{"id":395,"date":"2023-09-25T11:31:00","date_gmt":"2023-09-25T09:31:00","guid":{"rendered":"https:\/\/lexify.nextindustry.net\/?p=395"},"modified":"2025-03-21T15:03:29","modified_gmt":"2025-03-21T15:03:29","slug":"a-commentary-on-the-consultation-paper-issued-by-esma","status":"publish","type":"post","link":"https:\/\/lexify.io\/fr\/a-commentary-on-the-consultation-paper-issued-by-esma\/","title":{"rendered":"Commentaire sur le document de consultation publi\u00e9 par l'AEMF"},"content":{"rendered":"<h3 class=\"wp-block-heading translation-block\">D\u00e9couvrir la mise en \u0153uvre de l'AMC<br> COMMENTAIRE SUR LE DOCUMENT DE CONSULTATION PUBLI\u00c9 PAR L'AEMF<\/h3>\n\n\n\n<p class=\"translation-block\">En pr\u00e9vision du prochain paquet de consultation qui devrait \u00eatre publi\u00e9 par l'Autorit\u00e9 europ\u00e9enne des march\u00e9s financiers (AEMF) en octobre 2023, il convient d'analyser bri\u00e8vement les th\u00e8mes cl\u00e9s du premier paquet de consultation publi\u00e9 le 12 juillet 2023. \u00c9tant donn\u00e9 que de nombreux articles du r\u00e8glement sur les march\u00e9s des crypto-actifs (MICA) autorisent l'AEMF \u00e0 \u00e9laborer des normes techniques (RTS) et des lignes directrices pour pr\u00e9ciser certaines dispositions contenues dans la l\u00e9gislation europ\u00e9enne susmentionn\u00e9e, le document de consultation de l'AEMF repr\u00e9sente le premier des trois paquets que l'Autorit\u00e9 a l'intention de publier. Ces paquets doivent \u00eatre soumis collectivement \u00e0 la Commission europ\u00e9enne d'ici le 30 juin 2024.<br>L'objectif de ces documents est de recueillir les avis, commentaires et points de vue des parties prenantes et des acteurs du march\u00e9 sur la bonne mise en \u0153uvre des MiCA.<br>Cette analyse juridique vise \u00e0 mettre en lumi\u00e8re certains des aspects pertinents du premier document de consultation publi\u00e9 par l'AEMF, notamment :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>RTS sur la notification par certaines entit\u00e9s financi\u00e8res de leur intention de fournir des services de crypto-actifs (voir paragraphe 9.2.1. du document de consultation).<br>En vertu de l'article 60 de la MiCA, un \u00e9tablissement de cr\u00e9dit (paragraphe 1), un d\u00e9positaire central de titres (paragraphe 2), une entreprise d'investissement (paragraphe 3), un \u00e9tablissement de monnaie \u00e9lectronique (paragraphe 4), une soci\u00e9t\u00e9 de gestion d'OPCVM ou un gestionnaire de fonds d'investissement alternatif (paragraphe 5), ou un op\u00e9rateur de march\u00e9 (paragraphe 6), qui a l'intention de fournir des services de crypto-actifs, est tenu de le notifier \u00e0 l'autorit\u00e9 nationale de la concurrence de son \u00c9tat membre d'origine au moins 40 jours ouvrables avant de commencer \u00e0 fournir ces services pour la premi\u00e8re fois.<br>La MiCA stipule \u00e9galement que les entit\u00e9s d\u00e9j\u00e0 titulaires d'une autorisation de fournir des services financiers et ayant suivi la proc\u00e9dure d'autorisation, qui ont l'intention d'\u00e9tendre la port\u00e9e de leurs services pour inclure les services de crypto-actifs, n'ont qu'une obligation de notification. Un nouvel agr\u00e9ment suppl\u00e9mentaire n'est pas jug\u00e9 n\u00e9cessaire ou appropri\u00e9. En d'autres termes, la MiCA s'en tient \u00e0 l'autorisation existante mais demande qu'elle soit compl\u00e9t\u00e9e par des informations sp\u00e9cifiques \u00e0 la fourniture de services de crypto-actifs afin de permettre une supervision efficace.<br>\u00c0 cet \u00e9gard, le paragraphe 7 du m\u00eame article 60 de la MiCA d\u00e9crit les informations qui doivent \u00eatre incluses dans la notification. Le projet de RTS de l'ESMA int\u00e8gre le contenu requis concernant :<br>\u2022 Program of operations \u2013 Article 1;<br>\u2022 Detection and prevention of money laundering and terrorist financing \u2013 Article 2;<br>\u2022 Business continuity \u2013 Article 3;<br>\u2022 ICT systems and related security arrangements \u2013 Article 4;<br>\u2022 Segregation of clients\u2019 crypto-assets and funds \u2013 Article 5;<br>\u2022 Custody and administration policy \u2013 Article 6;<br>\u2022 Operating rules of the trading platform and market abuse detection \u2013 Article 7;<br>\u2022 Exchange of crypto-assets for funds or other crypto-assets \u2013 Article 8;<br>\u2022 Execution policy \u2013 Article 9;<br>\u2022 Provision of advice or portfolio management on crypto-assets \u2013 Article 10;<br>\u2022 Transfer services \u2013 Article 11.