå tilladelsen blev meddelt, og ikke har truffet den afhjælpende foranstaltning, som den kompetente myndighed har anmodet om, inden for en angivet frist
f)
ikke har indført systemer, procedurer og ordninger til afsløring og forebyggelse af hvidvask af penge og finansiering af terrorisme i overensstemmelse med direktiv (EU) 2015/849
g)
i alvorlig grad har overtrådt denne forordning, herunder bestemmelserne om beskyttelse af indehavere af kryptoaktiver eller af kryptoaktivtjenesteudbyderes kunder eller markedsintegritet.
2.   De kompetente myndigheder kan inddrage tilladelsen som udbyder af kryptoaktivtjenester i følgende situationer:
a)
udbyderen af kryptoaktivtjenester har overtrådt bestemmelserne i den nationale lovgivning til gennemførelse af direktiv (EU) 2015/849
b)
udbyderen af kryptoaktivtjenester har mistet sin tilladelse som betalingsinstitut eller sin tilladelse som e-pengeinstitut, og udbyderen af kryptoaktivtjenester har undladt at rette op på situationen inden for 40 kalenderdage.
3.   Hvis en kompetent myndighed inddrager en tilladelse som udbyder af kryptoaktivtjenester, underretter den ESMA og de centrale kontaktpunkter i værtslandene uden unødig forsinkelse. ESMA gør sådanne oplysningerne tilgængelige i den fortegnelse, der er omhandlet i artikel 109.
4.   De kompetente myndigheder kan begrænse inddragelsen af tilladelsen til en bestemt kryptoaktivtjeneste.
5.   De kompetente myndigheder rådfører sig, inden de inddrager en tilladelse som udbyder af kryptoaktivtjenester, med den kompetente myndighed i en anden medlemsstat, i hvilken den pågældende kryptoaktivtjenesteudbyder er:
a)
et datterselskab af en udbyder af kryptoaktivtjenester, der er meddelt tilladelse i denne anden medlemsstat
b)
et datterselskab af en modervirksomhed for en kryptoaktivtjenesteudbyder, der er meddelt tilladelse i denne anden medlemsstat
c)
kontrolleret af de samme fysiske og juridiske personer, som kontrollerer en kryptoaktivtjenesteudbyder, der er meddelt tilladelse i denne anden medlemsstat.
6.   Inden de kompetente myndigheder inddrager en tilladelse som kryptoaktivtjenesteudbyder, kan de høre den myndighed, der har kompetence til at føre tilsyn med, at udbyderen af kryptoaktivtjenester overholder reglerne om bekæmpelse af hvidvask af penge og finansiering af terrorisme.
7.   EBA, ESMA og enhver kompetent myndighed i et værtsland kan på ethvert tidspunkt anmode den kompetente myndighed i hjemlandet om at undersøge, om udbyderen af kryptoaktivtjenester fortsat opfylder de betingelser, hvorpå tilladelsen blev meddelt, hvis der er grund til at formode, at det ikke længere er tilfældet.
8.   Udbydere af kryptoaktivtjenester fastlægger, gennemfører og opretholder til enhver tid passende procedurer til sikring af den rettidige og korrekte overførsel af deres kunders kryptoaktiver og midler til en anden kryptoaktivtjenesteudbyder, når en tilladelse inddrages.
Artikel 65
Grænseoverskridende levering af kryptoaktivtjenester
1.   En udbyder af kryptoaktivtjenester, der har til hensigt at levere kryptoaktivtjenester i mere end én medlemsstat, indgiver følgende oplysninger til den kompetente myndighed i hjemlandet:
a)
en liste over de medlemsstater, i hvilke udbyderen af kryptoaktivtjenester har til hensigt at levere disse
b)
de kryptoaktivtjenester, som udbyderen af kryptoaktivtjenester har til hensigt at levere på tværs af grænserne
c)
begyndelsesdatoen for den påtænkte levering af kryptoaktivtjenesterne
d)
en liste over alle aktiviteter, der udføres af udbyderen af kryptoaktivtjenester, og som ikke er omfattet af denne forordning.
2.   Den kompetente myndighed i hjemlandet meddeler senest ti arbejdsdage efter modtagelsen af de i stk. 1 omhandlede oplysninger de centrale kontaktpunkter i værtslandene, ESMA og EBA disse oplysninger.
3.   Den kompetente myndighed i den medlemsstat, der har meddelt tilladelse, underretter straks den pågældende kryptoaktivtjenesteudbyder om den i stk. 2 omhandlede meddelelse.
4.   Udbyderen af kryptoaktivtjenester kan påbegynde leveringen af kryptoaktivtjenester i en anden medlemsstat end sit hjemland fra datoen for modtagelsen af den i stk. 3 omhandlede meddelelse eller senest fra den 15. kalenderdag efter at have indgivet de oplysninger, der er omhandlet i stk. 1.
KAPITEL 2
Forpligtelser for alle udbydere af kryptoaktivtjenester
Artikel 66
Forpligtelse til at handle ærligt, redeligt og professionelt i kundernes bedste interesse
1.   Udbydere af kryptoaktivtjenester handler ærligt, redeligt og professionelt i overensstemmelse med deres kunders og potentielle kunders bedste interesse.
2.   Udbydere af kryptoaktivtjenester giver deres kunder oplysninger, som er reelle, klare og ikkevildledende, herunder i markedsføringskommunikation, der skal være identificeret som sådan. Udbydere af kryptoaktivtjenester må ikke forsætligt eller uagtsomt vildlede en kunde i forhold til de reelle eller formodede fordele ved kryptoaktiver.
3.   Udbydere af kryptoaktivtjenester advarer kunder om risiciene i forbindelse med transaktioner i kryptoaktiver.
Når udbydere af kryptoaktivtjenester driver en handelsplatform for kryptoaktiver, udveksler kryptoaktiver med midler eller andre kryptoaktiver, yder rådgivning om kryptoaktiver eller yder porteføljepleje af kryptoaktiver, giver de deres kunder hyperlinks til eventuelle hvidbøger om kryptoaktiver for de kryptoaktiver, for hvilke de leverer disse tjenester.
4.   Udbydere af kryptoaktivtjenester offentliggør deres pris-, omkostnings- og gebyrpolitikker på et fremtrædende sted på deres websted.
5.   Udbydere af kryptoaktivtjenester offentliggør på et fremtrædende sted på deres websted oplysninger om de vigtigste negative indvirkninger på klimaet og andre miljørelaterede negative virkninger af den konsensusmekanisme, der anvendes til at udstede hvert kryptoaktiv, for hvilke de leverer tjenester til. Disse oplysninger kan indhentes fra hvidbøgerne om kryptoaktiver.
6.   ESMA udarbejder i samarbejde med EBA udkast til reguleringsmæssige tekniske standarder om indholdet, metodologierne og opstillingen af de oplysninger, der er omhandlet i stk. 5, for så vidt angår bæredygtighedsindikatorerne i forbindelse med negative indvirkninger på klimaet og andre miljørelaterede negative indvirkninger.
Ved udarbejdelsen af de udkast til reguleringsmæssige tekniske standarder, der er omhandlet i første afsnit, tager ESMA hensyn til de forskellige typer konsensusmekanismer, der anvendes til at validere transaktioner med kryptoaktiver, deres incitamentsstrukturer og anvendelsen af energi, vedvarende energi og naturressourcer, produktion af affald og drivhusgasemissioner. ESMA ajourfører de reguleringsmæssige tekniske standarder i overensstemmelse med den reguleringsmæssige og teknologiske udvikling.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 67
Tilsynsmæssige krav
1.   Udbydere af kryptoaktivtjenester skal til enhver tid have indført forsigtighedshensyn svarende til et beløb, der mindst er lig det højeste af følgende:
a)
det permanente minimumskapitalkrav, der er anført i bilag IV, afhængigt af hvilken type kryptoaktivtjeneste der er leveret
b)
en fjerdedel af det foregående års faste omkostninger, der revideres årligt.
2.   Udbydere af kryptoaktivtjenester, der ikke har været forretningsaktive i et år fra den dato, hvor de påbegyndte leveringen af tjenesterne, anvender til den i stk. 1, litra b), omhandlede beregning de forventede faste omkostninger, der er medtaget i deres fremskrivninger for de første 12 måneder af tjenesternes levering, som indgivet sammen med deres ansøgning om tilladelse.
3.   Med henblik på anvendelsen af stk. 1, litra b), beregner udbydere af kryptoaktivtjenester deres faste omkostninger for det foregående år ved anvendelse af tal fra de gældende regnskaber, hvor følgende poster fratrækkes de samlede udgifter efter udlodning af overskud til aktionærerne ifølge seneste reviderede årsregnskab eller, såfremt et revideret regnskab ikke foreligger, ifølge det årsregnskab, som er godkendt af de nationale tilsynsmyndigheder:
a)
bonusser for personalet og anden aflønning, i det omfang disse bonusser og denne aflønning afhænger af en nettofortjeneste for udbydere af kryptoaktivtjenester i det pågældende år
b)
medarbejdernes, direktørernes og partnernes overskudsandele
c)
andre former for fordeling af overskud og variabel aflønning, i det omfang disse er fuldt ud skønsmæssige
d)
ikketilbagevendende udgifter fra ikkeordinære aktiviteter.
4.   De i stk. 1 omhandlede forsigtighedshensyn antager enhver af følgende former eller en kombination heraf:
a)
kapitalgrundlaget, der består af de egentlige kernekapitalposter og -instrumenter som omhandlet i artikel 26-30 i forordning (EU) nr. 575/2013, efter det fulde fradrag, jf. artikel 36 i nævnte forordning, uden anvendelse af de i artikel 46 og 48 i nævnte forordning omhandlede tærskelbaserede undtagelser
b)
en forsikringspolice, der dækker Unionens geografiske område, hvor der ydes kryptoaktivtjenester, eller en tilsvarende garanti.
5.   Den i stk. 4, litra b), omhandlede forsikringspolice skal offentliggøres på kryptoaktivtjenesteudbyderens websted og skal mindst indeholde følgende elementer:
a)
den har en oprindelig løbetid på mindst ét år
b)
dens opsigelsesvarsel er mindst 90 dage
c)
den stammer fra en virksomhed, der har tilladelse til at tegne en forsikring, i overensstemmelse med EU-ret eller national ret
d)
den leveres af en tredjepartsenhed.
6.   Den i stk. 4, litra b), omhandlede forsikringspolice omfatter dækning af risikoen ved alle følgende forhold:
a)
bortkomne dokumenter
b)
misvisende fremstillinger eller vildledende erklæringer
c)
handlinger, fejl eller undladelser, der resulterer i manglende overholdelse af:
i)
retlige og forskriftsmæssige forpligtelser
ii)
forpligtelsen til at handle ærligt, redeligt og professionelt over for kunderne
iii)
fortrolighedspligt
d)
undladelse af fastlæggelse, gennemførelse og opretholdelse af passende procedurer til forebyggelse af interessekonflikter
e)
tab som følge af driftsforstyrrelser eller systemfejl
f)
hvor det er relevant for forretningsmodellen, grov forsømmelighed med hensyn til beskyttelse af kundernes kryptoaktiver og midler
g)
kryptoaktivtjenesteudbydernes ansvar over for kunder i henhold til artikel 75, stk. 8.
Artikel 68
Ledelsesordninger
1.   Medlemmerne af ledelsesorganet hos udbydere af kryptoaktivtjenester skal have et tilstrækkeligt godt omdømme og besidde den passende viden, kompetence og erfaring, både enkeltvis og tilsammen, til at udføre deres opgaver. Medlemmerne af ledelsesorganet hos udbydere af kryptoaktivtjenester må navnlig ikke være dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme, eller for andre lovovertrædelser, som kan rejse tvivl om deres gode omdømme. De skal også kunne vise, at de er i stand til at afsætte tilstrækkelig tid til effektivt at varetage deres hverv.
2.   Aktionærer og selskabsdeltagere, som direkte eller indirekte besidder en kvalificeret andel i kryptoaktivtjenesteudbydere, skal have et tilstrækkeligt godt omdømme og må navnlig ikke være blevet dømt for lovovertrædelser, der vedrører hvidvask af penge eller finansiering af terrorisme, eller for andre lovovertrædelser, som kan rejse tvivl om deres gode omdømme.
3.   Hvis den indflydelse, som udøves af de aktionærer eller selskabsdeltagere, der besidder en kvalificeret andel i en udbyder af kryptoaktivtjenester, sandsynligvis vil være til skade for en sund og forsigtig forvaltning af den pågældende udbyder af kryptoaktivtjenester, træffer de kompetente myndigheder passende foranstaltninger til at imødegå disse risici.
Sådanne foranstaltninger kan omfatte anmodninger om retsafgørelser eller anvendelse af sanktioner over for de ledelsesansvarlige eller suspension af de stemmerettigheder, der er knyttet til de aktier, som indehaves af de aktionærer eller selskabsdeltagere, der direkte eller indirekte besidder de kvalificerede andele.
4.   Udbydere af kryptoaktivtjenester vedtager regler og procedurer, som er tilstrækkeligt effektive til at sikre, at denne forordning overholdes.
5.   Udbydere af kryptoaktivtjenester ansætter personale med den viden, kompetence og ekspertise, der er nødvendig for at udføre de opgaver, som de har fået tildelt, og tager i den forbindelse hensyn til omfanget, arten og udvalget af de leverede kryptoaktivtjenester.
6.   Ledelsesorganet hos udbydere af kryptoaktivtjenester vurderer og evaluerer regelmæssigt effektiviteten af den politik og de ordninger og procedurer, der er indført for at opfylde forpligtelserne i kapitel 2 og 3 i dette afsnit, og træffer passende foranstaltninger til at afhjælpe eventuelle mangler i den henseende.
7.   Udbydere af kryptoaktivtjenester træffer alle rimelige foranstaltninger for at sikre kontinuitet og regelmæssighed i leveringen af disse kryptoaktivtjenester. I dette øjemed anvender udbyderne af kryptoaktivtjenester passende og forholdsmæssigt afpassede ressourcer og procedurer, herunder robuste og sikre IKT-systemer, som krævet ved forordning (EU) 2022/2554.
Udbydere af kryptoaktivtjenester udfærdiger en forretningskontinuitetspolitik, som omfatter planer for IKT-driftsstabilitet samt planer for IKT-indsats og -genopretning, der er oprettet i henhold til artikel 11 og 12 i forordning (EU) 2022/2554, som i tilfælde af en afbrydelse af udbydernes IKT-systemer og -procedurer har til formål at sikre, at væsentlige data og funktioner i forbindelse med kryptoaktivtjenesterne bevares, eller, hvor dette ikke er muligt, den rettidige genopretning af disse data og funktioner og den rettidige genoptagelse af kryptoaktivtjenesterne.
8.   Udbydere af kryptoaktivtjenester skal have mekanismer, systemer og procedurer som krævet ved forordning (EU) 2022/2554 og effektive procedurer og ordninger for risikovurdering for at overholde bestemmelserne i national ret til gennemførelse af direktiv (EU) 2015/849. De overvåger og evaluerer regelmæssigt, om disse mekanismer, systemer og procedurer er tilstrækkelige og effektive under hensyntagen til omfanget, arten og udvalget af de ydede kryptoaktivtjenester, og træffer passende foranstaltninger til at afhjælpe eventuelle mangler.
Udbydere af kryptoaktivtjenester sørger for, at der findes systemer og procedurer til at garantere tilgængeligheden, autenticiteten, integriteten og fortroligheden af data i henhold til forordning (EU) 2022/2554.
9.   Udbydere af kryptoaktivtjenester fører fortegnelser over alle de kryptoaktivtjenester, -aktiviteter, -ordrer og -transaktioner, som de varetager. Disse fortegnelser skal være tilstrækkelige til at sætte de kompetente myndigheder i stand til at udføre deres tilsynsopgaver og træffe håndhævelsesforanstaltninger, og navnlig til at fastslå, om udbyderne af kryptoaktivtjenester har opfyldt alle forpligtelser, herunder forpligtelser over for kunder eller potentielle kunder og markedets integritet.
De fortegnelser, der føres i henhold til første afsnit, stilles efter anmodning til rådighed for kunderne og opbevares i fem år og, hvis den kompetente myndighed anmoder herom inden udløbet af de fem år, i indtil syv år.
10.   ESMA udarbejder udkast til reguleringsmæssige tekniske standarder med henblik på nærmere at præcisere:
a)
foranstaltninger, som sikrer kontinuitet og regelmæssighed i ydelsen af de i stk. 7 omhandlede kryptoaktivtjenester
b)
de fortegnelser, der skal føres over alle de i stk. 9 omhandlede kryptoaktivtjenester, aktiver, ordrer og transaktioner.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 69
Oplysninger til de kompetente myndigheder
Udbydere af kryptoaktivtjenester giver straks deres kompetente myndighed meddelelse om eventuelle ændringer i deres ledelsesorgan, inden nye medlemmer udøver nogen som helst aktivitet, og giver deres kompetente myndighed alle de oplysninger, der er nødvendige for dennes vurdering af overholdelsen af artikel 68.
Artikel 70
Opbevaring af kundernes kryptoaktiver og midler
1.   Udbydere af kryptoaktivtjenester, der opbevarer kryptoaktiver tilhørende kunder eller metoder, der giver adgang til disse kryptoaktiver, træffer passende foranstaltninger til at beskytte kundernes ejendomsrettigheder, navnlig i tilfælde af en kryptoaktivtjenesteudbyders insolvens, og til at forhindre, at kundernes kryptoaktiver anvendes for deres egen regning.
2.   Hvis kryptoaktivtjenesteudbydernes forretningsmodeller eller kryptoaktivtjenesterne kræver besiddelse af kundernes midler, bortset fra e-pengetokens, sørger udbyderne for passende ordninger til beskyttelse af kundernes rettigheder og forhindrer anvendelse for egen regning af kundernes midler.
3.   Udbydere af kryptoaktivtjenester skal ved slutningen af arbejdsdagen efter den dag, hvor kundernes midler, bortset fra e-pengetokens, er modtaget, placere disse midler hos et kreditinstitut eller en centralbank.
Udbydere af kryptoaktivtjenester træffer alle nødvendige foranstaltninger for at sikre, at kundernes midler, bortset fra e-pengetokens, hos et kreditinstitut eller en centralbank opbevares på en konto, der kan identificeres særskilt i forhold til de konti, der anvendes til anbringelse af midler tilhørende udbyderne af kryptoaktivtjenester.
4.   Udbydere af kryptoaktivtjenester kan selv eller gennem en tredjepart udbyde betalingstjenester i forbindelse med den kryptoaktivtjeneste, som de tilbyder, forudsat at udbyderen af kryptoaktivtjenesten selv eller tredjeparten er meddelt tilladelse til at udbyde disse tjenester i henhold til direktiv (EU) 2015/2366.
Hvis der udbydes betalingstjenester, skal kryptoaktivtjenesteudbyderne underrette deres kunder om alt det følgende:
a)
disse tjenesters art samt vilkår og betingelser, herunder henvisninger til gældende national ret og kundernes rettigheder
b)
hvorvidt disse tjenester udbydes af dem direkte eller af en tredjepart.
5.   Stk. 2 og 3 i denne artikel finder ikke anvendelse på udbydere af kryptoaktivtjenester, der er e-pengeinstitutter, betalingsinstitutter eller kreditinstitutter.
Artikel 71
Klagebehandlingsprocedurer
1.   Udbydere af kryptoaktivtjenester fastlægger og opretholder effektive og gennemsigtige procedurer for øjeblikkelig, retfærdig og konsekvent behandling af klager fra kunderne og offentliggør beskrivelser af disse procedurer.
2.   Kunder skal kunne indgive klager til kryptoaktivtjenesteudbydere gratis.
3.   Udbydere af kryptoaktivtjenester skal oplyse kunderne om muligheden for at indgive en klage. Udbydere af kryptoaktivtjenester stiller en model til indgivelse af klager til rådighed for kunderne og fører et register over alle modtagne klager og eventuelle foranstaltninger, der træffes som reaktion herpå.
4.   Udbydere af kryptoaktivtjenester undersøger og behandler alle klager rettidigt og retfærdigt og meddeler resultatet af sådanne undersøgelser til deres kunder inden for en rimelig frist.
5.   ESMA udarbejder i tæt samarbejde med EBA udkast til reguleringsmæssige tekniske standarder til yderligere at fastlægge krav, modeller og procedurer for klagebehandlingen.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 72
Identificering, forebyggelse, håndtering og oplysning i forbindelse med interessekonflikter
1.   Udbydere af kryptoaktivtjenester opretholder og anvender effektive politikker og procedurer, der under hensyntagen til omfanget, arten og udvalget af ydede kryptoaktivtjenester skal identificere, forebygge, håndtere og oplyse om interessekonflikter mellem:
a)
dem selv og:
i)
deres aktionærer eller selskabsdeltagere
ii)
en person, der er direkte eller indirekte forbundet med udbyderne af kryptoaktivtjenester eller deres aktionærer eller selskabsdeltagere gennem et kontrolforhold
iii)
medlemmer af deres ledelsesorgan
iv)
deres ansatte eller
v)
deres kunder eller
b)
to eller flere kunder, hvis gensidige interesser er i konflikt.
2.   Udbydere af kryptoaktivtjenester giver på et fremtrædende sted på deres websted deres kunder og potentielle kunder oplysninger om den generelle karakter af og kilder til de i stk. 1 omhandlede interessekonflikter samt de skridt, der er taget for at begrænse dem.
3.   De i stk. 2 omhandlede oplysninger skal gives i et elektronisk format og indeholde tilstrækkelige detaljer under hensyntagen til hver kundes karakteristika, således at den enkelte kunde kan træffe en informeret beslutning om den kryptoaktivtjeneste, i forbindelse med hvilken interessekonflikter opstår.
4.   Udbydere af kryptoaktivtjenester vurderer og gennemgår mindst en gang om året deres politik vedrørende interessekonflikter og træffer alle passende foranstaltninger til at afhjælpe eventuelle mangler i den henseende.
5.   ESMA udarbejder i tæt samarbejde med EBA udkast til reguleringsmæssige tekniske standarder for yderligere at præcisere:
a)
kravene til de politikker og procedurer, der er omhandlet i stk. 1, under hensyntagen til omfanget, arten og udvalget af de ydede kryptoaktivtjenester
b)
nærmere forhold og metodologi vedrørende indholdet af de oplysninger, der er omhandlet i stk. 2.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 73
Outsourcing
1.   Udbydere af kryptoaktivtjenester, der outsourcer tjenester eller aktiviteter til en tredjepart til udførelse af operationelle funktioner, træffer alle rimelige foranstaltninger for at undgå yderligere operationel risiko. De har det fulde ansvar for opfyldelsen af alle deres forpligtelser i henhold til dette afsnit og sikrer til enhver tid, at de følgende betingelser er opfyldt:
a)
outsourcing resulterer ikke i en uddelegering af kryptoaktivtjenesteudbyderes ansvar
b)
outsourcing ændrer heller ikke forholdet mellem kryptoaktivtjenesteudbydere og deres kunder og heller ikke kryptoaktivtjenesteudbyderes forpligtelser over for deres kunder
c)
outsourcing ændrer ikke betingelserne for den tilladelse, der meddeles kryptoaktivtjenesteudbydere
d)
tredjeparter involveret i outsourcing samarbejder med den kompetente myndighed i kryptoaktivtjenesteudbydernes hjemland, og outsourcing forhindrer ikke udøvelse af kompetente myndigheders tilsynsfunktioner, herunder adgang på stedet til at indhente alle relevante oplysninger, der er nødvendige for at varetage disse funktioner
e)
udbydere af kryptoaktivtjenester bibeholder den ekspertise og de ressourcer, der er nødvendige for at evaluere kvaliteten af de leverede tjenester, for effektivt at føre tilsyn med de outsourcede tjenesteydelser og for løbende at styre de risici, der er forbundet med outsourcing
f)
udbydere af kryptoaktivtjenester har direkte adgang til relevante oplysninger om de outsourcede tjenester
g)
udbydere af kryptoaktivtjenester sikrer, at en i outsourcing involveret tredjepart opfylder Unionens databeskyttelsesstandarder.
Med henblik på første afsnit, litra g), er kryptoaktivtjenesteudbydere ansvarlige for at sikre, at databeskyttelsesstandarderne er fastsat i de i stk. 3 omhandlede skriftlige aftaler.
2.   Udbydere af kryptoaktivtjenester skal have en politik for deres outsourcing, herunder beredskabsplaner og exitstrategier, under hensyntagen til omfanget, arten og udvalget af ydede kryptoaktivtjenester.
3.   Udbydere af kryptoaktivtjenester fastlægger i en skriftlig aftale deres rettigheder og forpligtelser og de rettigheder og forpligtelser, der gælder for de tredjeparter, som de outsourcer tjenester eller aktiviteter til. Outsourcingaftaler giver udbydere af kryptoaktivtjenester ret til at opsige disse aftaler.
4.   Udbydere af kryptoaktivtjenester og tredjeparter skal efter anmodning stille alle nødvendige oplysninger til rådighed for de kompetente myndigheder og de øvrige relevante myndigheder med henblik på at sætte disse myndigheder i stand til at vurdere, om de outsourcede aktiviteter er i overensstemmelse med kravene i dette afsnit.
Artikel 74
Velordnet afvikling af udbydere af kryptoaktivtjenester
Udbydere af kryptoaktivtjenester, der varetager udførelsen af tjenesterne som omhandlet i artikel 75-79, sørger for at have en plan, der er egnet til at understøtte en velordnet afvikling af deres aktiviteter i henhold til gældende national ret, herunder med hensyn til kontinuitet eller genopretning af kritiske aktiviteter udført af disse tjenesteudbydere. Denne plan skal godtgøre, at udbyderne af kryptoaktivtjenester har evnen til at gennemføre en velordnet afvikling uden at påføre deres kunder unødig økonomisk skade.
KAPITEL 3
Forpligtelser vedrørende specifikke kryptoaktivtjenester
Artikel 75
Levering af deponering og administration af kryptoaktiver på kunders vegne
1.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, indgår en aftale med deres kunder om en præcisering af deres opgaver og ansvarsområder. En sådan aftale skal mindst omfatte følgende punkter:
a)
aftaleparternes identitet
b)
arten af den leverede kryptoaktivtjeneste og en beskrivelse heraf
c)
politikken for deponering
d)
metoderne til kommunikation mellem kryptoaktivtjenesteudbyderen og kunden, herunder kundens system til kontrol af ægtheden
e)
en beskrivelse af de sikkerhedssystemer, der anvendes af kryptoaktivtjenesteudbyderen
f)
gebyrer, omkostninger og afgifter, der anvendes af udbyderen af kryptoaktivtjenester
g)
den lovgivning, der finder anvendelse på aftalen.
2.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, fører en fortegnelse over de kundepositioner, der føres i hver kundes navn, og som svarer til den enkelte kundes rettigheder til kryptoaktiverne. Hvor det er relevant, registrerer udbydere af kryptoaktivtjenester hurtigst muligt eventuelle bevægelser i denne fortegnelse i henhold til instrukser fra deres kunder. I sådanne tilfælde sikrer deres interne procedurer, at enhver bevægelse, der påvirker registreringen af kryptoaktiverne, dokumenteres ved en transaktion, der regelmæssigt registreres i fortegnelsen over kundepositioner.
3.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, indfører en politik for deponering med interne regler og procedurer med henblik på sikker opbevaring af eller kontrol med sådanne kryptoaktiver eller metoder til adgang til kryptoaktiverne.
Den politik for deponering, som er omhandlet i første afsnit, skal minimere risikoen for tab af kunders kryptoaktiver eller de rettigheder, der er knyttet til disse kryptoaktiver, eller metoderne til adgang til kryptoaktiverne som følge af svig, cybertrusler eller forsømmelighed.
Et resumé af politikken for deponering skal efter anmodning stilles til rådighed for kunderne i et elektronisk format.
4.   Hvor det er relevant, skal udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, lette udøvelsen af de rettigheder, der er knyttet til kryptoaktiverne. Enhver begivenhed, der antages at skabe eller ændre en kundes rettigheder, registreres straks i fortegnelsen over kundepositioner.
I tilfælde af ændringer af den underliggende distributed ledger-teknologi eller enhver anden begivenhed, der antages at skabe eller ændre en kundes rettigheder, har kunden ret til kryptoaktiver eller rettigheder, der er nye på grundlag af og inden for omfanget af kundens positioner på tidspunktet for den pågældende ændrings eller begivenheds indtræden, medmindre andet udtrykkeligt er fastsat i en gyldig aftale, der forud for begivenheden eller ændringen er indgået med den udbyder af kryptoaktivtjenester, som leverer deponering og administration af kryptoaktiver på kunders vegne, i henhold til stk. 1.
5.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, giver deres kunder, mindst en gang hvert kvartal, og efter anmodning fra den pågældende kunde en oversigt over kundens positioner vedrørende de kryptoaktiver, der er registreret i dennes navn. Denne oversigt over kundens positioner leveres i et elektronisk format. Oversigten over kundepositioner skal identificere de pågældende kryptoaktiver, deres saldo, værdi og overførsler af kryptoaktiver i den pågældende periode.
Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, skal hurtigst muligt give deres kunder oplysninger om de operationer vedrørende kryptoaktiver, der kræver svar fra disse kunder.
6.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, sikrer, at der er indført de nødvendige procedurer til at returnere kryptoaktiver deponeret på vegne af deres kunder eller metoder til adgang så hurtigt som muligt til disse kunder.
7.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, holder kryptoaktiver deponeret på vegne af deres kunder adskilt fra deres egne kryptoaktiver og sikrer, at metoden til adgang til deres kunders kryptoaktiver tydeligt er identificeret som sådan. De sikrer, at deres kunders kryptoaktiver på distributed ledgeren er adskilt fra deres egne kryptoaktiver.
De kryptoaktiver, der opbevares i depot, adskilles juridisk fra kryptoaktivtjenesteudbyderens formue i kryptoaktivtjenesteudbyderens kunders interesse i overensstemmelse med gældende ret, således at kryptoaktivtjenesteudbyderens kreditorer ikke har adgang til kryptoaktiver, der opbevares i depot af kryptoaktivtjenesteudbyderen, især i tilfælde af insolvens.
Udbyderen af kryptoaktivtjenester sikrer, at de kryptoaktiver, der opbevares i depot, er operationelt adskilt fra kryptoaktivtjenesteudbyderens formue.
8.   Udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, hæfter over for deres kunder for tab af kryptoaktiver eller af metoderne til adgang til kryptoaktiverne som følge af en begivenhed, der kan tilskrives dem. Det ansvar, der påhviler udbyderen af kryptoaktivtjenester, skal være begrænset til markedsværdien af det mistede kryptoaktiv på det tidspunkt, hvor tabet fandt sted.
Begivenheder, der ikke kan tilskrives udbyderen af kryptoaktivtjenester, omfatter enhver begivenhed, hvor udbyderen af kryptoaktivtjenester påviser, at den er sket uafhængigt af leveringen af den relevante tjeneste eller kryptoaktivtjenesteudbyderens virksomhed, som f.eks. et problem forbundet med driften af distributed ledger, som udbyderen af kryptoaktivtjenester ikke kontrollerer.
9.   Hvis udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, gør brug af andre kryptoaktivtjenesteudbydere af denne tjeneste, må de kun gøre brug af de kryptoaktivtjenesteudbydere, som er meddelt tilladelse i overensstemmelse med artikel 59.
Udbydere af kryptoaktivtjenester, der leverer deponering og forvaltning af kryptoaktiver på vegne af kunder, og som gør brug af andre kryptoaktivtjenesteudbydere af denne tjeneste, underretter deres kunder herom.
Artikel 76
Drift af en handelsplatform for kryptoaktiver
1.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, fastsætter, opretholder og gennemfører klare og gennemsigtige regler for driften af handelsplatformen. Disse driftsregler skal som minimum:
a)
fastsætte de godkendelsesprocedurer — herunder kundekendskabskrav, der står i et rimeligt forhold til den risiko for hvidvask af penge eller finansiering af terrorisme, som er forbundet med ansøgeren, i overensstemmelse med direktiv (EU) 2015/849 — der anvendes inden optagelsen af kryptoaktiver på handelsplatformen
b)
definere eventuelle udelukkelseskategorier af de typer kryptoaktiver, der ikke vil blive optaget til handel
c)
fastlægge politikker og procedurer for og størrelsen af eventuelle gebyrer for handel
d)
fastsætte objektive, ikkeforskelsbehandlende regler og forholdsmæssige kriterier for deltagelse i handelsaktiviteter, der fremmer en fair og åben adgang til handelsplatformen for kunder, der ønsker at handle
e)
fastsætte ikkeforskelsbehandlende regler og procedurer for at sikre redelig og korrekt handel og objektive kriterier for effektiv udførelse af ordrer
f)
fastsætte betingelserne for, at kryptoaktiver fortsat kan handles, herunder likviditetstærskelværdier og krav om periodisk oplysning
g)
fastsætte betingelser for, hvornår handel med kryptoaktiver kan suspenderes
h)
fastsætte procedurer for at sikre en effektiv afvikling af både kryptoaktiver og midler.
Med henblik på litra a) skal det klart fremgå af driftsreglerne, at et kryptoaktiv ikke må optages til handel på handelsplatformen, hvis der ikke er offentliggjort en hvidbog om kryptoaktiver i de tilfælde, som kræves i denne forordning.
2.   Før optagelsen til handel af kryptoaktiver sikrer de udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, at kryptoaktivet er i overensstemmelse med handelsplatformens driftsregler, og vurderer egnetheden af det pågældende kryptoaktiv. Ved vurderingen af egnetheden af et kryptoaktiv evaluerer de udbydere af kryptoaktivtjenester, der driver en handelsplatform, navnlig pålideligheden af de anvendte tekniske løsninger og den potentielle tilknytning til ulovlige eller svigagtige aktiviteter under hensyntagen til den erfaring, de resultater og det omdømme, som udstederen af kryptoaktiver og dennes udviklingsteam har. Udbyderne af kryptoaktivtjenester, der driver en handelsplatform, vurderer også egnetheden af de kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, der er omhandlet i artikel 4, stk. 3, første afsnit, litra a)-d).
3.   Driftsreglerne for handelsplatformen for kryptoaktiver skal forhindre, at kryptoaktiver med en indbygget anonymitetsfunktion optages til handel, medmindre indehaverne af disse kryptoaktiver og deres transaktionshistorik kan identificeres af de udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver.
4.   De driftsregler, der er omhandlet i stk. 1, udfærdiges på et af hjemlandets officielle sprog eller på et sprog, som er almindeligt i internationale finanskredse.
Hvis driften af en handelsplatform for kryptoaktiver finder sted i en anden medlemsstat, udfærdiges de driftsregler, der er omhandlet i stk. 1, på et af værtslandets officielle sprog eller på et sprog, som er almindeligt i internationale finanskredse.
5.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, må ikke handle for egen regning på den handelsplatform for kryptoaktiver, som de driver, herunder når de udbyder veksling mellem kryptoaktiver og midler eller andre kryptoaktiver.
6.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, må kun anvende ejermatchningshandel, hvis kunden har givet sit samtykke til processen. Udbydere af kryptoaktivtjenester giver den kompetente myndighed oplysninger, der redegør for deres anvendelse af ejermatchningshandel. Den kompetente myndighed overvåger kryptoaktivtjenesteudbydernes anvendelse af ejermatchningshandel og sikrer, at anvendelsen af ejermatchningshandel fortsat er omfattet af definitionen af sådan handel og ikke giver anledning til interessekonflikter mellem udbyderne af kryptoaktivtjenester og deres kunder.
7.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, sørger for at have effektive systemer, procedurer og ordninger, der sikrer, at deres handelssystemer:
a)
er modstandsdygtige
b)
har tilstrækkelig kapacitet til at klare spidsbelastninger med hensyn til ordrer og meddelelser
c)
er i stand til at sikre en velordnet handel i tilfælde af alvorlig markedsstress
d)
kan afvise ordrer, der overskrider forud fastsatte referencetærskelværdier for mængder og priser eller er klart fejlagtige
e)
kontrolleres fuldt ud for at sikre, at betingelserne i litra a)-d) er opfyldt
f)
er underlagt effektive ordninger for forretningskontinuitet for at sikre kontinuiteten i deres tjenester, hvis handelssystemet svigter
g)
er i stand til at forebygge eller påvise markedsmisbrug
h)
er tilstrækkeligt robuste til at hindre, at de misbruges med henblik på hvidvask af penge eller finansiering af terrorisme.
8.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, underretter deres kompetente myndighed, hvis de identificerer tilfælde af markedsmisbrug eller forsøg på markedsmisbrug, der forekommer i eller gennem deres handelssystemer.
9.   Kryptoaktivtjenesteudbydere, der driver en handelsplatform for kryptoaktiver, offentliggør alle købs- og salgspriser samt markedsdybden ved disse priser, der anføres for kryptoaktiver gennem deres handelsplatforme. De pågældende udbydere af kryptoaktivtjenester stiller løbende disse oplysninger til rådighed for offentligheden i løbet af den normale åbningstid for handelsaktiviteter.
10.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, offentliggør pris, volumen og tidspunkt for de transaktioner, der udføres i forbindelse med kryptoaktiver handlet på deres handelsplatforme. De offentliggør oplysninger om alle sådanne transaktioner så tæt på realtid, som det er teknisk muligt.
11.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, gør de oplysninger, der offentliggøres i overensstemmelse med stk. 9 og 10, tilgængelige for offentligheden på rimelige forretningsmæssige vilkår og sikrer ikkeforskelsbehandlende adgang til disse oplysninger. Disse oplysninger stilles til rådighed uden gebyr 15 minutter efter offentliggørelsen i et maskinlæsbart format og forbliver offentliggjort i mindst to år.
12.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, påbegynder den fuldstændige afvikling af en kryptoaktivtransaktion på distributed ledgeren senest 24 timer efter, at transaktionen er gennemført på handelsplatformen, eller i tilfælde af transaktioner, der afvikles uden for distributed ledgeren, ved afslutningen af handelen på dagen for afviklingen.
13.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, sikrer, at deres gebyrstrukturer er gennemsigtige, retfærdige og ikkeforskelsbehandlende, og at de ikke tilskynder til at placere, ændre eller annullere ordrer eller gennemføre transaktioner på en måde, der bidrager til ureglementerede handelsvilkår eller markedsmisbrug som omhandlet i afsnit VI.
14.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, bibeholder ressourcer og har backupfaciliteter, så de til enhver tid kan rapportere til deres kompetente myndighed.
15.   Udbydere af kryptoaktivtjenester, der driver en handelsplatform, stiller de relevante data om alle ordrer vedrørende kryptoaktiver, som bekendtgøres gennem deres systemer, til rådighed for den kompetente myndighed i mindst fem år eller giver den kompetente myndighed adgang til ordrebogen, således at den kompetente myndighed er i stand til at overvåge handelen. Disse relevante data skal indeholde ordrens kendetegn, herunder dem, der forbinder en ordre med de udførte transaktioner, som hidrører fra den pågældende ordre.
16.   ESMA udarbejder udkast til reguleringsmæssige tekniske standarder med henblik på nærmere at præcisere:
a)
den måde, hvorpå gennemsigtighedsoplysninger, herunder detaljeringsgraden af de oplysninger, der stilles til rådighed for offentligheden som omhandlet i stk. 1, 9 og 10, skal tilbydes
b)
indholdet og formatet af de ordrebøger, der skal føres, jf. stk. 15.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 77
Veksling mellem kryptoaktiver og midler eller andre kryptoaktiver
1.   Udbydere af kryptoaktivtjenester, der veksler mellem kryptoaktiver og midler eller andre kryptoaktiver, indfører en ikkeforskelsbehandlende handelspolitik, som navnlig angiver, hvilken type kunder de accepterer at drive handel med, og hvilke betingelser kunderne skal opfylde.
2.   Udbydere af kryptoaktivtjenester, der veksler mellem kryptoaktiver og midler eller andre kryptoaktiver, offentliggør en fast pris på kryptoaktiverne eller en metode til fastsættelse af prisen på de kryptoaktiver, som de foreslår at veksle mod midler eller andre kryptoaktiver, og enhver gældende grænse, som er fastlagt af den pågældende udbyder af kryptoaktiver, for det beløb, der skal veksles.
3.   Udbydere af kryptoaktivtjenester, der veksler mellem kryptoaktiver og midler eller andre kryptoaktiver, udfører kundernes ordrer til de viste priser på det tidspunkt, hvor ordren vedrørende veksling er endelig. Udbydere af kryptoaktivtjenester underretter deres kunder om betingelserne for, at deres ordre betragtes som endelig.
4.   Udbydere af kryptoaktivtjenester, der udveksler kryptoaktiver og midler eller andre kryptoaktiver, offentliggør nærmere oplysninger om de transaktioner, de har udført, herunder transaktionsmængder og -priser.
Artikel 78
Udførelse af ordrer vedrørende kryptoaktiver på vegne af kunder
1.   Udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, træffer ved ordrens udførelse alle nødvendige foranstaltninger for at opnå det bedst mulige resultat for deres kunder under hensyntagen til udførelsesfaktorer med hensyn til pris, omkostninger, hastighed, sandsynlighed for udførelse og afvikling, omfang, art, betingelser for deponering af kryptoaktiverne eller andre aspekter, der er relevante for udførelsen af ordren.
Uanset første afsnit er udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, ikke forpligtet til at træffe de nødvendige foranstaltninger som omhandlet i første afsnit i tilfælde, hvor de udfører ordrer vedrørende kryptoaktiver efter specifikke instrukser fra deres kunder.
2.   For at sikre overholdelsen af stk. 1 etablerer og gennemfører en kryptoaktivtjenesteudbyder, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, effektive ordreudførelsesordninger. Udbyderen etablerer og gennemfører især en politik for ordreudførelse, der sætter denne i stand til at overholde stk. 1. Denne politik for ordreudførelse skal sikre den øjeblikkelige, redelige og hurtige udførelse af kundeordrer og forhindre misbrug af oplysninger vedrørende kundeordrer gennem kryptoaktivtjenesteudbydernes ansatte.
