重磅翻译 | 美财政部、证监会:虚拟货币“交易所”必须持牌经营
2018-03-09 23551 3

3月6日,美国财政部下设的金融犯罪执法网络(FinCEN)对参议员Ron Wyden问询的回函公布。


FinCEN在信中强调:2013年,FinCEN明确虚拟货币交易所及其管理者是货币服务商(零壹财经注:这里指MSB牌照),受《银行保密法(BSA)》规制,必须在FinCEN注册为MSB,即它们必须持牌经营,必须遵守反洗钱和反恐怖主义融资规定。
FinCEN并称,如果ICO的结构涉及发行或出售证券或衍生品,则ICO的某些参与者可能由SEC——负责监管证券经纪人和交易商——进行管辖,或者由 CFTC——负责管理商品商人和经纪人——进行管辖。在这种情况下,SEC或CFTC条例规定的反洗钱与打击恐怖融资要求适用于这些ICO参与者。


3月7日,美国证券交易委员会(SEC)发布《关于数字资产在线交易平台涉嫌违法的声明》。


SEC表示,虚拟货币交易平台自称“交易所”给投资者一种它被严格监管的错觉(事实上还没有虚拟货币交易平台在SEC注册)。
而根据联邦证券法,SEC提出,虚拟货币交易平台必须在SEC注册为国家证券交易所,或寻求豁免,注册为另类投资系统(ATS),两者都应作为自律组织(SRO)接受监管。而注册ATS意味着向SEC申请“经纪商”牌照。
SEC并称,保管用户数字资产(如果是证券)的“钱包”服务商可能触发联邦证券法下的其他注册要求,其中包括经纪商、转账代理商或清算机构等。此外,如果这些证券没有注册或免除注册,那么发行是证券的数字资
产的平台可能是在参与未经注册的证券发行和销售。

或受上述消息影响,3月7日,众多加密数字资产价格大跌,市值第一的数字资产“比特币”价格亦直线下跌。



附1 FinCEN公开信原文及翻译

原文链接:https://coincenter.org/files/2018-03/fincen-ico-le...





财政部


华盛顿特区20220


2018年2月13日


尊敬的Ron Wyden


美国参议院金融委员会委员


华盛顿特区 20510


亲爱的Wyden议员:


Thank youfor your December 14,2017 letter requesting information on the oversight andenforcement capabilities of the Financial Crime Enforcement Network(FinCEN)over virtual currency financial activities.I am pleased to have the opportunityto highlight some of the work FinCEN has done in this space to advance itscrucial mission of administering the Bank Secrecy Act(BSA) and protecting theU.S. financial system from the potential illicit financing risks you highlightin your letter.


感谢您于2017年12月14日发函,要求提供金融犯罪执法网络(FinCEN)对虚拟货币金融活动的监督和执法能力信息。我很高兴有机会强调FinCEN在这一领域为推进核心使命所做的:执行《银行保密法(BSA)》、保护美国金融体系免受您在信函中强调的潜在非法融资风险。


FinCEN shares your desire to promote theassociated with this technology,while protecting our financial system fromcriminals,hackers,sanctions-evaders and hostile foreign actors.Together withother components of the Office of Terrorism and FinancialIntelligence(TFI),FinCEN has worked diligently to ensure that anti-moneylaundering/combating the financing of terrorism(AML/CFT) rules apply to virtualcurrency exchangers and administrators that are in the United States or dobusiness in whole or in substantial part within the United States,but do nothave a physical presence in this country.


FinCEN和您拥有同样的愿景,即促进与此技术相关的积极金融创新,同时保护我们的金融体系免遭犯罪分子、黑客、逃避制裁者和海外敌对分子的威胁。FinCEN与恐怖主义和金融情报办公室(TFI)的其他组成部分一起,努力确保反洗钱/反恐怖主义融资(AML/CFT)的规则适用于业务完全或大部分在美国境内却无物理实体的虚拟交易所和管理者。


Combating the abuse of existing andemerging payment systems by illicit financiers is a priority issue of FinCEN.Weestablish our regulatory,examination, and enforcement priorities based onnumerous factors that help us assess potential harm,including,e.g.,the natureand impact of the underlying crime;the size of the illicit financing flows;thescale of the financial product or service;and its vulnerability to abuse.Toidentify risks and illicit use of virtual currency and other emerging paymentssystems,including the abuse of virtual currency to facilitate cybercrime,blackmarket sales of illicit products and services,and other high-tech crimes,FinCENmaintains a team of analysts to examine BSA filings from virtual currency moneyservices businesses(MSB) and other payments providers,including filingspertaining to digital coins,tokens,and Initial Coin Offerings(ICOs),toproactively identify trends and risks for money laundering,terroristfinancing,and other financial crimes,and provide this information to U.S. lawenforcement and other government agencies.


