Abstract

The MiCAR proposal require the issuer to be subject to certain organizational, conduct and disclosure rules, including the preparation of a white paper and the notification of the same to the relevant national authority in the case of utility tokens or its approval in the case of ARTs. The white paper must contain a set of information, which is relatively flexible and focused on the characteristics of the product offered. The paper outlines the content of the white paper, the procedure to be followed with the authorities, the possible modifications of the same, and the supervisory authority’s controls. The final part is devoted to the rules on issuer’s liability, which require some interpretive corrections, particularly in the area of allocation of the burden of proof, so as to ensure effective protection for investors.