Este livro foi traduzido do alemão para o português por meio de inteligência artificial (tradução automática). This book was translated from German into Portuguese by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be dis-cussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models.
Dr. Josef Bergt is an expert on "New Economy Law" and as such is specialized in the fields of European and Liechtenstein Corporate, Banking and Financial Markets Law and has a comprehensive expertise in connection with the regulatory framework of capital markets, in particular regarding Distributed Ledger Technology (DLT), as well as its variations such as Blockchain, Directed Acyclic Graphs (DAG), Hashgraph, Holochain, etc., including Token Sales and Offerings such as Initial Coin Offerings, Token Generating Events and Security Token Offerings (ICO/TGE/STO). Josef Bergt also has extensive knowledge on the formation and licensing of regulated financial institutions and financial intermediaries as well as with the preparation of securities prospectuses and the approval procedure by the relevant regulatory authorities. In addition, he has experience in litigation in civil and commercial law. He also has in-depth knowledge of data protection and intellectual property rights. With regards to academia Josef Bergt wrote his doctoral thesis dealing with Liechtenstein corporate law at the Private University of the Principality of Liechtenstein (UFL). Furthermore, Josef Bergt visited the LLM programme for Corporate, Foundation and Trust Law and the LLM programme for Banking and Finance at the University of Liechtenstein. Josef Bergt was part of the team providing policy recommendations for an EU Token Regulation Paper through thinkBLOCKtank asbl and in that regard also participated in the public consultation for an EU framework for markets in crypto-assets. Josef Bergt is also a supporter of the Liechtenstein blockchain scene and the Liechtenstein Blockchain Act (Token and Trusted Technologies Service Providers Act, TTTA; Gesetz über Token und vertrauenswürdige Technologie-Dienstleister, TVTG).
Bergt
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Weitere Infos & Material
Lista de abreviações
| ibidem. | no local indicado/especificado |
| JO C | Jornal Oficial da União Europeia (avisos e anúncios) |
| JO L | Jornal Oficial da União Europeia (legislação) |
| TFUE | Tratado sobre o Funcionamento da União Europeia |
| AIFMD | Directiva 2011/61/UE do Gestor de Fundos de Investimento Alternativos |
| API | Interface de Programação da Aplicação |
| ATS | sistema comercial alternativo |
| BankG | Lei Bancária (Liechtenstein) |
| BuA | Relatório e pedido do Governo ao Parlamento do Principado do Liechtenstein |
| BWG | Lei Bancária (Áustria) |
| PCC | Contraparte Central (câmara de compensação) |
| CFD | contrato por diferença |
| CRD | Directiva dos Requisitos de Capital (CRD IV, 2013/36/UE; CRD III, 2006/48/CE) |
| CRR | Regulamento de Requisitos de Capital EU/575/2013 |
| CSDR | Regulamento da Central de Depósito de Títulos EU/909/2014 |
| DAO | Organização autónoma descentralizada |
| Del Regulamento | Regulamento Delegado |
| DEX | intercâmbio descentralizado |
| DGSD | Directiva 2014/49/UE sobre os Sistemas de Garantia de Depósitos |
| DLT | Tecnologia de Ledger Distribuído |
| DVO | Regulamento de execução |
| DvP | entrega contra pagamento |
| EAG | Lei sobre garantia de depósitos e compensação de investidores (Liechtenstein) |
| EBA | Autoridade Bancária Europeia |
| por exemplo | exemplo gratuito |
| EGG | Lei E-Money (Liechtenstein) |
| ELI | Identificador da Legislação Europeia |
