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法国金融监管机构提议为区块链安全令牌设置沙箱

2020-3-13 15:58

 

法国监管机构法国金融管理局(AMF)已经审查了将区块链用于安全令牌的法律障碍。它建议建立一个欧洲数字实验室或沙箱,让各国监管机构能够放松法律要求。

 

AMF的法律审查


AMF承认安全令牌正受到区块链生态系统和现有系统的关注。它认为标记化是交易后流程自动化的一个自然步骤。


在报告中,监管机构探讨了两个法律方面的问题。首先是代币的发行和销售,其次是代币纳入投资基金。在基金方面,无论是在法国还是欧洲,他们都没有看到重大的监管障碍,建议资产管理公司向AMF申请更新执照。


对于令牌的发行和销售,如果它是一个集中的DLT平台,各方可以遵守现有的许可要求。但对于去中心化的区块链来说,挑战更大,因为无法识别管理者。


AMF概述了一种情况,在没有处理买卖订单的情况下,可能不需要MiFID 2指令的批准。


在结算和交割方面,立法目前要求设立中央证券保管机构。

 

AMF的建议方法


沙盒或数字实验室将允许国家监管机构提出某些要求。然而,AMF提出了一个折衷方案。因此,只有在符合关键监管原则、监管机构的监管水平更高的情况下,才会允许这种豁免。


AMF的文件是监管机构将发布的一系列文件中的一部分。该公司此前发布了一份工作文件,旨在鼓励欧盟委员会(European Commission)为金融服务制定一项欧洲数字战略。


与今天的法律文件一致,它建议中介机构的参与在区块链时代已经过时。它希望看到任何技术上不可知的方法,因此允许公共区块链。

 

The French regulator Autorité des Marchés Financiers (AMF), has examined the legal obstacles to deploying blockchain for security tokens. It suggests the creation of a European digital lab or sandbox where national regulators can relax legal requirements.

AMF’s legal review

The AMF acknowledges that security tokens are garnering interest from both blockchain ecosystems as well as incumbents. It sees tokenization as a natural step in the automation of post-trade processes.

In the report, the regulator explored two legal aspects. Firstly the issue and sale of tokens and secondly, their inclusion in investment funds. For funds, they didn’t see a major regulatory impediment at either a French or European level, and recommended asset managers should apply to the AMF to update their license.

For the issue and sale of tokens, where it is a centralized DLT platform, parties can comply with existing licensing requirements. But it’s more challenging for decentralized blockchains because a manager can’t be identified.

AMF outlines a situation where listing buy and sell orders without processing them may not require approval under the MiFID 2 Directive.

It’s the settlement and delivery where legislation currently requires a central securities depositary.

AMF’s suggested approach

The sandbox or digital lab would allow national regulators to wave certain requirements. However, the AMF suggests a trade-off. Hence, the exemption would only be allowed if there is compliance with key regulatory principles and there is a higher level of oversight by the regulator.

The AMF paper is part of a series to be released by the regulator. It previously published a working document aimed at encouraging the European Commission to develop a European digital strategy for financial services.

Consistent with today’s legal paper, it recommends that the involvement of intermediaries is outdated in the age of blockchain. And it wants to see any approach as technologically agnostic, hence allowing for public blockchains.

 

来自: Ledger Insights