3.   Udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, giver deres kunder passende og klare oplysninger om deres politik for ordreudførelse som omhandlet i stk. 2 og enhver væsentlig ændring heraf. Der skal i disse oplysninger klart, tilstrækkelig udførligt og på en for kunderne letforståelig måde gøres rede for, hvordan udbydere af kryptoaktivtjenester udfører kundeordrer. Udbydere af kryptoaktivtjenester indhenter forudgående samtykke fra hver enkelt kunde vedrørende politikken for ordreudførelse.
4.   Udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, skal efter anmodning kunne påvise over for deres kunder, at de har udført ordrerne i overensstemmelse med deres politik for ordreudførelse, og efter sidstnævntes anmodning kunne påvise over for den kompetente myndighed, at de overholder denne artikel.
5.   Hvis politikken for ordreudførelse giver mulighed for, at kundeordrer kan udføres uden for handelsplatformen, underretter udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, deres kunder om denne mulighed og indhenter forudgående udtrykkeligt samtykke fra deres kunder, inden de begynder at udføre deres ordrer uden for en handelsplatform, enten i form af en generel aftale eller i forbindelse med individuelle transaktioner.
6.   Udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, overvåger effektiviteten af deres ordreudførelsesordninger og politik for ordreudførelse med henblik på at identificere og, hvor det er relevant, afhjælpe eventuelle mangler i den henseende. De skal navnlig regelmæssigt vurdere, om de handelssystemer, der er en del af deres politik for ordreudførelse, giver det bedst mulige resultat for kunderne, eller om deres ordreudførelsesordninger bør ændres. Udbydere af kryptoaktivtjenester, der udfører ordrer vedrørende kryptoaktiver på vegne af kunder, giver de kunder, som de har et løbende kundeforhold med, meddelelse om enhver væsentlig ændring af ordreudførelsesordninger eller politik for ordreudførelse.
Artikel 79
Placering af kryptoaktiver
1.   Udbydere af kryptoaktivtjenester, der placerer kryptoaktiver, underretter udbyder, den person, der anmoder om optagelse til handel, eller enhver tredjepart, der handler på dennes vegne, om følgende oplysninger inden kontraktindgåelse med disse:
a)
den påtænkte type placering, herunder hvorvidt et minimumsbeløb for køb er garanteret eller ej
b)
en angivelse af størrelsen af de transaktionsgebyrer, der er forbundet med den foreslåede placering
c)
den sandsynlige timing, proces og pris for den foreslåede transaktion
d)
oplysninger om målgruppen af købere.
Udbydere af kryptoaktivtjenester, der placerer kryptoaktiver, skal, før de pågældende kryptoaktiver placeres, opnå godkendelse fra udstedere af disse kryptoaktiver eller enhver tredjepart, der handler på deres vegne, for så vidt angår oplysningerne anført i første afsnit.
2.   Der skal i forbindelse med kryptoaktivtjenesteudbyderes bestemmelser om interessekonflikter, der er omhandlet i artikel 72, stk. 1, være indført specifikke og passende procedurer til at identificere, forebygge, håndtere og afsløre eventuelle interessekonflikter, der opstår som følge af følgende situationer:
a)
udbydere af kryptoaktivtjenester placerer kryptoaktiver hos deres egne kunder
b)
den foreslåede pris for placering af kryptoaktiver er over- eller undervurderet
c)
udbyderen udbetaler eller giver incitamenter, herunder ikkemonetære incitamenter, til udbydere af kryptoaktivtjenester.
Artikel 80
Modtagelse og formidling af ordrer vedrørende kryptoaktiver på vegne af kunder
1.   Udbydere af kryptoaktivtjenester, der modtager og formidler ordrer vedrørende kryptoaktiver på vegne af kunder, indfører og gennemfører procedurer og ordninger, der sikrer hurtig og korrekt formidling af kunders ordrer til udførelse på en handelsplatform for kryptoaktiver eller til en anden udbyder af kryptoaktivtjenester.
2.   Udbydere af kryptoaktivtjenester, der modtager og formidler ordrer vedrørende kryptoaktiver på vegne af kunder, modtager ikke nogen form for aflønning, rabat eller naturalieydelse til gengæld for at videresende kundeordrer til en særlig handelsplatform for kryptoaktiver eller til en anden udbyder af kryptoaktivtjenester.
3.   Udbydere af kryptoaktivtjenester, der modtager og formidler ordrer vedrørende kryptoaktiver på vegne af kunder, må ikke misbruge oplysninger vedrørende endnu ikke behandlede kundeordrer og træffer alle rimelige foranstaltninger for at forhindre misbrug af sådanne oplysninger gennem udbydernes ansatte.
Artikel 81
Rådgivning om kryptoaktiver og porteføljepleje af kryptoaktiver
1.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, vurderer, om kryptoaktivtjenesterne eller kryptoaktiverne er egnede for deres kunder eller potentielle kunder, under hensyntagen til deres viden om og erfaring med at investere i kryptoaktiver, deres investeringsmål, herunder risikotolerance og deres finansielle situation, herunder deres evne til at bære tab.
2.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, skal i god tid, inden de yder rådgivning om kryptoaktiver, informere potentielle kunder om, hvorvidt rådgivningen:
a)
ydes på et uafhængigt grundlag
b)
er baseret på en bred eller en mere begrænset analyse af forskellige kryptoaktiver, herunder om rådgivningen er begrænset til kryptoaktiver udstedt eller udbudt af enheder, der har tætte forbindelser med udbyderen af kryptoaktivtjenester eller eventuelle andre juridiske eller økonomiske forbindelser, som f.eks. en kontraktmæssig forbindelse, som indebærer en risiko for at svække det uafhængige grundlag for den ydede rådgivning.
3.   Hvis en udbyder af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, underretter kunden om, at rådgivningen ydes på et uafhængigt grundlag, skal denne:
a)
vurdere et tilstrækkeligt udvalg af kryptoaktiver, der findes på markedet, og som skal være tilstrækkeligt forskellige til at sikre, at kundens investeringsmål kan opfyldes på passende vis, og som ikke må være begrænset til kryptoaktiver, der udstedes eller leveres af:
i)
den samme udbyder af kryptoaktivtjenester
ii)
enheder, der har tætte forbindelser med den samme udbyder af kryptoaktivtjenester, eller
iii)
andre enheder, som den samme udbyder af kryptoaktivtjenester har så tætte juridiske eller økonomiske forbindelser med som f.eks. kontraktmæssige forbindelser, at det kan indebære en risiko for at svække det uafhængige grundlag for den ydede rådgivning
b)
ikke modtage og beholde gebyrer, provisioner eller andre penge- eller naturalieydelser, der betales af tredjepart eller en person, der handler på tredjeparts vegne, i forbindelse med leveringen af den pågældende tjenesteydelse til kunder.
Uanset første afsnit, litra b), er mindre naturalieydelser, der kan styrke kvaliteten af kryptoaktivtjenester, der leveres til en kunde, og som er af en størrelsesorden og art, som ikke svækker overholdelsen af en kryptoaktivtjenesteudbyders forpligtelse til at handle i kundens bedste interesse, tilladt i tilfælde, hvor de tydeligt oplyses til kunden.
4.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, giver desuden potentielle kunder oplysninger om alle udgifter og dertil knyttede gebyrer, herunder udgifter til rådgivning, hvor det er relevant, udgifter til de kryptoaktiver, der anbefales eller markedsføres over for kunden, og hvordan kunden kan betale for kryptoaktiverne, herunder også eventuelle tredjepartsbetalinger.
5.   Udbydere af kryptoaktivtjenester, der yder porteføljepleje af kryptoaktiver, må ikke modtage og beholde gebyrer, provisioner eller andre penge- eller naturalieydelser, der betales eller leveres af en udsteder, udbyder, person, der anmoder om optagelse til handel, eller enhver tredjepart eller en person, der handler på vegne af en tredjepart, i tilknytning til rådgivning om kryptoaktiver til deres kunder.
6.   Hvis en udbyder af kryptoaktivtjenester underretter en kunde om, at dennes rådgivning ikke ydes på et uafhængigt grundlag, kan udbyderen modtage tilskyndelser, på betingelse af at betalingen eller ydelsen:
a)
skal øge kvaliteten af den relevante tjeneste til kunden, og
b)
ikke svækker overholdelsen af kryptoaktivtjenesteudbyderens forpligtelse til at handle ærligt, redeligt og professionelt i overensstemmelse med kundernes bedste interesse.
Kunden er klart blevet oplyst om, at der foreligger et gebyr eller en ydelse, jf. stk. 4, eller hvis det ikke er muligt at konstatere beløbets størrelse, hvilken metode der er anvendt til beregning heraf, på en omfattende, nøjagtig og forståelig måde, før den pågældende kryptoaktivtjeneste er ydet.
7.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, sikrer, at fysiske personer, der yder rådgivning eller leverer oplysninger om kryptoaktiver eller en kryptoaktivtjeneste på deres vegne, har den nødvendige viden og kompetence til at efterkomme deres forpligtelser. Medlemsstaterne offentliggør de kriterier, som anvendes til at vurdere en sådan viden og kompetence.
8.   I forbindelse med den vurdering, der er omhandlet i stk. 1, indhenter udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, fra deres kunder eller potentielle kunder de nødvendige oplysninger om deres kendskab til og erfaring med investeringer, herunder i kryptoaktiver, deres investeringsmål, herunder risikotolerance, deres finansielle situation, herunder deres evne til at bære tab, og deres grundlæggende forståelse af de risici, der er forbundet med køb af kryptoaktiver, således at udbydere af kryptoaktivtjenester kan anbefale kunder eller potentielle kunder, om kryptoaktiverne er egnede for dem og navnlig er i overensstemmelse med deres risikotolerance og evne til at bære tab.
9.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, advarer kunder eller potentielle kunder om, at:
a)
værdien af kryptoaktiver kan variere
b)
kryptoaktiverne kan medføre fuldstændige eller delvise tab
c)
kryptoaktiverne muligvis ikke er likvide
d)
kryptoaktiverne i givet fald ikke er omfattet af investorgarantiordningerne i direktiv 97/9/EF
e)
kryptoaktiverne ikke er omfattet af indskudsgarantiordningerne i direktiv 2014/49/EU.
10.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, fastlægger, opretholder eller gennemfører politikker og procedurer, der sætter dem i stand til at indsamle og vurdere alle de oplysninger, der er nødvendige for at foretage den vurdering, som er omhandlet i stk. 1, af hver enkelt kunde. De træffer alle rimelige foranstaltninger til at sikre, at de indhentede oplysninger om deres kunder eller potentielle kunder er pålidelige.
11.   Hvis kunderne ikke fremlægger de oplysninger, der kræves i henhold til stk. 8, eller hvis udbydere af kryptoaktivtjenester, som yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, finder, at kryptoaktivtjenesterne eller kryptoaktiverne ikke er egnede for deres kunder, anbefaler de hverken sådanne kryptoaktivtjenester eller kryptoaktiver eller påbegynder ydelsen af porteføljepleje af sådanne kryptoaktiver.
12.   Udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver eller porteføljepleje af kryptoaktiver, skal regelmæssigt for hver enkelt kunde gennemgå den i stk. 1 omhandlede egnethedsvurdering mindst hvert andet år efter den indledende vurdering, der er foretaget i overensstemmelse med nævnte stykke.
13.   Når egnethedsvurderingen i stk. 1 eller gennemgangen heraf i henhold til stk. 12 er foretaget, forelægger udbydere af kryptoaktivtjenester, der yder rådgivning om kryptoaktiver, kunderne en rapport om egnethed, hvori det præciseres, hvilken rådgivning der er ydet, og hvordan denne rådgivning opfylder kundernes præferencer, mål og øvrige karakteristika. Denne rapport udarbejdes og meddeles kunderne i et elektronisk format. Rapporten skal som minimum:
a)
indeholde ajourførte oplysninger om den vurdering, der er omhandlet i stk. 1, og
b)
indeholde en kort beskrivelse af den rådgivning, der er givet.
Den i første afsnit omhandlede egnethedsrapport skal tydeliggøre, at rådgivningen er baseret på kundens kendskab til og erfaring med investering i kryptoaktiver, kundens investeringsmål, risikotolerance, finansielle situation og evne til at bære tab.
14.   Udbydere af kryptoaktivtjenester, der yder porteføljepleje af kryptoaktiver, forelægger periodiske rapporter for deres kunder i et elektronisk format om de porteføljeplejeaktiviteter, der udføres på deres vegne. Disse periodiske rapporter skal indeholde en rimelig og afbalanceret gennemgang af de udførte aktiviteter og af porteføljens resultater i rapporteringsperioden, en ajourført erklæring om, hvordan de udførte aktiviteter opfylder kundens præferencer, mål og øvrige karakteristika samt ajourførte oplysninger om den egnethedsvurdering, der er omhandlet i stk. 1, eller gennemgangen heraf, som er omhandlet i stk. 12.
Den periodiske rapport, der er omhandlet i første afsnit, forelægges hver tredje måned, undtagen i tilfælde, hvor en kunde har adgang til et onlinesystem, hvor ajourførte værdiansættelser af kundens portefølje og ajourførte oplysninger om den egnethedsvurdering, der er omhandlet i stk. 1, kan tilgås, og kryptoaktivtjenesteudbyderen har dokumentation for, at kunden har tilgået en værdiansættelse mindst én gang i løbet af det relevante kvartal. Et sådant onlinesystem betragtes som et elektronisk format.
15.   Senest den 30. december 2024 udsteder ESMA retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010, der præciserer:
a)
kriterierne for vurdering af kundens viden og kompetencer i overensstemmelse med stk. 2
b)
de oplysninger, der er omhandlet i stk. 8, og
c)
formatet af den periodiske rapport, der er omhandlet i stk. 14.
Artikel 82
Levering af tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder
1.   Udbydere af kryptoaktivtjenester, der udbyder tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder, indgår en aftale med deres kunder om en præcisering af deres opgaver og ansvarsområder. En sådan aftale skal mindst omfatte følgende punkter:
a)
aftaleparternes identitet
b)
en beskrivelse af de nærmere bestemmelser for den overførselstjeneste, der udbydes
c)
en beskrivelse af de sikkerhedssystemer, der anvendes af kryptoaktivtjenesteudbyderen
d)
gebyrer, der anvendes af kryptoaktivtjenesteudbyderen
e)
lovvalg.
2.   ESMA udsteder i tæt samarbejde med EBA retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 for udbydere af kryptoaktivtjenester, der udbyder tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder, for så vidt angår procedurer og politikker, herunder kunders rettigheder, i forbindelse med tjenester vedrørende overførsel af kryptoaktiver.
KAPITEL 4
Erhvervelse af udbydere af kryptoaktivtjenester
Artikel 83
Vurdering af de foreslåede erhvervelser af udbydere af kryptoaktivtjenester
1.   Enhver fysisk eller juridisk person eller sådanne personer, som handler samlet, og som har besluttet direkte eller indirekte at erhverve (»den foreslåede erhverver«) en kvalificeret andel i en udbyder af kryptoaktivtjenester eller direkte eller indirekte at forøge en sådan kvalificeret andel, således at andelen af stemmerettigheder eller kapitalandele derved vil nå op på eller overstige 20 %, 30 % eller 50 %, eller således at udbyderen af kryptoaktivtjenester derved bliver denne persons datterselskab, giver skriftligt meddelelse herom til den kompetente myndighed for den pågældende udbyder af kryptoaktivtjenester og angiver omfanget af den påtænkte andel og de oplysninger, der kræves i henhold til de reguleringsmæssige tekniske standarder, som Kommissionen har vedtaget i overensstemmelse med artikel 84, stk. 4.
2.   Enhver fysisk eller juridisk person, der har besluttet direkte eller indirekte at afhænde sin kvalificerede andel i en udbyder af kryptoaktivtjenester, giver forinden skriftlig meddelelse herom til den kompetente myndighed og angiver størrelsen af denne andel. Denne person underretter også den kompetente myndighed om sin beslutning om at formindske sin kvalificerede andel så meget, at andelen af stemmerettigheder eller kapitalandele derved vil nå ned under en tærskel på 10 %, 20 %, 30 % eller 50 %, eller så meget, at kryptoaktivtjenesteudbyderen derved vil ophøre med at være denne persons datterselskab.
3.   Den kompetente myndighed bekræfter straks og under alle omstændigheder senest to arbejdsdage efter modtagelsen af den i stk. 1 omhandlede meddelelse skriftligt modtagelsen heraf.
4.   Den kompetente myndighed vurderer den foreslåede erhvervelse som omhandlet i nærværende artikels stk. 1, og de oplysninger, der kræves i henhold til de reguleringsmæssige tekniske standarder, som Kommissionen har vedtaget i overensstemmelse med artikel 84, stk. 4, senest 60 arbejdsdage efter datoen for den i nærværende artikels stk. 3 omhandlede skriftlige anerkendelse af modtagelsen. Den kompetente myndighed anerkender modtagelsen af meddelelsen og underretter den foreslåede erhverver om den dato, hvor vurderingsperioden udløber.
5.   Med henblik på den i stk. 4 omhandlede vurdering kan den kompetente myndighed høre de kompetente myndigheder for bekæmpelse af hvidvask af penge og finansiering af terrorisme og finansielle efterretningsenheder og tager behørigt hensyn til deres synspunkter.
6.   I forbindelse med den vurdering, der er omhandlet i stk. 4, kan den kompetente myndighed anmode den foreslåede erhverver om eventuelle supplerende oplysninger, der er nødvendige for at gennemføre den pågældende vurdering. En sådan anmodning fremsættes, før vurderingen afsluttes, og under alle omstændigheder senest den 50. arbejdsdag at regne fra den dato for den skriftlige anerkendelse af modtagelsen, der er omhandlet i stk. 3. Sådanne anmodninger fremsættes skriftligt og præciserer, hvilke supplerende oplysninger der er behov for.
Den kompetente myndighed suspenderer den i stk. 4, første afsnit, omhandlede vurderingsperiode, indtil de har modtaget de i dette stykkes første afsnit omhandlede supplerende oplysninger. Suspensionen må ikke overstige 20 arbejdsdage. Eventuelle yderligere anmodninger fra den kompetente myndighed om supplerende oplysninger eller præciseringer af de modtagne oplysninger må ikke medføre yderligere suspension af vurderingsperioden.
Den kompetente myndighed kan forlænge suspensionen som omhandlet i dette stykkes andet afsnit i op til 30 arbejdsdage, hvis den foreslåede erhverver er placeret uden for Unionen eller omfattet af et tredjelands lovgivning.
7.   En kompetent myndighed, der efter den i stk. 4 omhandlede vurderings afslutning beslutter at modsætte sig den i stk. 1 omhandlede foreslåede erhvervelse, giver inden for to arbejdsdage, og under alle omstændigheder før den i stk. 4, andet afsnit, omhandlede dato for forlængelse, hvis det er relevant, den foreslåede erhverver meddelelse herom i overensstemmelse med stk. 6, andet og tredje afsnit. Meddelelsen om denne beslutning skal begrundes.
8.   Hvis den kompetente myndighed ikke modsætter sig den foreslåede erhvervelse, der er omhandlet i stk. 1, inden den dato for forlængelse, hvis det er relevant, der er omhandlet i stk. 4, i overensstemmelse med stk. 6, andet og tredje afsnit, anses den foreslåede erhvervelse for at være godkendt.
9.   Den kompetente myndighed kan fastsætte en maksimumsperiode for afslutningen af den foreslåede erhvervelse som omhandlet i stk. 1 og om nødvendigt forlænge denne maksimumsperiode.
Artikel 84
Indhold af vurderingen af de foreslåede erhvervelser af udbydere af kryptoaktivtjenester
1.   I forbindelse med udførelsen af vurderingen som omhandlet i artikel 83, stk. 4, vurderer den kompetente myndighed egnetheden af den foreslåede erhverver, og den foreslåede erhvervelses finansielle soliditet som omhandlet i artikel 83, stk. 1, ud fra alle følgende kriterier:
a)
den foreslåede erhververs omdømme
b)
omdømme, viden, kompetence og erfaring hos enhver person, som skal lede forretningsaktiviteten for udbyderen af kryptoaktivtjenesten, som følge af den foreslåede erhvervelse
c)
den foreslåede erhververs finansielle soliditet, navnlig i forhold til den type forretningsaktivitet, der påtænkes forfulgt eller forfølges af udbyderen af kryptoaktivtjenesten, i hvilken erhvervelsen foreslås
d)
hvorvidt udbyderen af kryptoaktivtjenesten vil kunne overholde og fortsætte med at overholde bestemmelserne i dette afsnit
e)
om der er rimelige grunde til i forbindelse med den foreslåede erhvervelse at formode, at hvidvask af penge eller finansiering af terrorisme, jf. henholdsvis artikel 1, stk. 3 og 5, i direktiv (EU) 2015/849, forekommer eller forsøges eller er forekommet eller er blevet forsøgt, eller at den foreslåede erhvervelse vil kunne øge risikoen herfor.
2.   Den kompetente myndighed må kun gøre indsigelse mod den foreslåede erhvervelse, hvis der er rimelige grunde hertil på baggrund af kriterierne i denne artikels stk. 1, eller hvis de i henhold til artikel 83, stk. 4, afgivne oplysninger er ufuldstændige eller falske.
3.   Medlemsstaterne må hverken pålægge forhåndsbetingelser vedrørende størrelsen af den kvalificerede andel, der er påkrævet for at kunne erhverves i henhold til denne forordning, eller tillade deres kompetente myndigheder at vurdere den foreslåede erhvervelse ud fra markedets økonomiske behov.
4.   ESMA udarbejder i tæt samarbejde med EBA udkast til reguleringsmæssige tekniske standarder, der præciserer det detaljerede indhold af de oplysninger, der er nødvendige for at udføre den vurdering, der er omhandlet i artikel 83, stk. 4, første afsnit. De krævede oplysninger skal være relevante for en tilsynsmæssig vurdering, være forholdsmæssige og tilpasses den foreslåede erhververs forhold og den foreslåede erhvervelse, jf. artikel 83, stk. 1.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
KAPITEL 5
Signifikante udbydere af kryptoaktivtjenester
Artikel 85
Identificering af signifikante udbydere af kryptoaktivtjenester
1.   En udbyder af kryptoaktivtjenester anses for at være signifikant, hvis den i Unionen har mindst 15 millioner aktive brugere i gennemsnit i et kalenderår, hvor gennemsnittet beregnes som gennemsnittet af det daglige antal aktive brugere i hele det foregående kalenderår.
2.   Udbydere af kryptoaktivtjenester skal underrette deres kompetente myndigheder senest to måneder efter at have opnået det antal aktive brugere, der er anført i stk. 1. Hvis den kompetente myndighed er enig i, at den tærskel, der er fastsat i stk. 1, er blevet opfyldt, underretter den ESMA herom.
3.   Uden at det berører de kompetente myndigheders ansvar i henhold til denne forordning, orienterer de kompetente myndigheder i hjemlandet årligt ESMA's tilsynsråd om følgende tilsynsmæssige udviklinger i forbindelse med udbydere af signifikante kryptoaktivtjenester:
a)
igangværende eller afsluttede tilladelser som omhandlet i artikel 59
b)
igangværende eller afsluttede processer for inddragelse af tilladelser som omhandlet i artikel 64
c)
udøvelsen af tilsynsbeføjelser som fastsat i artikel 94, stk. 1, første afsnit, litra b), c), e), f), g), y) og aa).
Hjemlandets kompetente myndighed kan orientere ESMA's tilsynsråd hyppigere eller underrette det, inden hjemlandets kompetente myndighed træffer afgørelser med hensyn til første afsnit, litra a), b) eller c).
4.   Den orientering, der er omhandlet i stk. 3, andet afsnit, kan efterfølges af en udveksling af synspunkter i ESMA's tilsynsråd.
5.   ESMA kan i givet fald gøre brug af sine beføjelser i henhold til artikel 29, 30, 31 og 31b i forordning (EU) nr. 1095/2010.
AFSNIT VI
FOREBYGGELSE AF OG FORBUD MOD MARKEDSMISBRUG I RELATION TIL KRYPTOAKTIVER
Artikel 86
Anvendelsesområdet for bestemmelserne om markedsmisbrug
1.   Dette afsnit finder anvendelse på handlinger, der udføres af enhver person, vedrørende kryptoaktiver, der er optaget til handel, eller for hvilke der er indgivet en anmodning om optagelse til handel.
2.   Dette afsnit finder også anvendelse på enhver transaktion, ordre eller adfærd vedrørende kryptoaktiver som omhandlet i stk. 1, uanset om en sådan transaktion, ordre eller adfærd finder sted på en handelsplatform eller ej.
3.   Dette afsnit finder anvendelse på tiltag og undladelser i Unionen og i tredjelande vedrørende de kryptoaktiver, som er omhandlet i stk. 1.
Artikel 87
Intern viden
1.   Med henblik på anvendelsen af denne forordning omfatter intern viden følgende typer af oplysninger:
a)
enhver form for specifik viden, som ikke er blevet offentliggjort, og som direkte eller indirekte vedrører en eller flere udstedere, udbydere eller personer, der anmoder om optagelse til handel, eller et eller flere kryptoaktiver, og som, hvis den blev offentliggjort, sandsynligvis ville kunne påvirke priserne på disse kryptoaktiver eller prisen på et beslægtet kryptoaktiv mærkbart
b)
for så vidt angår personer, der har til opgave at udføre ordrer vedrørende kryptoaktiver på vegne af kunder, forstås ligeledes specifikke oplysninger, som en kunde giver, og som vedrører kundens endnu ikke behandlede ordrer på kryptoaktiver, og som direkte eller indirekte vedrører en eller flere udstedere, udbydere eller personer, der anmoder om optagelse til handel, eller et eller flere kryptoaktiver, og som, hvis den blev offentliggjort, sandsynligvis ville kunne påvirke priserne på disse kryptoaktiver eller prisen på et beslægtet kryptoaktiv mærkbart.
2.   Med henblik på anvendelsen af stk. 1 anses viden for at være specifik, hvis den angiver en række forhold, der foreligger, eller som med rimelighed kan forventes at komme til at foreligge, eller en begivenhed, der er indtrådt, eller som med rimelighed kan forventes at indtræde, hvis den er tilstrækkeligt præcis til, at der kan drages en konklusion med hensyn til de pågældende forholds eller den pågældende begivenheds eventuelle indvirkning på priserne på kryptoaktiverne. I den forbindelse kan, i tilfælde af en langvarig proces, som har til formål at frembringe, eller som resulterer i bestemte forhold eller en bestemt hændelse, disse forhold eller denne fremtidige hændelse samt også midlertidige skridt i den proces, der er forbundet med at frembringe eller resultere i disse fremtidige forhold eller denne fremtidige hændelse, betragtes som præcise oplysninger.
3.   Et midlertidigt skridt i en langstrakt proces betragtes som at være intern viden, hvis det i sig selv opfylder kriterierne for intern viden som omhandlet i stk. 2.
4.   Med henblik på anvendelsen af stk. 1 forstås ved viden, som, hvis den blev offentliggjort, sandsynligvis ville kunne påvirke priserne på kryptoaktiver mærkbart, viden, som en fornuftig indehaver af kryptoaktiver sandsynligvis ville anvende som en del af grundlaget for indehaverens investeringsbeslutninger.
Artikel 88
Offentliggørelse af intern viden
1.   Udstedere, udbydere og personer, der anmoder om optagelse til handel, oplyser hurtigst muligt offentligheden om den interne viden, der er omhandlet i artikel 87, og som vedrører dem direkte, på en måde, der giver offentligheden mulighed for hurtig adgang til og fuldstændig, korrekt og rettidig vurdering af oplysningerne. Udstedere, udbydere og personer, der anmoder om optagelse til handel, må ikke kombinere videregivelse af intern viden til offentligheden med markedsføring af deres aktiviteter. Udstedere, udbydere og personer, der anmoder om optagelse til handel, skal i en periode på mindst fem år lægge al intern viden, som de er forpligtet til at offentliggøre, ud på deres websted og løbende ajourføre den.
2.   Udstedere, udbydere og personer, der anmoder om optagelse til handel, kan på eget ansvar udsætte offentliggørelsen af intern viden som omhandlet i artikel 87 over for offentligheden, forudsat at alle følgende betingelser er opfyldt:
a)
øjeblikkelig offentliggørelse antages at skade de legitime interesser hos udstedere, udbydere og personer, der anmoder om optagelse til handel
b)
udsættelse af offentliggørelsen antages ikke at vildlede offentligheden
c)
udstedere, udbydere eller personer, der anmoder om optagelse til handel, er i stand til at sikre disse oplysningers fortrolighed.
3.   Hvis en udsteder, udbyder eller en person, der anmoder om optagelse til handel, har udsat offentliggørelsen af intern viden i overensstemmelse med stk. 2, underretter den pågældende den kompetente myndighed om, at offentliggørelsen af oplysningerne er udsat og giver en skriftlig redegørelse for, hvordan betingelserne i stk. 2 er opfyldt, umiddelbart efter at oplysningerne er videregivet til offentligheden. Alternativt kan medlemsstaterne fastsætte, at en sådan redegørelse kun skal forelægges efter anmodning fra den kompetente myndighed.
4.   For at sikre ensartede betingelser for anvendelsen af denne artikel udarbejder ESMA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge de tekniske metoder til:
a)
passende offentliggørelse af intern viden som omhandlet i stk. 1, og
b)
udsættelse af offentliggørelsen af intern viden som omhandlet i stk. 2 og 3.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
Artikel 89
Forbud mod insiderhandel
1.   Med henblik på anvendelsen af denne forordning anses insiderhandel for at finde sted, når en person er i besiddelse af intern viden og udnytter denne viden ved for egen regning eller for tredjeparts regning direkte eller indirekte at erhverve eller afhænde kryptoaktiver, som den pågældende viden vedrører. Udnyttelsen af intern viden ved at annullere eller ændre en ordre vedrørende et kryptoaktiv, som oplysningerne vedrører, og hvor ordren blev afgivet, før den pågældende var i besiddelse af denne interne viden, anses også for at være insiderhandel. Udnyttelse af intern viden omfatter også en persons afgivelse, ændring eller tilbagetrækning af et bud for egen regning eller for tredjeparts regning.
2.   Ingen må deltage i insiderhandel eller forsøge at deltage i insiderhandel eller anvende intern viden om kryptoaktiver til erhvervelse eller til afhændelse af disse kryptoaktiver hverken direkte eller indirekte og hverken for egen regning eller for tredjeparts regning. Ingen må anbefale, at en anden person deltager i insiderhandel, eller tilskynde en anden person til at deltage i insiderhandel.
3.   Personer, som er i besiddelse af intern viden om kryptoaktiver, må ikke på grundlag af denne interne viden anbefale eller tilskynde en anden person til:
a)
at erhverve eller afhænde disse kryptoaktiver, eller
b)
at annullere eller ændre en ordre vedrørende disse kryptoaktiver.
4.   Brug af en anbefaling eller tilskyndelse som omhandlet i stk. 3 udgør insiderhandel i den i denne artikel anvendte betydning, hvis den person, som gør brug af anbefalingen eller tilskyndelsen, ved eller burde vide, at den er baseret på intern viden.
5.   Denne artikel finder anvendelse på enhver person, der er i besiddelse af intern viden som følge af:
a)
at være medlem af administrations-, ledelses- eller tilsynsorganerne hos udstederen, udbyderen eller den person, der anmoder om optagelse til handel
b)
at have kapitalinteresser hos udstederen, udbyderen eller den person, der anmoder om optagelse til handel
c)
at have adgang til denne viden som led i udøvelsen af arbejde, erhverv eller funktioner eller i forbindelse med sin rolle i distributed ledger-teknologien eller lignende teknologi, eller
d)
at deltage i kriminelle aktiviteter.
Denne artikel finder også anvendelse på enhver person, der besidder intern viden under andre forhold end dem, der er omhandlet i første afsnit, når den pågældende person ved eller burde vide, at det er intern viden.
6.   Hvis en person som omhandlet i stk. 1 er en juridisk person, finder denne artikel anvendelse i overensstemmelse med national ret på fysiske personer, som deltager i beslutningen om at foretage erhvervelse, afhændelse, annullering eller ændring af en handelsordre for den pågældende juridiske persons regning.
Artikel 90
Forbud mod uretmæssig videregivelse af intern viden
1.   Personer, som er i besiddelse af intern viden, må ikke uretmæssigt videregive disse oplysninger til andre personer, medmindre en sådan oplysning sker som led i den normale udøvelse af arbejde, erhverv eller funktioner.
2.   Videregivelse af de i artikel 89, stk. 4, omhandlede anbefalinger eller tilskyndelser udgør uretmæssig videregivelse af intern viden, hvis den person, der videregiver anbefalingen eller tilskyndelsen, ved eller burde vide, at den er baseret på intern viden.
Artikel 91
Forbud mod markedsmanipulation
1.   Ingen må deltage eller forsøge at deltage i markedsmanipulation.
2.   Ved anvendelsen af denne forordning omfatter markedsmanipulation enhver af følgende aktiviteter:
a)
indgåelse af en transaktion, afgivelse af en handelsordre eller enhver anden adfærd — medmindre de er foretaget af lovlige årsager — som:
i)
giver eller antages at give urigtige eller vildledende signaler om udbuddet af, efterspørgslen efter eller prisen på et kryptoaktiv
ii)
sikrer eller antages at sikre prisen på et eller flere kryptoaktiver på et unormalt eller kunstigt niveau
b)
indgåelse af en transaktion, afgivelse af en handelsordre eller enhver anden aktivitet eller adfærd, der påvirker eller antages at påvirke prisen på et eller flere kryptoaktiver samtidig med anvendelsen af en fingereret plan eller alle andre former for bedrag eller påfund
c)
udbredelse af oplysninger gennem medierne, herunder internettet, eller ved andre metoder, der giver eller antages at give urigtige eller vildledende signaler om udbuddet af, efterspørgslen efter eller prisen på et eller flere kryptoaktiver, eller som sikrer eller antages at sikre prisen på et eller flere kryptoaktiver på et unormalt eller kunstigt højt niveau, herunder spredning af rygter, hvis den person, der har deltaget i spredningen, vidste eller burde have vidst, at oplysningerne var urigtige eller vildledende.
3.   Følgende adfærd anses blandt andet for at være markedsmanipulation:
a)
sikring af en dominerende stilling i forhold til udbuddet af eller efterspørgslen efter et kryptoaktiv, som har eller antages at have den virkning, at købs- og salgspriser påvirkes direkte eller indirekte, eller der skabes eller antages at skabes andre urimelige vilkår for transaktionen
b)
afgivelse af handelsordrer på en handelsplatform for kryptoaktiver, herunder en eventuel annullering eller ændring heraf, ved hjælp af enhver tilgængelig handelsmetode, og som har en af de i stk. 2, litra a), omhandlede virkninger ved at:
i)
afbryde eller forsinke driften af handelsplatformen for kryptoaktiver eller deltage i aktiviteter, der antages at have denne virkning
ii)
gøre det vanskeligere for andre personer at identificere ægte ordrer på en handelsplatform for kryptoaktiver eller deltage i aktiviteter, der antages at have denne virkning, herunder ved at afgive ordrer, der fører til en destabilisering af den normale drift af handelsplatformen for kryptoaktiver
iii)
skabe et urigtigt eller vildledende signal om leveringen af eller efterspørgslen efter eller prisen på et kryptoaktiv, navnlig ved at der afgives ordrer for at sætte en tendens i gang eller forværre denne eller deltage i aktiviteter, der antages at have denne virkning
c)
udnytte lejlighedsvis eller regelmæssig adgang til de traditionelle eller elektroniske medier ved at udsende en meningstilkendegivelse om et kryptoaktiv, efter på forhånd at have afgivet et bud på det pågældende kryptoaktiv, og ved senere at drage fordel af den måde, hvorpå de tilkendegivne holdninger påvirker prisen på dette kryptoaktiv, uden samtidig at have afsløret interessekonflikten over for offentligheden på en korrekt og effektiv måde.
Artikel 92
Forebyggelse og afsløring af markedsmisbrug
1.   En person, der som led i sit erhverv organiserer eller udfører transaktioner med kryptoaktiver, skal have indført effektive ordninger, systemer og procedurer med henblik på at forebygge og afsløre markedsmisbrug. Den pågældende person skal være undergivet reglerne om underretning af den kompetente myndighed i den medlemsstat, hvor vedkommende er registreret eller har sit hovedkvarter, eller, hvis der er tale om en afdeling, i den medlemsstat, hvor afdelingen ligger, og underretter straks denne medlemsstats kompetente myndigheder meddelelse om enhver begrundet mistanke om en ordre eller transaktion, herunder annullering eller ændring heraf, og andre aspekter af distributed ledger-teknologiens funktion, såsom konsensusmekanismen, hvor der kan foreligge omstændigheder, der tyder på, at der er begået markedsmisbrug, at det begås, eller at det vil blive begået.
De kompetente myndigheder, der modtager en underretning om mistænkelige ordrer eller transaktioner, sender straks disse oplysninger til de kompetente myndigheder for de pågældende handelsplatforme.
2.   ESMA udarbejder udkast til reguleringsmæssige tekniske standarder med henblik på nærmere at præcisere:
a)
passende ordninger, systemer og procedurer for personer, så de kan overholde stk. 1
b)
den model, der skal anvendes af personer, så de kan overholde stk. 1
c)
koordineringsprocedurer mellem de relevante kompetente myndigheder med henblik på at afsløre og sanktionere markedsmisbrug i forbindelse med grænseoverskridende markedsmisbrugssituationer.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. december 2024.
3.   For at sikre ensartethed i tilsynspraksisserne i henhold til denne artikel udsteder ESMA senest den 30. juni 2025 retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1095/2010 for tilsynspraksis blandt de kompetente myndigheder for at forebygge og opdage markedsmisbrug, hvis dette ikke allerede er omfattet af de i stk. 2 omhandlede reguleringsmæssige tekniske standarder.
AFSNIT VII
KOMPETENTE MYNDIGHEDER, EBA OG ESMA
KAPITEL 1
De kompetente myndigheders beføjelser og samarbejde mellem de kompetente myndigheder, EBA og ESMA
Artikel 93
Kompetente myndigheder
1.   Medlemsstaterne udpeger de kompetente myndigheder, der er ansvarlige for at udføre de i denne forordning fastsatte funktioner og opgaver. Medlemsstaterne underretter EBA og ESMA om disse kompetente myndigheder.
2.   Hvis medlemsstaterne udpeger mere end én kompetent myndighed i henhold til stk. 1, fastlægger de deres respektive opgaver og udpeger én kompetent myndighed som centralt kontaktpunkt for grænseoverskridende administrativt samarbejde mellem de kompetente myndigheder samt med EBA og ESMA. Medlemsstaterne kan udpege et forskelligt centralt kontaktpunkt for hver af disse typer af administrativt samarbejde.
3.   ESMA offentliggør på sit websted en liste over de kompetente myndigheder udpeget i overensstemmelse med stk. 1 og 2.
