Tokenisation de parts de fonds et gestion en actifs digitaux – Guide utilisateurs

The User Guide on Tokenization of fund parts and digital asset management provides a comprehensive overview of the professional guidelines for tokenizing fund shares and managing digital assets in the French financial market. It outlines the processes and best practices involved in transferring fund shares to a blockchain, as well as the regulatory framework for tokenization of financial instruments. The document emphasizes the importance of adhering to the regulatory requirements and provides insights into the potential impacts on the activities of asset management companies.
In February 2023, the AFG released a white paper on technological innovations and strategies for fund management. Focused on DLT, it explores opportunities in fund liability management and asset investments. The present guide, implementing white paper recommendations, aims to assist asset management firms and ecosystem stakeholders in navigating the regulatory and operational aspects of DLT use, covering tokenization of fund shares, digital asset investments, and financial instrument tokenization with varying maturity levels and obligations for involved parties.
The present guide discusses the transfer of fund shares from a traditional CSD to a blockchain-based register, highlighting the steps involved in the process. It also addresses the regulatory considerations and safeguards for the protection of asset owners in the tokenization of financial instruments, emphasizing the responsibility of the issuer in maintaining the register.
Furthermore, the guide delves into the regulatory pilot regime for security tokens, focusing on the types of financial instruments eligible for tokenization and the volume limits set by the European legislator to mitigate risks associated with tokenization. It also outlines the requirements for the issuance of security tokens and the potential migration plan of tokens from DLT-based infrastructures to traditional systems based on predefined thresholds in order to reduce the mass of security tokens in circulation.
In addition, the guide discusses the implications of tokenization on the asset management industry, particularly in relation to the eligibility of tokenized financial instruments within the regulatory framework for UCITS. It also addresses the potential expansion of digital asset offerings and the anticipated regulatory developments for asset management companies.
Moreover, the guide provides a detailed timeline of national and European regulatory milestones related to digital assets, including the promulgation of laws, regulatory compliance deadlines, and the application of the Markets in Crypto-Assets Regulation (MiCA). It also highlights the key areas of focus for regulatory developments, such as sustainability indicators, market abuse prevention, and investor protection.
Additionally, the guide discusses the impact of MiCA on the qualification of crypto-assets as financial instruments, emphasizing the role of ESMA in proposing second-level measures to determine the classification of crypto-assets. It also addresses the authorization requirements and the publication of white papers for issuers of electronic money tokens, outlining the information to be included in the white paper.
Finally, the guide provides a comparative analysis of the regulatory frameworks in France and Luxembourg, highlighting the key aspects of the national regulations in both jurisdictions, including the statutory provisions for digital asset service providers and the legislation related to tokenization of financial instruments.