<\/li>\n\n\n\n<li>ITS on standard forms, templates, and procedures for the notification by certain financial entities of their intention to provide crypto-asset services (see paragraph 9.2.2. of the Consultation Document).<br>Specifically, the standard procedure outlined here requires the notifying entity to submit their request to the competent authority using the form attached to ITS Section 9.2.2 (Article 2). This will be followed by an acknowledgment of receipt from the competent authority within 5 working days (Article 3).<br>It\u2019s noteworthy that the notifying entity has a duty to promptly communicate any changes in the information provided, using the same form (Article 4), including through the contact point designated by the competent authority, which is made public on its website (Article 1).<\/li>\n\n\n\n<li class=\"translation-block\">L'article 62 de la MiCA stipule au paragraphe 1 que les personnes morales ou autres entreprises souhaitant fournir des services pour les crypto-monnaies doivent soumettre une demande d'autorisation en tant que CASP \u00e0 l'autorit\u00e9 comp\u00e9tente de leur \u00c9tat membre d'origine. Les paragraphes 2 et 3 pr\u00e9cisent les \u00e9l\u00e9ments \u00e0 indiquer.<br>Consid\u00e9rant que des risques importants associ\u00e9s aux services de crypto-actifs peuvent survenir pour les investisseurs involontaires, et que les clients potentiels ne disposent g\u00e9n\u00e9ralement pas des informations n\u00e9cessaires pour \u00e9valuer si les CASP disponibles ont \u00e9tabli des politiques, des accords et des proc\u00e9dures ad\u00e9quats pour assurer la fourniture continue de services dans le meilleur int\u00e9r\u00eat du client, la s\u00e9lection des participants au march\u00e9 permet aux ANC de fournir un espace plus s\u00fbr pour les investisseurs.<br>L'objectif des RTS propos\u00e9es semble \u00eatre de promouvoir la confiance dans le march\u00e9 des crypto-actifs gr\u00e2ce \u00e0 un processus robuste d'octroi et de refus des demandes d'autorisation. En retour, cela peut permettre aux CASP de b\u00e9n\u00e9ficier davantage de la croissance potentielle du march\u00e9. \u00c0 cette fin, l'ESMA a pr\u00e9cis\u00e9 les exigences \u00e9num\u00e9r\u00e9es \u00e0 l'article 62 de la MiCA concernant :<br>\u2022 General information \u2013 Article 1;<br>\u2022 Program of operations \u2013 Article 2;<br>\u2022 Prudential requirements \u2013 Article 3;<br>\u2022 Information about governance arrangements and internal control mechanisms \u2013 Article 4;<br>\u2022 Business continuity \u2013 Article 5;<br>\u2022 Detection and prevention of money laundering and terrorist financing \u2013 Article 6;<br>\u2022 Identity and proof of good repute, knowledge, skills, experience, and sufficient time commitment of the members of the management body \u2013 Article 7;<br>\u2022 Information relating to shareholders or members with qualifying holdings \u2013 Article 8;<br>\u2022 ICT systems and related security arrangements \u2013 Article 9;<br>\u2022 Segregation of clients\u2019 crypto-assets and funds \u2013 Article 10;<br>\u2022 Complaints handling \u2013 Article 11;<br>\u2022 Operating rules of the trading platform and market abuse detection \u2013 Article 12;<br>\u2022 Custody and administration policy \u2013 Article 13;<br>\u2022 Exchange of crypto-assets for funds or other crypto-assets \u2013 Article 14;<br>\u2022 Execution policy \u2013 Article 15;<br>\u2022 Provision of advice or portfolio management on crypto-assets \u2013 Article 16;<br>\u2022 Transfer services \u2013 Article 17.<\/li>\n\n\n\n<li class=\"translation-block\">Un demandeur qui sollicite une autorisation en tant que CASP en vertu de l'article 62 de la MiCA soumet sa demande en utilisant le formulaire joint \u00e0 la section 9.2.4 de la m\u00eame ITS (article 2). Cette demande est suivie d'un accus\u00e9 de r\u00e9ception de l'autorit\u00e9 comp\u00e9tente contenant les coordonn\u00e9es du point de contact (article 3).<br>Il incombe \u00e9galement au demandeur de notifier rapidement tout changement dans les informations fournies, en utilisant le m\u00eame formulaire (article 4). La d\u00e9cision d'accorder ou de refuser l'autorisation sera d\u00e9livr\u00e9e sous forme papier, \u00e9lectronique ou les deux.