Artikel 94
Kompetente myndigheders beføjelser
1.   For at kunne varetage deres opgaver i henhold til afsnit II-VI i denne forordning skal de kompetente myndigheder i overensstemmelse med national ret som minimum have følgende tilsyns- og undersøgelsesbeføjelser til:
a)
at kræve, at personer stiller oplysninger og dokumenter til rådighed, som ifølge de kompetente myndigheder kan være relevante for varetagelsen af deres opgaver
b)
at suspendere eller kræve, at en udbyder af kryptoaktivtjenester suspenderer leveringen af kryptoaktivtjenester i højst 30 på hinanden følgende arbejdsdage, for hver gang der er begrundet mistanke om, at denne forordning er blevet overtrådt
c)
at forbyde leveringen af kryptoaktivtjenester, hvis de finder, at denne forordning er blevet overtrådt
d)
at offentliggøre eller kræve, at en udbyder af kryptoaktivtjenester offentliggør alle væsentlige oplysninger, som kan have indflydelse på leveringen af de pågældende kryptoaktivtjenester, for at sikre beskyttelsen af kundernes, navnlig de private indehaveres, interesser eller et markedets smidige funktion
e)
at offentliggøre den kendsgerning, at en kryptoaktivtjenesteudbyder ikke overholder sine forpligtelser
f)
at suspendere eller kræve, at en udbyder af kryptoaktivtjenester suspenderer leveringen af kryptoaktivtjenester, hvis de kompetente myndigheder finder, at kryptoaktivtjenesteudbyderens situation er af en sådan art, at leveringen af kryptoaktivtjenesten vil være til skade for kundernes, navnlig de private indehaveres, interesser
g)
at kræve, at eksisterende kontrakter overføres til en anden udbyder af kryptoaktivtjenester i tilfælde, hvor en kryptoaktivtjenesteudbyders tilladelse inddrages i henhold til artikel 64, og efter aftale med kunderne og den udbyder af kryptoaktivtjenester, som kontrakterne skal overføres til
h)
hvor der er grund til at antage, at en person leverer kryptoaktivtjenester uden tilladelse, at påbyde øjeblikkelig indstilling af aktiviteten uden forudgående varsel eller indførelsen af en frist
i)
at kræve, at udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, eller udstedere af aktivbaserede tokens eller e-pengetokens ændrer deres hvidbog om kryptoaktiver eller yderligere ændrer deres ændrede hvidbog om kryptoaktiver, hvis de finder, at hvidbogen om kryptoaktiver eller den ændrede hvidbog om kryptoaktiver ikke indeholder de oplysninger, der kræves i henhold til artikel 6, 19 eller 51
j)
at kræve, at udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, eller udstedere af aktivbaserede tokens eller e-pengetokens, ændrer deres markedsføringskommunikation, hvis de finder, at markedsføringskommunikationen ikke opfylder kravene i denne forordnings artikel 7, 29 eller 53
k)
at kræve, at udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, eller udstedere af aktivbaserede tokens eller e-pengetokens inkluderer supplerende oplysninger i deres hvidbøger om kryptoaktiver, når det er nødvendigt af hensyn til den finansielle stabilitet eller beskyttelsen af kryptoaktivindehavernes, navnlig de private indehaveres, interesser
l)
at suspendere et udbud til offentligheden eller en optagelse til handel af kryptoaktiver i højst 30 på hinanden følgende arbejdsdage, for hver gang der er begrundet mistanke om overtrædelse af denne forordning
m)
at forbyde et udbud til offentligheden eller en optagelse til handel af kryptoaktiver, hvis de finder, at denne forordning er blevet overtrådt, eller hvis der er begrundet mistanke om, at den vil blive overtrådt
n)
at suspendere eller at kræve, at en udbyder af kryptoaktivtjenester, der driver en handelsplatform for kryptoaktiver, suspenderer handelen med kryptoaktiver i højst 30 på hinanden følgende arbejdsdage, for hver gang der er begrundet mistanke om, at denne forordning er blevet overtrådt
o)
at forbyde handel med kryptoaktiver på en handelsplatform for kryptoaktiver, hvis de finder, at denne forordning er blevet overtrådt, eller hvis der er begrundet mistanke om, at den vil blive overtrådt
p)
at suspendere eller forbyde markedsføringskommunikation, hvis der er begrundet mistanke om, at denne forordning er blevet overtrådt
q)
at kræve, at udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, udstedere af aktivbaserede tokens eller e-pengetokens, eller relevante udbydere af kryptoaktivtjenester ophører med eller suspenderer markedsføringskommunikation i højst 30 på hinanden følgende arbejdsdage, for hver gang der er begrundet mistanke om, at denne forordning er blevet overtrådt
r)
at offentliggøre den kendsgerning, at en udbyder, en person, der anmoder om optagelse til handel af et kryptoaktiv, eller en udsteder af en aktivbaseret tokens eller e-pengetoken ikke overholder sine forpligtelser i henhold til denne forordning
s)
at offentliggøre eller kræve, at udbyderen, den person, der anmoder om optagelse til handel af et kryptoaktiv, eller udstederen af den aktivbaserede token eller e-pengetokenen offentliggør alle væsentlige oplysninger, som kan påvirke vurderingen af det kryptoaktiv, der udbydes til offentligheden eller optages til handel, for at sikre beskyttelsen af kryptoaktivindehavernes, navnlig de private indehaveres, interesser eller markedets smidige funktion
t)
at suspendere eller at kræve, at en udbyder af kryptoaktivtjenester, der driver handelsplatformen for kryptoaktiver, suspenderer kryptoaktiver fra handel, hvis de mener, at situationen for udbyderen, den person, der anmoder om optagelse til handel af et kryptoaktiv, eller udstederen af en aktivbaseret token eller en e-pengetoken er af en sådan art, at handel vil være til skade for kryptoaktivindehavernes, navnlig de private indehaveres, interesser
u)
hvis der er grund til at antage, at en person udsteder aktivbaserede tokens eller e-pengetokens uden tilladelse, eller en person udbyder eller anmoder om optagelse til handel af kryptoaktiver, undtagen aktivbaserede tokens eller e-pengetokens, uden en hvidbog om kryptoaktiver meddelt i overensstemmelse med artikel 8, at påbyde øjeblikkelig indstilling af aktiviteten uden forudgående varsel eller indførelsen af en frist
v)
at træffe enhver form for foranstaltning for at sikre, at en udbyder eller en person, der anmoder om optagelse til handel af kryptoaktiver, en udsteder af en aktivbaseret token eller en e-pengetoken eller en udbyder af kryptoaktivtjenester overholder denne forordning, herunder at kræve indstilling af enhver praksis eller adfærd, som efter den kompetente myndigheds mening er i strid med denne forordning
w)
at gennemføre kontrolbesøg og undersøgelser på andre steder end i fysiske personers private boliger og med henblik herpå skaffe sig adgang til lokaler for at få adgang til dokumenter og andre oplysninger i enhver form
x)
at outsource kontroller eller undersøgelser til revisorer eller sagkyndige
y)
at kræve, at en fysisk person fjernes fra ledelsesorganet hos en udsteder af en aktivbaseret tokens eller hos en udbyder af kryptoaktivtjenester
z)
at anmode enhver person om at tage skridt til at reducere sine positioner vedrørende eller sin eksponering for kryptoaktiver
aa)
hvis der ikke findes andre effektive midler til at bringe overtrædelsen af denne forordning til ophør og med henblik på at undgå risiko for alvorlig skade på kundernes og kryptoaktivindehavernes interesser, at træffe alle nødvendige foranstaltninger, herunder ved at anmode en tredjepart eller en offentlig myndighed om at gennemføre sådanne foranstaltninger, til at:
i)
fjerne indhold eller begrænse adgang til en onlinegrænseflade eller kræve, at der tydeligt vises en advarsel til kunder og indehavere af kryptoaktiver, når de får adgang til en onlinegrænseflade
ii)
kræve, at en udbyder af hostingtjenester fjerner, umuliggør eller begrænser adgang til en onlinegrænseflade, eller
iii)
kræve, at domæneadministratorer og -registratorer sletter et fuldt kvalificeret domænenavn, og tillader, at den berørte kompetente myndighed registrerer det
ab)
at kræve, at en udsteder af en aktivbaseret token eller e-pengetoken i overensstemmelse med artikel 23, stk. 4, artikel 24, stk. 3, eller artikel 58, stk. 3, indfører et mindstebeløb eller begrænser det udstedte beløb.
2.   De tilsyns- og undersøgelsesbeføjelser, der udøves for så vidt angår udbydere, personer, der anmoder om optagelse til handel, udstedere og udbydere af kryptoaktivtjenester, berører ikke beføjelser, der er tillagt de samme eller andre tilsynsmyndigheder for så vidt angår disse enheder, herunder beføjelser, der er tillagt relevante kompetente myndigheder i henhold til bestemmelserne i national ret til gennemførelse af direktiv 2009/110/EF, og tilsynsbeføjelser, der er tillagt ECB i henhold til forordning (EU) nr. 1024/2013.
3.   For at kunne varetage deres opgaver i henhold til afsnit VI skal de kompetente myndigheder i overensstemmelse med national ret som minimum have følgende tilsyns- og undersøgelsesbeføjelser ud over de i stk. 1 omhandlede beføjelser:
a)
at have adgang til ethvert dokument eller andre data i enhver form og få udleveret eller tage en kopi deraf
b)
at anmode om eller kræve oplysninger fra enhver person, herunder dem, der senere er involveret i afgivelsen af handelsordrer eller udførelsen af de pågældende opgaver, og deres principaler, og om nødvendigt indkalde og høre en sådan person for at indhente oplysninger
c)
at skaffe sig adgang til fysiske eller juridiske personers lokaler for at beslaglægge dokumenter og data i enhver form, når der er begrundet mistanke om, at dokumenter eller data vedrørende genstanden for kontrollen eller undersøgelsen kan være af relevans som bevis for et tilfælde af insiderhandel eller markedsmanipulation
d)
at indbringe sager til strafferetlig forfølgelse
e)
at kræve, såfremt det er tilladt i henhold til national ret, at få udleveret fortegnelser over datatrafik hos en telekommunikationsoperatør, når der er begrundet mistanke om en overtrædelse, og når sådanne fortegnelser kan være af relevans for undersøgelsen af en overtrædelse af artikel 88-91
f)
at anmode om fastfrysning og/eller beslaglæggelse af aktiver, eller begge dele
g)
at pålægge et midlertidigt forbud mod erhvervsudøvelse
h)
at træffe alle nødvendige foranstaltninger for at sikre, at offentligheden er korrekt informeret, f.eks. ved at berigtige urigtige eller vildledende offentliggjorte oplysninger, herunder ved at stille krav om, at en udbyder eller en person, der anmoder om optagelse til handel, eller udsteder eller en anden person, som har offentliggjort eller udbredt urigtige eller vildledende oplysninger, offentliggør en berigtigelse.
4.   Den kompetente myndighed kan, hvis det er nødvendigt i henhold til national ret, bede den relevante domstol om at tage stilling til anvendelsen af de beføjelser, der er omhandlet i stk. 1 og 2.
5.   De kompetente myndigheder udøver deres i stk. 1 og 2 omhandlede beføjelser på en af følgende måder:
a)
direkte
b)
i samarbejde med andre myndigheder, bl.a. myndigheder med ansvar for forebyggelse og bekæmpelse af hvidvask af penge og finansiering af terrorisme
c)
under eget ansvar ved delegation til de myndigheder, der er omhandlet i litra b)
d)
ved anmodning til de kompetente domstole.
6.   Medlemsstaterne sikrer, at der træffes passende foranstaltninger, således at de kompetente myndigheder kan udøve de tilsyns- og undersøgelsesbeføjelser, der er nødvendige for, at de kan varetage deres opgaver.
7.   En person, der stiller oplysninger til rådighed for den kompetente myndighed i overensstemmelse med denne forordning, anses ikke for at overtræde nogen af de fortrolighedskrav, som måtte være fastlagt ved kontrakter, love, forskrifter eller administrative bestemmelser, og kan ikke på nogen måde drages til ansvar for en sådan underretning.
Artikel 95
Samarbejde mellem kompetente myndigheder
1.   De kompetente myndigheder samarbejder i henhold til denne forordning. De kompetente myndigheder skal yde bistand til de kompetente myndigheder i andre medlemsstater og til EBA og ESMA. De udveksler oplysninger uden unødig forsinkelse og samarbejder om undersøgelses-, tilsyns- og håndhævelsesaktiviteter.
Såfremt medlemsstaterne i henhold til artikel 111, stk. 1, andet afsnit, har fastsat strafferetlige sanktioner for overtrædelserne af denne forordning som omhandlet i artikel 111, stk. 1, første afsnit, sørger de for, at der er truffet passende foranstaltninger, således at de kompetente myndigheder har alle de nødvendige beføjelser til at holde kontakt til de judicielle, retsforfølgende eller strafferetlige myndigheder inden for deres jurisdiktion med henblik på at modtage konkrete oplysninger om strafferetlige efterforskninger af eller påbegyndte retssager om overtrædelser af denne forordning, og til at give andre kompetente myndigheder samt EBA og ESMA de samme oplysninger, således at disse kan opfylde deres forpligtelse til at samarbejde med henblik på denne forordning.
2.   En kompetent myndighed kan kun afvise at reagere på en anmodning om oplysninger eller en anmodning om at samarbejde med en undersøgelse i følgende tilfælde:
a)
kommunikationen af relevante oplysninger kan bringe den pågældende medlemsstats sikkerhed i fare, navnlig i forbindelse med bekæmpelse af terrorisme og anden alvorlig kriminalitet
b)
når efterkommelse af anmodningen kan forventes at få negativ indvirkning på myndighedens egen undersøgelse, håndhævelsesaktiviteter eller i givet fald en strafferetlig efterforskning
c)
når der allerede er indledt en sag vedrørende de samme handlinger og mod de samme fysiske eller juridiske personer ved den anmodede medlemsstats domstol
d)
når der allerede er afsagt en endelig dom for de samme forhold og mod de samme fysiske eller juridiske personer i den pågældende medlemsstat.
3.   De kompetente myndigheder leverer efter anmodning uden unødig forsinkelse alle oplysninger, der er nødvendige med henblik på denne forordning.
4.   En kompetent myndighed kan anmode om bistand fra den kompetente myndighed i en anden medlemsstat med henblik på kontrolbesøg eller undersøgelser på stedet.
En anmodende kompetent myndighed underretter EBA og ESMA om enhver anmodning, der er fremsat i henhold til første afsnit. Når en kompetent myndighed modtager en anmodning fra en kompetent myndighed i en anden medlemsstat om at gennemføre et kontrolbesøg eller en undersøgelse på stedet, kan den:
a)
selv foretage kontrolbesøget eller undersøgelsen på stedet
b)
tillade, at den kompetente myndighed, der har fremsat anmodningen, deltager i et kontrolbesøg eller en undersøgelse på stedet
c)
tillade, at den kompetente myndighed, der har fremsat anmodningen, selv gennemfører kontrolbesøget eller undersøgelsen på stedet
d)
dele specifikke opgaver i forbindelse med tilsynsaktiviteter med de andre kompetente myndigheder.
5.   I tilfælde af et kontrolbesøg eller en undersøgelse på stedet, jf. stk. 4, koordinerer ESMA kontrolbesøget eller undersøgelsen, hvis en af de kompetente myndigheder anmoder herom.
Hvis et kontrolbesøg eller en undersøgelse på stedet, jf. stk. 4, vedrører en udsteder af en aktivbaseret token eller e-pengetoken eller vedrører kryptoaktivtjenester, der er relateret til aktivbaserede tokens eller e-pengetokens, koordinerer EBA kontrolbesøget eller undersøgelsen, hvis en af de kompetente myndigheder anmoder herom.
6.   De kompetente myndigheder kan i situationer, hvor en anmodning om samarbejde, navnlig med hensyn til udveksling af oplysninger, er blevet afvist eller ikke er blevet imødekommet inden for en rimelig frist, indbringe sagen for ESMA. Artikel 19, stk. 4, i forordning (EU) nr. 1095/2010 finder tilsvarende anvendelse i sådanne situationer.
7.   Uanset nærværende artikels stk. 6 kan de kompetente myndigheder indbringe sagen for EBA i situationer, hvor en anmodning om samarbejde, navnlig med hensyn til udveksling af oplysninger om en udsteder af aktivbaserede tokens eller e-pengetokens eller om kryptoaktivtjenester, der er relateret til aktivbaserede tokens eller e-pengetokens, er blevet afvist eller ikke er blevet imødekommet inden for en rimelig frist. Artikel 19, stk. 4, i forordning (EU) nr. 1093/2010 finder tilsvarende anvendelse i sådanne situationer.
8.   De kompetente myndigheder koordinerer deres tilsyn tæt for at identificere og afhjælpe overtrædelser af denne forordning, udvikle og fremme bedste praksis, lette samarbejde, fremme en konsekvent fortolkning og tilvejebringe tværjuridiske vurderinger i tilfælde af eventuelle tvister.
For så vidt angår nærværende stykkes første afsnit udfylder EBA og ESMA en koordinerende rolle mellem de kompetente myndigheder og på tværs af tilsynskollegierne som omhandlet i artikel 119 med henblik på at opbygge en fælles tilsynskultur og sammenhængende tilsynspraksisser og sikre ensartede procedurer.
9.   Såfremt en kompetent myndighed konstaterer, at et eller flere af kravene i denne forordning ikke opfyldes, eller har grund til at antage, at dette er tilfældet, underretter denne den kompetente myndighed for den eller de enheder, der mistænkes for en sådan overtrædelse, om sine undersøgelsesresultater på en tilstrækkelig detaljeret måde.
10.   ESMA skal i tæt samarbejde med EBA udarbejde udkast til reguleringsmæssige tekniske standarder med henblik på yderligere at præcisere, hvilke oplysninger der skal udveksles mellem de kompetente myndigheder i overensstemmelse med stk. 1.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
11.   ESMA skal i tæt samarbejde med EBA udarbejde udkast til gennemførelsesmæssige tekniske standarder med henblik på at fastlægge standardformularer, -modeller og -procedurer for samarbejde og udveksling af oplysninger mellem de kompetente myndigheder.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
Artikel 96
Samarbejde med EBA og ESMA
1.   Med henblik på denne forordning arbejder de kompetente myndigheder tæt sammen med ESMA i overensstemmelse med forordning (EU) nr. 1095/2010 og med EBA i overensstemmelse med forordning (EU) nr. 1093/2010. De udveksler oplysninger for at kunne varetage deres opgaver i henhold til dette kapitel og kapitel 2 og 3 i dette afsnit.
2.   De kompetente myndigheder giver hurtigst muligt EBA og ESMA alle de oplysninger, der er nødvendige for, at de kan varetage deres opgaver i overensstemmelse med artikel 35 i henholdsvis forordning (EU) nr. 1093/2010 og forordning (EU) nr. 1095/2010.
3.   ESMA udarbejder i tæt samarbejde med EBA udkast til gennemførelsesmæssige tekniske standarder for at fastlægge standardformularer, -modeller og -procedurer for samarbejde og udveksling af oplysninger mellem de kompetente myndigheder og EBA og ESMA.
ESMA forelægger de i første afsnit omhandlede udkast til gennemførelsesmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at vedtage de i nærværende stykkes første afsnit omhandlede gennemførelsesmæssige tekniske standarder i overensstemmelse med artikel 15 i forordning (EU) nr. 1095/2010.
Artikel 97
Fremme af konvergens med hensyn til klassificering af kryptoaktiver
1.   Senest den 30. december 2024 udsteder ESA'erne i fællesskab retningslinjer i overensstemmelse med artikel 16 i forordning (EU) nr. 1093/2010, artikel 16 i forordning (EU) nr. 1094/2010 og artikel 16 i forordning (EU) nr. 1095/2010 for at præcisere indholdet og formen af den redegørelse, der ledsager hvidbogen om kryptoaktiver, som er omhandlet i artikel 8, stk. 4, og af de juridiske vurderinger om kvalificeringen af de aktivbaserede tokens, der er omhandlet i artikel 17, stk. 1, litra b), nr. ii), og artikel 18, stk. 2, litra e). Retningslinjerne skal omfatte en model for redegørelsen og udtalelsen og en standardiseret test til klassificering af kryptoaktiver.
2.   ESA'erne fremmer i overensstemmelse med artikel 29 i henholdsvis forordning (EU) nr. 1093/2010, forordning (EU) nr. 1094/2010 og forordning (EU) nr. 1095/2010 drøftelsen mellem de kompetente myndigheder om klassificeringen af kryptoaktiverne, herunder klassificeringen af de kryptoaktiver, der er udelukket fra denne forordnings anvendelsesområde i henhold til artikel 2, stk. 3. ESA'erne identificerer også kilderne til potentielle forskelle i de kompetente myndigheders tilgange til klassificeringen af disse kryptoaktiver og fremmer så vidt muligt en fælles tilgang hertil.
3.   De nationale kompetente myndigheder i hjemlandet eller værtslandet kan anmode ESMA, EIOPA eller EBA, alt efter hvad der er relevant, om en udtalelse om klassificeringen af kryptoaktiver, herunder dem, der er udelukket fra denne forordnings anvendelsesområde i henhold til artikel 2, stk. 3. Alt efter tilfældet afgiver ESMA, EIOPA eller EBA en sådan udtalelse i overensstemmelse med artikel 29 i henholdsvis forordning (EU) nr. 1093/2010, forordning (EU) nr. 1094/2010 og forordning (EU) nr. 1095/2010 senest 15 arbejdsdage efter modtagelsen af anmodningen fra de nationale kompetente myndigheder.
4.   ESA'erne udarbejder i fællesskab en årlig rapport på grundlag af de oplysninger, der er indeholdt i det i artikel 109 omhandlede register, og resultaterne af deres arbejde som omhandlet i 3 i nærværende artikels stk. 2 og 3, hvori de identificerer vanskeligheder med klassificeringen af kryptoaktiver og forskelle i de kompetente myndigheders tilgange.
Artikel 98
Samarbejde med andre myndigheder
Hvis en udbyder, en person, der anmoder om optagelse til handel, en udsteder af en aktivbaseret token eller e-pengetoken eller en udbyder af kryptoaktivtjenester udfører andre aktiviteter end dem, der er omfattet af denne forordning, samarbejder de kompetente myndigheder med de myndigheder, der er ansvarlige for tilsynet med eller overvågningen af sådanne andre aktiviteter, der er fastsat i den relevante EU-ret eller nationale ret, herunder skattemyndigheder og relevante tilsynsmyndigheder fra tredjelande.
Artikel 99
Meddelelsespligt
Medlemsstaterne giver senest den 30. juni 2025 Kommissionen, EBA og ESMA meddelelse om de love og administrative bestemmelser, herunder relevante strafferetlige bestemmelser, som gennemfører dette kapitel. Medlemsstaterne meddeler uden unødig forsinkelse Kommissionen, EBA og ESMA eventuelle senere ændringer heraf.
Artikel 100
Tavshedspligt
1.   Alle oplysninger, der udveksles mellem de kompetente myndigheder i henhold til denne forordning og vedrører forretnings- eller driftsmæssige vilkår og andre økonomiske eller personlige anliggender, betragtes som værende fortrolige og er undergivet krav om tavshedspligt, undtagen når den kompetente myndighed på det tidspunkt, hvor oplysningerne meddeles, erklærer, at oplysningerne kan videregives, eller når videregivelse er nødvendig i forbindelse med en retssag eller i sager omfattet af national skatte- eller strafferet.
2.   Tavshedspligten gælder for alle fysiske og juridiske personer, der arbejder eller har arbejdet for de kompetente myndigheder. Oplysninger, der er omfattet af tavshedspligt, må ikke videregives til nogen anden fysisk eller juridisk person eller myndighed, medmindre der er hjemmel dertil i EU-retsakter eller i nationale retsakter.
Artikel 101
Databeskyttelse
For så vidt angår medlemsstaternes behandling af personoplysninger inden for denne forordnings ramme skal de kompetente myndigheder udføre deres opgaver med henblik på anvendelsen af denne forordning i overensstemmelse med forordning (EU) 2016/679.
EBA's og ESMA's behandling af personoplysninger med henblik på denne forordning skal ske i overensstemmelse med forordning (EU) 2018/1725.
Artikel 102
Retsbevarende foranstaltninger
1.   Hvis den kompetente myndighed i et værtsland har klare og påviselige grunde til at mistænke, at der er uregelmæssigheder i aktiviteterne hos en udbyder eller en person, der anmoder om optagelse til handel af kryptoaktiver, en udsteder af en aktivbaseret token eller en e-pengetoken eller en kryptoaktivtjenesteudbyder, underretter den hjemlandets kompetente myndighed og ESMA herom.
Den kompetente myndighed i værtslandet underretter også EBA om de uregelmæssigheder, der vedrører en udsteder af en aktivbaseret token eller e-pengetoken eller en kryptoaktivtjeneste, der er relateret til aktivbaserede tokens eller e-pengetokens.
2.   Hvis de uregelmæssigheder, der er omhandlet i stk. 1, fortsætter og udgør en overtrædelse af denne forordning på trods af de foranstaltninger, der træffes af den kompetente myndighed i værtslandet, træffer den kompetente myndighed i værtslandet efter at have underrettet den kompetente myndighed i hjemlandet, ESMA og eventuelt EBA herom nødvendige foranstaltninger for at beskytte kryptoaktivtjenesteudbydernes kunder og indehaverne af kryptoaktiver, navnlig de private indehavere. Sådanne foranstaltninger omfatter, at udbyderen, den person, der anmoder om optagelse til handel, udstederen af den aktivbaserede token eller e-pengetoken eller udbyderen af kryptoaktivtjenester forhindres i at udføre yderligere aktiviteter i værtslandet. Den kompetente myndighed underretter uden unødig forsinkelse ESMA og, hvor det er relevant, EBA herom. ESMA og, hvor det er relevant, EBA underretter uden unødig forsinkelse Kommissionen herom.
3.   Hvis en kompetent myndighed i hjemlandet er uenig i en foranstaltning, der er truffet af en kompetent myndighed i værtslandet i henhold til denne artikels stk. 2, kan den indbringe sagen for ESMA. Artikel 19, stk. 4, i forordning (EU) nr. 1095/2010 finder tilsvarende anvendelse i sådanne situationer.
Den kompetente myndighed i værtslandet kan som en undtagelse fra første afsnit i dette stykke indbringe sagen for EBA, hvis foranstaltningerne i denne artikels stk. 2 vedrører en udsteder af aktivbaserede tokens eller e-pengetokens eller en kryptoaktivtjeneste, der er relateret til aktivbaserede tokens eller e-pengetokens. Artikel 19, stk. 4, i forordning (EU) nr. 1093/2010 finder tilsvarende anvendelse i sådanne situationer.
Artikel 103
ESMA's midlertidige interventionsbeføjelser
1.   I overensstemmelse med artikel 9, stk. 5, i forordning (EU) nr. 1095/2010 kan ESMA, hvor betingelserne i nærværende artikels stk. 2 og 3 er opfyldt, midlertidigt forbyde eller begrænse:
a)
markedsføring, distribution eller salg af visse andre kryptoaktiver end aktivbaserede tokens eller e-pengetokens eller andre kryptoaktiver end aktivbaserede tokens eller e-pengetokens med visse specificerede karakteristika, eller
b)
en aktivitet eller praksis relateret til andre kryptoaktiver end aktivbaserede tokens eller e-pengetokens.
Et forbud eller en begrænsning kan gælde under visse omstændigheder eller være underlagt undtagelser, der specificeres af ESMA.
2.   ESMA træffer kun en foranstaltning i henhold til stk. 1, hvis alle følgende betingelser er opfyldt:
a)
det foreslåede forbud eller den foreslåede begrænsning imødegår væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller mod stabiliteten af hele eller dele af det finansielle system i Unionen
b)
de reguleringsmæssige krav i EU-retten, der gælder for de relevante kryptoaktiver eller kryptoaktivtjenester, imødegår ikke den pågældende trussel
c)
en relevant kompetente myndighed har ikke truffet foranstaltninger til at imødegå truslen, eller de foranstaltninger, der er truffet, imødegår ikke truslen i tilstrækkelig grad.
3.   Når ESMA træffer en foranstaltning i henhold til stk. 1, sikrer ESMA, at foranstaltningen ikke:
a)
har en skadelig indvirkning på effektiviteten af markederne for kryptoaktiver eller på indehavere af kryptoaktiver eller kunder, der modtager kryptoaktivtjenester, som ikke står i forhold til foranstaltningens fordele, og
b)
medfører en risiko for regelarbitrage.
Når de kompetente myndigheder har truffet en foranstaltning i henhold til artikel 105, kan ESMA træffe enhver af de foranstaltninger, der er omhandlet i nærværende artikels stk. 1, uden at afgive en udtalelse i henhold til artikel 106, stk. 2.
4.   Inden ESMA beslutter at træffe en foranstaltning i henhold til stk. 1, underretter denne den relevante kompetente myndighed om den foranstaltning, den agter at træffe.
5.   ESMA offentliggør på sit websted en meddelelse om en afgørelse om at indføre en foranstaltning som omhandlet i stk. 1. Meddelelsen skal indeholde nærmere oplysninger om det forbud eller den begrænsning, der indføres, og angive det tidspunkt efter meddelelsens offentliggørelse, hvor foranstaltningerne får virkning. Et forbud eller en begrænsning gælder kun for aktiviteter, efter at foranstaltningen har fået virkning.
6.   ESMA tager et forbud eller en begrænsning, der er pålagt i henhold til stk. 1, op til fornyet overvejelse med passende mellemrum og mindst hver sjette måned. ESMA kan på grundlag af mindst to på hinanden følgende forlængelser og baseret på en grundig analyse, der vurderer konsekvenserne for forbrugerne, træffe afgørelse om en årlig forlængelse af forbuddet eller begrænsningen.
7.   Foranstaltninger truffet af ESMA i henhold til denne artikel har forrang for tidligere foranstaltninger truffet af de relevante kompetente myndigheder om samme sag.
8.   Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 139 med henblik på at supplere denne forordning ved at præcisere de kriterier og faktorer, som ESMA skal tage hensyn til ved afgørelsen af, om der er væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller mod stabiliteten af hele eller dele af det finansielle system i Unionen med henblik på nærværende artikels stk. 2, litra a).
Artikel 104
EBA's midlertidige interventionsbeføjelser
1.   I overensstemmelse med artikel 9, stk. 5, i forordning (EU) nr. 1093/2010 kan EBA, hvis betingelserne i nærværende artikels stk. 2 og 3 er opfyldt, midlertidigt forbyde eller begrænse:
a)
markedsføring, distribution eller salg af visse aktivbaserede tokens eller e-pengetokens eller aktivbaserede tokens eller e-pengetokens med visse specificerede karakteristika, eller
b)
en aktivitet eller praksis relateret til aktivbaserede tokens eller e-pengetokens.
Et forbud eller en begrænsning kan gælde under visse omstændigheder eller være underlagt undtagelser, der specificeres af EBA.
2.   EBA træffer kun foranstaltning i henhold til stk. 1, hvis alle følgende betingelser er opfyldt:
a)
det foreslåede forbud eller den foreslåede begrænsning imødegår væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller mod stabiliteten af hele eller dele af det finansielle system i Unionen
b)
de reguleringsmæssige krav i EU-retten, der gælder for de relevante aktivbaserede tokens, e-pengetokens eller de kryptoaktivtjenester, der er relateret til dem, imødegår ikke den pågældende trussel
c)
en relevant kompetente myndighed har ikke truffet foranstaltninger til at imødegå truslen, eller de foranstaltninger, der er truffet, imødegår ikke truslen i tilstrækkelig grad.
3.   Når EBA træffer foranstaltning i henhold til stk. 1, sikrer ESMA, at foranstaltningen ikke:
a)
har en skadelig indvirkning på effektiviteten af markederne for kryptoaktiver eller indehavere af aktivbaserede tokens eller e-pengetokens eller kunder, der modtager kryptoaktivtjenester, som ikke står i forhold til foranstaltningens fordele, og
b)
medfører en risiko for regelarbitrage.
Når de kompetente myndigheder har truffet en foranstaltning i henhold til artikel 105, kan EBA træffe enhver af de foranstaltninger, der er omhandlet i nærværende artikels stk. 1, uden at afgive en udtalelse i henhold til artikel 106, stk. 2.
4.   Inden EBA beslutter at træffe en foranstaltning i henhold til stk. 1, underretter denne de relevante kompetente myndigheder om den foranstaltning, den agter at træffe.
5.   EBA offentliggør på sit websted en meddelelse om en afgørelse om at indføre en foranstaltning som omhandlet i stk. 1. Meddelelsen skal indeholde nærmere oplysninger om det forbud eller den begrænsning, der indføres, og angive det tidspunkt efter meddelelsens offentliggørelse, hvor foranstaltningerne får virkning. Et forbud eller en begrænsning gælder kun for aktiviteter, efter at foranstaltningen har fået virkning.
6.   EBA tager et forbud eller en begrænsning, der er pålagt i henhold til stk. 1, op til fornyet overvejelse med passende mellemrum og mindst hver sjette måned. EBA kan på grundlag af mindst to på hinanden følgende forlængelser og baseret på en grundig analyse, der vurderer konsekvenserne for forbrugerne, træffe afgørelse om en årlig forlængelse af forbuddet eller begrænsningen.
7.   Foranstaltninger truffet af EBA i henhold til denne artikel har forrang for tidligere foranstaltninger truffet af den relevante kompetente myndighed om samme sag.
8.   Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 139 med henblik på at supplere denne forordning ved at præcisere de kriterier og faktorer, som EBA skal tage hensyn til ved afgørelsen af, om der er væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller mod stabiliteten af hele eller dele af det finansielle system i Unionen med henblik på nærværende artikels stk. 2, litra a).
Artikel 105
De kompetente myndigheders produktintervention
1.   En kompetent myndighed kan forbyde eller begrænse følgende, der udføres i eller fra dens medlemsstat:
a)
markedsføring, distribution eller salg af visse kryptoaktiver eller kryptoaktiver med visse nærmere angivne karakteristika, eller
b)
en type aktivitet eller praksis relateret til kryptoaktiver.
2.   En kompetent myndighed træffer kun en foranstaltning i henhold til stk. 1, såfremt den med rimelighed finder det godtgjort, at:
a)
et kryptoaktiv giver anledning til væsentlige problemer med hensyn til investorbeskyttelsen eller udgør en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller mod stabiliteten af hele eller dele af det finansielle system i mindst én medlemsstat
b)
de gældende krav i henhold til EU-retten, der finder anvendelse på det pågældende kryptoaktiv eller den pågældende kryptoaktivtjeneste, ikke imødegår i tilstrækkelig grad de i litra a) omhandlede risici, og at problemet ikke kan håndteres på en bedre måde ved at styrket tilsynet med eller håndhævelsen af de eksisterende krav
c)
foranstaltningen er forholdsmæssig under hensyntagen til arten af de risici, der er identificeret, hvor avancerede de berørte investorer eller markedsdeltagere er, og den sandsynlige virkning af foranstaltningen for investorer og markedsdeltagere, der kan besidde, anvende eller udnytte det pågældende kryptoaktiv eller den pågældende kryptoaktivtjeneste
d)
de kompetente myndigheder grundigt har hørt de kompetente myndigheder i andre medlemsstater, som i betydelig grad kan blive berørt af foranstaltningen, og
e)
foranstaltningen ikke har en forskelsbehandlende virkning på tjenester eller aktiviteter, der udbydes fra en anden medlemsstat.
Hvis betingelserne i nærværende stykkes første afsnit er opfyldt, kan den kompetente myndighed af forsigtighedsgrunde indføre det forbud eller den begrænsning, der er omhandlet i stk. 1, før et kryptoaktiv markedsføres, distribueres eller afsættes til kunder.
Den kompetente myndighed kan beslutte kun at anvende det forbud eller den begrænsning, der er omhandlet i stk. 1, under visse omstændigheder eller at gøre det til genstand for undtagelser.
3.   Den kompetente myndighed indfører ikke et forbud eller en begrænsning i henhold til denne artikel, medmindre den mindst en måned, inden foranstaltningen påtænkes at få virkning, har givet alle de andre kompetente myndigheder og ESMA eller, for så vidt angår aktivbaserede tokens og e-pengetokens, EBA, meddelelse enten skriftligt eller via et andet medium, som myndighederne har aftalt, om følgende:
a)
det kryptoaktiv eller den aktivitet eller praksis, som den foreslåede foranstaltning vedrører
b)
den nøjagtige karakter af det foreslåede forbud eller den foreslåede begrænsning, og hvornår det eller den påtænkes at få virkning, og
c)
den dokumentation, der ligger til grund for dens afgørelse, og hvormed den finder det godtgjort, at hver af betingelserne i første afsnit i stk. 2 er opfyldt.
4.   I særlige tilfælde, hvor den kompetente myndighed finder det nødvendigt for at forhindre skadelige virkninger som følge af det kryptoaktiv, den aktivitet eller den praksis, der er omhandlet i stk. 1, kan den kompetente myndighed træffe en omgående foranstaltning på et foreløbigt grundlag med mindst 24 timers skriftligt varsel til alle de øvrige kompetente myndigheder og ESMA, inden foranstaltningen påtænkes at få virkning, såfremt alle kriterierne i denne artikel er opfyldt, og det desuden klart er fastslået, at en meddelelsesfrist på en måned ikke i tilstrækkelig grad vil kunne imødegå det specifikke problem eller den specifikke trussel. Varigheden af foranstaltninger, der træffes på et foreløbigt grundlag, må ikke overstige tre måneder.
5.   Den kompetente myndighed skal på sit websted offentliggøre en meddelelse om en afgørelse om at indføre et forbud eller en begrænsning som omhandlet i stk. 1. Meddelelsen skal indeholde nærmere oplysninger om det forbud eller den begrænsning, der indføres, og angive det tidspunkt efter meddelelsens offentliggørelse, hvor foranstaltningerne får virkning, og den dokumentation, der ligger til grund for den kompetente myndigheds afgørelse, og hvormed den finder det godtgjort, at hver af betingelserne i stk. 2, første afsnit, er opfyldt. Et forbud eller en begrænsning gælder kun for aktiviteter, efter at foranstaltningerne har fået virkning.
6.   Den kompetente myndighed tilbagekalder et forbud eller en begrænsning, hvis betingelserne i stk. 2 ikke længere er opfyldt.
7.   Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 139 med henblik på at supplere denne forordning ved at præcisere de kriterier og faktorer, som de kompetente myndigheder skal tage hensyn til ved afgørelsen af, om der er væsentlige problemer med hensyn til investorbeskyttelsen eller en trussel mod den ordnede funktion og integritet af markederne for kryptoaktiver eller råvaremarkeder eller mod stabiliteten af hele eller dele af det finansielle system i mindst én medlemsstat med henblik på nærværende artikels stk. 2, første afsnit, litra a).
Artikel 106
Samarbejde med ESMA eller EBA
1.   ESMA eller, for så vidt angår aktivbaserede tokens og e-pengetokens, EBA, spiller en fremmende og koordinerende rolle i forbindelse med foranstaltninger, der træffes af kompetente myndigheder i henhold til artikel 105. ESMA eller, for så vidt angår aktivbaserede tokens og e-pengetokens, EBA, sikrer, at foranstaltninger truffet af en kompetent myndighed er berettigede og forholdsmæssige, og at de kompetente myndigheder anvender en konsekvent tilgang, hvor det er relevant.
2.   Efter at have modtaget meddelelsen i overensstemmelse med artikel 105, stk. 3, om en foranstaltning, der skal træffes i henhold til nævnte artikel, afgiver ESMA eller, for så vidt angår aktivbaserede tokens og e-pengetokens, EBA, en udtalelse om, hvorvidt forbuddet eller begrænsningen er berettiget og forholdsmæssig. Mener ESMA eller, for så vidt angår aktivbaserede tokens eller e-pengetokens, EBA, at det er nødvendigt, at andre kompetente myndigheder træffer en foranstaltning for at imødegå risikoen, skal den også angive dette i sin udtalelse. Udtalelsen offentliggøres på ESMA's websted eller, for så vidt angår aktivbaserede tokens og e-pengetokens, på EBA's websted.
3.   Hvis en kompetent myndighed foreslår at træffe, træffer eller afviser at træffe foranstaltninger i strid med den udtalelse, der er afgivet af ESMA eller EBA i henhold til stk. 2, skal denne myndighed straks offentliggøre en meddelelse med en fyldestgørende redegørelse herfor på sit websted.
Artikel 107
Samarbejde med tredjelande
1.   Medlemsstaternes kompetente myndigheder indgår, hvor det er nødvendigt, samarbejdsordninger med tilsynsmyndigheder i tredjelande om udveksling af oplysninger med disse tredjelandes tilsynsmyndigheder og håndhævelse af de i denne forordning fastsatte forpligtelser i disse tredjelande. Disse samarbejdsordninger skal som minimum sikre en effektiv udveksling af oplysninger, som gør det muligt for de kompetente myndigheder at varetage deres opgaver i henhold til denne forordning.
En kompetent myndighed skal underrette EBA, ESMA og de andre kompetente myndigheder, når den påtænker at indgå en sådan ordning.
2.   Når det er muligt, fremmer og koordinerer ESMA i tæt samarbejde med EBA udviklingen af samarbejdsordninger mellem medlemsstaternes kompetente myndigheder og de relevante tilsynsmyndigheder i tredjelande.
3.   I tæt samarbejde med EBA udarbejder ESMA udkast til reguleringsmæssige tekniske standarder, der fastsætter en dokumentskabelon til de i stk. 1 omhandlede samarbejdsordninger, som skal anvendes af medlemsstaternes kompetente myndigheder, når det er muligt.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
4.   Når det er muligt, fremmer og koordinerer ESMA i tæt samarbejde med EBA også udvekslingen mellem medlemsstaternes kompetente myndigheder af oplysninger, der er modtaget fra tilsynsmyndigheder i tredjelande, og som kan være relevante, når der skal træffes foranstaltninger i henhold til kapitel 3 i dette afsnit.
5.   De kompetente myndigheder kan kun indgå samarbejdsordninger om udveksling af oplysninger med tilsynsmyndigheder i tredjelande, hvis de videregivne oplysninger er omfattet af en tavshedspligt, som mindst svarer til den, der er fastsat i artikel 100. En sådan udveksling af oplysninger skal ske med henblik på de pågældende kompetente myndigheders varetagelse af deres opgaver i henhold til denne forordning.
Artikel 108
De kompetente myndigheders behandling af klager
1.   De kompetente myndigheder indfører procedurer, der giver kunder og andre interesserede parter, herunder forbrugerorganisationer, mulighed for at indgive klager til dem vedrørende formodede overtrædelser af denne forordning begået af udbydere, personer, der anmoder om optagelse til handel af kryptoaktiver, udstedere af aktivbaserede tokens eller e-pengetokens eller kryptoaktivtjenesteudbydere. Klager skal indgives skriftligt, herunder elektronisk, og på et officielt sprog i den medlemsstat, hvor klagen indgives, eller på et sprog, der accepteres af denne medlemsstats kompetente myndigheder.
2.   Oplysninger om de i nærværende artikels stk. 1 omhandlede klagebehandlingsprocedurer gøres tilgængelige på hver enkelt kompetent myndigheds websted og meddeles til EBA og ESMA. ESMA offentliggør hyperlinks til de afsnit, der vedrører klagebehandlingsprocedurer, på de kompetente myndigheders websteder i den i artikel 109 omhandlede kryptoaktivfortegnelse.
KAPITEL 2
ESMA-fortegnelse
Artikel 109
Fortegnelse over hvidbøger om kryptoaktiver, udstedere af aktivbaserede tokens og e-pengetokens og udbydere af kryptoaktivtjenester
1.   ESMA opretter en fortegnelse over:
a)
hvidbøger om kryptoaktiver med hensyn til andre kryptoaktiver end aktivbaserede tokens og e-pengetokens
b)
udstedere af aktivbaserede tokens
c)
udstedere af e-pengetokens, og
d)
udbydere af kryptoaktivtjenester
ESMA's fortegnelse skal være offentligt tilgængeligt fra ESMA's websted og opdateres regelmæssigt. Med henblik på at lette sådan opdatering meddeler den kompetente myndighed ESMA enhver ændring meddelt til dem vedrørende oplysningerne anført i stk. 2-5.
De kompetente myndigheder forelægger ESMA de data, der er nødvendige for klassificeringen af hvidbøger om kryptoaktiver i fortegnelsen, jf. stk. 8.
2.   For så vidt angår hvidbøger om kryptoaktiver med hensyn til andre kryptoaktiver end aktivbaserede tokens eller e-pengetokens skal fortegnelsen indeholde hvidbøgerne om kryptoaktiver og eventuelle ændrede hvidbøger om kryptoaktiver. Eventuelle forældede versioner af hvidbøgerne om kryptoaktiver opbevares i et særskilt arkiv og mærkes tydeligt som forældede versioner.
