Chapter II: Token issuers

Any issuer making a public offer of tokens and applying for approval from the Autorité des marchés financiers under the conditions set out in Articles L. 552-4 to L. 552-7 shall be subject to the obligations of this chapter. The provisions of this chapter apply to any offer of tokens that is not governed by Books I to IV, Chapter VIII of Title IV of this Book or Chapter I…

For the purposes of this chapter, a token is any intangible asset representing, in digital form, one or more rights that may be issued, recorded, stored or transferred by means of a shared electronic recording device enabling the owner of the asset to be identified, directly or indirectly.

A public offer of tokens consists of offering to the public, in any form whatsoever, to subscribe to these tokens. A public offer of tokens does not include an offer of tokens open to subscription by a limited number of persons, set by the General Regulations of the Autorité des marchés financiers, acting on their own behalf.

Prior to any public offer of tokens, issuers may apply for approval from the Autorité des marchés financiers. Issuers shall prepare a document providing all relevant information to the public on the proposed offer and on the issuer. This information document may be drawn up in a language customary in the sphere of finance other than French, provided that it is accompanied by a summary in French. This information document…

The AMF verifies that the planned offer meets the safeguards required for a public offer, and in particular that the issuer of the tokens: 1° Is a legal entity established or registered in France; 2° Has put in place any means to monitor and safeguard the assets raised in the offer. The AMF examines the information document, the draft promotional communications intended for the public after approval has been granted,…

If, after having granted its approval, the Autorité des marchés financiers finds that the offer proposed to the public no longer complies with the contents of the offer document or no longer offers the guarantees provided for in Article L. 552-5, it may order that any communication concerning the offer referring to its approval be discontinued and withdraw its approval under the conditions specified in its General Regulations, either definitively…

Subscribers are informed of the results of the offer and, where applicable, of the organisation of a secondary market for the tokens in accordance with the procedures specified in the General Regulations of the Autorité des marchés financiers.