<\/li>\n\n\n\n<li class=\"translation-block\">L'article 71 de la MiCA d\u00e9finit les exigences en mati\u00e8re de traitement des plaintes pour les CASP. Sur un march\u00e9 qui en est encore aux premiers stades de son d\u00e9veloppement, comme celui-ci, il est essentiel de permettre aux clients d'exprimer leurs probl\u00e8mes et leur insatisfaction \u00e0 l'\u00e9gard des services qu'ils re\u00e7oivent de mani\u00e8re uniforme dans l'ensemble de l'Union. Cela favorise la protection des investisseurs et une culture commune de traitement des plaintes par les PCSA.&lt;L&#039;AEMF a donc choisi d&#039;\u00eatre tr\u00e8s sp\u00e9cifique dans les exigences applicables, en partie pour tenter d&#039;obliger les PCSA \u00e0 normaliser leurs normes de conformit\u00e9 en mati\u00e8re de traitement des r\u00e9clamations, en statuant sur :<br>- Les proc\u00e9dures de traitement des plaintes - Article 1;<br>- Les ressources consacr\u00e9es au traitement des plaintes - Article 2;<br>- Les moyens et la langue de soumission - Article 3;<br>- L'accus\u00e9 de r\u00e9ception et la v\u00e9rification de la recevabilit\u00e9 - Article 4;<br>- L'instruction des plaintes - Article 5;<br>- Les d\u00e9cisions - Article 6;<br>- La communication avec les clients - Article 7;<br>- Les proc\u00e9dures visant \u00e0 garantir un traitement coh\u00e9rent des plaintes - Article 8;<br>L'article 9.2.5 comprend le mod\u00e8le de d\u00e9p\u00f4t des plaintes.<\/li>\n\n\n\n<li class=\"translation-block\">L'article 72 de la MiCA exige que les PCCA mettent en \u0153uvre et maintiennent des politiques et des proc\u00e9dures efficaces pour identifier, pr\u00e9venir, g\u00e9rer et divulguer les conflits d'int\u00e9r\u00eats. Ce n'est qu'avec le projet de RTS que nous avons des d\u00e9finitions de \"personne connect\u00e9e\", \"r\u00e9mun\u00e9ration\" et \"groupe\" (article 1).<br>Il est suivi d'une description des conflits potentiellement pr\u00e9judiciables aux clients (article 2) et aux PCSA (article 3) ; politiques et proc\u00e9dures en mati\u00e8re de conflits d'int\u00e9r\u00eats (article 4) ; proc\u00e9dures, politiques et arrangements en mati\u00e8re de r\u00e9mun\u00e9ration (article 5) ; et la port\u00e9e des transactions personnelles (articles 6 et 7).&lt;La proposition de l&#039;AEMF se termine par des r\u00e8gles concernant la divulgation de la nature g\u00e9n\u00e9rale et de la source des conflits d&#039;int\u00e9r\u00eats et les mesures prises pour les att\u00e9nuer (article 8), ainsi que des exigences suppl\u00e9mentaires relatives aux placements (article 9).<\/li>\n\n\n\n<li class=\"translation-block\">RTS sur le projet d'acquisition d'une participation qualifi\u00e9e dans un prestataire de services de crypto-actifs (voir le paragraphe 9.2.7. du document de consultation).<br>L'article 83 de la MiCA impose \u00e0 toute personne qui a l'intention d'acqu\u00e9rir ou d'augmenter une participation qualifi\u00e9e dans un CASP de le notifier \u00e0 l'ANC et de lui fournir des informations sp\u00e9cifiques. Les paragraphes 3 \u00e0 9 du m\u00eame article \u00e9tablissent une proc\u00e9dure claire pour l'\u00e9valuation des projets par l'autorit\u00e9, notamment en fixant un d\u00e9lai maximum et en pr\u00e9cisant les crit\u00e8res que l'autorit\u00e9 doit appliquer dans l'\u00e9valuation.<br>L'exigence d'informations harmonis\u00e9es d\u00e9crite dans le projet de RTS vise \u00e0 soutenir l'\u00e9valuation des candidats acqu\u00e9reurs directs ou indirects. En fait, c'est \u00e0 cet \u00e9gard que des informations g\u00e9n\u00e9rales concernant le candidat acqu\u00e9reur sont demand\u00e9es (article 1), en distinguant les personnes physiques (article 2) et les personnes morales (article 3), en d\u00e9finissant les informations relatives \u00e0 l'acquisition envisag\u00e9e (article 6) et \u00e0 son financement (article 8), ainsi que des informations suppl\u00e9mentaires qui diff\u00e8rent selon qu'il s'agit de participations qualifi\u00e9es inf\u00e9rieures ou \u00e9gales \u00e0 20 pour cent (article 9), comprises entre 20 et 50 pour cent (article 10), et \u00e9gales ou sup\u00e9rieures \u00e0 50 pour cent (article 11).&lt;Ce document repr\u00e9sente la premi\u00e8re consultation publique, qui permettra \u00e0 l&#039;AEMF d&#039;obtenir une vue d&#039;ensemble lui permettant de mieux calibrer la l\u00e9gislation future, en tenant compte \u00e0 la fois des co\u00fbts et des risques.<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Unlocking Insights into MiCA ImplementationCOMMENTARY ON THE CONSULTATION PAPER ISSUED BY ESMA [&hellip;]<\/p>","protected":false},"author":3,"featured_media":389,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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