3.   For så vidt angår udstedere af aktivbaserede tokens skal fortegnelsen indeholde følgende oplysninger:
a)
udstederens navn, juridiske form og, identifikator for den juridiske enhed
b)
udstederens handelsnavn, fysiske adresse, telefonnummer, e-mail og websted
c)
hvidbøgerne om kryptoaktiver og eventuelle ændrede hvidbøger om kryptoaktiver, idet de forældede udgaver af hvidbøgerne om kryptoaktiver opbevares i et særskilt arkiv og tydeligt markeres som forældede
d)
listen over værtslande, hvor den ansøgende udsteder agter at udbyde en aktivbaseret token til offentligheden eller agter at søge om optagelse til handel af de aktivbaserede tokens.
e)
begyndelsesdatoen eller, hvis denne ikke er tilgængelig på tidspunktet for meddelelsen fra den kompetente myndighed, den påtænkte dato for udbud til offentligheden eller optagelse til handel
f)
enhver anden form for tjeneste, der leves af udstederen, og som ikke er omfattet af denne forordning, med en henvisning til den relevante EU-ret eller nationale ret
g)
datoen for tilladelsen til at udbyde til offentligheden eller anmode om optagelse til handel af en aktivbaseret token eller som et kreditinstitut og, hvor det er relevant, for inddragelse af hver af tilladelserne.
4.   For så vidt angår udstedere af e-pengetokens skal fortegnelsen indeholde følgende oplysninger:
a)
udstederens navn, juridiske form og, identifikator for den juridiske enhed
b)
udstederens handelsnavn, fysiske adresse, telefonnummer, e-mail og websted
c)
hvidbøgerne om kryptoaktiver og eventuelle ændrede hvidbøger om kryptoaktiver, idet de forældede udgaver af hvidbøgerne om kryptoaktiver opbevares i et særskilt arkiv og tydeligt markeres som forældede
d)
begyndelsesdatoen eller, hvis denne ikke er tilgængelig på tidspunktet for meddelelsen fra den kompetente myndighed, den påtænkte dato for udbuddet til offentligheden eller optagelsen til handel
e)
enhver anden form for tjeneste, der leves af udstederen, og som ikke er omfattet af denne forordning, med en henvisning til den relevante EU-ret eller nationale ret
f)
datoen for tilladelsen som et kreditinstitut eller som et e-pengeinstitut og, hvor det er relevant, for inddragelse af denne tilladelse.
5.   For så vidt angår udbydere af kryptoaktivtjenester skal fortegnelsen indeholde følgende oplysninger:
a)
kryptoaktivtjenesteudbyderens navn, juridiske form og, identifikator for den juridiske enhed og, hvor det er relevant, kryptoaktivtjenesteudbyderens filialer
b)
kryptoaktivtjenesteudbyderens handelsnavn, fysiske adresse, telefonnummer, e-mail og websted og, hvor det er relevant, den handelsplatform for kryptoaktiver, der drives af kryptoaktivtjenesteudbyderen
c)
navn og adresse på den kompetente myndighed, der har meddelt tilladelse, og dennes kontaktoplysninger
d)
listen over de kryptoaktivtjenester, som udbyderen af kryptoaktivtjenester leverer
e)
listen over værtslande, hvor kryptoaktivtjenesteudbyderen agter at levere kryptoaktivtjenester.
f)
begyndelsesdatoen eller, hvis denne ikke er tilgængelig på tidspunktet for meddelelsen fra den kompetente myndighed, den påtænkte dato for leveringen af kryptoaktivtjenester
g)
enhver anden form for tjeneste, der leveres af udbyderen af kryptoaktivtjenester, og som ikke er omfattet af denne forordning, med en henvisning til den relevante EU-ret eller nationale ret
h)
datoen for tilladelsen og, hvor det er relevant, for inddragelse af tilladelsen.
6.   De kompetente myndigheder underretter straks ESMA om de foranstaltninger, der er anført i artikel 94, stk. 1, første afsnit, litra b), c), f), l), m), n), o) eller t), og de offentlige retsbevarende foranstaltninger, der er truffet i henhold til artikel 102, og som påvirker leveringen af kryptoaktivtjenester eller udstedelsen, udbuddet til offentligheden eller anvendelsen af kryptoaktiver. ESMA medtager disse oplysninger i fortegnelsen.
7.   Enhver inddragelse af en tilladelse til en udsteder af en aktivbaseret token, en udsteder af en e-pengetoken eller en udbyder af kryptoaktivtjenester og enhver foranstaltning, der er meddelt i overensstemmelse med stk. 6, forbliver offentliggjort i fortegnelsen i fem år.
8.   ESMA udarbejder udkast til reguleringsmæssige tekniske standarder med henblik på yderligere at præcisere de data, der er nødvendige for klassificeringen efter type af kryptoaktiv af hvidbøger om kryptoaktiver, herunder identifikatorerne for juridiske enheder, i fortegnelsen, og at præcisere de praktiske ordninger for at sikre, at sådanne data er maskinlæsbare.
ESMA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige tekniske standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelse til at supplere denne forordning ved at vedtage de i nærværende stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1095/2010.
Artikel 110
Fortegnelse over enheder, der ikke opfylder kravene, og som leverer kryptoaktivtjenester
1.   ESMA opretter en ikkeudtømmende fortegnelse over enheder, der leverer kryptoaktivtjenester i strid med artikel 59 eller 61.
2.   Fortegnelsen skal som minimum indeholde handelsnavnet på eller webstedet for den enhed, der ikke opfylder kravene, og navnet på den kompetente myndighed, der har indgivet oplysningerne.
3.   Fortegnelsen skal være offentligt tilgængeligt på ESMA's websted i et maskinlæsbart format og ajourføres regelmæssigt for at tage hensyn til eventuelle ændringer i omstændighederne eller oplysninger, som ESMA får kendskab til vedrørende de registrerede enheder, der ikke opfylder kravene. Fortegnelsen skal give centraliseret adgang til de oplysninger, der indgives af de kompetente myndigheder i medlemsstaterne eller tredjelande samt fra EBA.
4.   ESMA ajourfører fortegnelsen for at medtage oplysninger om ethvert tilfælde af overtrædelse af denne forordning, der er konstateret på eget initiativ i overensstemmelse med artikel 17 i forordning (EU) nr. 1095/2010, og hvor ESMA har vedtaget en afgørelse i henhold til nævnte artikels stk. 6 vedrørende en enhed, der ikke opfylder kravene, og som udbyder kryptoaktivtjenester, eller oplysninger om enheder, der leverer kryptoaktivtjenester uden den nødvendige tilladelse eller registrering indgivet af de relevante tilsynsmyndigheder i tredjelande.
5.   I de tilfælde, der er omhandlet i stk. 4, kan ESMA anvende de kompetente myndigheders relevante tilsyns- og undersøgelsesbeføjelser som omhandlet i artikel 94, stk. 1, på enheder, der ikke opfylder kravene, og som udbyder kryptoaktivtjenester.
KAPITEL 3
Kompetente myndigheders administrative sanktioner og andre administrative foranstaltninger
Artikel 111
Administrative sanktioner og andre administrative foranstaltninger
1.   Uden at det berører nogen strafferetlige sanktioner, og uden at det berører de kompetente myndigheders tilsyns- og undersøgelsesbeføjelser, der er anført i artikel 94, fastsætter medlemsstaterne i overensstemmelse med national ret bestemmelser om, at kompetente myndigheder har beføjelse til at pålægge passende administrative sanktioner og træffe andre passende administrative foranstaltninger vedrørende som minimum følgende overtrædelser:
a)
overtrædelser af artikel 4-14
b)
overtrædelser af artikel 16, 17, 19, 22, 23, 25, 27-41 og artikel 46 og 47
c)
overtrædelser af artikel 48-51, 53-54 og 55
d)
overtrædelser af artikel 59, 60, 64 og 65-83
e)
overtrædelser af artikel 88-92
f)
manglende samarbejde ved eller samtykke til en undersøgelse eller et kontrolbesøg eller en anmodning herom, som omhandlet i artikel 94, stk. 3.
Medlemsstaterne kan beslutte at undlade at fastsætte regler for administrative sanktioner, hvis overtrædelserne omhandlet i første afsnits litra a), b), c), d) eller e) allerede er underlagt strafferetlige sanktioner i deres nationale ret senest den 30. juni 2024. Hvis de beslutter dette, skal medlemsstaterne i detaljer meddele Kommissionen, ESMA og EBA de relevante dele af deres strafferet.
Medlemsstaterne meddeler senest den 30. juni 2024 i detaljer Kommissionen, EBA og ESMA de i første og andet afsnit omhandlede bestemmelser. De giver også omgående Kommissionen, ESMA og EBA meddelelse om eventuelle senere ændringer af disse.
2.   Medlemsstaterne sikrer i overensstemmelse med national ret, at de kompetente myndigheder har beføjelser til som minimum at pålægge følgende administrative sanktioner og andre administrative foranstaltninger i forbindelse med de i stk. 1, første afsnit, litra a)-d) omhandlede overtrædelser:
a)
en offentlig meddelelse, hvori den ansvarlige fysiske eller juridiske person og overtrædelsens art nævnes
b)
en retsafgørelse, hvorefter det pålægges den ansvarlige fysiske person eller juridiske person at bringe den adfærd, der udgør en overtrædelse, til ophør og at afholde sig fra at gentage en sådan adfærd
c)
administrative maksimumsbøder på mindst det dobbelte af den fortjeneste, der er opnået, eller af det tab, der er undgået, som følge af overtrædelsen, såfremt disse beløb kan beregnes, selv om det måtte overstige de maksimumsbeløb, der er fastsat i nærværende stykkes litra d) for så vidt angår fysiske personer eller i stk. 3 for så vidt angår juridiske personer
d)
for en fysisk person, administrative maksimumsbøder på mindst 700 000 EUR eller i medlemsstater, hvor euroen ikke er den officielle valuta, den tilsvarende værdi i den officielle valuta den 29. juni 2023.
3.   Medlemsstaterne sikrer i overensstemmelse med deres nationale ret, at de kompetente myndigheder i forbindelse med overtrædelser begået af juridiske personer har beføjelse til at pålægge administrative maksimumbøder på mindst:
a)
5 000 000 EUR eller i medlemsstater, hvor euroen ikke er den officielle valuta, den tilsvarende værdi i den officielle valuta den 29. juni 2023 for de overtrædelser, der er omhandlet i stk. 1, første afsnit, litra a)-d)
b)
3 % af den juridiske persons samlede årsomsætning ifølge de seneste tilgængelige regnskaber, som ledelsesorganet har godkendt, i forbindelse med de overtrædelser, der er omhandlet i stk. 1, første afsnit, litra a)
c)
5 % af den juridiske persons samlede årsomsætning ifølge de seneste tilgængelige regnskaber, som ledelsesorganet har godkendt, i forbindelse de overtrædelser, der er omhandlet i stk. 1, første afsnit, litra d)
d)
12,5 % af den juridiske persons samlede årsomsætning ifølge de seneste tilgængelige regnskaber, som ledelsesorganet har godkendt, i forbindelse med de overtrædelser, der er omhandlet i stk. 1, første afsnit, litra b) og c).
Hvis den juridiske person, der er omhandlet i litra a)-d) i første afsnit, er et moderselskab eller et datterselskab af et moderselskab, der skal udarbejde konsoliderede regnskaber i overensstemmelse med direktiv 2013/34/EU, er den relevante samlede årsomsætning den samlede årsomsætning eller den tilsvarende indkomsttype i overensstemmelse med gældende EU-ret på regnskabsområdet ifølge det seneste tilgængelige konsoliderede regnskab, som det endelige moderselskabs ledelsesorgan har godkendt.
4.   Ud over de administrative sanktioner og andre administrative foranstaltninger og de administrative bøder omhandlet i stk. 2 og 3 sikrer medlemsstaterne i overensstemmelse med deres nationale ret, at de kompetente myndigheder har beføjelser til i tilfælde af de i stk. 1, første afsnit, litra d), anførte overtrædelser at pålægge et midlertidigt forbud mod, at et medlem af kryptoaktivtjenesteudbyderens ledelsesorgan eller en hvilken som helst anden fysisk person, der holdes ansvarlig for overtrædelsen, varetager ledelsesfunktioner hos kryptoaktivtjenesteudbyderen.
5.   Medlemsstaterne sikrer i overensstemmelse med deres nationale ret, at de kompetente myndigheder har beføjelser til i tilfælde af de i stk. 1, første afsnit, litra e), anførte overtrædelser mindst at pålægge følgende administrative sanktioner og mindst at træffe følgende administrative foranstaltninger:
a)
en offentlig meddelelse, hvori den ansvarlige fysiske eller juridiske person og overtrædelsens art nævnes
b)
en retsafgørelse, hvorefter det pålægges den ansvarlige fysiske eller juridiske person at bringe den adfærd, der udgør overtrædelsen, til ophør og at afholde sig fra at gentage en sådan adfærd
c)
udlevering af et beløb svarende til den fortjeneste, der er opnået, eller det tab, der er undgået, som følge af overtrædelsen, for så vidt at dette kan beregnes
d)
inddragelse eller suspension af en kryptoaktivtjenesteudbyders tilladelse
e)
et midlertidigt forbud mod, at et medlem af kryptoaktivtjenesteudbyderens ledelsesorgan eller en hvilken som helst anden fysisk person, der er ansvarlig for overtrædelsen, varetager ledelsesfunktioner hos kryptoaktivtjenesteudbydere
f)
i tilfælde af en gentagen overtrædelse af artikel 89, 90, 91 eller 92, et forbud på mindst ti år mod, at et medlem af kryptoaktivtjenesteudbyderens ledelsesorgan eller en hvilken som helst anden fysisk person, der er ansvarlig for overtrædelsen, varetager ledelsesfunktioner hos kryptoaktivtjenesteudbyderen
g)
et midlertidigt forbud mod, at et medlem af kryptoaktivtjenesteudbyderens ledelsesorgan eller en hvilken som helst anden fysisk person, der er ansvarlig for overtrædelsen, handler for egen regning
h)
administrative maksimumsbøder på mindst tre gange den fortjeneste, der er opnået, eller af det tab, der er undgået, som følge af overtrædelsen, såfremt disse beløb kan beregnes, selv om det måtte overstige de maksimumsbeløb, der er fastsat i litra i) eller j), alt efter hvad der er relevant
i)
for en fysisk person, administrative maksimumsbøder på mindst 1 000 000 EUR for overtrædelser af artikel 88 og 5 000 000 EUR for overtrædelser af artikel 89-92 eller i medlemsstater, hvor euroen ikke er den officielle valuta, den tilsvarende værdi i den officielle valuta den 29. juni 2023
j)
for juridiske personer, administrative maksimumsbøder på mindst 2 500 000 EUR for overtrædelser af artikel 88 og 15 000 000 EUR for overtrædelser af artikel 89-92 eller 2 % for overtrædelser af artikel 88 og 15 % for overtrædelser af artikel 89-92 af den juridiske persons samlede årsomsætning ifølge de seneste foreliggende regnskaber, som ledelsesorganet har godkendt, eller i medlemsstater, hvor euroen ikke er den officielle valuta, den tilsvarende værdi i den officielle valuta den 29. juni 2023.
For så vidt angår litra j) i første afsnit er den relevante samlede årsomsætning, hvis den juridiske person er et moderselskab eller et datterselskab af et moderselskab, der skal udarbejde konsoliderede regnskaber i overensstemmelse med direktiv 2013/34/EU, den samlede årsomsætning eller den tilsvarende indkomsttype i overensstemmelse med gældende EU-ret på regnskabsområdet ifølge det seneste tilgængelige konsoliderede regnskab, som det øverste moderselskabs ledelsesorgan har godkendt.
6.   Medlemsstaterne kan fastsætte, at de kompetente myndigheder har andre beføjelser ud over de i stk. 2-5 omhandlede, og kan for både fysiske og juridiske personer, der er ansvarlige for overtrædelsen, fastsætte strengere sanktioner end dem, der er fastsat i nævnte stykker.
Artikel 112
Udøvelse af tilsynsbeføjelser og beføjelser til at pålægge sanktioner
1.   De kompetente myndigheder tager ved valget af arten af og niveauet for en administrativ sanktion eller anden administrativ foranstaltning, der skal pålægges i overensstemmelse med artikel 111, hensyn til alle relevante omstændigheder, herunder, hvor det er relevant:
a)
overtrædelsens grovhed og varighed
b)
hvorvidt overtrædelsen er begået forsætligt eller uagtsomt
c)
graden af ansvar hos den fysiske eller juridiske person, der er ansvarlig for overtrædelsen
d)
den finansielle styrke hos den fysiske eller juridiske person, der er ansvarlig for overtrædelsen, med udgangspunkt i den ansvarlige juridiske persons samlede omsætning eller den ansvarlige fysiske persons årsindkomst og nettoaktiver
e)
størrelsen af den fortjeneste, den fysiske eller juridiske person, der er ansvarlig for overtrædelsen, har opnået eller det tab, den fysiske eller juridiske person, der er ansvarlig for overtrædelsen, har undgået, såfremt disse beløb kan beregnes
f)
de tab for tredjepart, som kan tilskrives overtrædelsen, såfremt disse beløb kan beregnes
g)
viljen hos den fysiske eller juridiske person, der er ansvarlig for overtrædelsen, til at samarbejde med den kompetente myndighed, uden at det dog tilsidesætter kravet om tilbagebetaling af den pågældende persons fortjeneste eller undgåede tab
h)
overtrædelser af denne forordning, som den fysiske eller juridiske person, der er ansvarlig for overtrædelsen, tidligere har begået
i)
foranstaltninger, som den for overtrædelsen ansvarlige person træffer for at forhindre en gentagelse heraf
j)
overtrædelsens indvirkning på interesserne hos indehavere af kryptoaktiver og kunder hos udbydere af kryptoaktiver, navnlig private indehavere.
2.   Ved udøvelsen af deres beføjelser til at pålægge administrative sanktioner og andre administrative foranstaltninger efter artikel 111 samarbejder de kompetente myndigheder tæt for at sikre, at udøvelsen af deres tilsyns- og undersøgelsesbeføjelser og de administrative sanktioner og andre administrative foranstaltninger, som de pålægger, er effektive og hensigtsmæssige. De samordner deres indsats med henblik på at undgå dobbeltarbejde og overlapning ved udøvelsen af deres tilsyns- og undersøgelsesbeføjelser, og når de pålægger administrative sanktioner og andre administrative foranstaltninger i grænseoverskridende sager.
Artikel 113
Klageadgang
1.   Medlemsstaterne sikrer, at de kompetente myndigheders afgørelser, der er truffet i medfør af denne forordning, er behørigt begrundet og kan prøves ved en domstol. Retten til at indbringe en afgørelse for en domstol gælder også, hvis der ikke er truffet en afgørelse senest seks måneder efter indgivelsen af en ansøgning om tilladelse, der indeholder alle de i henhold til gældende bestemmelser krævede oplysninger.
2.   Medlemsstaterne fastsætter, at et eller flere af følgende organer, som fastlagt i national ret, i forbrugernes interesse og i overensstemmelse med national ret kan indbringe en sag for domstolene eller de kompetente administrative myndigheder for at sikre, at denne forordning anvendes:
a)
offentlige organer eller deres repræsentanter
b)
forbrugerorganisationer, der har en legitim interesse i at beskytte indehavere af kryptoaktiver
c)
faglige organisationer, der har en legitim interesse i at beskytte deres medlemmer.
Artikel 114
Offentliggørelse af afgørelser
1.   En afgørelse, som pålægger en administrativ sanktion og andre administrative foranstaltninger for overtrædelse af denne forordning i overensstemmelse med artikel 111, offentliggøres af de kompetente myndigheder på deres officielle websted uden unødig forsinkelse efter, at den fysiske eller juridiske person, der er genstand for afgørelsen, er underrettet om afgørelsen. Offentliggørelsen omfatter som minimum oplysninger om overtrædelsens type og art og identiteten på de fysiske eller juridiske personer, som er ansvarlige. Afgørelser om indførelse af foranstaltninger, der er af undersøgelsesmæssig karakter, skal ikke offentliggøres.
2.   Når offentliggørelse af juridiske personers identitet eller af fysiske personers identitet eller personoplysninger af den kompetente myndighed anses for at være uforholdsmæssig efter en individuel vurdering af proportionaliteten af offentliggørelsen af sådanne oplysninger, eller når sådan offentliggørelse ville udgøre en trussel mod en igangværende efterforskning, skal de kompetente myndigheder enten:
a)
udsætte offentliggørelsen af afgørelsen om at pålægge en administrativ sanktion eller anden administrativ foranstaltning, indtil grunden til at undlade offentliggørelse er ophørt med at eksistere
b)
offentliggøre afgørelsen om at pålægge en administrativ sanktion eller anden administrativ foranstaltning anonymt på en måde, der er i overensstemmelse med den nationale ret, hvis en sådan anonym offentliggørelse sikrer effektiv beskyttelse af de pågældende personoplysninger, eller
c)
undlade at offentliggøre afgørelsen om at pålægge en administrativ sanktion eller anden administrativ foranstaltning, hvis mulighederne i litra a) og b) anses for at være utilstrækkelige til at sikre:
i)
at der ikke er risiko for de finansielle markeders stabilitet
ii)
proportionaliteten af offentliggørelsen af en sådan afgørelse for så vidt angår foranstaltninger, der anses at være af mindre karakter.
Ved en afgørelse om anonym offentliggørelse af en administrativ sanktion eller anden administrativ foranstaltning som omhandlet i første afsnit, litra b), kan offentliggørelsen af de relevante oplysninger udsættes i en rimelig periode, hvis det forudses, at grundene til anonym offentliggørelse i det tidsrum vil ophøre med at eksistere.
3.   Hvis afgørelsen om at pålægge en administrativ sanktion eller anden administrativ foranstaltning er appelleret til de relevante domstole eller administrative organer, offentliggør de kompetente myndigheder straks sådanne oplysninger på deres officielle websted sammen med eventuelle efterfølgende oplysninger om udfaldet af en sådan appel. En afgørelse, der annullerer en tidligere afgørelse om at pålægge en administrativ sanktion eller anden administrativ foranstaltning, offentliggøres også.
4.   De kompetente myndigheder sørger for, at en offentliggørelse i henhold til denne artikel forbliver på deres officielle websted i mindst fem år efter offentliggørelsen. Personoplysninger indeholdt i offentliggørelsen forbliver kun på den kompetente myndigheds officielle websted i det tidsrum, hvor det er nødvendigt, i overensstemmelse med de gældende databeskyttelsesregler.
Artikel 115
Indberetning af administrative sanktioner og andre administrative foranstaltninger til ESMA og EBA
1.   Den kompetente myndighed giver årligt ESMA og EBA sammenfattede oplysninger om alle administrative sanktioner og andre administrative foranstaltninger, der er pålagt i overensstemmelse med artikel 111. ESMA offentliggør oplysningerne i en årlig rapport.
Hvis en medlemsstat har fastlagt strafferetlige sanktioner i henhold til artikel 111, stk. 1, andet afsnit, for overtrædelser af de i nævnte afsnit omhandlede bestemmelser, forsyner dens kompetente myndigheder årligt EBA og ESMA med anonymiserede og sammenfattede oplysninger vedrørende alle relevante strafferetlige efterforskninger, der er iværksat, og strafferetlige sanktioner, der er pålagt. ESMA offentliggør oplysninger om pålagte strafferetlige sanktioner i en årlig rapport.
2.   Har den kompetente myndighed offentliggjort administrative sanktioner, andre administrative foranstaltninger eller strafferetlige sanktioner, indberetter den dem samtidigt til ESMA.
3.   De kompetente myndigheder underretter EBA og ESMA om alle de administrative sanktioner eller andre administrative foranstaltninger, der pålægges, men ikke offentliggøres, herunder eventuelle klager i denne forbindelse og udfaldet af disse. Medlemsstaterne sikrer, at de kompetente myndigheder modtager oplysninger og den endelige dom i forbindelse med eventuelle strafferetlige sanktioner, der pålægges, og videregiver disse oplysninger til EBA og ESMA. ESMA driver en central database over sanktioner og administrative foranstaltninger, der indberettes til den, udelukkende med henblik på udveksling af oplysninger mellem kompetente myndigheder. Kun EBA, ESMA og de kompetente myndigheder må have adgang til databasen, og den skal ajourføres på baggrund af de oplysninger, som de kompetente myndigheder indberetter.
Artikel 116
Indberetning af overtrædelser og beskyttelse af indberettende personer
Direktiv (EU) 2019/1937 finder anvendelse på indberetning af overtrædelser af denne forordning og beskyttelse af personer, der indberetter sådanne overtrædelser.
KAPITEL 4
EBA's tilsynsansvar over for udstedere af signifikante aktivbaserede tokens og signifikante e-pengetokens samt tilsynskollegier
Artikel 117
EBA's tilsynsansvar over for udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens
1.   Hvis en aktivbaseret token er blevet klassificeret som signifikant i overensstemmelse med artikel 43 eller 44, skal udstederen af en sådan aktivbaseret token udføre sine aktiviteter under EBA's tilsyn.
Uden at det berører de nationale kompetente myndigheders beføjelser i henhold til nærværende artikels stk. 2, udøver EBA de kompetente myndigheders beføjelser i henhold til artikel 22-25, 29 og 33, artikel 34, stk. 7 og 12, artikel 35, stk. 3 og 5, artikel 36, stk. 10, og artikel 41, 42, 46 og 47, for så vidt angår udstedere af signifikante aktivbaserede tokens.
2.   Hvis en udsteder af en signifikant aktivbaseret token også leverer kryptoaktivtjenester eller udsteder kryptoaktiver, som ikke er signifikante aktivbaserede tokens, forbliver sådanne tjenester og aktiviteter under tilsyn af den kompetente myndighed i hjemlandet.
3.   Hvis en aktivbaseret token er blevet klassificeret som signifikant i overensstemmelse med artikel 43, foretager EBA en fornyet tilsynsmæssig vurdering for at sikre, at udstederen heraf opfylder kravene i afsnit III.
4.   Hvis en e-pengetoken, der er blevet udstedt af et e-pengeinstitut, er blevet klassificeret som signifikant i overensstemmelse med artikel 56 eller 57, fører EBA tilsyn med, at udstederen af en sådan signifikant e-pengetoken overholder kravene i artikel 55 og 58.
Med henblik på tilsyn med overholdelse af artikel 55 og 58 udøver EBA de beføjelser, der er tillagt de kompetente myndigheder i henhold til artikel 22 og 23, artikel 24, stk. 3, artikel 35, stk. 3 og 5, artikel 36, stk. 10, og artikel 46 og 47, for så vidt angår e-pengeinstitutter, der udsteder signifikante aktivbaserede tokens.
5.   EBA udøver sine tilsynsbeføjelser i henhold til stk. 1-4 i tæt samarbejde med andre tilsynsmyndigheder, der er ansvarlige for tilsynet med udstederen af kryptoaktiver, navnlig:
a)
tilsynsmyndigheden, herunder ECB, hvis det er relevant, i henhold til forordning (EU) nr. 1024/2013
b)
de relevante kompetente myndigheder i henhold til national ret til gennemførelse af direktiv 2009/110/EF, hvor det er relevant
c)
de kompetente myndigheder, der er omhandlet i artikel 20, stk. 1.
Artikel 118
EBA's udvalg for kryptoaktiver
1.   EBA nedsætter i overensstemmelse med artikel 41 i forordning (EU) nr. 1093/2010 et permanent internt udvalg, der har til opgave at forberede afgørelser, som EBA skal træffe i henhold til artikel 44 i nævnte forordning, herunder afgørelser vedrørende de tilsynsopgaver, som er blevet pålagt EBA i medfør af nærværende forordning.
2.   Udvalget for kryptoaktiver kan også udarbejde afgørelser relateret til udkast til reguleringsmæssige tekniske standarder og udkast til gennemførelsesmæssige tekniske standarder, der vedrører tilsynsopgaver, som er blevet pålagt EBA i medfør af denne forordning.
3.   EBA sikrer, at udvalget for kryptoaktiver kun udfører de aktiviteter, der er omhandlet i stk. 1 og 2, og alle andre opgaver, der er nødvendige for udførelsen af dets aktiviteter i forbindelse med kryptoaktiver.
Artikel 119
Kollegier for udstedere af signifikante aktivbaserede tokens og signifikante e-pengetokens
1.   EBA opretter, forvalter og leder inden for 30 kalenderdage efter en afgørelse om at klassificere en aktivbaseret token eller en e-pengetoken som signifikant i henhold til artikel 43, 44, 56 eller 57, alt efter hvad der er relevant, et rådgivende tilsynskollegium for hver udsteder af en signifikant aktivbaseret token eller en signifikant e-pengetoken for at lette udførelsen af tilsynsopgaver og virke som et middel til at koordinere tilsynsaktiviteterne i henhold til denne forordning.
2.   Et tilsynskollegium som omhandlet i stk. 1 består af:
a)
EBA
b)
ESMA
c)
de kompetente myndigheder i hjemlandet, hvor udstederen af den signifikante aktivbaserede token eller den signifikante e-pengetoken har hjemsted
d)
de kompetente myndigheder for de mest relevante udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber, der sikrer deponeringen af reserven af aktiver i overensstemmelse med artikel 37, eller af de midler, der er modtaget til gengæld for de signifikante e-pengetokens
e)
hvor det er relevant, de kompetente myndigheder for de mest relevante handelsplatforme for kryptoaktiver, hvor de signifikante aktivbaserede tokens eller de signifikante e-pengetokens er optaget til handel
f)
de kompetente myndigheder for de mest relevante betalingstjenesteudbydere, som udbyder betalingstjenester i forbindelse med signifikante e-pengetokens
g)
hvor det er relevant, de kompetente myndigheder for de enheder, der varetager de funktioner, der er omhandlet i artikel 34, stk. 5, første afsnit, litra h)
h)
hvor det er relevant, de kompetente myndigheder for de mest relevante udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne i forbindelse med de signifikante aktivbaserede tokens eller de signifikante e-pengetokens
i)
ECB
j)
hvis udstederen af den signifikante aktivbaserede token er etableret i en medlemsstat, der ikke har euroen som officiel valuta, eller hvis der henvises til en officiel valuta, der ikke er euroen, ved den signifikante aktivbaserede token, den nationale centralbank i den pågældende medlemsstat
k)
hvis udstederen af den signifikante e-pengetoken er etableret i en medlemsstat, der ikke har euroen som officiel valuta, eller hvis der henvises til en officiel valuta, der ikke er euroen, ved de signifikante e-pengetokens, den nationale centralbank i den pågældende medlemsstat
l)
de kompetente myndigheder i de medlemsstater, hvor den aktivbaserede token eller e-pengetokenen anvendes i stort omfang, efter anmodning fra de kompetente myndigheder
m)
relevante tilsynsmyndigheder i tredjelande, med hvilke EBA har indgået administrative aftaler i overensstemmelse med artikel 126.
3.   EBA kan opfordre andre myndigheder til at være medlemmer af det i stk. 1 omhandlede kollegium, hvis de enheder, de fører tilsyn med, er relevante for kollegiets arbejde.
4.   Den kompetente myndighed i en medlemsstat, der ikke er medlem af kollegiet, kan anmode kollegiet om alle oplysninger, der er relevante for varetagelsen af dens tilsynsopgaver i henhold til denne forordning.
5.   Et kollegium som omhandlet i nærværende artikels stk. 1 skal, uden at det berører kompetente myndigheders ansvar under denne forordning, sikre:
a)
udarbejdelsen af den i artikel 120 omhandlede ikkebindende udtalelse
b)
udveksling af oplysninger i overensstemmelse med denne forordning
c)
en aftale om frivillig overdragelse af opgaver til dets medlemmer.
For at lette udførelsen af de opgaver, som kollegierne er blevet tildelt i henhold til nærværende stykkes første afsnit, har medlemmerne af de i stk. 2 omhandlede kollegier ret til at bidrage til fastsættelsen af dagsordenen for kollegiets møder, navnlig ved at tilføje punkter til dagsordenen for mødet.
6.   Det i stk. 1 omhandlede kollegium oprettes og drives på grundlag af en skriftlig aftale mellem alle dets medlemmer.
Den i første afsnit omhandlede aftale fastsætter de praktiske foranstaltninger for kollegiets drift, herunder de nærmere regler for:
a)
afstemningsprocedurer som omhandlet i artikel 120, stk. 3
b)
procedurerne for fastsættelsen af dagsordenen for kollegiets møder
c)
hyppigheden af kollegiets møder
d)
de passende minimumsfrister for kollegiemedlemmernes vurdering af den relevante dokumentation
e)
de nærmere bestemmelser for kommunikation mellem kollegiets medlemmer
f)
oprettelse af flere kollegier, ét for hvert specifikt kryptoaktiv eller hver specifik gruppe af kryptoaktiver.
I aftalen kan også fastsættes opgaver, der kan betros EBA eller et andet medlem af kollegiet.
7.   Som formand for hvert kollegium skal EBA:
a)
fastlægge skriftlige ordninger og procedurer for kollegiets drift efter høring af de øvrige medlemmer af kollegiet
b)
koordinere alle kollegiets aktiviteter
c)
indkalde til og lede alle dets møder og på forhånd holde medlemmerne af kollegiet fuldt underrettet om afholdelsen af kollegiets møder, de vigtigste emner, der skal drøftes, og de spørgsmål, der skal tages stilling til
d)
underrette medlemmerne af kollegiet om alle planlagte møder, så de kan anmode om at deltage
e)
rettidigt holde medlemmerne af kollegiet underrettet om beslutningerne fra og resultaterne af disse møder.
8.   For at sikre at kollegierne fungerer på en ensartet og sammenhængende måde, udarbejder EBA i samarbejde med ESMA og ECB udkast til reguleringsmæssige standarder, der præciserer:
a)
under hvilke betingelser, de i stk. 2, litra d)-f) og h), omhandlede enheder anses for at være de mest relevante
b)
under hvilke betingelser de aktivbaserede tokens eller e-pengetokens anses for at blive anvendt i stort omfang som omhandlet i stk. 2, litra l), og
c)
nærmere oplysninger om de praktiske foranstaltninger, der er omhandlet i stk. 6.
EBA forelægger de i første afsnit omhandlede udkast til reguleringsmæssige standarder for Kommissionen senest den 30. juni 2024.
Kommissionen tillægges beføjelser til at supplere denne forordning ved at vedtage de i dette stykkes første afsnit omhandlede reguleringsmæssige tekniske standarder i overensstemmelse med artikel 10-14 i forordning (EU) nr. 1093/2010.
Artikel 120
Ikkebindende udtalelser fra kollegierne for udstedere af signifikante aktivbaserede tokens og signifikante e-pengetokens
1.   Et kollegium som omhandlet i artikel 119, stk. 1, kan afgive en ikkebindende udtalelse om følgende:
a)
den i artikel 117, stk. 3, omhandlede fornyede tilsynsmæssige vurdering
b)
enhver afgørelse om at kræve, at en udsteder af en signifikant aktivbaseret token eller en e-pengetoken har et højere kapitalgrundlag, jf. artikel 35, stk. 2, 3 og 5, artikel 45, stk. 5, og artikel 58, stk. 1, alt efter tilfældet
c)
enhver ajourføring af genopretningsplanen eller planen for genindløsning af en udsteder af en signifikant aktivbaseret token eller en udsteder af en signifikant e-pengetoken, jf. artikel 46, 47 og 55, alt efter tilfældet
d)
enhver ændring af forretningsmodellen for udstederen af en signifikant aktivbaseret token, jf. artikel 25, stk. 1
e)
et udkast til en ændring af en hvidbog om kryptoaktiver udarbejdet i overensstemmelse med artikel 25, stk. 2
f)
de passende korrigerende foranstaltninger, der påtænkes truffet i henhold til artikel 25, stk. 4
g)
de tilsynsforanstaltninger, der påtænkes truffet i henhold til artikel 130
h)
enhver påtænkt administrativ aftale om udveksling af oplysninger med en tilsynsmyndighed i et tredjeland i overensstemmelse med artikel 126
i)
uddelegering af tilsynsopgaver fra EBA til en kompetent myndighed i henhold til artikel 138
j)
enhver påtænkt ændring af tilladelsen til eller enhver påtænkt tilsynsforanstaltning for de i artikel 119, stk. 2, litra d)-h), omhandlede medlemmer af kollegiet
k)
et udkast til en ændring af en hvidbog om kryptoaktiver udarbejdet i overensstemmelse med artikel 51, stk. 12.
2.   Hvis kollegiet afgiver en udtalelse i overensstemmelse med stk. 1, kan udtalelsen efter anmodning fra et medlem af kollegiet og efter vedtagelse af et flertal af kollegiet i overensstemmelse med stk. 3 omfatte enhver henstilling, der tager sigte på at afhjælpe mangler ved den foranstaltning, som er påtænkt af EBA eller de kompetente myndigheder.
3.   En udtalelse fra kollegiet vedtages med simpelt flertal af dets medlemmer.
Hvis der er flere kollegiemedlemmer pr. medlemsstat, har kun ét af disse medlemmer stemmeret.
Hvis ECB er medlem af kollegiet med flere kapaciteter, herunder tilsynskapacitet, har den kun én stemme.
Tilsynsmyndigheder i tredjelande, jf. artikel 119, stk. 2, litra m), har ikke stemmeret i forbindelse med et kollegiums udtalelse.
4.   EBA eller i givet fald de kompetente myndigheder tager behørigt hensyn til den ikkebindende udtalelse, som kollegiet er nået frem til i overensstemmelse med stk. 3, herunder enhver henstilling, der har til formål at afhjælpe mangler i den påtænkte tilsynsforanstaltning vedrørende en udsteder af en signifikant aktivbaseret token, en udsteder af en signifikant e-pengetoken, en enhed eller en kryptoaktivtjenesteudbyder som omhandlet i artikel 119, stk. 2, litra d)-h). Såfremt EBA eller en kompetent myndighed ikke er enig i en udtalelse fra kollegiet, herunder eventuelle henstillinger med henblik på at afhjælpe mangler i den påtænkte tilsynsforanstaltning, skal dens afgørelse indeholde dens begrundelse herfor og en redegørelse for enhver væsentlig afvigelse fra udtalelsen eller henstillingerne.
KAPITEL 5
EBA's beføjelser og kompetencer over for udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens
Artikel 121
Ret til fortrolighed
De beføjelser, som i medfør af artikel 122-125 er tillagt EBA eller enhver embedsmand eller anden person bemyndiget af EBA, må ikke anvendes til at kræve offentliggørelse af oplysninger, som er underlagt ret til fortrolighed.
Artikel 122
Anmodning om oplysninger
1.   EBA kan med henblik på varetagelse af sit tilsynsansvar i henhold til artikel 117 ved simpel anmodning eller ved en afgørelse kræve, at følgende personer afgiver alle oplysninger, der er nødvendige, for at EBA kan varetage sine opgaver i henhold til denne forordning:
a)
en udsteder af en signifikant aktivbaseret token eller en person, der kontrollerer eller er direkte eller indirekte kontrolleret af en udsteder af en signifikant aktivbaseret token
b)
enhver tredjepart som omhandlet i artikel 34, stk. 5, første afsnit, litra h), hvormed en udsteder af en signifikant aktivbaseret token har en kontraktlig ordning
c)
en kryptoaktivtjenesteudbyder, et kreditinstitut eller et investeringsselskab, der sikrer, at reserven af aktiver er deponeret i overensstemmelse med artikel 37
d)
en udsteder af en signifikant e-pengetoken eller en person, der kontrollerer eller er direkte eller indirekte kontrolleret af en udsteder af en signifikant e-pengetoken
e)
en betalingstjenesteudbyder, som udbyder betalingstjenester i forbindelse med signifikante e-pengetokens
f)
en fysisk eller juridisk person, der er ansvarlig for distribution af signifikante e-pengetokens på vegne af en udsteder af signifikante e-pengetokens
g)
en kryptoaktivtjenesteudbyder, der leverer deponering og administration af kryptoaktiver på kunders vegne i forbindelse med signifikante aktivbaserede tokens eller signifikante e-pengetokens
h)
en operatør af en handelsplatform for kryptoaktiver, som har optaget en signifikant aktivbaseret token eller en signifikant e-pengetoken til handel
i)
de i litra a)-h) omhandlede personers ledelsesorgan.
2.   En simpel anmodning om oplysninger som omhandlet i stk. 1 skal:
a)
henvise til denne artikel som retsgrundlaget for denne anmodning
b)
angive formålet med anmodningen
c)
præcisere, hvilke oplysninger der er nødvendige
d)
angive en frist for tilvejebringelsen af oplysningerne
e)
meddele den person, som modtager anmodningen om oplysninger, at vedkommende ikke er forpligtet til at tilvejebringe oplysningerne, men at oplysningerne, såfremt vedkommende frivilligt tilvejebringer dem, skal være korrekte og ikke må være vildledende, og
f)
angive den i artikel 131 foreskrevne bøde, som finder anvendelse, hvis svarene på de stillede spørgsmål er ukorrekte eller vildledende.
3.   Ved krav om tilvejebringelse af oplysninger ved en afgørelse i henhold til stk. 1 skal EBA:
a)
henvise til denne artikel som retsgrundlaget for denne anmodning
b)
angive formålet med anmodningen
c)
præcisere, hvilke oplysninger der er nødvendige
d)
fastsætte en frist for tilvejebringelsen af oplysningerne
e)
angive de tvangsbøder, der er fastsat i artikel 132, og som finder anvendelse, hvis der kræves fremlæggelse af oplysninger
f)
angive den i artikel 131 foreskrevne bøde, som finder anvendelse, hvis svarene på de stillede spørgsmål er ukorrekte eller vildledende
g)
oplyse om retten til at appellere afgørelsen for EBA's klagenævn og retten til at indbringe klage over afgørelsen for Domstolen i overensstemmelse med artikel 60 og 61 i forordning (EU) nr. 1093/2010.