| Directiva DME / E-Money | Directiva E-Money / Directiva E-Money (Directiva E-Money II, 2009/110/CE; Directiva E-Money I, 2000/46/CE) |
| EMIR | Regulamento das Infra-Estruturas do Mercado Europeu UE/648/2012 |
| AEVMM | Autoridade Europeia dos Valores Mobiliários e dos Mercados |
| etc pp | et cetera perge, perge |
| BCE | Banco Central Europeu |
| FAGG | Lei sobre Distância e Comércio Exterior (Liechtenstein) |
| FCA | Autoridade de Conduta Financeira (Reino Unido) |
| FernFinG | Lei dos Serviços Financeiros Remotos (Liechtenstein) |
| ff / et seqq | Contínuo / et sequentes |
| FINMA | Autoridade Suíça de Supervisão do Mercado Financeiro (CH) |
| BaFin | Instituto Federal de |
| Supervisão dos serviços financeiros |
| FMA | Autoridade do Mercado Financeiro (Liechtenstein ou Áustria) |
| FMAG | Lei de Supervisão do Mercado Financeiro (Liechtenstein; com as alterações BuA 2019/93 e LGBl 2019.303) |
| GewG | Lei do Comércio (Liechtenstein; com as alterações introduzidas pela BuA 2019/93 e LGBl 2019.305) |
| GRC | Carta dos Direitos Fundamentais |
| GW-RL | Directiva sobre Branqueamento de Capitais (5ª Directiva sobre Branqueamento de Capitais, 2018/843; 4ª Directiva sobre Branqueamento de Capitais, 2015/849) |
| Ibid / ibid | Ibidem / ibidem |
| IDD | Directiva de Distribuição de Seguros EU/2016/97 |
| ITS | Implementação de Normas Técnicas |
| IUG | Lei do empreendimento de investimento (Liechtenstein) |
| JCD (EEE) | Decisão do Comité Misto (Decisão do Comité Misto do EEE) |
| Cláusula Directiva | Cláusula Directiva 93/13/CEE |
| KMG | Lei do Mercado de Capitais (Áustria) |
| KSchG | Lei de proteção ao consumidor (Liechtenstein) |
| KWG | Lei Bancária (Alemanha) |
| cidade da perna | legis citatae |
| LES | Coleção de decisões do Liechtenstein |
| LGBl | Diário Oficial da República (Liechtenstein) |
| LJZ | Jornal dos Advogados do Liechtenstein |
| MAD | Directiva 2014/57/UE relativa ao abuso de mercado |
| MAR / MMVO | Regulamento sobre abuso de mercado EU/596/2014 |
| MiFID | Diretiva de Mercados de Instrumentos Financeiros (MiFID II, 2014/65/EU; MiFID I, 2004/39/EG) |
| MiFIR | Regulamentação de Mercados de Instrumentos Financeiros EU/600/2014 |
| MTF | Multilateral Trading Facility |
| mwN | com provas adicionais |
| NCA / NSA | Autoridade Competente Nacional / Autoridade Supervisora Nacional |
| NFC | Contraparte não financeira |
| OU | Código de Obrigações (CH) |
| OSI | Modelo de Interconexão de Sistemas Abertos |
| OTC | Sobre o balcão (fora do câmbio) |
| OTF | Facilidade de Negociação Organizada |
| PERG | O Manual de Orientação Perimetral |
| PGR | Lei sobre pessoas e empresas (Liechtenstein; (conforme alterada por BuA 2019/93 e LGBl 2019.304) |
| PoS/PoW | prova de trabalho / prova de participação |
| Regulamento da brochura | Regulamento do Prospecto EU/2017/1129 |
| PSD | Directiva relativa aos serviços de pagamento (PSD II, EU/2015/2366; PSD I, 2007/64/CE) |
| RTS | Normas Técnicas Regulamentares |
| Rz | Número de margem/número de margem |
| SI | Internalizador sistemático |
| Solvência II | Directiva Solvência II 2009/138/CE |
| SPG | Lei de Due Diligence (Liechtenstein; (conforme emendada BuA 2019/93 e LGBl 2019.302) |
| SPV / SSPV | Securitização de veículos para fins especiais Veículo para fins especiais |
| SR | Direito de propriedade (Liechtenstein) |
| SSI | Identidade Auto-Sovereana |
| REGULAMENTO SSM | Regulamento do Mecanismo Único de Supervisão EU/1024/2013 |
| Ponte | Direito fiscal (Liechtenstein) |
| StGH | Tribunal de Justiça do Estado (Liechtenstein) |
| STSR | Regulamento Simples, Transparente e Normalizado ou Regulamento de... |
