Regolamento art MICAR sulle crypto testo multilingue 2023/1114 EN

(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 (32), 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 (33);

(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);

(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 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)

(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)

(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)

(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)

(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)

(c)

(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)

(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)

(37)	‘ retail_holder’ means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;

(38)

(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 (33);

(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);

(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.

TITLE II

CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS

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 (35);

(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 (36) 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 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 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.

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.

ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 June 2024.

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.

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 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 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.

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.

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 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 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.

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 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 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.

whereas

Seguiamo le blockchain dal 2017. Disponibili per formazione e affiancamento agli avvocati. Sul podcast QUI disponibili le novità in materia