4.   De personer, der er omhandlet i stk. 1, eller deres repræsentanter, og, for så vidt angår juridiske personer og foreninger uden status som juridisk person, de personer, der ifølge lov eller vedtægt har beføjelse til at repræsentere dem, skal give de oplysninger, der anmodes om.
5.   EBA fremsender hurtigst muligt et eksemplar af den simple anmodning eller af sin afgørelse til den kompetente myndighed i den medlemsstat, hvor de personer, som er berørt af anmodningen om oplysninger, er bosat eller har deres hjemsted.
Artikel 123
Generelle undersøgelsesbeføjelser
1.   EBA kan med henblik på varetagelse af sit tilsynsansvar i henhold til artikel 117 foretage undersøgelser af udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens. Med henblik herpå har de embedsmænd eller andre personer, som EBA har bemyndiget, beføjelse til at:
a)
undersøge optegnelser, data, procedurer og eventuelt andet materiale, som har betydning for udførelsen af EBA's opgaver, uanset det medium, hvorpå de er lagret
b)
tage eller erhverve bekræftede genparter eller udskrifter af sådanne optegnelser, data, procedurer og andet materiale
c)
indkalde og anmode enhver udsteder af en signifikant aktivbaseret token eller udsteder af en signifikant e-pengetoken eller deres ledelsesorgan eller personale om mundtlige eller skriftlige forklaringer på forhold eller dokumenter, der vedrører undersøgelsens genstand og formål, og registrere svarene
d)
udspørge enhver anden fysisk eller juridisk person, der indvilliger heri, med det formål at indsamle oplysninger om undersøgelsens genstand
e)
anmode om oplysninger om telefonsamtaler og datatrafik.
Et kollegium som omhandlet i artikel 119, stk. 1, underrettes uden unødig forsinkelse om eventuelle resultater, der kan være relevante for udførelsen af dets opgaver.
2.   De embedsmænd og andre personer, som EBA har bemyndiget til at udføre de i stk. 1 omhandlede undersøgelser, udøver deres beføjelser efter fremlæggelsen af en skriftlig tilladelse, som angiver genstanden for undersøgelsen og dennes formål. I tilladelsen oplyses også om de i artikel 132 foreskrevne tvangsbøder, som finder anvendelse, hvis de påkrævede optegnelser, data, procedurer og ethvert andet materiale eller svarene på de spørgsmål, som stilles til udstederne af signifikante aktivbaserede tokens eller udstederne af signifikante e-pengetokens, ikke gives eller er ufuldstændige, og om de i artikel 131 foreskrevne bøder, som finder anvendelse, hvis svarene på de spørgsmål, som stilles til udstederne af signifikante aktivbaserede tokens eller udstederne af signifikante e-pengetokens, er ukorrekte eller vildledende.
3.   Udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens skal underkaste sig undersøgelser iværksat på grundlag af en afgørelse truffet af EBA. Afgørelsen angiver undersøgelsens genstand og formål, de tvangsbøder, der er omhandlet i artikel 132, de retsmidler, der er tilgængelige i henhold til forordning (EU) nr. 1093/2010, og retten til at indbringe klage over afgørelsen for Domstolen.
4.   EBA underretter inden for en rimelig frist før en undersøgelse som omhandlet i stk. 1 den kompetente myndighed i den medlemsstat, hvor undersøgelsen skal finde sted, om undersøgelsen og de bemyndigede personers identitet. Embedsmænd fra den pågældende kompetente myndighed bistår på EBA's anmodning de bemyndigede personer med at udføre deres opgaver. Embedsmænd fra den pågældende kompetente myndighed kan også på anmodning deltage i undersøgelser.
5.   Kræves der i henhold til relevant national ret tilladelse fra en domstol for at kunne anmode om registreringer af telefonsamtaler eller datatrafik, der er omhandlet i stk. 1, første afsnit, litra e), ansøger EBA om en sådan tilladelse. Der kan også anmodes om en sådan tilladelse på forhånd.
6.   Modtager en domstol i en medlemsstat en ansøgning om tilladelse til at anmode om registreringer af telefonsamtaler eller datatrafik, der er omhandlet i stk. 1, første afsnit, litra e), kontrollerer den pågældende domstol, om:
a)
den af EBA vedtagne afgørelse, jf. stk. 3, er autentisk
b)
de foranstaltninger, der skal træffes, er forholdsmæssige og hverken vilkårlige eller urimelige.
7.   For så vidt angår stk. 6, litra b), kan domstolen anmode EBA om nærmere forklaringer, navnlig vedrørende grundene til EBA's mistanke om, at en overtrædelse af denne forordning har fundet sted, alvorligheden af den formodede overtrædelse og den måde, hvorpå den person, der er genstand for tvangsindgrebene, er indblandet. Den pågældende domstol kan dog ikke prøve nødvendigheden af undersøgelsen eller kræve at få forelagt oplysninger fra EBA's sagsakter. Lovligheden af EBA's afgørelse kan kun indklages for Domstolen efter den i forordning (EU) nr. 1093/2010 fastlagte procedure.
Artikel 124
Kontrolbesøg på stedet
1.   EBA kan med henblik på varetagelse af sit tilsynsansvar i henhold til artikel 117 foretage alle nødvendige kontrolbesøg på stedet hos udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens.
Det i artikel 119 omhandlede kollegium underrettes uden unødig forsinkelse om eventuelle resultater, der kan være relevante for udførelsen af dets opgaver.
2.   De embedsmænd og andre personer, som EBA har bemyndiget til at foretage et kontrolbesøg på stedet, kan betræde enhver forretningslokalitet tilhørende de personer, der er genstand for EBA's afgørelse om undersøgelse, og udøve alle de beføjelser, der fremgår af artikel 123, stk. 1. De har også beføjelse til at forsegle alle forretningslokaliteter og bøger eller registre i det for kontrolbesøget nødvendige tidsrum og omfang.
3.   EBA underretter i god tid den kompetente myndighed i den medlemsstat, hvor kontrolbesøget skal gennemføres. Efter at have underrettet den pågældende kompetente myndighed kan EBA i det omfang, det er nødvendigt for at udføre kontrolbesøget korrekt og effektivt, foretage kontrolbesøget på stedet uden at give forudgående meddelelse til udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken.
4.   De embedsmænd og andre personer, som EBA har bemyndiget til at foretage kontrolbesøg på stedet, udøver deres beføjelser efter fremlæggelse af en skriftlig tilladelse, som angiver genstanden for og formålet med kontrolbesøget samt de tvangsbøder, der er omhandlet i artikel 132, og som finder anvendelse, hvis de berørte personer ikke underkaster sig kontrolbesøget.
5.   Udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken skal underkaste sig kontrolbesøg på stedet iværksat på grundlag af en afgørelse truffet af EBA. Afgørelsen angiver kontrolbesøgets genstand og formål, fastsætter tidspunktet for dets påbegyndelse og oplyser om de tvangsbøder, der er foreskrevet i artikel 132, de retsmidler, der er tilgængelige i henhold til forordning (EU) nr. 1093/2010, og om retten til at få prøvet afgørelsen ved Domstolen.
6.   Embedsmænd fra og de personer, der er bemyndiget eller udpeget af den kompetente myndighed i den medlemsstat, hvor kontrollen skal gennemføres, skal efter anmodning fra EBA aktivt bistå embedsmændene fra EBA og andre personer, der er bemyndiget af EBA. Embedsmænd fra den pågældende medlemsstats kompetente myndighed kan også deltage i kontrolbesøg på stedet.
7.   EBA kan også kræve, at de kompetente myndigheder udfører særlige undersøgelsesopgaver og kontrolbesøg på stedet, som foreskrevet i denne artikel og i artikel 123, stk. 1, på EBA's vegne.
8.   Hvis embedsmænd og andre ledsagende personer, der er bemyndiget af EBA, fastslår, at en person modsætter sig et kontrolbesøg, der er påbudt i henhold til nærværende artikel, yder den kompetente myndighed i den pågældende medlemsstat dem den bistand, der er nødvendig for, at de kan gennemføre deres kontrolbesøg på stedet, og anmoder eventuelt om politiets eller en tilsvarende retshåndhævende myndigheds bistand.
9.   Kræves der i henhold til national ret tilladelse fra en domstol til det i stk. 1 anførte kontrolbesøg på stedet eller den i stk. 7 anførte bistand, ansøger EBA om en sådan tilladelse. Der kan også anmodes om en sådan tilladelse på forhånd.
10.   Modtager en domstol i en medlemsstat en ansøgning om tilladelse til en i stk. 1 anført kontrol på stedet eller den i stk. 7 anførte bistand, kontrollerer den pågældende domstol, om:
a)
den af EBA vedtagne afgørelse, jf. stk. 4, er autentisk
b)
de foranstaltninger, der skal træffes, er forholdsmæssige og hverken vilkårlige eller urimelige.
11.   For så vidt angår stk. 10, litra b), kan domstolen anmode EBA om nærmere forklaringer, navnlig vedrørende grundene til EBA's mistanke om, at en overtrædelse af denne forordning har fundet sted, alvorligheden af den formodede overtrædelse og den måde, hvorpå den person, der er genstand for tvangsindgrebene, er indblandet. Den pågældende domstol kan dog ikke prøve nødvendigheden af undersøgelsen eller kræve at få forelagt oplysninger fra EBA's sagsakter. Lovligheden af EBA's afgørelse kan kun indklages for Domstolen efter den i forordning (EU) nr. 1093/2010 fastlagte procedure.
Artikel 125
Udveksling af oplysninger
1.   Med henblik på varetagelse af EBA's tilsynsansvar i henhold til artikel 117 og med forbehold af artikel 96 udveksler EBA og de kompetente myndigheder uden unødig forsinkelse de oplysninger, der er nødvendige for, at de kan udføre deres opgaver i henhold til denne forordning. Med henblik herpå udveksler de kompetente myndigheder og EBA alle oplysninger vedrørende:
a)
en udsteder af en signifikant aktivbaseret token eller en person, der kontrollerer eller er direkte eller indirekte kontrolleret af en udsteder af en signifikant aktivbaseret token
b)
enhver tredjepart som omhandlet i artikel 34, stk. 5, første afsnit, litra h), hvormed en udsteder af en signifikant aktivbaseret token har en kontraktlig ordning
c)
en kryptoaktivtjenesteudbyder, et kreditinstitut eller et investeringsselskab, der sikrer, at reserven af aktiver er deponeret i overensstemmelse med artikel 37
d)
en udsteder af en signifikant e-pengetoken eller en person, der kontrollerer eller er direkte eller indirekte kontrolleret af en udsteder af en signifikant e-pengetoken
e)
en betalingstjenesteudbyder, som udbyder betalingstjenester i forbindelse med signifikante e-pengetokens
f)
fysiske eller juridiske personer, der er ansvarlige for distribution af signifikante e-pengetokens på vegne af udstederen af signifikante e-pengetokens
g)
en kryptoaktivtjenesteudbyder, der leverer deponering og administration af kryptoaktiver på kunders vegne i forbindelse med signifikante aktivbaserede tokens eller signifikante e-pengetokens
h)
en handelsplatform for kryptoaktiver, på hvilken en signifikant aktivbaseret token eller en signifikant e-pengetoken er optaget til handel
i)
de i litra a)-h) omhandlede personers ledelsesorgan.
2.   En kompetent myndighed kan kun afslå at reagere på en anmodning om udveksling af oplysninger som omhandlet i nærværende artikels stk. 1 eller en anmodning om samarbejde i forbindelse med gennemførelsen af en undersøgelse eller et kontrolbesøg på stedet som omhandlet i henholdsvis artikel 123 og 124, når:
a)
efterkommelse af anmodningen kan forventes at få negativ indvirkning på myndighedens egen undersøgelse, håndhævelsesaktiviteter eller i givet fald en strafferetlig efterforskning
b)
der allerede er indledt retsforfølgning for de samme handlinger og mod de samme fysiske eller juridiske personer ved den anmodede medlemsstats domstol
c)
den fysiske eller juridiske person allerede har fået endelig dom for de samme forhold i denne medlemsstat.
Artikel 126
Administrative aftaler om udveksling af oplysninger mellem EBA og tredjelande
1.   Med henblik på varetagelse af sit tilsynsansvar i henhold til artikel 117 kan EBA kun indgå administrative aftaler om udveksling af oplysninger med tilsynsmyndigheder i tredjelande, når de videregivne oplysninger er omfattet af regler om tavshedspligt, som er ækvivalente med dem, der er omhandlet i artikel 129.
2.   Udvekslingen af oplysninger skal tage sigte på udførelsen af EBA's eller de i stk. 1 omhandlede tilsynsmyndigheders opgaver.
3.   EBA anvender forordning (EU) 2018/1725, for så vidt angår overførsler af personoplysninger til et tredjeland.
Artikel 127
Videregivelse af oplysninger fra tredjelande
1.   EBA må kun videregive oplysninger, der er modtaget fra tilsynsmyndigheder i tredjelande, hvis EBA eller den kompetente myndighed, som gav oplysningerne til EBA, har fået udtrykkelig tilladelse fra den tilsynsmyndighed i tredjelandet, der har overført oplysningerne, og må i givet fald kun videregive oplysningerne til de formål, til hvilke denne tilsynsmyndighed har givet sin tilladelse, eller når sådan videregivelse er nødvendig i forbindelse med retsforfølgning.
2.   Kravet om en udtrykkelig tilladelse som omhandlet i stk. 1 finder ikke anvendelse på andre tilsynsmyndigheder i Unionen, hvis de oplysninger, som de anmoder om, er nødvendige for udførelsen af deres opgaver, og finder ikke anvendelse på domstole, hvis de oplysninger, de anmoder om, er nødvendige for efterforskning eller retsforfølgning som vedrører overtrædelser, der er omfattet af strafferetlige sanktioner.
Artikel 128
Samarbejde med andre myndigheder
Hvis en udsteder af en signifikant aktivbaseret token eller en udsteder af en signifikant e-pengetoken udfører andre aktiviteter end dem, der er omfattet af denne forordning, samarbejder EBA med de myndigheder, der er ansvarlige for tilsynet med eller overvågningen af sådanne andre aktiviteter, der er fastsat i relevant EU-ret eller national ret, herunder skattemyndigheder og relevante tilsynsmyndigheder i tredjelande, der ikke er medlemmer af det i artikel 119, stk. 2, litra m), omhandlede kollegium.
Artikel 129
Tavshedspligt
Tavshedspligten gælder for EBA og for alle personer, der arbejder eller har arbejdet for EBA, samt for enhver anden person, som EBA har delegeret opgaver til, herunder revisorer og sagkyndige, med hvem EBA har indgået kontrakt.
Artikel 130
EBA's tilsynsforanstaltninger
1.   Hvis EBA konstaterer, at en udsteder af en signifikant aktivbaseret token har begået en overtrædelse, der er opført i bilag V, kan den træffe en eller flere af følgende foranstaltninger:
a)
vedtagelse af en afgørelse, hvorved udstederen af den signifikante aktivbaserede token pålægges at bringe den adfærd, der udgør en overtrædelse, til ophør
b)
vedtagelse af en afgørelse om pålæggelse af bøder eller tvangsbøder i henhold til artikel 131 og 132
c)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante aktivbaserede token at fremsende supplerende oplysninger, hvis det er nødvendigt af hensyn til beskyttelsen af indehavere af den aktivbaserede token, navnlig private indehavere
d)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante aktivbaserede token at suspendere et udbud til offentligheden af kryptoaktiver i højst 30 på hinanden følgende arbejdsdage, for hver gang den har begrundet mistanke om, at denne forordning er blevet overtrådt
e)
vedtagelse af en afgørelse, der forbyder et udbud til offentligheden af den signifikante aktivbaserede token, hvis den konstaterer, at denne forordning er blevet overtrådt, eller hvis den har begrundet mistanke om, at den vil blive overtrådt
f)
vedtagelse af en afgørelse, der pålægger udbyderen af kryptoaktivtjenester, som driver en handelsplatform for kryptoaktiver, der har optaget den signifikante aktivbaserede token til handel, at suspendere handelen med et sådant kryptoaktiv i højst 30 på hinanden følgende arbejdsdage, for hver gang den har begrundet mistanke om, at denne forordning er blevet overtrådt
g)
vedtagelse af en afgørelse, som forbyder handel med den signifikante aktivbaserede token på en handelsplatform for kryptoaktiver, hvis den konstaterer, at denne forordning er blevet overtrådt
h)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante aktivbaserede token at ændre sin markedsføringskommunikation, hvis den finder, at markedsføringskommunikationen ikke er i overensstemmelse med artikel 29
i)
vedtagelse af en afgørelse om at suspendere eller forbyde markedsføringskommunikation, hvis der er begrundet mistanke om, at denne forordning er blevet overtrådt
j)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante aktivbaserede token at offentliggøre alle væsentlige oplysninger, som kan påvirke vurderingen af den signifikante aktivbaserede token, der udbydes til offentligheden eller optages til handel, for at sikre forbrugerbeskyttelsen eller markedets smidige funktion
k)
udstedelse af advarsler om, at en udsteder af den signifikante aktivbaserede token ikke opfylder sine forpligtelser i henhold til denne forordning
l)
inddragelse af tilladelsen for udstederen af den signifikante aktivbaserede token
m)
vedtagelse af en afgørelse, der kræver, at en fysisk person fjernes fra ledelsesorganet hos en udsteder af den aktivbaserede token
n)
indførelse af krav om, at udstederen af den signifikante aktivbaserede token under dens tilsyn skal indføre et mindstebeløb for denne signifikante aktivbaserede token eller begrænse antallet af den signifikante aktivbaserede token, der skal udstedes, i overensstemmelse med artikel 23, stk. 4, og artikel 24, stk. 3.
2.   Hvis EBA konstaterer, at en udsteder af en signifikant e-pengetoken har begået en overtrædelse, der er opført i bilag VI, kan den træffe en eller flere af følgende foranstaltninger:
a)
vedtagelse af en afgørelse, hvorved udstederen af den signifikante e-pengetoken pålægges at bringe den adfærd, der udgør en overtrædelse, til ophør
b)
vedtagelse af en afgørelse om pålæggelse af bøder eller tvangsbøder i henhold til artikel 131 og 132
c)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante e-pengetoken at fremsende supplerende oplysninger, hvis det er nødvendigt af hensyn til beskyttelsen af indehavere af den signifikante e-pengetoken, navnlig private indehavere
d)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante e-pengetoken at suspendere et udbud til offentligheden af kryptoaktiver i højst 30 på hinanden følgende arbejdsdage, for hver gang den har begrundet mistanke om, at denne forordning er blevet overtrådt
e)
vedtagelse af en afgørelse, der forbyder et udbud til offentligheden af den signifikante e-pengetoken, hvis den konstaterer, at denne forordning er blevet overtrådt, eller hvis den har begrundet mistanke om, at den vil blive overtrådt
f)
vedtagelse af en afgørelse, der pålægger den relevante udbyder af kryptoaktivtjenester, som driver en handelsplatform for kryptoaktiver, der har optaget signifikante e-pengetokens til handel, at suspendere handelen med kryptoaktiver i højst 30 på hinanden følgende arbejdsdage, for hver gang den har begrundet mistanke om, at denne forordning er blevet overtrådt
g)
vedtagelse af en afgørelse, som forbyder handel med signifikante e-pengetokens på en handelsplatform for kryptoaktiver, hvis den konstaterer, at denne forordning er blevet overtrådt
h)
vedtagelse af en afgørelse, der pålægger udstederen af den signifikante e-pengetoken at offentliggøre alle væsentlige oplysninger, som kan påvirke vurderingen af den signifikante e-pengetoken, der udbydes til offentligheden eller optages til handel, for at sikre forbrugerbeskyttelsen eller markedets smidige funktion
i)
udstedelse af advarsler om, at en udsteder af den signifikante e-pengetoken ikke opfylder sine forpligtelser i henhold til denne forordning
j)
indførelse af krav om, at udstederen af den signifikante e-pengetoken under dens tilsyn skal indføre et mindstebeløb for denne signifikante e-pengetoken eller begrænse antallet af den signifikante e-pengetoken, der skal udstedes, som følge af anvendelsen af artikel 58, stk. 3.
3.   Når EBA træffer en foranstaltning som omhandlet i stk. 1 eller 2, tager den hensyn til overtrædelsens art og alvorlighed ud fra:
a)
overtrædelsens varighed og hyppighed
b)
hvorvidt overtrædelsen har givet anledning til, fremmet eller på anden vis foranlediget økonomisk kriminalitet
c)
hvorvidt overtrædelsen har afsløret alvorlige eller systemiske svagheder i procedurerne, politikkerne og risikostyringsforanstaltningerne hos udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken
d)
hvorvidt overtrædelsen er begået forsætligt eller uagtsomt
e)
graden af ansvar hos den udsteder af den signifikante aktivbaserede token eller udsteder af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen
f)
den finansielle styrke hos udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, med udgangspunkt i den ansvarlige juridiske persons samlede omsætning eller den ansvarlige fysiske persons årsindkomst og nettoaktiver
g)
overtrædelsens indvirkning på interesserne hos indehavere af signifikante aktivbaserede tokens eller signifikante e-pengetokens
h)
størrelsen af den opnåede fortjeneste eller det undgåede tab for udstederen af den signifikante aktivbaserede token eller den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, eller tabene for tredjepart forårsaget af overtrædelsen, såfremt disse beløb kan beregnes
i)
viljen hos udstederen af den signifikante aktivbaserede token eller hos udstederen af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, til at samarbejde med EBA, uden at det dog tilsidesætter kravet om tilbagebetaling af den pågældende persons fortjeneste eller undgåede tab
j)
tidligere overtrædelser begået af den udsteder af den signifikante aktivbaserede token eller den udsteder af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen
k)
de foranstaltninger, som udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken har truffet efter overtrædelsen for at forhindre gentagelse af en sådan overtrædelse.
4.   Inden EBA træffer nogen af de foranstaltninger, der er omhandlet i stk. 1, litra d)-g) og litra j), underretter den ESMA og, hvis de signifikante aktivbaserede tokens er baseret på euroen eller en officiel valuta i en medlemsstat, som ikke er euroen, henholdsvis ECB eller den berørte medlemsstats centralbank, der udsteder den pågældende officielle valuta.
5.   Inden EBA træffer nogen af de foranstaltninger, der er omhandlet i stk. 2, underretter den den kompetente myndighed for udstederen af den signifikante e-pengetoken og den berørte medlemsstats centralbank, hvis officielle valuta den signifikante e-pengetoken er baseret på.
6.   EBA giver meddelelse om enhver foranstaltning, der træffes i henhold til stk. 1 eller 2, til udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken, som er ansvarlig for overtrædelsen, uden unødig forsinkelse og meddeler den pågældende foranstaltning til de berørte kompetente myndigheder og Kommissionen. EBA offentliggør den pågældende afgørelse på sit websted senest ti arbejdsdage efter den dato, hvor afgørelsen blev vedtaget, medmindre en sådan offentliggørelse vil være til alvorlig skade for de finansielle markeder eller forvolde de involverede parter uforholdsmæssig stor skade. En sådan offentliggørelse må ikke indeholde personoplysninger.
7.   Den i stk. 6 omhandlede offentliggørelse skal omfatte følgende erklæringer:
a)
en erklæring om, at den person, der er ansvarlig for overtrædelsen, har ret til at påklage afgørelsen til Domstolen
b)
hvor det er relevant, en erklæring om, at der er indgivet en klage, med angivelse af, at klagen ikke har opsættende virkning
c)
en erklæring om, at EBA's klagenævn kan suspendere anvendelsen af den påklagede afgørelse i henhold til artikel 60, stk. 3, i forordning (EU) nr. 1093/2010.
Artikel 131
Bøder
1.   EBA vedtager en afgørelse om pålæggelse af en bøde i overensstemmelse med nærværende artikels stk. 3 eller 4, hvis den i overensstemmelse med artikel 134, stk. 8, finder at:
a)
en udsteder af en signifikant aktivbaseret token eller et medlem af dennes ledelsesorgan forsætligt eller uagtsomt har begået en overtrædelse, der er opført i bilag V
b)
en udsteder af en signifikant e-pengetoken eller et medlem af dennes ledelsesorgan forsætligt eller uagtsomt har begået en overtrædelse, der er opført i bilag VI.
En overtrædelse anses for at være forsætlig, hvis EBA konstaterer objektive faktorer, der viser, at en sådan udsteder eller et medlem af dennes ledelsesorgan med overlæg har gjort sig skyldig i overtrædelsen.
2.   Når EBA træffer en afgørelse som omhandlet i stk. 1, tager den hensyn til overtrædelsens art og alvorlighed ud fra:
a)
overtrædelsens varighed og hyppighed
b)
hvorvidt overtrædelsen har givet anledning til, fremmet eller på anden vis er foranlediget økonomisk kriminalitet
c)
hvorvidt overtrædelsen har afsløret alvorlige eller systemiske svagheder i procedurerne, politikkerne og risikostyringsforanstaltningerne hos udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken
d)
hvorvidt overtrædelsen er begået forsætligt eller uagtsomt
e)
graden af ansvar hos den udsteder af den signifikante aktivbaserede token eller udsteder af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen
f)
den finansielle styrke hos udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, med udgangspunkt i den ansvarlige juridiske persons samlede omsætning eller den ansvarlige fysiske persons årsindkomst og nettoaktiver
g)
overtrædelsens indvirkning på interesserne hos indehavere af signifikante aktivbaserede tokens eller signifikante e-pengetokens
h)
størrelsen af den opnåede fortjeneste eller det undgåede tab for udstederen af den signifikante aktivbaserede token eller den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, eller tabene for tredjepart forårsaget af overtrædelsen, såfremt disse beløb kan beregnes
i)
viljen hos udstederen af den signifikante aktivbaserede token eller hos udstederen af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen, til at samarbejde med EBA, uden at det dog tilsidesætter kravet om tilbagebetaling af den pågældende persons fortjeneste eller undgåede tab
j)
tidligere overtrædelser begået af den udsteder af den signifikante aktivbaserede token eller udsteder af den signifikante e-pengetoken, der er ansvarlig for overtrædelsen
k)
de foranstaltninger, som udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken har truffet efter overtrædelsen for at forhindre gentagelse af en sådan overtrædelse.
3.   For udstedere af signifikante aktivbaserede tokens skal den maksimale bøde, der er omhandlet i stk. 1, være på op til 12,5 % af den årlige omsætning i det foregående regnskabsår eller det dobbelte af den fortjeneste, der er opnået, eller det tab, der er undgået som følge af overtrædelsen, hvis disse beløb kan beregnes.
4.   For udstedere af signifikante e-pengetokens skal den maksimale bøde, der er omhandlet i stk. 1, være på op til 10 % af den årlige omsætning i det foregående regnskabsår eller det dobbelte af den fortjeneste, der er opnået, eller det tab, der er undgået som følge af overtrædelsen, hvis disse beløb kan beregnes.
Artikel 132
Tvangsbøder
1.   EBA træffer afgørelse om idømmelse af tvangsbøder med henblik på at tvinge:
a)
en person til at standse den adfærd, der udgør en overtrædelse, i overensstemmelse med en afgørelse i henhold til artikel 130
b)
en person, jf. artikel 122, stk. 1:
i)
til at give fuldstændige oplysninger, der er blevet anmodet om ved afgørelse truffet i henhold til artikel 122
ii)
til at underkaste sig en undersøgelse og navnlig til at udlevere fuldstændige registre, data, procedurer og ethvert andet ønsket materiale og til at supplere og korrigere andre oplysninger, som er udleveret i forbindelse med en undersøgelse, der er iværksat ved en afgørelse i henhold til artikel 123
iii)
til at underkaste sig et kontrolbesøg på stedet, der er påbudt ved en afgørelse i henhold til artikel 124.
2.   En tvangsbøde skal være effektiv og stå i et rimeligt forhold til overtrædelserne. Tvangsbøden pålægges pr. dags forsinkelse.
3.   Uanset stk. 2 skal beløbet for tvangsbøderne udgøre 3 % af den gennemsnitlige daglige omsætning i det foregående regnskabsår eller, for så vidt angår fysiske personer, 2 % af den gennemsnitlige daglige indtægt i det foregående kalenderår. De beregnes fra den dato, der er anført i EBA's afgørelse om at pålægge dem.
4.   En tvangsbøde pålægges i maksimalt seks måneder efter meddelelsen af EBA's afgørelse. EBA tager efter nævnte periodes udløb foranstaltningen op til revision.
Artikel 133
Offentliggørelse, art, tvangsfuldbyrdelse og pålæggelse af bøder og tvangsbøder
1.   EBA offentliggør alle de bøder og tvangsbøder der er pålagt i henhold til artikel 131 og 132, medmindre en sådan offentliggørelse vil være til alvorlig skade for finansiel stabilitet eller forvolde de involverede parter uforholdsmæssig stor skade. En sådan offentliggørelse må ikke indeholde personoplysninger.
2.   Bøder og tvangsbøder, der er pålagt i henhold til artikel 131 og 132, skal være af administrativ art.
3.   Bøder og tvangsbøder, der er pålagt i henhold til artikel 131 og 132, er retskraftige efter den borgerlige retsplejes regler i den medlemsstat, på hvis område bøden eller tvangsbøden tvangsfuldbyrdes.
4.   Bøder og tvangsbøder overføres til Unions almindelige budget.
5.   Hvis EBA, uanset artikel 131 og 132, træffer afgørelse om ikke at pålægge bøder eller tvangsbøder, underretter den Europa-Parlamentet, Rådet, Kommissionen og den berørte medlemsstats kompetente myndigheder herom og redegør for grundene til denne afgørelse.
Artikel 134
Procedureregler for tilsynsforanstaltninger og bøder
1.   Finder EBA i forbindelse med udførelsen af sine opgaver i henhold til artikel 117, at der er klare og påviselige grunde til at formode, at der har været eller vil foreligge en overtrædelse er omhandlet i bilag V eller VI, udpeger EBA en uafhængig efterforskningsembedsmand inden for EBA til at undersøge sagen. Efterforskningsembedsmanden må ikke være eller have været direkte eller indirekte involveret i tilsynet med de berørte udstedere af signifikante aktivbaserede tokens eller udstederne af signifikante e-pengetokens og skal varetage sine funktioner uafhængigt af EBA.
2.   Efterforskningsembedsmanden undersøger de påståede overtrædelser under hensyntagen til eventuelle udtalelser fra de personer, der er genstand for undersøgelserne, og indsender et fuldstændigt dossier med efterforskningsembedsmandens resultater til EBA.
3.   Efterforskningsembedsmanden kan med henblik på varetagelse af sine opgaver udøve beføjelsen til at anmode om oplysninger, jf. artikel 122, og til at foretage undersøgelser og kontrolbesøg på stedet, jf. artikel 123 og 124. Efterforskningsembedsmanden overholder ved udøvelsen af disse beføjelser artikel 121.
4.   Under udførelsen af sine opgaver skal efterforskningsembedsmanden have adgang til alle de dokumenter og oplysninger, som EBA har indsamlet i forbindelse med ESMA's tilsynsaktiviteter.
5.   Efterforskningsembedsmanden skal efter afslutning af sin undersøgelse, og før dossieret med resultaterne indsendes til EBA, give de personer, der er genstand for undersøgelsen, lejlighed til at blive hørt om de forhold, der undersøges. Efterforskningsembedsmanden baserer kun sine resultater på forhold, som de berørte personer har haft lejlighed til at udtale sig om.
6.   Retten til forsvar for de berørte personer skal respekteres fuldt ud i forbindelse med undersøgelser i henhold til denne artikel.
7.   Ved indsendelse af dossieret med resultaterne til EBA underretter efterforskningsembedsmanden de personer, der er genstand for undersøgelserne, herom. De personer, der er genstand for undersøgelsen, har ret til aktindsigt i dossieret med forbehold af andre personers berettigede interesse i, at deres forretningshemmeligheder ikke afsløres. Retten til aktindsigt omfatter ikke fortrolige oplysninger, der vedrører tredjeparter, eller EBA's interne forberedende dokumenter.
8.   EBA afgør på grundlag af dossieret med efterforskningsembedsmandens resultater og, når de personer, der er genstand for undersøgelserne, anmoder herom, efter at have hørt de pågældende personer i overensstemmelse med artikel 135, hvorvidt udstederen af den signifikante aktivbaserede token eller udstederen af den signifikante e-pengetoken, der er genstand for undersøgelsen, har gjort sig skyldige i en overtrædelse, der er anført i bilag V eller VI, og træffer i givet fald en tilsynsforanstaltning i overensstemmelse med artikel 130 eller pålægger en bøde i overensstemmelse med artikel 131.
9.   Efterforskningsembedsmanden deltager ikke i EBA's overvejelser om sagen og indgår ikke på nogen anden måde i EBA's beslutningsproces.
10.   Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 139 senest den 30. juni 2024 for at supplere denne forordning ved yderligere at præcisere procedurereglerne for udøvelse af beføjelsen til at pålægge bøder eller tvangsbøder, herunder bestemmelser om ret til forsvar, fastsættelse af frister og opkrævning af bøder eller tvangsbøder samt forældelsesfrister for pålæggelse og tvangsfuldbyrdelse af bøder og tvangsbøder.
11.   Finder EBA i forbindelse med varetagelsen af sine opgaver i henhold til denne forordning, at der er betydelig grund til at antage, at der muligvis gør sig forhold gældende, der kan betragtes som en overtrædelse af straffeloven, indbringer EBA sagen for de relevante nationale myndigheder med henblik på efterforskning og i givet fald strafferetlig behandling. Endvidere afholder EBA sig fra at pålægge bøder eller tvangsbøder, hvis den er bekendt med, at en allerede truffet afgørelse om frifindelse eller idømmelse af straf på grundlag af et eller flere identiske forhold eller forhold, som i alt væsentligt er de samme, allerede har antaget retskraft som følge af en straffesag i henhold til national ret.
Artikel 135
Høring af de berørte personer
1.   Før EBA træffer afgørelse i henhold til artikel 130, 131 og 132, giver den de personer, der er genstand for en undersøgelse, mulighed for at blive hørt om EBA's undersøgelsesresultater. EBA lægger kun de resultater til grund for sine afgørelser, som de personer, der er genstand for en sådan undersøgelse, har haft lejlighed til at udtale sig om.
2.   Stk. 1 finder ikke anvendelse, hvis der er behov for en hasteforanstaltning for at imødegå en væsentlig og overhængende fare for det finansielle system eller indehaverne af kryptoaktiver, navnlig private indehavere, lider væsentlig skade. I så fald kan EBA træffe en midlertidig afgørelse og give de berørte personer mulighed for at blive hørt, hurtigst muligt efter at den har truffet sin afgørelse.
3.   Retten til forsvar for de personer, der er genstand for undersøgelsen, skal respekteres fuldt ud. Nævnte personer har ret til indsigt i EBA's sagsakter med forbehold af andre personers legitime interesse i beskyttelsen af deres forretningshemmeligheder. Retten til aktindsigt omfatter ikke fortrolige oplysninger eller EBA's interne forberedende dokumenter.
Artikel 136
Prøvelse ved Domstolen
Domstolen har fuld prøvelsesret med hensyn til klager over afgørelser, hvorved EBA har pålagt en bøde, en tvangsbøde eller administrativ sanktion i overensstemmelse med denne forordning. Domstolen kan ophæve, nedsætte eller forhøje den pågældende bøde eller tvangsbøde.
Artikel 137
Tilsynsgebyrer
1.   EBA opkræver gebyrer hos udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens Disse gebyrer skal dække EBA's udgifter til udførelsen af dens tilsynsopgaver med hensyn til udstedere af signifikante aktivbaserede tokens og udstedere af signifikante e-pengetokens i overensstemmelse med artikel 117 og 119 samt godtgørelse af omkostninger, som de kompetente myndigheder måtte afholde under udførelse af arbejde i henhold til denne forordning, navnlig som følge af delegation af opgaver i overensstemmelse med artikel 138.
2.   Det gebyr, der opkræves hos en enkelt udsteder af en signifikant aktivbaseret token, skal stå i et rimeligt forhold til størrelsen af dennes reservebeholdning og dække alle omkostninger, som EBA har afholdt i forbindelse med udførelsen af sine tilsynsopgaver i henhold til denne forordning.
Det gebyr, der opkræves hos en enkelt udsteder af en signifikant e-pengetoken, skal stå i et rimeligt forhold til det størrelsen af udstedelsen af e-pengetokenen til gengæld for midler og skal dække alle omkostninger, som følger af udførelsen af EBA's tilsynsopgaver i overensstemmelse med denne forordning, herunder godførelse af alle omkostninger opstået som følge af udførelsen af disse opgaver.
3.   Kommissionen vedtager en delegeret retsakt i overensstemmelse med artikel 139 senest den 30. juni 2024 for at supplere denne forordning ved yderligere at præcisere gebyrernes art, de tjenester, for hvilke de skal erlægges, gebyrernes størrelse og betalingsmåde samt metoden til beregning af det maksimale beløb pr. enhed, der henvises til i stk. 2 i denne artikel, som EBA kan pålægge.
Artikel 138
EBA's delegering af opgaver til kompetente myndigheder
1.   EBA kan delegere særlige tilsynsopgaver til en kompetent myndighed, hvis det er nødvendigt for, at den kan udføre en tilsynsopgave i forbindelse med udstedere af signifikante aktivbaserede tokens eller udstedere af signifikante e-pengetokens korrekt. Disse specifikke tilsynsopgaver kan omfatte beføjelse til at fremsætte anmodninger om oplysninger, jf. artikel 122, og til at foretage undersøgelser og kontrolbesøg på stedet, jf. artikel 123 eller 124.
2.   EBA hører inden delegering af en opgave som omhandlet i stk. 1 den relevante kompetente myndighed om følgende:
a)
omfanget af den opgave, der skal delegeres
b)
tidsplanen for udførelsen af opgaven, og
c)
videregivelse af de nødvendige oplysninger fra og til EBA.
3.   I overensstemmelse med den delegerede retsakt om gebyrer, som Kommissionen vedtager i henhold til artikel 137, stk. 3, og artikel 139, godtgør EBA de omkostninger, som en kompetent myndighed har afholdt som følge af udførelsen af delegerede opgaver.
4.   EBA tager delegationen af opgaver op til revision med passende mellemrum. En sådan delegation kan til enhver tid tilbagekaldes.
AFSNIT VIII
DELEGEREDE RETSAKTER
Artikel 139
Udøvelse af de delegerede beføjelser
1.   Beføjelsen til at vedtage delegerede retsakter tillægges Kommissionen på de i denne artikel fastlagte betingelser.
2.   Beføjelsen til at vedtage delegerede retsakter, jf. artikel 3, stk. 2, artikel 43, stk. 11, artikel 103, stk. 8, artikel 104, stk. 8, artikel 105, stk. 7, artikel 134, stk. 10, og artikel 137, stk. 3, tillægges Kommissionen for en periode på 36 måneder fra den 29. juni 2023. Kommissionen udarbejder en rapport vedrørende delegationen af beføjelser senest ni måneder inden udløbet af 36-månedersperioden. Delegationen af beføjelser forlænges stiltiende for perioder af samme varighed, medmindre Europa-Parlamentet eller Rådet modsætter sig en sådan forlængelse senest tre måneder inden udløbet af hver periode.
3.   Den i artikel 3, stk. 2, artikel 43, stk. 11, artikel 103, stk. 8, artikel 104, stk. 8, artikel 105, stk. 7, artikel 134, stk. 10, og artikel 137, stk. 3, omhandlede delegation af beføjelser kan til enhver tid tilbagekaldes af Europa-Parlamentet eller Rådet. En afgørelse om tilbagekaldelse bringer delegationen af de beføjelser, der er angivet i den pågældende afgørelse, til ophør. Den får virkning dagen efter offentliggørelsen af afgørelsen i 
Den Europæiske Unions Tidende
 eller på et senere tidspunkt, der angives i afgørelsen. Den berører ikke gyldigheden af delegerede retsakter, der allerede er i kraft.
4.   Inden vedtagelsen af en delegeret retsakt hører Kommissionen eksperter, som er udpeget af hver enkelt medlemsstat, i overensstemmelse med principperne i den interinstitutionelle aftale af 13. april 2016 om bedre lovgivning.
5.   Så snart Kommissionen vedtager en delegeret retsakt, giver den samtidigt Europa-Parlamentet og Rådet meddelelse herom.
6.   En delegeret retsakt vedtaget i henhold til artikel 3, stk. 2, artikel 43, stk. 11, artikel 103, stk. 8, artikel 104, stk. 8, artikel 105, stk. 7, artikel 134, stk. 10, og artikel 137, stk. 3, træder kun i kraft, hvis hverken Europa-Parlamentet eller Rådet har gjort indsigelse inden for en frist på tre måneder fra meddelelsen af den pågældende retsakt til Europa-Parlamentet og Rådet, eller hvis Europa-Parlamentet og Rådet inden udløbet af denne frist begge har underrettet Kommissionen om, at de ikke agter at gøre indsigelse. Fristen forlænges med tre måneder på Europa-Parlamentets eller Rådets initiativ.
AFSNIT IX
OVERGANGSBESTEMMELSER OG ENDELIGE BESTEMMELSER
Artikel 140
Rapporter om anvendelsen af denne forordning
1.   Senest den 30. juni 2027 forelægger Kommissionen efter høring af EBA og ESMA en rapport for Europa-Parlamentet og Rådet om anvendelsen af denne forordning, eventuelt ledsaget af et lovgivningsforslag. Der forelægges en foreløbig rapport senest den 30. juni 2025, eventuelt ledsaget af et lovgivningsforslag.
