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Author: Josef Bergt
Title: & Token offerings and decentralized trading venues An analysis of securities civil law and securities supervision law from the perspective of Liechtenstein, with particular reference to relevant Union acts
Publisher: Books on Demand
ISBN/ISSN: 9783751912983
Edition: 1
Price: CHF 33.40
Publication date: 01/01/2020
Content
Category: Recht/Jurisprudenz
Language: English
Technical Data
Pages: 410
Kopierschutz: Wasserzeichen
Geräte: PC/MAC/eReader/Tablet
Formate: ePUB
Table of contents
This book was translated from German into English 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).
Table of contents

List of abbreviations


aA dissenting view
ibid. at the place stated/specified
OJ C Official Journal of the European Union (notices and announcements)
OJ L Official Journal of the European Union (legislation)
TFEU Treaty on the Functioning of the European Union
aF old version
AIFMD Alternative Investment Fund Manager Directive 2011/61/EU
Note Note
API Application Programming Interface
ATS alternative trading system
BankG Banking Act (Liechtenstein)
BTC Bitcoin
BuA Report and request of the Government to the Parliament of the Principality of Liechtenstein
BWG Banking Act (Austria)
CCP Central Counterparty (clearing house)
CFD contract for difference
CRD Capital Requirements Directive (CRD IV, 2013/36/EU; CRD III, 2006/48/EC)
CRR Capital Requirements Regulation EU/575/2013
CSDR Central Securities Depositories Regulation EU/909/2014
DAO Decentralised autonomous organisation
Del Regulation Delegated Regulation
DEX decentralized exchange
DGSD Deposit Guarantee Schemes Directive 2014/49/EU
DLT Distributed Ledger Technology
DVO Implementing Regulation
DvP delivery versus payment
EAG Deposit Guarantee and Investor Compensation Act (Liechtenstein)
EBA European Banking Authority
eg gratuitous example
EGG E-Money Act (Liechtenstein)
ELI European Legislation Identifier
EMD / E-Money Directive E-Money Directive / E-Money Directive (E-Money Directive II, 2009/110/EC; E-Money Directive I, 2000/46/EC)
EMIR European Market Infrastructure Regulation EU/648/2012
ESMA European Securities and Markets Authority
etc pp et cetera perge, perge
ETH Ether
ECB European Central Bank
FAGG Distance and Foreign Trade Act (Liechtenstein)
FCA Financial Conduct Authority (UK)
FernFinG Remote Financial Services Act (Liechtenstein)
ff / et seqq Continuing / et sequentes
FINMA Swiss Financial Market Supervisory Authority (CH)
BaFin Federal Institute for
Financial services supervision
FMA Financial Market Authority (Liechtenstein or Austria)
FMAG Financial Market Supervision Act (Liechtenstein; as amended BuA 2019/93 and LGBl 2019.303)
FN Footnote
GewG Trade Act (Liechtenstein; as amended by BuA 2019/93 and LGBl 2019.305)
GRC Charter of Fundamental Rights
GW-RL Money Laundering Directive (5th Money Laundering Directive, 2018/843; 4th Money Laundering Directive, 2015/849)
Ibid / ibid Ibidem / ibidem
IDD Insurance Distribution Directive EU/2016/97
Idem / ders the same
idF in the version
idS in that sense
ie id est
iSd for the purposes of
ITS Implementing Technical Standards
IUG Investment undertaking law (Liechtenstein)
iVm in conjunction with
JCD (EEA) Joint Committee Decision (Decision of the EEA Joint Committee)
Clause Directive Clause Directive 93/13/EEC
KMG Capital Market Act (Austria)
KSchG Consumer Protection Act (Liechtenstein)
KWG Banking Act (Germany)
leg cit legis citatae
LES Liechtenstein Collection of Decisions
LGBl National Law Gazette (Liechtenstein)
LJZ Liechtenstein Lawyers' Newspaper
MAD Market Abuse Directive 2014/57/EU
MAR / MMVO Market Abuse Regulation EU/596/2014
MiFID Markets in Financial Instruments Directive (MiFID II, 2014/65/EU; MiFID I, 2004/39/EG)
MiFIR Markets in Financial Instruments Regulation EU/600/2014
MTF Multilateral Trading Facility
mwN with additional evidence
NCA / NSA National Competent Authority / National Supervisory Authority
nF revised version
NFC Non-financial counterparty
OR Code of Obligations (CH)
OSI Open Systems Interconnection Model
OTC Over the counter (off-exchange)
OTF Organised Trading Facility
PERG The Perimeter Guidance manual
PGR Law on persons and companies (Liechtenstein; (as amended by BuA 2019/93 and LGBl 2019.304)
PoS/PoW proof-of-work / proof-of-stake
Prospectus regulation Prospectus Regulation EU/2017/1129
PSD Payment Service Directive (PSD II, EU/2015/2366; PSD I, 2007/64/EC)
RTS Regulatory Technical Standards
Rz Margin number/edge number
s see