Autorité des marchés financiers revises its doctrine on PSAN and clarifies the transition to a enhanced registration. The new provisions will apply to all request filed after July 1st for a application effective on January 1, 2024.
La DDADUE Act transposes several European directives into French law. Some of the changes introduced lead theAutorité des marchés financiers to modify its doctrine concerning digital asset service provider (DASP) regime.
In this context, the registration procedure as a PSAN to theAMF is changing. As of January 1, 2024registration candidates will be subject to the rules of a so-called reinforced PSAN registration.
Reinforced requirements from July 1, 2023
Candidates for therecording In particular, they are required to provide better information concerning their commercial communications. The requirements also cover pricing policythe risk clarificationand the fund conservation customers.
The application is therefore set for early next year. But in reality, applicants will be entering a procedure from July onwards. To remain under the simple registration system, applications must be submitted before the 1st of next month, and the file must be validated by the AMF.
The completeness of the application is assessed on the basis of the completeness of the documents provided, as well as the quality and level of detail of the information,” explains the AMF.
So there’s no need for latecomers to rush their applications, at the risk of being rejected.
Grandfather clause for registered PSANs
This new doctrine will also apply to PSANs already registered but requiring extension to a new service from July 1. In this case, they will be subject to enhanced registration.
And this applies “to all the services provided, including those for which it has previously been simply registered”. Finally, for holders of a simple registration prior to January 1, 2024, a grandfather clause applies.
In other words, for them, the rules remain the same, and they continue to be subject to the requirements of their previous registration. There is no need for these NSPs to supplement their initial file by complying with additional rules introduced by the enhanced registration.
Entering a phase of regulatory maturity
Invited this week to speak at the Web3 Leaders Forum of Adan, the president of theAMF, Marie-Anne Barbat-Layanijustified this reinforcement by the growing adoption of crypto-assets.
“Between 8% and 10% of French people hold cryptos. This is far from anecdotal. It’s only natural that investor protection issues should arise in an increasingly concrete way,” she noted.
The executive also believes that the “context has changed a lot since the PACTE law of 2019”, implying “moving to a phase of maturity in regulation.”
Marie-Anne Barbat-Layani also welcomed this week’s delivery of the first PSAN approval, a procedure representing several months of work and discussions, she said.
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