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Regolamento art MICAR sulle crypto testo multilingue 2023/1114 EN

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2023/1114 EN Art. 3 . Output generated live by software developed by IusOnDemand srl
Index & defs


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whereas :


definitions:


cloud tag: and the number of total unique words without stopwords is: 388

 

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_ledgermeans 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_mechanismmeans the rules and procedures by which an agreement is reached, among DLT_network_nodes, that a transaction is validated;

(4)

DLT_network_nodemeans 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-assetmeans 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_tokenmeans 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_currencymeans an official_currency of a country that is issued by a central bank or other monetary authority;

(9)

utility_tokenmeans a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer;

(10)

issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;

(11)

‘applicant issuermeans 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_publicmeans 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)

offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;

(14)

fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;

(15)

crypto-asset service providermeans 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 servicemeans 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 fundsmeans 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_bodymeans 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_institutionmeans 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_firmmeans 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_investorsmeans persons or entities that are listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU;

(31)

close_linksmeans close_links as defined in Article 4(1), point (35), of Directive 2014/65/EU;

(32)

reserve_of_assetsmeans the basket of reserve assets securing the claim against the issuer;

(33)

home_Member_Statemeans:

(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_Statemeans 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_authoritymeans 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_holdingmeans 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_holdermeans any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;

(38)

online_interfacemeans 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)

clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;

(40)

matched_principal_tradingmeans matched_principal_trading as defined in Article 4(1), point (38), of Directive 2014/65/EU;

(41)

payment_servicesmeans payment_services as defined in Article 4, point (3), of Directive (EU) 2015/2366;

(42)

payment_service_providermeans a payment_service_provider as defined in Article 4, point (11), of Directive (EU) 2015/2366;

(43)

electronic_money_institutionmeans an electronic_money_institution as defined in Article 2, point (1), of Directive 2009/110/EC;

(44)

electronic_moneymeans electronic_money as defined in Article 2, point (2), of Directive 2009/110/EC;

(45)

personal_datameans personal_data as defined in Article 4, point (1), of Regulation (EU) 2016/679;

(46)

payment_institutionmeans a payment_institution as defined in Article 4, point (4), of Directive (EU) 2015/2366;

(47)

UCITS_management_companymeans 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_managermeans 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_instrumentmeans financial_instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU;

(50)

depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU;

(51)

‘structured depositmeans 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


whereas
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