2.   De i stk. 1 omhandlede rapporter indeholder følgende:
a)
antallet af udstedelser af kryptoaktiver i Unionen, antallet af hvidbøger om kryptoaktiver, der er indgivet eller meddelt til de kompetente myndigheder, typen af udstedte kryptoaktiver og deres markedskapitalisering og antallet af kryptoaktiver, der er optaget til handel
b)
en beskrivelse af erfaringen med klassificering af kryptoaktiver, herunder mulige forskelle i kompetente myndigheders tilgang
c)
en vurdering af behovet for at indføre en mekanisme til godkendelse af hvidbøger om kryptoaktiver for andre kryptoaktiver end aktivbaserede tokens og e-pengetokens
d)
et skøn over antallet af EU-borgere, der bruger eller investerer i kryptoaktiver udstedt i Unionen
e)
om muligt et skøn over antallet af EU-borgere, der bruger eller investerer i kryptoaktiver udstedt uden for Unionen, og en forklaring på tilgængeligheden af data i denne forbindelse
f)
antallet af tilfælde og værdien af svig, svindel, hacking, brug af kryptoaktiver i ransomwareangreb, cyberangreb, tyveri eller tab af kryptoaktiver indberettet i Unionen, typer af svigagtig adfærd, antallet af klager modtaget af kryptoaktivtjenesteudbydere og udstedere af aktivbaserede tokens, antallet af klager modtaget af de kompetente myndigheder og emnerne for de modtagne klager
g)
antallet af udstedere af aktivbaserede tokens og en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af betalinger i aktivbaserede tokens
h)
antallet af udstedere af signifikante aktivbaserede tokens og en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af betalinger foretaget i aktivbaserede tokens
i)
antallet af udstedere af e-pengetokens og en analyse af de officielle valutaer, som disse e-pengetokens henviser til, sammensætningen og størrelsen af de midler, der er indsat eller investering i overensstemmelse med artikel 54 og omfanget af betalinger foretaget i e-pengetokens
j)
antallet af udstedere af signifikante e-pengetokens og en analyse af de officielle valutaer, som disse signifikante e-pengetokens henviser til, og, for e-pengeinstitutter, der udsteder signifikante e-pengetokens, en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af betalinger foretaget i signifikante e-pengetokens
k)
antallet af signifikante kryptoaktivtjenesteudbydere
l)
en vurdering af, hvordan markedet for kryptoaktiver i Unionen fungerer, herunder udviklingen i og tendenserne på markedet, under hensyntagen til erfaringerne hos tilsynsmyndighederne, antallet af godkendte kryptoaktivtjenesteudbydere og deres respektive gennemsnitlige markedsandel
m)
en vurdering af niveauet for beskyttelsen af indehavere af kryptoaktiver og kunder hos kryptoaktivtjenesteudbydere, navnlig private indehavere
n)
en vurdering af svigagtig markedsføringskommunikation og svindel med kryptoaktiver, der finder sted via sociale medier
o)
en vurdering af de krav, der gælder for udstedere af kryptoaktiver og kryptoaktivtjenesteudbydere, og deres indvirkning på den operationelle modstandsdygtighed, markedsintegriteten, den finansielle stabilitet og beskyttelsen af kunder og indehavere af kryptoaktiver
p)
en evaluering af anvendelsen af artikel 81 og af muligheden for at indføre hensigtsmæssighedstest, jf. artikel 78, 79 og 80, for bedre at beskytte kryptoaktivtjenesteudbydernes kunder, navnlig private indehavere
q)
en vurdering af, hvorvidt de kryptoaktivtjenester, der er omfattet af denne forordning, er relevante, og om det er nødvendigt at tilpasse de definitioner, der er fastsat i denne forordning, og om der er behov for at føje yderligere innovative former for kryptoaktiver til denne forordnings anvendelsesområde
r)
en vurdering af, om tilsynskravene til udbydere af kryptoaktivtjenester er passende, og om de bør tilpasses de krav til startkapital og egenkapital, der efter Europa-Parlamentets og Rådets forordning (EU) 2019/2033 
(
46
)
 og Europa-Parlamentets og Rådets direktiv (EU) 2019/2034 gælder for investeringsselskaber 
(
47
)
s)
en vurdering af, om tærsklerne for at klassificere aktivbaserede tokens og e-pengetokens, der er så signifikante som anført i denne forordnings artikel 43, stk. 1, litra a), b) og c), er passende, og en vurdering af, om tærsklerne bør evalueres regelmæssigt
t)
en vurdering af udviklingen af decentraliseret finans på markederne for kryptoaktiver og af den passende reguleringsmæssige behandling af decentraliserede kryptoaktivsystemer
u)
en vurdering af, om tærsklerne for at betragte udbydere af kryptoaktivtjenester som signifikante i henhold til artikel 85 er passende, og en vurdering af, om tærsklerne bør evalueres regelmæssigt
v)
en vurdering af, hvorvidt der bør indføres en ækvivalensordning i henhold til denne forordning for enheder, der udbyder kryptoaktivtjenester, udstedere af aktivbaserede tokens eller udstedere af e-pengetokens fra tredjelande
w)
en vurdering af, om undtagelserne i artikel 4 og 16 er hensigtsmæssige
x)
en vurdering af denne forordnings betydning for et velfungerende indre marked med hensyn til kryptoaktiver, herunder eventuel indvirkning på SMV'ers adgang til finansiering og udvikling af nye betalingsmidler, herunder betalingsinstrumenter
y)
en beskrivelse af udviklingen i forretningsmodeller og teknologier på kryptoaktivmarkederne med særligt fokus på de miljø- og klimarelaterede virkninger af nye teknologier samt en vurdering af politikløsninger og om nødvendigt eventuelle yderligere foranstaltninger, der kan være nødvendige for at afbøde de negative indvirkninger på klimaet og andre miljørelaterede negative virkninger af de teknologier, der anvendes på kryptoaktivmarkeder, og navnlig af de konsensusmekanismer, der anvendes til at validere kryptoaktivtransaktioner
z)
en vurdering af, hvorvidt der er behov for ændringer af de foranstaltninger, der er fastsat i denne forordning, for at sikre beskyttelsen af kunderne og indehaverne af kryptoaktiver, markedsintegriteten og den finansielle stabilitet
aa)
anvendelse af administrative sanktioner og andre administrative foranstaltninger
ab)
en evaluering af samarbejdet mellem de kompetente myndigheder, EBA, ESMA, centralbanker og andre relevante myndigheder, herunder med hensyn til samspillet mellem deres ansvarsområder eller opgaver, og en vurdering af fordele og ulemper ved, at medlemsstaternes kompetente myndigheder og EBA henholdsvis er ansvarlige for tilsyn i henhold til denne forordning
ac)
en vurdering af samarbejdet mellem de kompetente myndigheder og ESMA vedrørende tilsynet med signifikante udbydere af kryptoaktivtjenester og en vurdering af fordele og ulemper ved, at medlemsstaternes kompetente myndigheder og ESMA henholdsvis er ansvarlige for tilsynet med signifikante udbydere af kryptoaktivtjenester i henhold til denne forordning
ad)
omkostningerne for udstedere af kryptoaktiver, bortset fra aktivbaserede tokens og e-pengetokens, ved at overholde denne forordning som en procentdel af det beløb, der rejses gennem udstedelse af kryptoaktiver
ae)
omkostningerne for udstedere af aktivbaserede tokens og udstedere af e-pengetokens til overholdelse af denne forordning som en procentdel af deres driftsomkostninger
af)
kryptoaktivtjenesteudbyderes omkostninger til overholdelse af denne forordning som en procentdel af deres driftsomkostninger
ag)
antallet og størrelsen af administrative bøder og strafferetlige sanktioner, som de kompetente myndigheder og EBA pålægger for overtrædelser af denne forordning.
3.   Hvis det er relevant, følger de i nærværende artikels stk. 1 omhandlede rapporter også op på de emner, der behandles i de rapporter, der er omhandlet i artikel 141 og 142.
Artikel 141
ESMA's årsrapport om markedsudviklingen
Senest den 31. december 2025 og derefter hvert år forelægger ESMA i tæt samarbejde med EBA en rapport for Europa-Parlamentet og Rådet om anvendelsen af denne forordning og udviklingen på markeder for kryptoaktiver. Rapporten gøres offentligt tilgængelig.
Rapporten skal indeholde følgende:
a)
antallet af udstedelser af kryptoaktiver i Unionen, antallet af hvidbøger om kryptoaktiver, der er indgivet eller meddelt til de kompetente myndigheder, typen af udstedte kryptoaktiver og deres markedskapitalisering og antallet af kryptoaktiver, der er optaget til handel
b)
antallet af udstedere af aktivbaserede tokens og en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af betalinger i aktivbaserede tokens
c)
antallet af udstedere af signifikante aktivbaserede tokens og en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af transaktioner i signifikante aktivbaserede tokens
d)
antallet af udstedere af e-pengetokens og en analyse af de officielle valutaer, som disse e-pengetokens henviser til, sammensætningen og størrelsen af de midler, der er indsat eller investering i overensstemmelse med artikel 54 og omfanget af betalinger foretaget i e-pengetokens
e)
antallet af udstedere af signifikante e-pengetokens og en analyse af de officielle valutaer, som disse signifikante e-pengetokens henviser til, og, for e-pengeinstitutter, der udsteder signifikante e-pengetokens, en analyse af kategorierne af reservebeholdninger, størrelsen af reserverne af aktiver og omfanget af betalinger foretaget i signifikante e-pengetokens
f)
antallet af udbydere af kryptoaktivtjenester og antallet af signifikante udbydere af kryptoaktivtjenester
g)
et skøn over antallet af EU-borgere, der bruger eller investerer i kryptoaktiver udstedt i Unionen
h)
om muligt et skøn over antallet af EU-borgere, der bruger eller investerer i kryptoaktiver udstedt uden for Unionen, og en forklaring på tilgængeligheden af data i denne forbindelse
i)
en kortlægning af den geografiske placering og niveauet af kend din kunde- og kunde due diligenceprocedurer for uautoriserede børser, der leverer tjenester inden for kryptoaktiver til EU-borgere, herunder antallet af børser uden et klart hjemsted og antallet af børser beliggende i jurisdiktioner, der er opført på listen over højrisikotredjelande i forbindelse med Unionens regler for bekæmpelse af hvidvask af penge og bekæmpelse af finansiering af terrorisme eller på listen over ikkesamarbejdsvillige jurisdiktioner i skattemæssig henseende, klassificeret efter niveauet af overholdelse af passende kend din kunde-procedurer
j)
andelen af transaktioner med kryptoaktiver, der finder sted gennem en udbyder af kryptoaktivtjenester eller en uautoriseret tjenesteudbyder eller peer-to-peer, og deres transaktionsvolumen
k)
antallet af tilfælde og værdien af svig, svindel, hacking, brug af kryptoaktiver i ransomwareangreb, cyberangreb, tyveri eller tab af kryptoaktiver indberettet i Unionen, typer af svigagtig adfærd, antallet af klager modtaget af kryptoaktivtjenesteudbydere og udstedere af aktivbaserede tokens, antallet af klager modtaget af de kompetente myndigheder og emnerne for de modtagne klager
l)
antallet af klager modtaget af udbydere, udstedere af kryptoaktiver og kompetente myndigheder i forbindelse med urigtige og vildledende oplysninger i hvidbøgerne om kryptoaktiver eller i markedsføringsmeddelelser, herunder via sociale medieplatforme
m)
mulige metoder og valg, baseret på bedste praksis og rapporter fra relevante internationale organisationer, med henblik på at begrænse risikoen for omgåelse af denne forordning, herunder i forbindelse med levering af kryptoaktivtjenester foretaget af aktører fra tredjelande i Unionen uden tilladelse.
De kompetente myndigheder forelægger ESMA alle de oplysninger, der er nødvendige for udarbejdelsen af rapporten. Med henblik på udarbejdelsen af rapporten kan ESMA anmode om oplysninger fra de retshåndhævende myndigheder.
Artikel 142
Rapport om den seneste udvikling inden for kryptoaktiver
1.   Senest den 30. december 2024 og efter høring af EBA og ESMA forelægger Kommissionen en rapport for Europa-Parlamentet og Rådet om den seneste udvikling inden for kryptoaktiver, navnlig om forhold, der ikke er behandlet i denne forordning, eventuelt ledsaget af et lovgivningsforslag.
2.   Rapporten i stk. 1 skal mindst indeholde følgende:
a)
en vurdering af udviklingen af decentraliseret finans på markeder for kryptoaktiver og af den passende reguleringsmæssige behandling af decentraliserede kryptoaktivsystemer uden en udsteder eller udbyder af kryptoaktivtjenester, herunder en vurdering af behovet og muligheden for regulering af decentraliseret finans
b)
en vurdering af behovet og muligheden for regulering af samt långivning og lånoptagelse i kryptoaktiver
c)
en vurdering af behandlingen af tjenester i forbindelse med overførsel af e-pengetokens, hvis de ikke behandles som led i revisionen af direktiv (EU) 2015/2366
d)
en vurdering af udviklingen af markeder for unikke og ikkefungible kryptoaktiver og af den passende reguleringsmæssige behandling af sådanne kryptoaktiver, herunder en vurdering af behovet og muligheden for regulering af udbydere af unikke og ikkefungible kryptoaktiver samt udbydere af tjenester i forbindelse med sådanne kryptoaktiver.
Artikel 143
Overgangsforanstaltninger
1.   Artikel 4-15 finder ikke anvendelse på udbud til offentligheden af kryptoaktiver, der sluttede før den 30. december 2024.
2.   Uanset afsnit II finder kun følgende krav anvendelse på kryptoaktiver undtagen aktivbaserede tokens og e-pengetokens, der var optaget til handel før den 30. december 2024:
a)
Artikel 7 og 9 finder anvendelse på markedsføringskommunikation, der offentliggøres efter den 30. december 2024
b)
operatører af handelsplatforme sikrer senest den 31. december 2027, at der i de tilfælde, der er fastsat i denne forordning, udarbejdes, meddeles og offentliggøres en hvidbog om kryptoaktiver i overensstemmelse med artikel 6, 8 og 9, som ajourføres i overensstemmelse med artikel 12.
3.   De kryptoaktivtjenesteudbydere, som udbød deres tjenester i overensstemmelse med gældende ret før den 30. december 2024, kan fortsætte med at gøre dette indtil den 1. juli 2026, eller indtil de er blevet meddelt eller nægtet tilladelse i henhold til artikel 63, alt efter hvad der indtræder først.
Medlemsstaterne kan beslutte ikke at anvende overgangsreglerne for kryptoaktivtjenesteudbydere i første afsnit eller at reducere dens varighed, hvis de vurderer, at deres nationale lovgivningsmæssige rammer, der fandt anvendelse før den 30. december 2024 stiller mindre strenge krav end denne forordning.
Senest den 30. juni 2024 underretter medlemsstaterne Kommissionen og ESMA om, hvorvidt de har gjort brug af muligheden i andet afsnit, og om varigheden af overgangsreglerne.
4.   Andre udstedere af aktivbaserede tokens end kreditinstitutter, som udstedte aktivbaserede tokens i overensstemmelse med gældende ret inden den 30. juni 2024, kan fortsætte med at gøre dette, indtil de er blevet meddelt eller nægtet tilladelse i henhold til artikel 21, forudsat at de ansøger om tilladelse inden den 30. juli 2024.
5.   Kreditinstitutter, der udstedte aktivbaserede tokens i overensstemmelse med gældende ret før den 30. juni 2024, kan fortsætte med at gøre dette, indtil hvidbogen om kryptoaktiver er blevet godkendt eller ikke er blevet godkendt i henhold til artikel 17, forudsat at de underretter deres kompetente myndighed i henhold til nævnte artikels stk. 1 inden den 30. juli 2024.
6.   Uanset artikel 62 og 63 kan medlemsstaterne anvende en forenklet procedure for ansøgninger om en tilladelse, der indgives mellem den 30. december 2024 og den 1. juli 2026 af enheder, som på den 30. december 2024 havde tilladelse til at udbyde kryptoaktivtjenester i henhold til national lovgivning. De kompetente myndigheder sikrer, at afsnit V, kapitel 2 og 3, er overholdt, inden der gives tilladelse i henhold til sådanne forenklede procedurer.
7.   EBA udøver sit tilsynsansvar i henhold til artikel 117 fra datoen for anvendelsen af de delegerede retsakter, der er omhandlet i artikel 43, stk. 11.
Artikel 144
Ændring af forordning (EU) nr. 1093/2010
I artikel 1, stk. 2, i forordning (EU) nr. 1093/2010 affattes første afsnit således:
»Myndigheden handler inden for de beføjelser, som den tildeles ved denne forordning, og inden for rammerne af Europa-Parlamentets og Rådets direktiv 2002/87/EF, direktiv 2008/48/EF
 (
*1
)
, direktiv 2009/110/EF, forordning (EU) nr. 575/2013
 (
*2
)
, direktiv 2013/36/EU
 (
*3
)
, direktiv 2014/49/EU
 (
*4
)
, direktiv 2014/92/EU
 (
*5
)
, direktiv (EU) 2015/2366
 (
*6
)
, forordning (EU) 2023/1114
 (
*7
)
 og, i det omfang disse retsakter finder anvendelse på kreditinstitutter og finansielle institutioner og de kompetente myndigheder, der fører tilsyn med dem, de relevante dele af direktiv 2002/65/EF, herunder alle direktiver, forordninger og afgørelser, der er baseret på disse retsakter, samt eventuelle yderligere retligt bindende EU-retsakter, hvorved myndigheden tillægges opgaver. Myndigheden handler også i overensstemmelse med Rådets forordning (EU) nr. 1024/2013
 (
*8
)
.
Artikel 145
Ændring af forordning (EU) nr. 1095/2010
I artikel 1, stk. 2, i forordning (EU) nr. 1095/2010 affattes første afsnit således:
»Myndigheden handler inden for de beføjelser, som den tildeles ved denne forordning, og inden for rammerne af direktiv 97/9/EF, 98/26/EF, 2001/34/EF, 2002/47/EF, 2004/109/EF, 2009/65/EF, Europa-Parlamentets og Rådets direktiv 2011/61/EU
 (
*9
)
, forordning (EF) nr. 1060/2009 og Europa-Parlamentets og Rådets direktiv 2014/65/EU
 (
*10
)
, Europa-Parlamentets og Rådets forordning (EU) 2017/1129
 (
*11
)
, Europa-Parlamentets og Rådets forordning (EU) 2023/1114
 (
*12
)
 og, i det omfang de finder anvendelse på firmaer, der yder investeringsservice, eller på institutter for kollektiv investering, der markedsfører deres andele eller aktier, udstedere eller udbydere af kryptoaktiver, personer, der anmoder om optagelse til handel eller udbydere af kryptoaktivtjenester og de kompetente myndigheder, der fører tilsyn med dem, inden for rammerne af de relevante dele af direktiv 2002/87/EF og 2002/65/EF, herunder alle de direktiver, forordninger og afgørelser, der er baseret på disse retsakter, og eventuelle yderligere juridisk bindende EU-retsakter, hvorved myndigheden tillægges opgaver.
Artikel 146
Ændring af direktiv 2013/36/EU
I bilag I til direktiv 2013/36/EU affattes punkt 15 således:
»15.
Udstedelse af elektroniske penge, herunder elektroniske pengetokens som defineret i artikel 3, stk. 1, nr. 7), i Europa-Parlamentets og Rådets forordning (EU) 2023/1114
 (
*13
)
16.
Udstedelse af aktivbaserede tokens som defineret i artikel 3, stk. 1, nr. 6), i forordning (EU) 2023/1114
17.
Kryptoaktivtjenester som defineret i artikel 3, stk. 1, nr. 16), i forordning (EU) 2023/1114.
Artikel 147
Ændring af direktiv (EU) 2019/1937
I del I.B i bilaget til direktiv (EU) 2019/1937 tilføjes følgende punkt:
»xxii)
Europa-Parlamentets og Rådets forordning (EU) 2023/1114 af 31. maj 2023 om markeder for kryptoaktiver og om ændring af forordning (EU) nr. 1093/2010 og (EU) nr. 1095/2010 og direktiv 2013/36/EU og (EU) 2019/1937 (
EUT L 150 af 9.6.2023, s. 40
).«
Artikel 148
Gennemførelse af ændringer af direktiv 2013/36/EU og (EU) 2019/1937
1.   Medlemsstaterne vedtager og offentliggør senest den 30. december 2024 de love og administrative bestemmelser, der er nødvendige for at efterkomme artikel 146 og 147.
2.   Medlemsstaterne meddeler Kommissionen, EBA og ESMA teksten til de vigtigste nationale love og bestemmelser, som de udsteder på det område, der er omfattet af artikel 116.
Artikel 149
Ikrafttræden og anvendelse
1.   Denne forordning træder i kraft på tyvendedagen efter offentliggørelsen i 
Den Europæiske Unions Tidende
.
2.   Denne forordning finder anvendelse fra den 30. december 2024.
3.   Uanset stk. 2 finder afsnit III og IV anvendelse fra den 30. juni 2024.
4.   Som undtagelse fra denne artikels stk. 2 og 3 finder artikel 2, stk. 5, artikel 3, stk. 2, artikel 6, stk. 11 og 12, artikel 14, stk. 1, andet afsnit, artikel 17, stk. 8, artikel 18, stk. 6 og 7, artikel 19, stk. 10 og 11, artikel 21, stk. 3, artikel 22, stk. 6 og 7, artikel 31, stk. 5, artikel 32, stk. 5, artikel 34, stk. 13, artikel 35, stk. 6, artikel 36, stk. 4, artikel 38, stk. 5, artikel 42, stk. 4, artikel 43, stk. 11, artikel 45, stk. 7 og 8, artikel 46, stk. 6, artikel 47, stk. 5, artikel 51, stk. 10 og 15, artikel 60, stk. 13 og 14, artikel 61, stk. 3, artikel 62, stk. 5 og 6, artikel 63, stk. 11, artikel 66, stk. 6, artikel 68, stk. 10, artikel 71, stk. 5, artikel 72, stk. 5, artikel 76, stk. 16, artikel 81, stk. 15, artikel 82, stk. 2, artikel 84, stk. 4, artikel 88, stk. 4, artikel 92, stk. 2 og 3, artikel 95, stk. 10 og 11, artikel 96, stk. 3, artikel 97, stk. 1, artikel 103, stk. 8, artikel 104, stk. 8, artikel 105, stk. 7, artikel 107, stk. 3 og 4, artikel 109, stk. 8, artikel 119, stk. 8, artikel 134, stk. 10, artikel 137, stk. 3, og artikel 139 anvendelse fra den 29. juni 2023.
Denne forordning er bindende i alle enkeltheder og gælder umiddelbart i hver medlemsstat.
Udfærdiget i Bruxelles, den 31. maj 2023.
På Europa-Parlamentets vegne
R. METSOLA
Formand
På Rådets vegne
P. KULLGREN
Formand
(
1
)
  
            
EUT C 152 af 29.4.2021, s. 1
.
(
2
)
  
            
EUT C 155 af 30.4.2021, s. 31
.
(
3
)
  Europa-Parlamentets holdning af 20.4.2023 (endnu ikke offentliggjort i EUT) og Rådets afgørelse af 16.5.2023.
(
4
)
  Europa-Parlamentets og Rådets direktiv 2014/65/EU af 15. maj 2014 om markeder for finansielle instrumenter og om ændring af direktiv 2002/92/EF og direktiv 2011/61/EU (
EUT L 173 af 12.6.2014, s. 349
).
(
5
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 1095/2010 af 24. november 2010 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Værdipapir- og Markedstilsynsmyndighed), om ændring af afgørelse nr. 716/2009/EF og om ophævelse af Kommissionens afgørelse 2009/77/EF (
EUT L 331 af 15.12.2010, s. 84
).
(
6
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 1093/2010 af 24. november 2010 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Banktilsynsmyndighed), om ændring af afgørelse nr. 716/2009/EF og om ophævelse af Kommissionens afgørelse 2009/78/EF (
EUT L 331 af 15.12.2010, s. 12
).
(
7
)
  Europa-Parlamentets og Rådets direktiv 2014/49/EU af 16. april 2014 om indskudsgarantiordninger (
EUT L 173 af 12.6.2014, s. 149
).
(
8
)
  Europa-Parlamentets og Rådets direktiv (EU) 2015/2366 af 25. november 2015 om betalingstjenester i det indre marked, og om ændring af direktiv 2002/65/EF, 2009/110/EF og 2013/36/EU og forordning (EU) nr. 1093/2010 og om ophævelse af direktiv 2007/64/EF (
EUT L 337 af 23.12.2015, s. 35
).
(
9
)
  Europa-Parlamentets og Rådets forordning (EU) 2017/2402 af 12. december 2017 om en generel ramme for securitisering og om oprettelse af en specifik ramme for simpel, transparent og standardiseret securitisering og om ændring af direktiv 2009/65/EF, 2009/138/EF og 2011/61/EU og forordning (EF) nr. 1060/2009 og (EU) nr. 648/2012 (
EUT L 347 af 28.12.2017, s. 35
).
(
10
)
  Europa-Parlamentets og Rådets direktiv 2009/110/EF af 16. september 2009 om adgang til at optage og udøve virksomhed som udsteder af elektroniske penge og tilsyn med en sådan virksomhed, ændring af direktiv 2005/60/EF og 2006/48/EF og ophævelse af direktiv 2000/46/EF (
EUT L 267 af 10.10.2009, s. 7
).
(
11
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 1094/2010 af 24. november 2010 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Tilsynsmyndighed for Forsikrings- og Arbejdsmarkedspensionsordninger), om ændring af afgørelse nr. 716/2009/EF og om ophævelse af Kommissionens afgørelse 2009/79/EF (
EUT L 331 af 15.12.2010, s. 48
).
(
12
)
  Rådets forordning (EU) nr. 1024/2013 af 15. oktober 2013 om overdragelse af specifikke opgaver til Den Europæiske Centralbank i forbindelse med politikker vedrørende tilsyn med kreditinstitutter (
EUT L 287 af 29.10.2013, s. 63
).
(
13
)
  Europa-Parlamentets og Rådets direktiv 2013/36/EU af 26. juni 2013 om adgang til at udøve virksomhed som kreditinstitut og om tilsyn med kreditinstitutter, om ændring af direktiv 2002/87/EF og om ophævelse af direktiv 2006/48/EF og 2006/49/EF (
EUT L 176 af 27.6.2013, s. 338
).
(
14
)
  Europa-Parlamentets og Rådets direktiv 2005/29/EF af 11. maj 2005 om virksomheders urimelige handelspraksis over for forbrugerne på det indre marked og om ændring af Rådets direktiv 84/450/EØF og Europa-Parlamentets og Rådets direktiv 97/7/EF, 98/27/EF og 2002/65/EF og Europa-Parlamentets og Rådets forordning (EF) nr. 2006/2004 (direktivet om urimelig handelspraksis) (
EUT L 149 af 11.6.2005, s. 22
).
(
15
)
  Rådets direktiv 93/13/EØF af 5. april 1993 om urimelige kontraktvilkår i forbrugeraftaler (
EFT L 95 af 21.4.1993, s. 29
).
(
16
)
  Europa-Parlamentets og Rådets direktiv 2002/65/EF af 23. september 2002 om fjernsalg af finansielle tjenesteydelser til forbrugerne og om ændring af Rådets direktiv 90/619/EØF samt direktiv 97/7/EF og 98/27/EF (
EFT L 271 af 9.10.2002, s. 16
).
(
17
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 af 26. juni 2013 om tilsynsmæssige krav til kreditinstitutter og om ændring af forordning (EU) nr. 648/2012 (
EUT L 176 af 27.6.2013, s. 1
).
(
18
)
  Europa-Parlamentets og Rådets direktiv 2014/59/EU af 15. maj 2014 om et regelsæt for genopretning og afvikling af kreditinstitutter og investeringsselskaber og om ændring af Rådets direktiv 82/891/EØF og Europa-Parlamentets og Rådets direktiv 2001/24/EF, 2002/47/EF, 2004/25/EF, 2005/56/EF, 2007/36/EF, 2011/35/EU, 2012/30/EU og 2013/36/EU samt forordning (EU) nr. 1093/2010 og (EU) nr. 648/2012 (
EUT L 173 af 12.6.2014, s. 190
).
(
19
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 806/2014 af 15. juli 2014 om ensartede regler og en ensartet procedure for afvikling af kreditinstitutter og visse investeringsselskaber inden for rammerne af en fælles afviklingsmekanisme og en fælles afviklingsfond og om ændring af forordning (EU) nr. 1093/2010 (
EUT L 225 af 30.7.2014, s. 1
).
(
20
)
  Europa-Parlamentets og Rådets direktiv (EU) 2015/849 af 20. maj 2015 om forebyggende foranstaltninger mod anvendelse af det finansielle system til hvidvask af penge eller finansiering af terrorisme, om ændring af Europa-Parlamentets og Rådets forordning (EU) nr. 648/2012 og om ophævelse af Europa-Parlamentets og Rådets direktiv 2005/60/EF samt Kommissionens direktiv 2006/70/EF (
EUT L 141 af 5.6.2015, s. 73
).
(
21
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 af 16. april 2014 om markedsmisbrug (forordningen om markedsmisbrug) og om ophævelse af Europa-Parlamentets og Rådets direktiv 2003/6/EF og Kommissionens direktiv 2003/124/EF, 2003/125/EF og 2004/72/EF (
EUT L 173 af 12.6.2014, s. 1
).
(
22
)
  
            
EUT L 123 af 12.5.2016, s. 1
.
(
23
)
  Europa-Parlamentets og Rådets direktiv (EU) 2019/1937 af 23. oktober 2019 om beskyttelse af personer, der indberetter overtrædelser af EU-retten (
EUT L 305 af 26.11.2019, s. 17
).
(
24
)
  Europa-Parlamentets og Rådets forordning (EU) 2016/679 af 27. april 2016 om beskyttelse af fysiske personer i forbindelse med behandling af personoplysninger og om fri udveksling af sådanne oplysninger og om ophævelse af direktiv 95/46/EF (generel forordning om databeskyttelse) (
EUT L 119 af 4.5.2016, s. 1
).
(
25
)
  Europa-Parlamentets og Rådets forordning (EU) 2018/1725 af 23. oktober 2018 om beskyttelse af fysiske personer i forbindelse med behandling af personoplysninger i Unionens institutioner, organer, kontorer og agenturer og om fri udveksling af sådanne oplysninger og om ophævelse af forordning (EF) nr. 45/2001 og afgørelse nr. 1247/2002/EF (
EUT L 295 af 21.11.2018, s. 39
).
(
26
)
  
            
EUT C 337 af 23.8.2021, s. 4
.
(
27
)
  Europa-Parlamentets og Rådets direktiv 2009/138/EF af 25. november 2009 om adgang til og udøvelse af forsikrings- og genforsikringsvirksomhed (Solvens II) (
EUT L 335 af 17.12.2009, s. 1
).
(
28
)
  Europa-Parlamentets og Rådets direktiv (EU) 2016/2341 af 14. december 2016 om arbejdsmarkedsrelaterede pensionskassers (IORP'ers) aktiviteter og tilsynet hermed (
EUT L 354 af 23.12.2016, s. 37
).
(
29
)
  Europa-Parlamentets og Rådets forordning (EU) 2019/1238 af 20. juni 2019 om et paneuropæisk personligt pensionsprodukt (PEPP-produkt) (
EUT L 198 af 25.7.2019, s. 1
).
(
30
)
  Europa-Parlamentets og Rådets forordning (EF) nr. 883/2004 af 29. april 2004 om koordinering af de sociale sikringsordninger (
EUT L 166 af 30.4.2004, s. 1
).
(
31
)
  Europa-Parlamentets og Rådets forordning (EF) nr. 987/2009 af 16. september 2009 om de nærmere regler til gennemførelse af forordning (EF) nr. 883/2004 om koordinering af de sociale sikringsordninger (
EUT L 284 af 30.10.2009, s. 1
).
(
32
)
  Europa-Parlamentets og Rådets direktiv 2004/109/EF af 15. december 2004 om harmonisering af gennemsigtighedskrav i forbindelse med oplysninger om udstedere, hvis værdipapirer er optaget til handel på et reguleret marked, og om ændring af direktiv 2001/34/EF (
EUT L 390 af 31.12.2004, s. 38
).
(
33
)
  Europa-Parlamentets og Rådets direktiv 2009/65/EF af 13. juli 2009 om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer (investeringsinstitutter) (
EUT L 302 af 17.11.2009, s. 32
).
(
34
)
  Europa-Parlamentets og Rådets direktiv 2011/61/EU af 8. juni 2011 om forvaltere af alternative investeringsfonde og om ændring af direktiv 2003/41/EF og 2009/65/EF samt forordning (EF) nr. 1060/2009 og (EU) nr. 1095/2010 (
EUT L 174 af 1.7.2011, s. 1
).
(
35
)
  Europa-Parlamentets og Rådets direktiv 97/9/EF af 3. marts 1997 om investorgarantiordninger (
EFT L 84 af 26.3.1997, s. 22
).
(
36
)
  Europa-Parlamentets og Rådets forordning (EU) 2017/1129 af 14. juni 2017 om det prospekt, der skal offentliggøres, når værdipapirer udbydes til offentligheden eller optages til handel på et reguleret marked, og om ophævelse af direktiv 2003/71/EF (
EUT L 168 af 30.6.2017, s. 12
).
(
37
)
  Europa-Parlamentets og Rådets forordning (EU) 2022/2554 af 14. december 2022 om digital operationel modstandsdygtighed i den finansielle sektor og om ændring af forordning (EF) nr. 1060/2009, (EU) nr. 648/2012, (EU) nr. 600/2014, (EU) nr. 909/2014 og (EU) 2016/1011 (
EUT L 333 af 27.12.2022, s. 1
).
(
38
)
  Europa-Parlamentets og Rådets forordning (EU) 2017/1131 af 14. juni 2017 om pengemarkedsforeninger (
EUT L 169 af 30.6.2017, s. 8
).
(
39
)
  Europa-Parlamentets og Rådets direktiv 2002/47/EF af 6. juni 2002 om aftaler om finansiel sikkerhedsstillelse (
EFT L 168 af 27.6.2002, s. 43
).
(
40
)
  Kommissionens direktiv 2006/73/EF af 10. august 2006 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2004/39/EF for så vidt angår de organisatoriske krav til og betingelserne for drift af investeringsselskaber samt definitioner af begreber med henblik på nævnte direktiv (
EUT L 241 af 2.9.2006, s. 26
).
(
41
)
  Kommissionens delegerede forordning (EU) 2015/61 af 10. oktober 2014 om supplerende regler til forordning (EU) nr. 575/2013 for så vidt angår likviditetsdækningskrav for kreditinstitutter (
EUT L 11 af 17.1.2015, s. 1
).
(
42
)
  Parlamentets og Rådets direktiv 2013/34/EU af 26. juni 2013 om årsregnskaber, konsoliderede regnskaber og tilhørende beretninger for visse virksomhedsformer, om ændring af Europa-Parlamentets og Rådets direktiv 2006/43/EF og om ophævelse af Rådets direktiv 78/660/EØF og 83/349/EØF (
EUT L 182 af 29.6.2013, s. 19
).
(
43
)
  Europa-Parlamentets og Rådets forordning (EU) 2022/1925 af 14. september 2022 om åbne og fair markeder i den digitale sektor og om ændring af direktiv (EU) 2019/1937 og (EU) 2020/1828 (forordningen om digitale markeder) (
EUT L 265 af 12.10.2022, s. 1
).
(
44
)
  
            
Europa-Parlamentets og Rådets forordning (EU) 2021/23 af 16. december 2020
            
 om et regelsæt for genopretning og afvikling af centrale modparter og om ændring af forordning (EU) nr. 1095/2010, (EU) nr. 648/2012, (EU) nr. 600/2014, (EU) nr. 806/2014 og (EU) 2015/2365 samt direktiv 2002/47/EF, 2004/25/EF, 2007/36/EF, 2014/59/EU og (EU) 2017/1132 (
EUT L 22 af 22.1.2021, s. 1
).
(
45
)
  Europa-Parlamentets og Rådets forordning (EU) nr. 909/2014 af 23. juli 2014 om forbedring af værdipapirafviklingen i Den Europæiske Union og om værdipapircentraler samt om ændring af direktiv 98/26/EF og 2014/65/EU samt forordning (EU) nr. 236/2012 (
EUT L 257 af 28.8.2014, s. 1
).
(
46
)
  Europa-Parlamentets og Rådets forordning (EU) 2019/2033 af 27. november 2019 om tilsynsmæssige krav til investeringsselskaber og om ændring af forordning (EU) nr. 1093/2010, (EU) nr. 575/2013, (EU) nr. 600/2014 og (EU) nr. 806/2014 (
EUT L 314 af 5.12.2019, s. 1
).
(
47
)
  Europa-Parlamentets og Rådets direktiv (EU) 2019/2034 af 27. november 2019 om tilsyn med investeringsselskaber og om ændring af direktiv 2002/87/EF, 2009/65/EF, 2011/61/EU, 2013/36/EU, 2014/59/EU og 2014/65/EU (
EUT L 314 af 5.12.2019, s. 64
).
BILAG I
OPLYSNINGSELEMENTER TIL HVIDBOGEN OM KRYPTOAKTIVER, UNDTAGEN AKTIVBASEREDE TOKENS ELLER E-PENGETOKENS
Del A: Oplysninger om udbyderen eller den person, der anmoder om optagelse til handel
1.
Navn
2.
Juridisk form
3.
Registreret adresse og hovedsæde, hvis forskellig
4.
Registreringsdato
5.
Identifikator for den juridiske enhed eller en anden identifikator, der kræves i henhold til gældende national ret
6.
Et telefonnummer og en e-mailadresse på udbyderen eller den person, der anmoder om optagelse til handel, samt det antal dage, inden for hvilket en investor, der kontakter udbyderen eller den person, der anmoder om optagelse til handel, på dette telefonnummer eller denne e-mailadresse, vil få svar
7.
Hvis det er relevant, navnet på moderselskabet
8.
Identitet, forretningsadresser og funktioner for de personer, der er medlemmer af ledelsesorganet for udbyderen eller den person, der anmoder om optagelse til handel
9.
Forretnings- eller erhvervsmæssig virksomhed, der udøves af udbyderen eller den person, der anmoder om optagelse til handel, og, hvis det er relevant, af dennes moderselskab
10.
Den finansielle tilstand for udbyderen eller den person, der anmoder om optagelse til handel, i de seneste tre år eller, hvis udbyderen eller den person, der anmoder om optagelse til handel, ikke har været etableret i de seneste tre år, dennes finansielle tilstand siden datoen for dennes registrering.
Den finansielle tilstand vurderes på grundlag af en rimelig redegørelse for udviklingen i og resultaterne af den virksomhed, der udøves af udbyderen eller den person, der anmoder om optagelse til handel, og af dennes stilling for hvert år og hver delvise periode, der kræves historiske regnskabsoplysninger for, herunder årsagen til væsentlige ændringer.
Redegørelsen skal være en afbalanceret og omfattende analyse af den forretningsmæssige udvikling og resultatet for udbyderen eller den person, der anmoder om optagelse til handel, samt af dens stilling i overensstemmelse med dennes størrelse og kompleksitet.
Del B: Oplysninger om udstederen, hvis denne er forskellig fra udbyderen eller den person, der anmoder om optagelse til handel
1.
Navn
2.
Juridisk form
3.
Registreret adresse og hovedsæde, hvis forskellig
4.
Registreringsdato
5.
Identifikator for den juridiske enhed eller en anden identifikator, der kræves i henhold til gældende national ret
6.
Hvis det er relevant, navnet på moderselskabet
7.
Identitet, forretningsadresser og funktioner for de personer, der er medlemmer af udstederens ledelsesorgan
8.
Forretnings- eller erhvervsmæssig virksomhed, der udøves af udstederen og, hvis det er relevant, dennes moderselskab.
Del C: Oplysninger om operatøren af handelsplatformen i de tilfælde, hvor denne udarbejder hvidbogen om kryptoaktiver
1.
Navn
2.
Juridisk form
3.
Registreret adresse og hovedsæde, hvis forskellig
4.
Registreringsdato
5.
Identifikator for den juridiske enhed eller en anden identifikator, der kræves i henhold til gældende national ret
6.
Hvis det er relevant, navnet på moderselskabet
7.
Årsagen til, at den pågældende operatør udarbejdede hvidbogen om kryptoaktiver
8.
Identitet, forretningsadresser og funktioner for de personer, der er medlemmer af operatørens ledelsesorgan
9.
Forretnings- eller erhvervsmæssig virksomhed, der udøves af operatøren og, hvis det er relevant, dennes moderselskab.
Del D: Oplysninger om kryptoaktivprojektet
1.
Kryptoaktivprojektets og kryptoaktivernes betegnelse (hvis den er forskellig fra navnet på udbyderen eller den person, der anmoder om optagelse til handel), og forkortelse eller »ticker handler«
2.
En kort beskrivelse af kryptoaktivprojektet
3.
Nærmere oplysninger om alle fysiske eller juridiske personer (herunder forretningsadresser og/eller virksomhedens vedtægtsmæssige hjemsted), der er involveret i gennemførelsen af kryptoaktivprojektet, f.eks. rådgivere, udviklingsteamet og udbydere af kryptoaktivtjenester
4.
Hvis kryptoaktivprojektet vedrører utility tokens, angives hovedgenskaber ved de varer eller tjenester, der skal udvikles
5.
Oplysninger om kryptoaktivprojektet, særlig tidligere og fremtidige milepæle i projektet og eventuelt de midler, der allerede er tildelt projektet
6.
Hvis det er relevant, planlagt anvendelse af alle midler eller andre indsamlede kryptoaktiver.
Del E: Oplysninger om udbuddet til offentligheden af kryptoaktiver eller deres optagelse til handel
1.
Angivelse af, om hvidbogen om kryptoaktiver vedrører et udbud til offentligheden af kryptoaktiver eller optagelse til handel heraf
2.
Begrundelsen for udbuddet til offentligheden eller for at anmode om optagelse til handel
3.
Hvis det er relevant, det beløb, som udbuddet til offentligheden har til formål at rejse i form af midler eller andre kryptoaktiver, herunder, hvor det er relevant, eventuelle minimums- og maksimumsmål for tegning, der er fastsat for udbuddet til offentligheden af kryptoaktiver, og hvorvidt overtegninger accepteres, og hvordan de fordeles
4.
Udstedelseskursen for det kryptoaktiv, der udbydes til offentligheden (i en officiel valuta eller andre kryptoaktiver), eventuelle gældende tegningsgebyrer eller metoden til at fastsætte udbudskursen
5.
Hvis det er relevant, angives det samlede antal kryptoaktiver, der skal udbydes til offentligheden eller optages til handel
6.
Angivelse af de potentielle indehavere, som udbuddet til offentligheden af kryptoaktiver eller optagelse til handel af sådanne kryptoaktiver er rettet mod, herunder eventuelle begrænsninger for så vidt angår typen af indehavere af sådanne kryptoaktiver
7.
Særlig meddelelse om, at købere, der deltager i udbuddet til offentligheden af kryptoaktiver, vil kunne modtage tilbagebetaling, hvis minimumsmålet for tegning ikke nås ved udløbet af udbuddet til offentligheden, hvis de gør brug af fortrydelsesretten i artikel 13, eller hvis udbuddet annulleres, og en detaljeret beskrivelse af tilbagebetalingsmekanismen, herunder den forventede tidsfrist for, hvornår sådanne tilbagebetalinger vil blive udført
8.
Oplysninger om de forskellige faser for udbuddet til offentligheden af kryptoaktiver, herunder oplysninger om den nedsatte købspris for tidlige købere af kryptoaktiver (salg forud for offentliggørelse); hvis der er tale om en nedsat købspris for nogle købere, en forklaring på, hvorfor købsprisen kan være forskellig, og en beskrivelse af indvirkningen på de øvrige investorer angives
9.
For tidsbegrænsede udbud den tegningsperiode, i hvilken udbuddet til offentligheden er åbent
10.
Ordninger med henblik på beskyttelse af midler eller andre kryptoaktiver, som omhandlet i artikel 10, i løbet af det tidsbegrænsede udbud til offentligheden eller inden for fortrydelsesfristen
11.
Betalingsmetoder med henblik på køb af de udbudte kryptoaktiver og metoder til overførsel af værdien til køberne, når de har ret til tilbagebetaling
12.
Hvis der er tale om udbud til offentligheden, gives der oplysninger om fortrydelsesretten, jf. artikel 13
13.
Oplysninger om metoden til og tidsplanen for overførsel af de købte kryptoaktiver til indehaverne
14.
Oplysninger om tekniske krav, som det påkræves køberen at opfylde for at opbevare kryptoaktiverne
15.
Hvis det er relevant, angives navnet på den udbyder af kryptoaktivtjenester, der har ansvar for placeringen af kryptoaktiver og typen af placering (med eller uden en fast forpligtelse)
16.
Hvis det er relevant, angives navnet på den handelsplatform for kryptoaktiver, hvor der anmodes om optagelse til handel, og oplysninger om, hvordan investorer kan få adgang til de pågældende handelsplatforme, og hvilke omkostninger der er forbundet hermed
17.
Udgifter forbundet med udbuddet til offentligheden af kryptoaktiver
18.
Potentielle interessekonflikter hos de personer, der er involveret i udbuddet til offentligheden eller optagelsen til handel, for så vidt angår udbuddet eller optagelsen til handel
19.
Den lovgivning, som finder anvendelse på udbuddet til offentligheden af kryptoaktiver, samt de kompetente domstole.
Del F: Oplysninger om kryptoaktiverne
1.
Oplysninger om den kryptoaktivtype, som vil blive udbudt til offentligheden, eller for hvilken der anmodes om optagelse til handel
2.
En beskrivelse af egenskaber, herunder de data, der er nødvendige for klassificeringen af hvidbøger om kryptoaktiver i den i artikel 109 omhandlede fortegnelse, jf. nævnte artikels stk. 8, og funktion for de kryptoaktiver, der udbydes eller optages til handel, herunder oplysninger om, hvornår disse funktioner planmæssigt skal finde anvendelse.
Del G: Oplysninger om de rettigheder og forpligtelser, der er knyttet til kryptoaktiverne
1.
En beskrivelse af køberens rettigheder og forpligtelser, hvis sådanne findes, samt proceduren og betingelserne for udøvelsen af disse rettigheder
2.
En beskrivelse af betingelserne for ændring af rettigheder og forpligtelser
3.
Hvis det er relevant, gives der oplysninger om udsteders fremtidige udbud til offentligheden af kryptoaktiver og antallet af kryptoaktiver, som udsteder selv opbevarer
4.
Hvis udbuddet af kryptoaktiver eller optagelse til handel heraf vedrører utility tokens, gives der oplysninger om kvaliteten og kvantiteten af varer eller tjenester, som disse utility tokens giver adgang til
5.
Hvis udbuddet til offentligheden af kryptoaktiver eller optagelse til handel heraf vedrører utility tokens, gives der oplysninger om, hvordan utility tokens kan genindløses mod de varer eller tjenester, som de er tilknyttet
6.
Hvis der ikke søges optagelse til handel, gives der oplysninger om, hvordan og hvor kryptoaktiverne kan købes eller sælges efter udbuddet til offentligheden
7.
Begrænsninger for omsætteligheden af de kryptoaktiver, der udbydes eller optages til handel
8.
Hvis kryptoaktiverne har protokoller for udvidelse eller reducering af udbuddet heraf som reaktion på ændringer i efterspørgslen, gives der en beskrivelse af, hvordan sådanne protokoller fungerer
9.
Hvis det er relevant, en beskrivelse af beskyttelsesordninger, der beskytter værdien af kryptoaktivet, og offentlige garantiordninger
10.
Den lovgivning, som finder anvendelse på kryptoaktiver, samt den kompetente domstol.
Del H: Oplysninger om den underliggende teknologi
1.
Oplysninger om den anvendte teknologi, herunder den anvendte distributed ledger-teknologi, og de anvendte protokoller og standarder
2.
Konsensusmekanismen angives, hvis den er relevant
3.
Incitamentsmekanismer til sikring af transaktioner og eventuelle gældende gebyrer
4.
Hvis kryptoaktiver udstedes fra, overføres til og lagres på en distributed ledger-teknologi, der forvaltes af udstederen, udbyderen eller en tredjepart, der handler på disses vegne, gives der en detaljeret beskrivelse af, hvordan en sådan distributed ledger-teknologi fungerer
5.
Oplysninger om resultatet af kontrollen af den anvendte teknologi, hvis en sådan kontrol blev udført.
Del I: Oplysninger om risici
1.
En beskrivelse af risiciene forbundet med udbuddet til offentligheden af kryptoaktiver eller optagelse til handel heraf
2.
En beskrivelse af risiciene forbundet med udstederen, hvis denne er forskellig fra udbyderen eller den person, der anmoder om optagelse til handel
3.
En beskrivelse af risiciene forbundet med kryptoaktiverne
4.
En beskrivelse af risiciene forbundet med projektgennemførelsen
5.
En beskrivelse af risiciene forbundet med den anvendte teknologi samt afhjælpende foranstaltninger, hvis sådanne er truffet.
BILAG II
OPLYSNINGSELEMENTER TIL HVIDBOGEN OM KRYPTOAKTIVER FOR EN AKTIVBASERET TOKEN
Del A: Oplysninger om udstederen af den aktivbaserede token
1.
Navn
2.
Juridisk form
3.
Registreret adresse eller hovedsæde, hvis forskellig
4.
Registreringsdato
5.
Identifikator for den juridiske enhed eller en anden identifikator, der kræves i henhold til gældende national ret
6.
Hvis det er relevant, identiteten på moderselskabet
7.
Identitet, forretningsadresser og funktioner for de personer, der er medlemmer af udstederens ledelsesorgan
8.
Forretnings- eller erhvervsmæssig virksomhed, der udøves af udstederen og, hvis det er relevant, dennes moderselskab
9.
Den finansielle tilstand for udstederen i de seneste tre år eller, hvis udstederen ikke har været etableret i de seneste tre år, dennes finansielle tilstand siden datoen for dennes registrering.
Den finansielle tilstand vurderes på grundlag af en rimelig redegørelse for udviklingen i og resultaterne af den virksomhed, der udøves af udstederen, og af dennes stilling for hvert år og hver delvise periode, der kræves historiske regnskabsoplysninger for, herunder årsagen til væsentlige ændringer.
Redegørelsen skal være en afbalanceret og omfattende analyse af udstederens forretningsmæssige udvikling og resultat samt af dens stilling i overensstemmelse med udstederens størrelse og kompleksitet
10.
En detaljeret beskrivelse af udstederens ledelsesordninger
11.
Nærmere oplysninger om tilladelsen til at virke som udstederen af aktivbaserede tokens og navnet på den kompetente myndighed, der har meddelt en sådan tilladelse, undtagen for udstedere af en aktivbaseret token, der er undtaget fra kravet om tilladelse i overensstemmelse med artikel 17.
For kreditinstitutter navnet på hjemlandets kompetente myndighed
12.
Hvis udstederen af den aktivbaserede token også udsteder andre kryptoaktiver eller også har aktiviteter vedrørende andre kryptoaktiver, bør dette fremgå klart. Udstederen bør også angive, om der er nogen forbindelse mellem udstederen og den enhed, der driver den distributed ledger-teknologi, der anvendes til at udstede kryptoaktivet, herunder hvis protokollerne drives eller kontrolleres af en person, der er tæt forbundet med projektdeltagerne.
Del B: Oplysninger om den aktivbaserede token
1.
Den aktivbaserede tokens betegnelse og forkortelse eller »ticker handler«
2.
En beskrivelse af den aktivbaserede tokens egenskaber, herunder de data, der er nødvendige for klassificeringen af hvidbøger om kryptoaktiver i den i artikel 109 omhandlede fortegnelse, jf. nævnte artikels stk. 8
3.
Nærmere oplysninger om alle fysiske eller juridiske personer (herunder forretningsadresser eller virksomhedens vedtægtsmæssige hjemsted), der er involveret i operationaliseringen af den aktivbaserede token, f.eks. rådgivere, udviklingsteamet og udbydere af kryptoaktivtjenester
4.
En beskrivelse af tredjepartsenheders rolle, ansvarsområder og ansvarliggørelse af disse, som omhandlet i artikel 34, stk. 5, første afsnit, litra h)
5.
Oplysninger om planerne for de aktivbaserede tokens, herunder beskrivelsen af tidligere og fremtidige milepæle og, hvis det er relevant, de midler, der allerede er tildelt.
Del C: Oplysninger om udbuddet til offentligheden af den aktivbaserede token eller optagelse til handel heraf
1.
Angivelse af, om hvidbogen om kryptoaktiver vedrører et udbud til offentligheden af den aktivbaserede token eller dens optagelse til handel
2.
Hvis det er relevant, angives det beløb, som udbuddet til offentligheden af den aktivbaserede token har til formål at rejse i form af midler eller andre kryptoaktiver, herunder, hvis det er relevant, eventuelle minimums- og maksimumsmål for tegning, der er fastsat for udbuddet til offentligheden af den aktivbaserede token, og hvorvidt overtegninger accepteres, og hvordan de fordeles
3.
Hvis det er relevant, angives det samlede antal enheder af den aktivbaserede token, der skal udbydes til offentligheden eller optages til handel
4.
Angivelse af de potentielle indehavere, som udbuddet til offentligheden af den aktivbaserede token eller optagelse til handel af en sådan aktivbaseret token er rettet mod, herunder eventuelle begrænsninger for så vidt angår typen af indehavere af en sådan aktivbaseret token
5.
En særlig meddelelse om, at købere, der deltager i udbuddet til offentligheden af den aktivbaserede token, vil kunne modtage tilbagebetaling, hvis minimumsmålet for tegning ikke nås ved udløbet af udbuddet til offentligheden, herunder den forventede tidsfrist for, hvornår sådanne tilbagebetalinger vil blive udført; konsekvenserne af at overskride et maksimumsmål for tegning bør udtrykkeligt fremgå
6.
Oplysninger om de forskellige faser af udbuddet til offentligheden af den aktivbaserede token, herunder oplysninger om den nedsatte købspris for tidlige købere af den aktivbaserede token (salg forud for offentliggørelse) og, hvis der er tale om en nedsat købspris for nogle købere, en forklaring på, hvorfor købsprisen kan være forskellig, og en beskrivelse af indvirkningen på de andre investorer
7.
For tidsbegrænsede tilbud den tegningsperiode, i hvilken udbuddet til offentligheden er åbent
8.
Betalingsmetoder med henblik på køb eller genindløsning af den udbudte aktivbaserede token
9.
Oplysninger om metoden til og tidsplanen for overførsel af den købte aktivbaserede token til indehaverne
10.
Oplysninger om tekniske krav, som det påkræves køberen at opfylde for at opbevare den aktivbaserede token
11.
Hvis det er relevant, angives navnet på den udbyder af kryptoaktivtjenester, der har ansvar for placeringen af den aktivbaserede token og typen af placering (med eller uden en fast forpligtelse)
12.
Hvis det er relevant, angives navnet på den handelsplatform for kryptoaktiver, hvor der anmodes om optagelse til handel, og oplysninger om, hvordan investorer kan få adgang til de pågældende handelsplatforme, og hvilke omkostninger der er forbundet hermed
13.
Udgifter forbundet med udbuddet til offentligheden af den aktivbaserede token
14.
Potentielle interessekonflikter hos de personer, der er involveret i udbuddet til offentligheden eller optagelsen til handel, for så vidt angår udbuddet eller optagelsen til handel
15.
Den lovgivning, som finder anvendelse på udbuddet til offentligheden af aktivbaserede tokens, samt den kompetente domstol.
Del D: Oplysninger om de rettigheder og forpligtelser, der er knyttet til den aktivbaserede token
1.
En beskrivelse af egenskaber og funktion for den aktivbaserede token, der udbydes eller optages til handel, herunder oplysninger om, hvornår disse funktioner planmæssigt skal finde anvendelse
2.
En beskrivelse af køberens rettigheder og forpligtelser, hvis sådanne findes, samt proceduren og betingelserne for udøvelsen af disse rettigheder
3.
En beskrivelse af betingelserne for ændring af rettigheder og forpligtelser
4.
Hvis det er relevant, gives der oplysninger om udstederens fremtidige udbud til offentligheden af den aktivbaserede token og antallet af enheder af den aktivbaserede token, som udstederen selv opbevarer
5.
Hvis der ikke søges optagelse til handel, gives der oplysninger om, hvordan og hvor den aktivbaserede token kan købes eller sælges efter udbuddet til offentligheden
6.
Alle begrænsninger for omsætteligheden af den aktivbaserede token, der udbydes eller optages til handel
7.
Hvis den aktivbaserede token har protokoller for udvidelse eller reducering af udbuddet heraf som reaktion på ændringer i efterspørgslen, gives der en beskrivelse af, hvordan sådanne protokoller fungerer
8.
Hvis det er relevant, en beskrivelse af beskyttelsesordninger, der beskytter værdien af den aktivbaserede token, og garantiordninger
9.
Oplysninger om arten og håndhævelsen af rettigheder, herunder permanente genindløsningsrettigheder og eventuelle krav, som indehavere og enhver juridisk eller fysisk person, jf. artikel 39, stk. 2, måtte have over for udstederen, herunder oplysninger om, hvordan sådanne rettigheder vil blive behandlet i tilfælde af insolvensprocedurer, oplysninger om, hvorvidt forskellige rettigheder tildeles forskellige indehavere, og om ikkeforskelsbehandlende årsager til en sådan forskelsbehandling
10.
En detaljeret beskrivelse af det krav, den aktivbaserede token repræsenterer for indehavere, herunder:
a)
beskrivelsen af hvert aktiv, der ligger til grund, og de nærmere angivne andele af hvert af disse aktiver
b)
forholdet mellem værdien af de aktiver, der ligger til grund, og kravets størrelse samt reserven af aktiver, og
c)
en beskrivelse af, i hvor høj grad der foretages en retfærdig og gennemsigtig værdiansættelse af kravets bestanddele, der i givet fald angiver uafhængige parter
11.
Hvis det er relevant, gives der oplysninger om de ordninger, som udstederen har indført, for at sikre, at den aktivbaserede token er likvide, herunder navnet på de enheder, der har ansvar for at sikre en sådan likviditet
12.
Kontaktoplysninger til indgivelse af klager og en beskrivelse af klagebehandlingsproceduren og en eventuel tvistbilæggelsesmekanisme eller eventuelle retsmidler, som udstederen af den aktivbaserede token har indført
13.
En beskrivelse af indehavernes rettigheder, når udstederen ikke er i stand til at opfylde sine forpligtelser, herunder i tilfælde af insolvens
14.
En beskrivelse af rettigheder i forbindelse med gennemførelsen af genopretningsplanen
15.
En beskrivelse af rettigheder i forbindelse med gennemførelsen af genindløsningsplanen
16.
Detaljerede oplysninger om, hvordan den aktivbaserede token genindløses, herunder om indehaveren vil kunne vælge genindløsningens form, overførslens form eller genindløsningens officielle valuta
17.
Den lovgivning, som finder anvendelse på den aktivbaserede token, samt den kompetente domstol
Del E: Oplysninger om den underliggende teknologi
1.
Oplysninger om den anvendte teknologi, herunder den anvendte distributed ledger-teknologi, samt de anvendte protokoller og standarder, og som giver mulighed for at opbevare, lagre og overføre aktivbaserede tokens
2.
Konsensusmekanismen angives, hvis den er relevant
3.
Incitamentsmekanismer til sikring af transaktioner og eventuelle gældende gebyrer
4.
Hvis de aktivbaserede tokens udstedes, overføres og lagres ved anvendelse af distributed ledger-teknologi, der forvaltes af udstederen eller en tredjepart, der handler på udstederens vegne, gives der en detaljeret beskrivelse af, hvordan en sådan distributed ledger-teknologi fungerer
5.
Oplysninger om resultatet af kontrollen af den anvendte teknologi, hvis en sådan kontrol blev udført.
Del F: Oplysninger om risici
1.
Risiciene forbundet reserven af aktiver, når udstederen ikke er i stand til at opfylde sine forpligtelser
2.
En beskrivelse af risiciene forbundet med udstederen af den aktivbaserede token
3.
En beskrivelse af risiciene forbundet med udbuddet til offentligheden af den aktivbaserede token eller optagelse til handel heraf
4.
En beskrivelse af risiciene forbundet med den aktivbaserede token, særlig hvad angår de aktiver, der ligger til grund
5.
En beskrivelse af risiciene forbundet med operationaliseringen af projektet vedrørende den aktivbaserede token
6.
En beskrivelse af risiciene forbundet med den anvendte teknologi samt afhjælpende foranstaltninger, hvis sådanne er truffet.
Del G: Oplysninger om reserven af aktiver
1.
En detaljeret beskrivelse af den mekanisme, der har til formål at tilpasse værdien af reserven af aktiver til kravet forbundet med den aktivbaserede token, herunder retlige og tekniske aspekter
2.
En detaljeret beskrivelse af reserven af aktiver og dens sammensætning
3.
En beskrivelse af de mekanismer, hvorigennem aktivbaserede tokens udstedes og genindløses
4.
Oplysninger om, hvorvidt en del af reservebeholdningen investeres og, hvis det er relevant, en beskrivelse af investeringspolitikken for denne reservebeholdning
5.
En beskrivelse af deponeringsordningerne for reservebeholdningen, herunder deres adskillelse, og navnet på udbydere af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, kreditinstitutter eller investeringsselskaber, der er udpeget som depotforvaltere af reservebeholdningen.
BILAG III
OPLYSNINGSELEMENTER TIL HVIDBOGEN OM KRYPTOAKTIVER FOR EN E-PENGETOKEN
Del A: Oplysninger om udstederen af e-pengetokens
1.
Navn
2.
Juridisk form
3.
Registreret adresse og hovedsæde, hvis forskellig
4.
Registreringsdato
5.
Identifikator for den juridiske enhed, hvis en sådan findes, eller en anden identifikator, der kræves i henhold til gældende national ret
6.
Et telefonnummer og en e-mailadresse på udstederen samt det antal dage, inden for hvilket en investor, der kontakter udstederen på dette telefonnummer eller denne e-mailadresse, vil få svar
7.
Hvis det er relevant, angives identiteten på moderselskabet
8.
Identitet, forretningsadresser og funktioner for de personer, der er medlemmer af udstederens ledelsesorgan
9.
Forretnings- eller erhvervsmæssig virksomhed, der udøves af udstederen og, hvis det er relevant, dennes moderselskab
10.
Potentielle interessekonflikter
11.
Hvis udstederen af e-pengetokenen også udsteder andre kryptoaktiver eller også har andre aktiviteter vedrørende kryptoaktiver, bør dette fremgå klart. Udstederen bør også angive, om der er nogen forbindelse mellem udstederen og den enhed, der driver den distributed ledger-teknologi, der anvendes til at udstede kryptoaktivet, herunder hvis protokollerne drives eller kontrolleres af en person, der er tæt forbundet med projektdeltagerne
12.
Udstederens finansielle tilstand i de seneste tre år eller, hvis udstederen ikke har været registreret i de seneste tre år, udstederens finansielle tilstand siden datoen for dennes registrering.
Den finansielle tilstand vurderes på grundlag af en rimelig redegørelse for udviklingen i og resultaterne af den virksomhed, der udøves af udstederen, og af dennes stilling for hvert år og hver delvise periode, der kræves historiske regnskabsoplysninger for, herunder årsagen til væsentlige ændringer.
Redegørelsen skal være en afbalanceret og omfattende analyse af udstederens forretningsmæssige udvikling og resultat samt af dens stilling i overensstemmelse med udstederens størrelse og kompleksitet
13.
Nærmere oplysninger om tilladelsen til at virke som udsteder af e-pengetokens og navnet på den kompetente myndighed, der har meddelt tilladelsen, undtagen for udstedere af en e-pengetoken, der er undtaget fra kravet om tilladelse i overensstemmelse med artikel 48, stk. 4 og 5.
Del B: Oplysninger om e-pengetokenen
1.
Navn og forkortelse
2.
En beskrivelse af e-pengetokenens egenskaber, herunder de data, der er nødvendige for klassificeringen af hvidbøger om kryptoaktiver i den i artikel 109 omhandlede fortegnelse, jf. nævnte artikels stk. 8
3.
Nærmere oplysninger om alle fysiske eller juridiske personer (herunder forretningsadresser og/eller virksomhedens vedtægtsmæssige hjemsted), der er involveret i udformning og udvikling, f.eks. rådgivere, udviklingsteamet og udbydere af kryptoaktivtjenester.
Del C: Oplysninger om udbuddet til offentligheden af e-pengetokenen eller optagelse til handel heraf
1.
Angivelse af, om hvidbogen om kryptoaktiver vedrører et udbud til offentligheden af e-pengetokenen eller optagelse til handel heraf
2.
Hvis det er relevant, angives det samlede antal enheder af e-pengetokenen, der skal udbydes til offentligheden eller optages til handel
3.
Hvis det er relevant, angives navnet på de handelsplatforme for kryptoaktiver, hvor der anmodes om optagelse af e-pengetokenen til handel
4.
Den lovgivning, som finder anvendelse på udbuddet til offentligheden af e-pengetokenen, samt den kompetente domstol.
Del D: Oplysninger om de rettigheder og forpligtelser, der er knyttet til e-pengetokens
1.
En detaljeret beskrivelse af de rettigheder og forpligtelser, hvis sådanne findes, som indehaveren af den pågældende e-pengetoken har, herunder retten til genindløsning til pariværdi, samt proceduren og betingelserne for udøvelsen af disse rettigheder
2.
En beskrivelse af betingelserne for ændring af rettigheder og forpligtelser
3.
En beskrivelse af indehavernes rettigheder, når udstederen ikke er i stand til at opfylde sine forpligtelser, herunder i tilfælde af insolvens
4.
En beskrivelse af rettigheder i forbindelse med gennemførelsen af genopretningsplanen
5.
En beskrivelse af rettigheder i forbindelse med gennemførelsen af genindløsningsplanen
6.
Kontaktoplysninger til indgivelse af klager og en beskrivelse af klagebehandlingsprocedurerne og en eventuel tvistbilæggelsesmekanisme eller eventuelle retsmidler, som udstederen af e-pengetokenen har indført.
7.
Hvis det er relevant, en beskrivelse af beskyttelsesordninger, der beskytter værdien af kryptoaktivet, og offentlige garantiordninger
8.
Den lovgivning, som finder anvendelse på e-pengetokenen, samt den kompetente domstol
Del E: Oplysninger om den underliggende teknologi
1.
Oplysninger om den anvendte teknologi, herunder den anvendte distributed ledger-teknologi, samt de anvendte protokoller og standarder, og som giver mulighed for at opbevare, lagre og overføre sådanne e-pengetokens
2.
Oplysninger om de tekniske krav, som køberen skal opfylde for at få kontrol over e-pengetokenen
3.
Konsensusmekanismen angives, hvis den er relevant
4.
Incitamentsmekanismer til sikring af transaktioner og eventuelle gældende gebyrer
5.
Hvis e-pengetokenen udstedes, overføres og lagres ved hjælp af distributed ledger-teknologi, der forvaltes af udsteder eller en tredjepart, der handler på dennes vegne, gives der en detaljeret beskrivelse af, hvordan en sådan distribueret ledger-teknologi fungerer
6.
Oplysninger om resultatet af kontrollen af den anvendte teknologi, hvis en sådan kontrol blev udført.
Del F: Oplysninger om risici
1.
En beskrivelse af risiciene forbundet med udstederen af e-pengetokenen
2.
En beskrivelse af risiciene forbundet med e-pengetokenen
3.
En beskrivelse af risiciene forbundet med den anvendte teknologi samt afhjælpende foranstaltninger, hvis sådanne er truffet.
BILAG IV
MINIMUMSKAPITALKRAV FOR UDBYDERE AF KRYPTOAKTIVTJENESTER
Udbydere af kryptoaktivtjenester
Typen af kryptoaktivtjeneste
Minimumskapitalkrav i henhold til artikel 67, stk. 1, litra a)
Kategori 1
Udbyder af kryptoaktivtjenester, der har tilladelse til at udbyde følgende kryptoaktivtjenester:
—
udførelse af ordrer på vegne af kunder
—
placering af kryptoaktiver
—
levering af tjenester vedrørende overførsel af kryptoaktiver på vegne af kunder
—
modtagelse og formidling af ordrer vedrørende kryptoaktiver på vegne af kunder
—
rådgivning om kryptoaktiver og/eller
—
levering af porteføljepleje i forbindelse med kryptoaktiver
50 000  EUR
Kategori 2
Udbyder af kryptoaktivtjenester, der har tilladelse til at udbyde alle kryptoaktivtjenester i kategori 1, samt
—
levering af deponering og administration af kryptoaktiver på kunders vegne
—
veksling mellem kryptoaktiver og midler og/eller
—
veksling mellem kryptoaktiver og andre kryptoaktiver
125 000  EUR
Kategori 3
Udbyder af kryptoaktivtjenester, der har tilladelse til at udbyde alle kryptoaktivtjenester i kategori 2, samt
—
drift af en handelsplatform for kryptoaktiver.
150 000  EUR
BILAG V
LISTE OVER OVERTRÆDELSER FOR UDSTEDERE AF SIGNIFIKANTE AKTIVBASEREDE TOKENS, JF. AFSNIT III OG VI
1.
Udstederen overtræder artikel 22, stk. 1, ved at undlade kvartalsvis at indberette de oplysninger, der er omhandlet i nævnte stykkes første afsnit, litra a)-d), for hver signifikant aktivbaseret token med en emissionsværdi på over 100 000 000 EUR til EBA.
2.
Udstederen overtræder artikel 23, stk. 1, ved ikke at ophøre med at udstede en aktivbaseret token efter at have nået de tærskler, der er fastsat i nævnte stykke, eller ved ikke at indgive en plan til EBA senest 40 arbejdsdage efter, at disse tærskler er nået, for at sikre, at det vurderede kvartalsvise gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktionerne pr. dag holdes under disse tærskler.
3.
Udstederen overtræder artikel 23, stk. 4, ved ikke at overholde de ændringer af planen, der er omhandlet i nævnte artikels stk. 1, litra b), som krævet af EBA.
4.
Udstederen overtræder artikel 25, ved ikke at give EBA meddelelse om eventuelle påtænkte ændringer af dennes forretningsmodel, som kan tænkes at få væsentlig indflydelse på en købsbeslutning, der træffes af enhver indehaver eller potentiel indehaver af signifikante aktivbaserede tokens, eller ved ikke at angive en sådan ændring i en hvidbog om kryptoaktiver.
5.
Udstederen overtræder artikel 25, ved ikke at efterleve en foranstaltning, som EBA har anmodet om i overensstemmelse med artikel 25, stk. 4.
6.
Udstederen overtræder artikel 27, stk. 1, ved ikke at handle ærligt, redeligt og professionelt.
7.
Udstederen overtræder artikel 27, stk. 1, ved ikke at kommunikere med indehavere og potentielle indehavere af den signifikante aktivbaserede token på en redelig, klar og ikkevildledende måde.
8.
Udstederen overtræder artikel 27, stk. 2, ved ikke at handle i den bedste interesse for indehavere af den signifikante aktivbaserede token eller ved at give fortrinsbehandling til specifikke indehavere, hvorom der ikke foreligger oplysninger i udstederens hvidbog om kryptoaktiver eller, hvis det er relevant, markedsføringskommunikationen.
9.
Udstederen overtræder artikel 28, ved ikke på sit websted at offentliggøre den godkendte hvidbog om kryptoaktiver som omhandlet i artikel 21, stk. 1, og, hvis det er relevant, den ændrede hvidbog om kryptoaktiver som omhandlet i artikel 25.
10.
Udstederen overtræder artikel 28, ved ikke at gøre hvidbogen om kryptoaktiver offentligt tilgængelig inden startdatoen for udbuddet til offentligheden af den signifikante aktivbaserede token eller optagelsen til handel af denne token.
11.
Udstederen overtræder artikel 28, ved ikke at sikre, at hvidbogen om kryptoaktiver og, hvis det er relevant, den ændrede hvidbog om kryptoaktiver, forbliver tilgængelig på sit websted, så længe den signifikante aktivbaserede token er tilgængelige for offentligheden.
12.
Udstederen overtræder artikel 29, stk. 1 og 2, ved at offentliggøre markedsføringskommunikation, som vedrører et udbud til offentligheden af en signifikant aktivbaseret token eller optagelse til handel af en sådan signifikant aktivbaseret tokens, som ikke overholder de krav, der er fastsat i nævnte artikels, stk. 1, litra a)-d), og stk. 2.
13.
Udstederen overtræder artikel 29, stk. 3, ved ikke at offentliggøre markedsføringskommunikation og eventuelle ændringer heraf på sit websted.
14.
Udstederen overtræder artikel 29, stk. 5, ved ikke at give meddelelse om markedsføringskommunikation til EBA efter anmodning.
15.
Udstederen overtræder artikel 29, stk. 6, ved at formidle markedsføringskommunikation forud for offentliggørelsen af hvidbogen om kryptoaktiver.
16.
Udstederen overtræder artikel 30, stk. 1, ved ikke på en klar, præcis og gennemsigtig måde på et offentligt og lettilgængeligt sted på sit websted at give oplysninger om omfanget af den signifikante aktivbaserede token, der er i omløb, samt værdien og sammensætningen af den reserve af aktiver, der er omhandlet i artikel 36, eller ved ikke at ajourføre de krævede oplysninger mindst hver måned.
17.
Udstederen overtræder artikel 30, stk. 2, ved ikke på et offentligt og lettilgængeligt sted på deres websted så hurtigt som muligt hurtigt at offentliggøre et kort, klart, præcist og gennemsigtigt sammendrag af revisionsrapporten samt den fulde, ucensurerede revisionsrapport vedrørende den reserve af aktiver, der er omhandlet i artikel 36.
18.
Udstederen overtræder artikel 30, stk. 3, ved ikke på en klar, præcis og gennemsigtig måde så hurtigt som muligt på et offentligt og lettilgængeligt sted på sit websted at give oplysninger om enhver begivenhed, der har eller forventes at have en væsentlig indvirkning på værdien af den signifikante aktivbaserede token eller den reserve af aktiver, der er omhandlet i artikel 36.
19.
Udstederen overtræder artikel 31, stk. 1, ved ikke at fastlægge og opretholde effektive og gennemsigtige procedurer for øjeblikkelig, retfærdig og konsekvent behandling af klager, der er modtaget fra indehavere af den signifikante aktivbaserede token og andre interesserede parter, herunder forbrugerorganisationer, der repræsenterer indehavere af signifikante aktivbaserede tokens, og ved ikke at offentliggøre beskrivelser af disse procedurer eller, hvis den signifikante aktivbaserede token fordeles helt eller delvist af tredjepartsenheder, ved ikke at fastlægge procedurer, der også skal lette behandlingen af klager mellem indehavere og tredjepartsenheder, som omhandlet i artikel 34, stk. 5, første afsnit, litra h).
20.
Udstederen overtræder artikel 31, stk. 2, ved ikke at give indehavere af den signifikante aktivbaserede token mulighed for at indgive klager vederlagsfrit.
21.
Udstederen overtræder artikel 31, stk. 3, ved ikke at udvikle og give indehavere af den signifikante aktivbaserede token adgang til en formular for indgivelse af klager, og ved ikke at føre fortegnelse over alle modtagne klager og eventuelle foranstaltninger, der er truffet som reaktion på disse klager.
22.
Udstederen overtræder artikel 31, stk. 4, ved ikke at undersøge og behandle alle klager rettidigt og retfærdigt, eller ved ikke at meddele resultatet af sådanne undersøgelser til indehaverne af dens signifikante aktivbaserede token inden for en rimelig frist.
23.
Udstederen overtræder artikel 32, stk. 1, ved ikke at gennemføre og opretholde effektive politikker og procedurer, der skal identificere, forebygge, håndtere og oplyse om interessekonflikter mellem udstederen selv og dennes aktionærer eller selskabsdeltager, den selv og en aktionær eller et selskabsmedlem, som direkte eller indirekte besidder en kvalificeret andel i den, den selv og medlemmerne af dens ledelsesorgan, den selv og dens ansatte, den selv og indehaverne af den signifikante aktivbaserede token eller den selv og enhver tredjepart, der varetager en af de funktioner, der er omhandlet i artikel 34, stk. 5, første afsnit, litra h).
24.
Udstederen overtræder artikel 32, stk. 2, ved ikke at træffe alle relevante foranstaltninger til at identificere, forebygge, håndtere og oplyse om interessekonflikter, der opstår i forbindelse med forvaltningen og investeringen af reserven af aktiver, som omhandlet i artikel 36.
25.
Udstederen overtræder artikel 32, stk. 3 og 4, ved ikke på et fremtrædende sted på sit websted at oplyse indehavere af den signifikante aktivbaserede token om interessekonflikters generelle karakter og årsagerne hertil samt de skridt, der er taget for at afbøde disse, eller ved ikke at give tilstrækkeligt præcise oplysninger til, at potentielle indehavere af den signifikante aktivbaserede token kan træffe en informeret beslutning om køb af en sådan token.
26.
Udstederen overtræder artikel 33 ved ikke straks at give EBA meddelelse om ændringer af sit ledelsesorgan eller ved ikke at give EBA alle nødvendige oplysninger til vurdering af overholdelsen af artikel 34, stk. 2.
27.
Udstederen overtræder artikel 34, stk. 1, ved ikke at have solide forvaltningsordninger, herunder en klar organisatorisk struktur med en veldefineret, gennemskuelig og konsekvent ansvarsfordeling og effektive procedurer til at identificere, håndtere, overvåge og indberette de risici, som den er eller kan blive udsat for, samt hensigtsmæssige interne kontrolmekanismer, herunder solide administrative og regnskabsmæssige procedurer.
28.
Udstederen overtræder artikel 34, stk. 2, hvis medlemmer af dennes ledelsesorgan ikke har et tilstrækkeligt godt omdømme eller ikke har passende viden, kompetence og erfaring, både enkeltvis og tilsammen, til at varetage deres opgaver, eller ikke påviser, at de er i stand til at afsætte tilstrækkelig tid til effektivt at varetage deres opgaver.
29.
Udstederen overtræder artikel 34, stk. 3, hvis dennes ledelsesorgan ikke vurderer eller regelmæssigt evaluerer effektiviteten af den politik og de ordninger og procedurer, der er indført for at efterleve afsnit III, kapitel 2, 3, 5 og 6, eller ikke træffer passende foranstaltninger til at afhjælpe eventuelle mangler i den henseende.
30.
Udstederen overtræder artikel 34, stk. 4, ved at have aktionærer eller selskabsdeltagere, som direkte eller indirekte besidder kvalificerede andele, og som ikke har et tilstrækkeligt godt omdømme.
31.
Udstederen overtræder artikel 34, stk. 5, ved ikke at vedtage politikker og procedurer, der er tilstrækkeligt effektive til at sikre overensstemmelse med denne forordning, navnlig ved ikke at fastlægge, opretholde og gennemføre de politikker og procedurer, der er omhandlet i nævnte stykkes første afsnit, litra a)-k).
32.
Udstederen overtræder artikel 34, stk. 5, ved ikke at indgå kontraktlige ordninger med tredjepartsenheder som omhandlet i nævnte stykkes første afsnit, litra h), som fastlægger rollerne, ansvarsområderne, rettighederne og forpligtelserne både for udstederen og for den berørte tredjepart, eller ved ikke at angive et utvetydigt lovvalg.
33.
Udstederen overtræder artikel 34, stk. 6, medmindre denne har iværksat en plan som omhandlet i artikel 47, ved ikke at anvende passende og forholdsmæssige systemer, ressourcer og procedurer for at sikre, at dennes tjenester og aktiviteter fortsat udføres regelmæssigt, og ved ikke at vedligeholde alle sine systemer og sikkerhedsadgangsprotokoller i henhold til passende EU-standarder.
34.
Udstederen overtræder artikel 34, stk. 7, ved ikke at forelægge EBA en plan for indstilling af levering af tjenester og aktiviteter til godkendelse af sådan indstilling.
35.
Udstederen overtræder artikel 34, stk. 8, ved ikke at identificere kilderne til operationelle risici og ved ikke at reducere disse risici ved at udvikle passende systemer, kontroller og procedurer.
36.
Udstederen overtræder artikel 34, stk. 9, ved ikke at fastlægge en forretningskontinuitetspolitik og -planer, der i tilfælde af en afbrydelse af dennes IKT-systemer og -procedurer sikrer, at væsentlige data og funktioner bevares, og at dennes aktiviteter opretholdes, eller, hvis dette ikke er muligt, en rettidig genopretning af sådanne data og funktioner og en rettidig genoptagelse af dennes aktiviteter.
37.
Udstederen overtræder artikel 34, stk. 10, ved ikke at have indført interne kontrolmekanismer og effektive procedurer til risikostyring, herunder effektiv kontrol og sikkerhedsforanstaltninger med hensyn til forvaltning af IKT-systemer, som påkrævet i henhold til forordning (EU) 2022/2554.
38.
Udstederen overtræder artikel 34, stk. 11, ved ikke at have indført systemer og procedurer, som er egnede til at garantere tilgængeligheden, autenticiteten, integriteten og fortroligheden af data, som krævet i henhold til forordning (EU) 2022/2554 og i overensstemmelse med forordning (EU) 2016/679.
39.
Udstederen overtræder artikel 34, stk. 12, ved ikke at sikre, at udstederen revideres regelmæssigt af uafhængige revisorer.
40.
Udstederen overtræder artikel 35, stk. 1, ved ikke til enhver tid at have et kapitalgrundlag svarende til et beløb, der mindst svarer til det højeste af de beløb, der er fastsat i nævnte stykkes litra a) eller c), eller i artikel 45, stk. 5.
41.
Udstederen overtræder artikel 35, stk. 2, i denne forordning, hvis dennes kapitalgrundlag ikke består af de egentlige kernekapitalposter og -instrumenter, der er omhandlet i artikel 26-30 i forordning (EU) nr. 575/2013, efter det fulde fradrag, jf. artikel 36 i nævnte forordning, uden anvendelse af de tærskelbaserede undtagelser, der er omhandlet i nævnte forordnings artikel 46, stk. 4, og artikel 48.
42.
Udstederen overtræder artikel 35, stk. 3, ved ikke at opfylde EBA's krav om at have et større kapitalgrundlag, efter den vurdering, der er foretaget i henhold til nævnte stykkes litra a)-g).
43.
Udstederen overtræder artikel 35, stk. 5, ved ikke med jævne mellemrum at foretage stresstestning, der tager højde for alvorlige, men plausible finansielle stressscenarier såsom rentechok og ikkefinansielle stressscenarier såsom operationelle risici.
44.
Udstederen overtræder artikel 35, stk. 5, ved ikke at opfylde EBA's krav om at have et større kapitalgrundlag på grundlag af resultatet af stresstestningen.
45.
Udstederen overtræder artikel 36, stk. 1, ved ikke at etablere og til enhver tid opretholde en reserve af aktiver.
46.
Udstederen overtræder artikel 36, stk. 1, ved ikke at sikre, at reserven af aktiver sammensættes og forvaltes på en sådan måde, at de risici, der er forbundet med de aktiver, der henvises til ved den signifikante aktivbaserede token, er dækket.
47.
Udstederen overtræder artikel 36, stk. 1, ved ikke at sikre, at reserven af aktiver sammensættes og forvaltes på en sådan måde, at de likviditetsrisici, der knytter sig til indehavernes permanente genløsningsrettigheder, imødegås.
48.
Udstederen overtræder artikel 36, stk. 3, ved ikke at sikre, at reserven af aktiver operationelt adskilles fra udstederens realformue og fra reserven af aktiver for andre aktivbaserede tokens.
49.
Udstederen overtræder artikel 36, stk. 6, hvis dennes ledelsesorgan ikke sikrer en effektiv og forsigtig forvaltning af reserven af aktiver.
50.
Udstederen overtræder artikel 36, stk. 6, ved ikke at sikre, at udstedelsen og genindløsningen af den signifikante aktivbaserede token altid modsvares af en tilsvarende stigning eller et tilsvarende fald i reserven af aktiver.
51.
Udstederen overtræder artikel 36, stk. 7, ved ikke at fastsætte den samlede værdi af reserven af aktiver ved anvendelse af markedspriser og ved ikke at sikre, at deres samlede værdi altid mindst svarer til den samlede værdi af de krav, som indehavere af den signifikante aktivbaserede token i omløb har mod udstederen.
52.
Udstederen overtræder artikel 36, stk. 8, ved ikke have en klar og detaljeret politik, der beskriver stabiliseringsmekanismen for den signifikante aktivbaserede token, som ikke opfylder de betingelser, der er fastsat i nævnte stykkes litra a)-g).
53.
Udstederen overtræder artikel 36, stk. 9, ved ikke at give autorisation til gennemførelsen af en uafhængig revision af reserven af aktiver hver sjette måned fra datoen for dens tilladelse eller fra datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17.
54.
Udstederen overtræder artikel 36, stk. 10, ved ikke at give EBA meddelelse om resultatet af revisionen i overensstemmelse med artikel nævnte stykke, eller ved ikke at offentliggøre resultatet af revisionen senest to uger efter datoen for meddelelsen til EBA.
55.
Udstederen overtræder artikel 37, stk. 1, ved ikke at fastlægge, opretholde eller gennemføre politikker og procedurer eller indgå, ajourføre eller gennemføre kontraktlige ordninger for deponering, som sikrer, at betingelserne i nævnte stykkes litra a)-e), til enhver tid opfyldes.
56.
Udstederen overtræder artikel 37, stk. 2, ved ikke ved udstedelse af to eller flere signifikante aktivbaserede tokens at have en politik for deponering for hver pulje af reserver af aktiver.
57.
Udstederen overtræder artikel 37, stk. 3, ved ikke at sikre, at reservebeholdningen deponeres hos en udbyder af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, et kreditinstitut eller et investeringsselskab senest fem arbejdsdage efter datoen for udstedelsen af den signifikante aktivbaserede token.
58.
Udstederen overtræder artikel 37, stk. 4, ved ikke at udvise passende dygtighed, omhu og hurtighed i forbindelse med udvælgelse, udnævnelse og revision af udbydere af kryptoaktivtjenester, kreditinstitutter og investeringsselskaber, der er udpeget som depotforvaltere af reservebeholdningen, eller ved ikke at sikre, at depotforvalteren er en anden juridisk person end udstederen.
59.
Udstederen overtræder artikel 37, stk. 4, ved ikke at sikre, at de udbydere af kryptoaktivtjenester kreditinstitutter og investeringsselskaber, der er udpeget som depotforvaltere af reservebeholdningen, har den nødvendige ekspertise og det nødvendige markedsomdømme til at være depotforvaltere af en sådan reservebeholdning.
60.
Udstederen overtræder artikel 37, stk. 4, ved ikke i de kontraktlige ordninger med depotforvalterne, at sikre, at den reservebeholdning, der deponeres, beskyttes mod krav fra depotforvalternes kreditorer.
61.
Udstederen overtræder artikel 37, stk. 5, ved ikke i deponeringspolitikkerne og -procedurerne at fastsætte udvælgelseskriterierne for udpegelser af udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber til depotforvaltere af reservebeholdningen eller ved ikke at have fastsat proceduren for revurdering af sådanne udpegelser.
62.
Udstederen overtræder artikel 37, stk. 5, ved ikke regelmæssigt at revurdere udpegelsen af udbydere af kryptoaktivtjenester kreditinstitutter eller investeringsselskaber til depotforvaltere reservebeholdningen, ved ikke at evaluere sine eksponeringer mod sådanne depotforvaltere eller ved ikke løbende at overvåge de finansielle betingelser for sådanne depotforvaltere.
63.
Udstederen overtræder artikel 37, stk. 6, ved at undlade at sikre, at deponeringen af reservebeholdningen foretages i overensstemmelse med nævnte stykkes første afsnit, litra a)-d).
64.
Udstederen overtræder artikel 37, stk. 7, ved ikke at få udpegelsen af en udbyder af kryptoaktivtjenester, et kreditinstitut eller et investeringsselskab som depotforvalter for reservebeholdningen dokumenteret ved en kontraktlig ordning eller ved ikke ved hjælp af en sådan kontraktlig ordning at regulere den informationsstrøm, der er nødvendig for, at udstederen af den signifikante aktivbaserede token, udbyderen af kryptoaktivtjenester, kreditinstituttet og investeringsselskabet kan udføre deres opgaver som depotforvaltere.
65.
Udstederen overtræder artikel 38, stk. 1, ved at investere reserven af aktiver i et produkt, som ikke er højlikvide finansielle instrumenter med minimale markedsrisiko, kreditrisiko og koncentrationsrisici, eller hvis en sådan investering ikke kan realiseres hurtigt med en minimal indvirkning på prisen til følge.
66.
Udstederen overtræder artikel 38, stk. 3, ved ikke i overensstemmelse med artikel 37 at opbevare de finansielle instrumenter i depot, hvori reserven af aktiver er investeret.
67.
Udstederen overtræder artikel 38, stk. 4, ved ikke at bære alle former for overskud og tab og eventuelle modpartsrisici eller operationelle risici som følge af investeringen af reserven af aktiver.
68.
Udsteder overtræder artikel 39, stk. 1, ved ikke at fastlægge, opretholde og gennemføre klare og detaljerede politikker og procedurer for permanente genløsningsrettigheder for indehavere af den signifikante aktivbaserede token.
69.
Udstederen overtræder artikel 39, stk. 1 og 2, ved ikke at sikre, at indehavere af den signifikante aktivbaserede token har permanente genindløsningsrettigheder i overensstemmelse med nævnte stykker, og ved ikke at fastlægge en politik for sådanne permanente genindløsningsrettigheder, der opfylder betingelserne i artikel 39, stk. 2, første afsnit, litra a)-e).
70.
Udstederen overtræder artikel 39, stk. 3, ved at opkræve gebyrer i tilfælde af genindløsningen af den signifikante aktivbaserede token.
71.
Udstederen overtræder artikel 40 ved at tildele renter i forbindelse med den signifikante aktivbaserede token.
72.
Udstederen overtræder artikel 45, stk. 1, ved ikke at vedtage, gennemføre og opretholde en lønpolitik, der fremmer en sund og effektiv risikostyring i forbindelse med udstedere af signifikante aktivbaserede tokens, og som ikke skaber incitamenter til en lempelse af risikostandarderne.
73.
Udstederen overtræder artikel 45, stk. 2, ved ikke at sikre, at dennes signifikante aktivbaserede token kan deponeres af forskellige udbydere af kryptoaktivtjenester, som er meddelt tilladelse til levering af deponering og administration af kryptoaktiver på kunders vegne, på et rimeligt, fornuftigt og ikkeforskelsbehandlende grundlag.
74.
Udstederen overtræder artikel 45, stk. 3, ved ikke at vurdere eller overvåge likviditetsbehovet for at imødekomme genindløsningskrav for den signifikante aktivbaserede token fremsat af dens indehavere.
75.
Udstederen overtræder artikel 45, stk. 3, ved ikke at fastlægge, opretholde eller gennemføre en politik og procedurer for likviditetsstyring, eller ved ikke med denne politik og disse procedurer at sikre, at reservebeholdningen har en robust likviditetsprofil, som gør det muligt for udstederen af den signifikante aktivbaserede token at fortsætte driften normalt, også i situationer med likviditetsbetonede scenarier.
76.
Udstederen overtræder artikel 45, stk. 4, ved ikke regelmæssigt at foretage likviditetsstresstestning eller ved ikke at skærpe likviditetskravene, hvis EBA anmoder herom på grundlag af resultatet af sådanne test.
77.
Udstederen overtræder artikel 46, stk. 1, ved ikke at udarbejde og opretholde en genopretningsplan, der indeholder foranstaltninger, som udstederen af den signifikante aktivbaserede token skal træffe med henblik på fornyet opfyldelse af de krav, der gælder for reserven af aktiver, i tilfælde hvor udstederen ikke opfylder disse krav, herunder bevarelse af dennes tjenester vedrørende den udstedte signifikante aktivbaserede token, rettidig genopretning af transaktioner og opfyldelse af udstederens forpligtelser i tilfælde af begivenheder, der udgør en betydelig risiko for at forstyrre transaktioner.
78.
Udstederen overtræder artikel 46, stk. 1, ved ikke at udarbejde og opretholde en genopretningsplan med passende betingelser og procedurer for at sikre rettidig gennemførelse af genopretningsforanstaltninger samt en bred vifte af genopretningsmuligheder som omhandlet i det tredje afsnit af dette stykke.
79.
Udstederen overtræder artikel 46, stk. 2, ved ikke at give EBA og, hvor det er relevant, dens afviklings- og tilsynsmyndigheder meddelelse om genopretningsplanen senest seks måneder efter datoen for meddelelse af tilladelse i henhold til artikel 21 eller efter datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17.
80.
Udstederen overtræder artikel 46, stk. 2, ved ikke at revidere og ajourføre planen regelmæssigt.
81.
Udstederen overtræder artikel 47, stk. 1, ved ikke at udarbejde og opretholde en operationel plan til støtte for en velordnet genindløsning af hver signifikant aktivbaserede token.
82.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der godtgør, at udstederen af den signifikante aktivbaserede token er i stand til at foretage genindløsning af den udestående signifikante aktivbaserede token, der er udstedt, uden unødig økonomisk skade for indehaverne heraf eller for stabiliteten af markederne for reservebeholdninger.
83.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der omfatter kontraktlige ordninger, procedurer eller systemer, herunder udpegelse af en midlertidig administrator, for at sikre en retfærdig behandling af alle indehavere af den signifikante aktivbaserede token, og for at sikre, at indehaverne af den signifikante aktivbaserede token betales rettidigt med provenuet fra salget af de resterende reservebeholdninger.
84.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der sikrer kontinuitet i eventuelle kritiske aktiviteter, som er nødvendige for en velordnet genindløsning, og som udføres af udstederen eller af eventuelle tredjepartsenheder.
85.
Udstederen overtræder artikel 47, stk. 3, ved ikke at give EBA meddelelse om genindløsningsplanen senest seks måneder efter datoen for meddelelse af tilladelse i henhold til artikel 21 eller efter datoen for godkendelse af hvidbogen om kryptoaktiver i henhold til artikel 17.
86.
Udstederen overtræder artikel 47, stk. 3, ved ikke at revidere og ajourføre genindløsningsplanen regelmæssigt.
87.
Udstederen overtræder artikel 88, stk. 1, medmindre betingelserne i artikel 88, stk. 2, er opfyldt, ved ikke hurtigst muligt at give offentligheden om den interne viden, der er omhandlet i artikel 87, og som vedrører dem direkte, på en måde, der giver offentligheden mulighed for hurtig adgang til og fuldstændig, korrekt og rettidig vurdering af oplysningerne.
BILAG VI
LISTE OVER OVERTRÆDELSER AF I AFSNIT IV OMHANDLEDE BESTEMMELSER SAMMENHOLDT MED AFSNIT III FOR UDSTEDERE AF SIGNIFIKANTE E-PENGETOKENS
1.
Udstederen overtræder artikel 22, stk. 1, ved for hver signifikant e-pengetoken i en valuta, der ikke en officiel valuta i en medlemsstat, at undlade kvartalsvis at indberette de oplysninger, der er omhandlet i nævnte stykkes første afsnit, litra a-d), for aktivbaserede tokens med en emissionsværdi på over 100 000 000 EUR til EBA.
2.
Udstederen overtræder artikel 23, stk. 1, ved for en signifikant e-pengetoken i en valuta, der ikke en officiel valuta i en medlemsstat, ikke at ophøre med at udstede den aktivbaserede token efter at have nået de tærskler, der er fastsat i nævnte stykke, eller ved ikke at indgive en plan til EBA senest 40 arbejdsdage efter, at disse tærskler er nået, for at sikre, at det vurderede kvartalsvise gennemsnitlige antal og den gennemsnitlige samlede værdi af transaktionerne pr. dag holdes under disse tærskler.
3.
Udstederen overtræder artikel 23, stk. 4, ved ikke at overholde de ændringer af planen, der er omhandlet i nævnte artikels stk. 1, litra b), som krævet af EBA.
4.
Udstederen overtræder artikel 35, stk. 2, i denne forordning, hvis dennes kapitalgrundlag ikke består af de egentlige kernekapitalposter og -instrumenter, der er omhandlet i artikel 26-30 i forordning (EU) nr. 575/2013, efter det fulde fradrag, jf. artikel 36 i nævnte forordning, uden anvendelse af de tærskelbaserede undtagelser, der er omhandlet i nævnte forordnings artikel 46, stk. 4, og artikel 48.
5.
Udstederen overtræder artikel 35, stk. 3, ved ikke at opfylde EBA's krav om at have et større kapitalgrundlag, efter den vurdering, der er foretaget i henhold til nævnte stykkes litra a)-g).
6.
Udstederen overtræder artikel 35, stk. 5, ved ikke med jævne mellemrum at foretage stresstestning, der tager højde for alvorlige, men plausible finansielle stressscenarier såsom rentechok og ikkefinansielle stressscenarier såsom operationelle risici.
7.
Udstederen overtræder artikel 35, stk. 5, ved ikke at opfylde EBA's krav om at have et større kapitalgrundlag på grundlag af resultatet af stresstestningen.
8.
Udstederen overtræder artikel 36, stk. 1, ved ikke at etablere og til enhver tid opretholde en reserve af aktiver.
9.
Udstederen overtræder artikel 36, stk. 1, ved ikke at sikre, at reserven af aktiver sammensættes og forvaltes på en sådan måde, at de risici, der er forbundet med den officielle valuta, der henvises til ved den signifikante e-pengetoken, er dækket.
10.
Udstederen overtræder artikel 36, stk. 1, ved ikke at sikre, at reserven af aktiver sammensættes og forvaltes på en sådan måde, at de likviditetsrisici, der knytter sig til indehavernes permanente genløsningsrettigheder, imødegås.
11.
Udstederen overtræder artikel 36, stk. 3, ved ikke at sikre, at reserven af aktiver operationelt adskilles fra udstederens realformue og fra reserven af aktiver for andre e-pengetokens.
12.
Udstederen overtræder artikel 36, stk. 6, hvis dennes ledelsesorgan ikke sikrer en effektiv og forsigtig forvaltning af reserven af aktiver.
13.
Udstederen overtræder artikel 36, stk. 6, ved ikke at sikre, at udstedelsen og genindløsningen af den signifikante e-pengetoken altid modsvares af en tilsvarende stigning eller et tilsvarende fald i reserven af aktiver.
14.
Udstederen overtræder artikel 36, stk. 7, ved ikke at fastsætte den samlede værdi af reserven af aktiver ved anvendelse af markedspriser, og ved ikke at dens samlede værdi ikke altid mindst svarer til den samlede værdi af de krav, som indehavere af den signifikante e-pengetoken i omløb har mod udstederen.
15.
Udstederen overtræder artikel 36, stk. 8, ved ikke have en klar og detaljeret politik, der beskriver stabiliseringsmekanismen for den signifikante e-pengetoken, som ikke opfylder de betingelser, der er fastsat i nævnte stykkes litra a)-g).
16.
Udstederen overtræder artikel 36, stk. 9, ved ikke at give autorisation til gennemførelsen af en uafhængig revision af reserven af aktiver hver sjette måned efter datoen for udbuddet til offentligheden eller optagelsen til handel.
17.
Udstederen overtræder artikel 36, stk. 10, ved ikke at give EBA meddelelse om resultatet af revisionen i overensstemmelse med nævnte stykke, eller ved ikke at offentliggøre resultatet af revisionen senest to uger efter datoen for meddelelsen til EBA.
18.
Udstederen overtræder artikel 37, stk. 1, ved ikke at fastlægge, opretholde eller gennemføre politikker og procedurer eller indgå, ajourføre eller gennemføre kontraktlige ordninger for deponering, som sikrer, at betingelserne i nævnte stykkes litra a)-e), til enhver tid opfyldes.
19.
Udstederen overtræder artikel 37, stk. 2, ved ikke ved udstedelse af to eller flere signifikante e-pengetokens at have en politik for deponering for hver pulje af reserver af aktiver.
20.
Udstederen overtræder artikel 37, stk. 3, ved ikke at sikre, at reservebeholdningen deponeres hos en udbyder af kryptoaktivtjenester, der leverer deponering og administration af kryptoaktiver på kunders vegne, et kreditinstitut eller et investeringsselskab senest fem arbejdsdage efter datoen for udstedelsen af den signifikante e-pengetoken.
21.
Udstederen overtræder artikel 37, stk. 4, ved ikke at udvise passende dygtighed, omhu og hurtighed i forbindelse med udvælgelse, udnævnelse og revision af udbydere af kryptoaktivtjenester, kreditinstitutter og investeringsselskaber, der er udpeget som depotforvaltere af reservebeholdningen, eller ved ikke at sikre, at depotforvalteren er en anden juridisk person end udstederen.
22.
Udstederen overtræder artikel 37, stk. 4, ved ikke at sikre, at de udbydere af kryptoaktivtjenester kreditinstitutter og investeringsselskaber, der er udpeget som depotforvaltere af reservebeholdningen, har den nødvendige ekspertise og det nødvendige markedsomdømme til at være depotforvaltere af en sådan reservebeholdning.
23.
Udstederen overtræder artikel 37, stk. 4, ved ikke i det kontraktlige ordninger med depotforvalterne at sikre, at den reservebeholdning, der deponeres, beskyttes mod krav fra depotforvalternes kreditorer.
24.
Udstederen overtræder artikel 37, stk. 5, ved ikke i deponeringspolitikkerne og -procedurerne at fastsætte udvælgelseskriterier for udpegelser af udbydere af kryptoaktivtjenester, kreditinstitutter eller investeringsselskaber til depotforvaltere af reservebeholdningen eller for ikke at have fastsat proceduren for revurdering af sådanne udpegelser.
25.
Udstederen overtræder artikel 37, stk. 5, ved ikke regelmæssigt at revurdere udpegelsen af udbydere af kryptoaktivtjenester kreditinstitutter eller investeringsselskaber til depotforvaltere af reservebeholdningen og ved ikke at evaluere sine eksponeringer mod sådanne depotforvaltere, eller ved ikke løbende at overvåge de finansielle betingelser for sådanne depotforvaltere.
26.
Udstederen overtræder artikel 37, stk. 6, ved at undlade at sikre, at deponeringen af reservebeholdningen foretages i overensstemmelse med nævnte stykkes første afsnit, litra a)-d).
27.
Udstederen overtræder artikel 37, stk. 7, ved ikke at få udpegelsen af en udbyder af kryptoaktivtjenester, et kreditinstitut eller et investeringsselskab som depotforvalter for reservebeholdningen dokumenteret ved en kontraktlig ordning eller ved ikke ved hjælp af en sådan kontraktlig ordning at regulere den informationsstrøm, der er nødvendig for, at udstederen af den signifikante e-pengetoken, udbyderen af kryptoaktivtjenester, kreditinstituttet og investeringsselskabet kan udføre deres opgaver som depotforvaltere.
28.
Udstederen overtræder artikel 38, stk. 1, ved at investere reserven af aktiver i et produkt, som ikke er højlikvide finansielle instrumenter med en minimal markedsrisiko, kreditrisiko og koncentrationsrisici, eller hvis en sådan investering ikke kan realiseres hurtigt med en minimal indvirkning på prisen til følge.
29.
Udstederen overtræder artikel 38, stk. 3, ved ikke i overensstemmelse med artikel 37 at opbevare de finansielle instrumenter i depot, hvori reserven af aktiver er investeret.
30.
Udstederen overtræder artikel 38, stk. 4, ved ikke at bære alle former for overskud og tab og eventuelle modpartsrisici eller operationelle risici som følge af investeringen af reserven af aktiver.
31.
Udstederen overtræder artikel 45, stk. 1, ved ikke at vedtage, gennemføre og opretholde en lønpolitik, der fremmer en sund og effektiv risikostyring i forbindelse med udstedere af signifikante e-pengetokens, og som ikke skaber incitamenter til en lempelse af risikostandarderne.
32.
Udstederen overtræder artikel 45, stk. 2, ved ikke at sikre, at dennes signifikante e-pengetoken kan deponeres af forskellige udbydere af kryptoaktivtjenester, som er meddelt tilladelse til levering af deponering og administration af kryptoaktiver på kunders vegne, på et rimeligt, fornuftigt og ikkeforskelsbehandlende grundlag.
33.
Udstederen overtræder artikel 45, stk. 3, ved ikke at vurdere eller overvåge likviditetsbehovet for at imødekomme genindløsningskrav for den signifikante e-pengetoken fremsat af dens indehavere.
34.
Udstederen overtræder artikel 45, stk. 3, ved ikke at fastlægge, opretholde eller gennemføre en politik og procedurer for likviditetsstyring, eller ved ikke med denne politik og disse procedurer at sikre, at reservebeholdningen har en robust likviditetsprofil, som gør det muligt for udstederen af den signifikante e-pengetoken at fortsætte driften normalt, også i situationer med likviditetsbetonede scenarier.
35.
Udstederen overtræder artikel 45, stk. 4, ved ikke regelmæssigt at foretage likviditetsstresstestning eller ved ikke at skærpe likviditetskravene, hvis EBA anmoder herom på grundlag af resultatet af sådanne test.
36.
Udstederen overtræder artikel 45, stk. 5, ved ikke til enhver tid at opfylde kapitalgrundlagskravet.
37.
Udstederen overtræder artikel 46, stk. 1, ved ikke at udarbejde og opretholde en genopretningsplan, der indeholder foranstaltninger, som udstederen af signifikante e-pengetokens skal træffe med henblik på fornyet opfyldelse af de krav, der gælder for reserven af aktiver, i tilfælde hvor udstederen af signifikante e-pengetokens ikke opfylder disse krav, herunder bevarelse af dennes tjenester vedrørende den udstedte signifikante e-pengetoken, rettidig genopretning af transaktioner og opfyldelse af udstederens forpligtelser i tilfælde af begivenheder, der udgør en betydelig risiko for at forstyrre transaktioner.
38.
Udstederen overtræder artikel 46, stk. 1, ved ikke at udarbejde og opretholde en genopretningsplan med passende betingelser og procedurer for at sikre rettidig gennemførelse af genopretningsforanstaltninger samt en bred vifte af genopretningsmuligheder som omhandlet i nævnte stykkes tredje afsnit, litra a), b) og c).
39.
Udstederen overtræder artikel 46, stk. 2, ved ikke at give EBA og, hvor det er relevant, dens afviklings- og tilsynsmyndigheder meddelelse om genopretningsplanen senest seks måneder efter datoen for udbuddet til offentligheden eller optagelsen til handel.
40.
Udstederen overtræder artikel 46, stk. 2, ved ikke at revidere og ajourføre genopretningsplanen regelmæssigt.
41.
Udstederen overtræder artikel 47, stk. 1, ved ikke at udarbejde og opretholde en operationel plan, der støtter en velordnet genindløsning af hver signifikant e-pengetoken.
42.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der godtgør, at udstederen af den signifikante e-pengetoken er i stand til at foretage genindløsning af den udestående signifikante e-pengetoken, der er udstedt, uden unødig økonomisk skade for indehaverne heraf eller for stabiliteten af markederne for reservebeholdningen.
43.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der omfatter kontraktlige ordninger, procedurer eller systemer, herunder udpegelse af en midlertidig administrator, for at sikre en retfærdig behandling af alle indehavere af den signifikante e-pengetoken, og for at sikre, at indehaverne af den signifikante e-pengetoken betales rettidigt med provenuet fra salget af den resterende reservebeholdning.
44.
Udstederen overtræder artikel 47, stk. 2, ved ikke at have en genindløsningsplan, der sikrer kontinuitet i eventuelle kritiske aktiviteter, som er nødvendige for en velordnet genindløsning, og som udføres af udstederen eller af eventuelle tredjepartsenheder.
45.
Udstederen overtræder artikel 47, stk. 3, ved ikke at give EBA meddelelse om genindløsningsplanen senest seks måneder efter datoen for udbuddet til offentligheden eller optagelsen til handel.
46.
Udstederen overtræder artikel 47, stk. 3, ved ikke at revidere og ajourføre genindløsningsplanen regelmæssigt.

Summary:
Den europæiske forordning om markeder for kryptoaktiver (MiCA)
RESUMÉ AF:
Forordning (EU) 2023/1114 om markeder for kryptoaktiver
HVAD ER FORMÅLET MED FORORDNINGEN?
Forordning
 (EU) 2023/1114 fastlægger ensartede regler for udstedere af 
kryptoaktiver
, der indtil nu ikke er reguleret af andre af 
Den Europæiske Unions
 (EU) retsakter om finansielle tjenesteydelser og for udbydere af tjenesteydelser i forbindelse med sådanne kryptoaktiver (udbydere af kryptoaktivtjenester).
Reglerne omhandler:
krav til gennemsigtighed og oplysning i forbindelse med udstedelse, udbud til offentligheden og optagelse til handel af kryptoaktiver på en handelsplatform
krav til tilladelse til og tilsyn med udbydere af kryptoaktivtjenester, udstedere af aktivbaserede tokens og udstedere af 
e-pengetokens
drift, organisation og ledelse af udstedere og udbydere af kryptoaktivtjenester
krav til beskyttelse af indehavere af kryptoaktiver og kunder hos udbydere af kryptoaktivtjenester
foranstaltninger til forebyggelse mod insiderhandel, uretmæssig videregivelse af intern viden og markedsmanipulation.
HOVEDPUNKTER
Forordningen gælder for udstedelse, udbud til offentligheden og adgang til handel med kryptoaktiver samt levering af tjenesteydelser i forbindelse med kryptoaktiver.
Den skelner mellem følgende typer kryptoaktiver:
e-pengetokens
 (kryptoaktiver, som bevarer deres værdi ved at henvise til en enkelt officiel valuta)
aktivbaserede tokens
 (kryptoaktiver, som bevarer deres værdi ved at henvise til andre aktiver eller en kombination af aktiver)
andre kryptoaktiver end aktivbaserede tokens eller 
e-pengetokens
.
Udbydere
1
 eller personer, der søger adgang til handel med andre 
kryptoaktiver
 end aktivbaserede tokens og 
e-pengetokens
, skal:
være en 
juridisk person
2
offentliggøre en 
hvidbog
 om kryptoaktiver og eventuel markedsføringskommunikation på sit websted
handle ærligt, redeligt og professionelt
kommunikere med indehavere og potentielle indehavere af kryptoaktiver på en reel, klar og ikkevildledende måde
indkredse, forebygge, håndtere og oplyse om eventuelle interessekonflikter
være ansvarlig for skader i forbindelse med forkerte oplysninger i hvidbogen
give indehavere af kryptoaktiver en fortrydelsesret.
En udsteder af 
aktivbaserede tokens
, som 
udbyder dem til offentligheden
 eller 
ansøger om deres optagelse til handel
 på en 
handelsplatform for kryptoaktiver
, skal:
være en juridisk person eller en bestemt virksomhed med hjemsted i EU
have tilladelse fra sin 
EU-medlemsstat
 eller
være et kreditinstitut, der producerer en hvidbog om kryptoaktiver, som er godkendt af sin kompetente nationale myndighed
genindløse sine aktivbaserede tokens når som helst efter anmodning fra indehaveren til markedsværdien af de aktiver, de henviser til, eller ved at levere de aktiver, de henviser til
offentliggøre en hvidbog om kryptoaktiver og eventuel markedsføringskommunikation på sit websted og være ansvarlig for skader i forbindelse med forkerte oplysninger i hvidbogen
handle ærligt, redeligt og professionelt
kommunikere med indehavere og potentielle indehavere af tokens på en reel, klar og ikkevildledende måde
handle i token-indehavernes bedste interesse og behandle dem ens
fastlægge og opretholde effektive og gennemsigtige procedurer for øjeblikkelig, retfærdig og konsekvent behandling af klager
indkredse, forebygge, håndtere og oplyse om eventuelle interessekonflikter
oprette og opretholde en reserve af aktiver, som modsvarer ansvaret over for indehaverne af tokens, og have et kapitalgrundlag, der mindst svarer til det højeste af følgende:
350 000 EUR
2 %
 af det gennemsnitlige beløb af reserven af aktiver
en fjerdedel af det foregående års faste omkostninger
udarbejde genopretnings- og genindløsningsplaner til brug, hvis vedkommende ikke er i stand til at opfylde sine forpligtelser.
En udsteder af 
e-pengetokens
, som udbyder dem til offentligheden eller ansøger om deres optagelse til handel på en handelsplatform for kryptoaktiver, skal:
være godkendt som kredit- eller 
e-pengeinstitut
offentliggøre en hvidbog om kryptoaktiver og eventuel markedsføringskommunikation på sit websted og være ansvarlig for skader i forbindelse med forkerte oplysninger i hvidbogen
overholde reglerne om udstedelse, genindløsning og markedsføring
udstede tokens til pariværdi ved modtagelse af midler
genindløse tokens på indehaverens anmodning når som helst og til pariværdi
investere de midler, de modtager, i sikre aktiver med lav risiko i samme valuta, og deponere dem på en særskilt konto i et kreditinstitut
udarbejde genopretnings- og genindløsningsplaner til brug, hvis vedkommende ikke er i stand til at opfylde sine forpligtelser.
Den Europæiske Banktilsynsmyndighed
 (EBA) betragter aktivbaserede tokens og 
e-pengetokens
 som »signifikante«, hvis visse kriterier er opfyldt, såsom deres indehavere, værdi eller transaktioner over visse niveauer. I disse tilfælde er udstedere af sådanne signifikante aktivbaserede tokens og 
e-pengetokens
 underlagt yderligere krav, og EBA fører tilsyn med dem.
En udbyder af kryptoaktivtjenester skal være:
en juridisk person eller en bestemt virksomhed, der af sin nationale myndighed er godkendt som udbyder af kryptoaktivtjenester, og som har et hjemsted i en medlemsstat, hvor som minimum en del af tjenesterne udføres og hvor administrationen faktisk foregår, og som har mindst ét medlem af ledelsen er bosiddende i EU, eller
under visse omstændigheder et kreditinstitut, en værdipapircentral, et investeringsselskab, en markedsoperatør, et 
e-pengeinstitut
, et administrationsselskab for investeringsinstitutter eller en forvalter af alternative investeringsfonde.
Forpligtelser for alle udbydere af kryptoaktivtjenester
 kræver, at de:
skal handle ærligt, redeligt og professionelt i deres faktiske og potentielle kunders bedste interesse
skal give kunderne reelle, klare og ikkevildledende oplysninger
ikke forsætligt eller uagtsomt må vildlede kunderne i forhold til de reelle eller formodede fordele ved kryptoaktiver og skal advarer kunder om de involverede risici
skal offentliggøre deres pris-, omkostnings- og gebyrpolitikker samt oplysninger om klima- og miljørelaterede negative virkninger af hvert kryptoaktiv på et fremtrædende sted på deres websted
skal have indført forsigtighedshensyn svarende til et beløb, der mindst er lig det højeste af følgende:
det permanente minimumskapitalkrav, der er anført i bilag IV, eller
en fjerdedel af det foregående års faste omkostninger
skal sikre, at medlemmerne af ledelsesorganet har et godt omdømme og besidder den passende viden, kompetence og erfaring til at udføre deres opgaver effektivt
skal gennemfører politikker og procedurer til at forebygge hvidvask af penge, finansiering af terrorisme og andre lovovertrædelser
skal holde kundernes kryptoaktiver og midler adskilt fra andre aktiver og må ikke bruge dem for egen regning
skal fastlægge og opretholde effektive og gennemsigtige procedurer for øjeblikkelig, retfærdig og konsekvent behandling af kundeklager
skal gennemføre og opretholde effektive politikker til at identificere, forebygge, håndtere og oplyse om interessekonflikter
skal tage alle rimelige skridt for at undgå enhver risiko ved outsourcing af aktiviteter
skal have en plan for en velordnet afvikling af deres aktiviteter, hvis det skulle blive nødvendigt.
Specifikke regler omhandler:
overtagelse af udstedere af aktivbaserede tokens og udbydere af kryptoaktivtjenester
foranstaltninger til at forebygge og forbyde markedsmisbrug, såsom insiderhandel og misbrug af insideroplysninger
de nationale myndigheders, EBA’s og 
Den Europæiske Værdipapir- og Markedstilsynsmyndigheds
 (ESMA) beføjelser og roller.
Forordningen gælder ikke for:
kryptoaktiver, der er omfattet af andre EU-retsakter om finansielle tjenesteydelser (f.eks. dem, der betragtes som finansielle instrumenter eller pensions- eller forsikringsprodukter)
udbydere af kryptoaktivtjenester udelukkende til deres moderselskaber eller datterselskaber, kuratorer og administratorer i forbindelse med insolvensprocedurer
Den Europæiske Centralbank
 og de nationale centralbanker, 
Den Europæiske Investeringsbank
, 
Den Europæiske Finansielle Stabilitetsmekanisme
, 
Den Europæiske Stabilitetsmekanisme
 og offentlige internationale organisationer
kryptoaktiver, der er unikke og ikke indbyrdes omskiftelige med andre.
Europa-Kommissionen
 fremlægger en rapport for 
Europa-Parlamentet
 og for 
Rådet for Den Europæiske Union
 på forskellige tidspunkter, når denne forordning er trådt i kraft, om:
den seneste udvikling inden for kryptoaktiver (efter 18 måneder)
den foreløbige vurdering af forordningen (efter 24 måneder)
anvendelsen af forordningen (efter 48 måneder).
Kommissionen har også beføjelse til at vedtage delegerede retsakter og gennemførelsesretsakter.
ESMA forelægger i samarbejde med EBA en offentligt tilgængelig 
rapport
 for Parlamentet og for Rådet 12 måneder efter forordningens ikrafttrædelse og hvert år derefter om anvendelsen af lovgivningen og udviklingen på kryptoaktivmarkederne.
Det fælles europæiske adgangspunkt
Ændringsforordning (EU) 
2023/2869
 integrerer en ny artikel i forordning (EU) 2023/1114, som omhandler adgang til oplysninger på det fælles europæiske adgangspunkt (ESAP), som er oprettet i henhold til forordning (EU) 
2023/2859
 (se 
resumé
). ESAP giver adgang til offentlige finansielle oplysninger og oplysninger vedrørende bæredygtighed for EU-virksomheder og EU-investeringsprodukter. Ifølge ændringsretsakten skal udstederen, udbyderen eller den person, der søger adgang til handel, når den offentliggør oplysninger som omhandlet i forordning (EU) 2023/1114 fra den 
10. januar 2030
 samtidig indsende disse oplysninger til det relevante indsamlingsorgan med henblik på at gøre dem tilgængelige på ESAP. Ændringsforordningen fastsætter desuden de betingelser, som disse oplysninger skal opfylde.
Forordning (EU) 2023/1114 ændrer:
Direktiv 
2013/36/EU
 (
kapitalkrav
)
Direktiv (EU) 
2019/1937
 (
beskyttelse af personer, der indberetter overtrædelser af EU-retten
)
Forordning (EU) 
nr. 
1093/2010
 (om oprettelse af 
EBA
)
Forordning (EU) 
1095/2010
 (om oprettelse af 
ESMA
).
HVORNÅR GÆLDER FORORDNINGEN FRA?
Den træder i kraft den 
30. december 2024
. Reglerne om aktivbaserede tokens (afsnit III) og 
e-pengetokens
 (afsnit IV) trådte dog i kraft den 
30. juni 2024
.
BAGGRUND
Lovgivningen har til formål at skabe retssikkerhed og vished for udstedere og udbydere af kryptoaktiver. Den har til formål at styrke innovation og samtidig bevare den finansielle stabilitet og beskytte investorer mod risici.
Den er en del af 
den digitale finanspakke
, som Kommissionen vedtog i september 2020. Pakken styrker EU’s regler til 
bekæmpelse af hvidvask af penge
 og bekæmpelse af finansiering af terrorisme, herunder regler om oplysninger, der ledsager pengeoverførsler.
VIGTIGE BEGREBER
Udbyder.
 En fysisk eller juridisk person eller en anden virksomhed, eller udstederen, som udbyder kryptoaktiver til offentligheden.
Juridisk person.
 En enkeltperson, virksomhed eller enhver anden juridisk enhed, der har juridiske rettigheder og forpligtelser.
HOVEDDOKUMENT
Europa-Parlamentets og Rådets forordning (EU) 
2023/1114
 af 
31. maj 2023
 om markeder for kryptoaktiver og om ændring af forordning (EU) 
nr. 1093/2010
 og (EU) 
nr. 1095/2010
 og direktiv 2013/36/EU og (EU) 2019/1937 (EUT L 150 af 
9.6.2023
, 
s. 40-205
).
Efterfølgende ændringer til forordning (EU) 2023/114 er blevet indarbejdet i grundteksten. Denne 
konsoliderede udgave
 har ingen retsvirkning.
TILHØRENDE DOKUMENTER
Europa-Parlamentets og Rådets forordning (EU) 
2023/2859
 af 
13. december 2023
 om oprettelse af et fælles europæisk adgangspunkt, som giver centraliseret adgang til offentligt tilgængelige oplysninger med relevans for finansielle tjenesteydelser, kapitalmarkeder og bæredygtighed (EUT L 2023/2859 af 
20.12.2023
).
Se den 
konsoliderede udgave
.
Meddelelse fra Kommissionen til Europa-Parlamentet, Rådet, Det Europæiske Økonomiske og Sociale Udvalg og Regionsudvalget om en strategi for digital finans for EU (
COM(2020) 591 final
 af 
24.9.2020
).
Europa-Parlamentets og Rådets forordning (EU) 
2019/1238
 af 
20. juni 2019
 om et paneuropæisk personligt pensionsprodukt (PEPP-produkt) (EUT L 198 af 
25.7.2019
, 
s. 1-63
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv (EU) 
2019/1937
 af 
23. oktober 2019
 om beskyttelse af personer, der indberetter overtrædelser af EU-retten (EUT L 305 af 
26.11.2019
, 
s. 17-56
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets forordning (EU) 
2017/1129
 af 
14. juni 2017
 om det prospekt, der skal offentliggøres, når værdipapirer udbydes til offentligheden eller optages til handel på et reguleret marked, og om ophævelse af direktiv 2003/71/EF (EUT L 168 af 
30.6.2017
, 
s. 12-82
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets 
direktiv (EU) 2016/2341
 af 
14. december 2016
 om arbejdsmarkedsrelaterede pensionskassers (IORP’ers) aktiviteter og tilsynet hermed (omarbejdning) (EUT L 354 af 
23.12.2016
, 
s. 37-85
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv (EU) 
2015/2366
 af 
25. november 2015
 om betalingstjenester i det indre marked, om ændring af direktiv 2002/65/EF, 2009/110/EF og 2013/36/EU og forordning (EU) 
nr. 1093/2010
 og om ophævelse af direktiv 2007/64/EF (EUT L 337 af 
23.12.2015
, 
s. 35-127
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv 
2014/49/EU
 af 
16. april 2014
 om indskudsgarantiordninger (omarbejdning) (EUT L 173 af 
12.6.2014
, 
s. 149-178
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv 
2014/65/EU
 af 
15. maj 2014
 om markeder for finansielle instrumenter og om ændring af direktiv 2002/92/EF og direktiv 2011/61/EU (omarbejdet) (EUT L 173 af 
12.6.2014
, 
s. 349-496
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv 
2013/36/EU
 af 
26. juni 2013
 om adgang til at udøve virksomhed som kreditinstitut og om tilsyn med kreditinstitutter og investeringsselskaber, om ændring af direktiv 2002/87/EF og om ophævelse af direktiv 2006/48/EF og 2006/49/EF (EUT L 176 af 
27.6.2013
, 
s. 338-436
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets forordning (EU) 
nr. 
1093/2010
 af 
24. november 2010
 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Banktilsynsmyndighed), om ændring af afgørelse 
nr. 716/2009/EF
 og om ophævelse af Kommissionens afgørelse 2009/78/EF (EUT L 331 af 
15.12.2010
, 
s. 12-47
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets forordning (EU) 
nr. 
1095/2010
 af 
24. november 2010
 om oprettelse af en europæisk tilsynsmyndighed (Den Europæiske Værdipapir- og Markedstilsynsmyndighed), om ændring af afgørelse 
nr. 716/2009/EF
 og om ophævelse af Kommissionens afgørelse 2009/77/EF (EUT L 331 af 
15.12.2010
, 
s. 84-119
).
Se den 
konsoliderede udgave
.
Europa Parlamentets og Rådets direktiv 
2009/110/EF
 af 
16. september 2009
 om adgang til at optage og udøve virksomhed som udsteder af elektroniske penge og tilsyn med en sådan virksomhed, ændring af direktiv 2005/60/EF og 2006/48/EF og ophævelse af direktiv 2000/46/EF (EUT L 267 af 
10.10.2009
, 
s. 7-17
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets 
direktiv 2009/138/EF
 af 
25. november 2009
 om adgang til og udøvelse af forsikrings- og genforsikringsvirksomhed (Solvens II) (omarbejdning) (EUT L 335 af 
17.12.2009
, 
s. 1-155
).
Se den 
konsoliderede udgave
.
Europa-Parlamentets og Rådets direktiv 
2004/109/EF
 af 
15. december 2004
 om harmonisering af gennemsigtighedskrav i forbindelse med oplysninger om udstedere, hvis værdipapirer er optaget til handel på et reguleret marked, og om ændring af direktiv 2001/34/EF (EUT L 390 af 
31.12.2004
, 
s. 38-57
).
Se den 
konsoliderede udgave
.
Europa-Parlamentet og Rådets direktiv 
97/9/EF
 af 
3. marts 1997
 om investorgarantiordninger (EFT L 84 af 
26.3.1997
, 
s. 22-31
).
seneste ajourføring 
25.9.2024