打击非法金融活动家对现有和新兴支付系统的滥用是FinCEN优先考虑的问题。我们根据众多因素制定监管、审查和执法优先事项,它们帮助我们评估潜在的伤害,这些因素包括潜在犯罪的本质和影响;非法资金流动的规模;金融产品或服务的规模;以及被滥用的脆弱性。为了识别虚拟货币和其他新兴支付系统的风险和非法使用,包括滥用虚拟货币以促进网络犯罪、黑市销售非法产品和服务以及其他高科技犯罪,FinCEN拥有一个分析团队,负责审查来自虚拟货币服务企业(MSB)和其他支付提供商的BSA案件,包括与数字货币、通证和首次代币发行(ICO)有关的案件,以主动识别洗钱、恐怖主义融资和其他金融犯罪的趋势和风险,并将这些信息提供给美国执法机构和其他政府机构。


Virtual currency exchangers andadministrators have been subject to the BSA’s money transmitter requirementssince 2011¹.In 2013,FinCEN clarified this by issuing guidance that explicitlystated that virtual currency exchangers and administrators are moneytransmitters and must comply with the BSA and its implementing regulations².These requirementsinclude:registering with FinCEN as aMSB;preparing a written AML compliance program that is designed to mitigaterisks(including money laundering risks) associated with the entity’s specificbusiness and customer mix,and to ensure compliance with other BSA requirements;filing BSAreports,including suspicious activity and currency transaction reports;keepingrecords for certain types of transactions at specific thresholds;and obtainingcustomer identification information sufficient to comply with the AML Programand recordkeeping requirements.In addition,a virtual currency money transmitterthat is a U.S. person must,like all U.S. persons,comply with all Office ofForeign Assets Control financial sanctions obligations.


虚拟货币交易所和管理者自2011¹年起便开始服从BSA的货币兑换要求。2013年,FinCEN通过发布指导明确了这一点,明确指出虚拟货币交易所和管理者是货币兑换商,并且必须遵守BSA及其实施条例²。这些要求包括:向FinCEN注册为MSB;准备旨在降低与实体特定业务和客户组合相关的风险(包括洗钱风险)的书面反洗钱合规计划,并确保符合BSA的其他要求;提交BSA 报告,包括可疑活动和货币交易报告;在特定阈值下保存某些类型交易的记录;以及获得足以符合反洗钱程序和记录保存要求的客户识别信息。此外,作为虚拟货币兑换商的美国人,必须像所有美国人一样,遵守所有外国资产管制办公室的金融制裁要求。


Regulated virtual currency businessesprovide FinCEN with Suspicious Activity Reports that may include the identityof the account owner in their records.In cases where a bitcoin address isidentified in the course of an investigation,blockchain analysis can oftenenable investigators to tie it to a virtual currency exchanger,hosted wallet,orother virtual currency money transmitter that may have the identify of theaccount owner.Blockchain network analytic tools can also tie a targeted bitcoinaddress to other potentially identifiable persons that have transacted with theparticular bitcoin address and may have information that could potentially helpidentify beneficial owners.Like other investigative techniques,this processrequires expenditure of investigative resources to try to follow bitcointransactions through addresses to a real world identity,and can involvesubpoenas for records at virtual currency businesses.FinCEN supports lawenforcement and regulator’s efforts to identify and trace bitcoin by providinginformation and analysis used to investigate criminal use of virtual currency.


受监管的虚拟货币业务要为FinCEN提供可能包括帐户所有者的身份在其记录中的可疑活动报告。在调查过程中确定比特币地址的情况下,区块链分析通常可以使调查人员将其与虚拟货币交易所、托管钱包或其他可能具有账户所有者身份的虚拟货币钱币兑换商绑定。区块链网络分析工具还可以将目标比特币地址与和它交易的有可能能识别出的人员绑定,并且可能掌握有助于识别受益人的信息。和其他侦查技术类似,这一过程要求投入侦查资源,通过和现实世界身份有感的地址去追踪比特币交易,也看要传唤虚拟货币业务中的记录。FinCEN支持执法、支持监管者努力识别和追踪比特币,通过提供用于调查虚拟货币犯罪的信息和分析。


In 2014,FinCEN,working with its delegatedexaminer,the Internal Revenue Service Small Business/Self-EmployedDivision,began to implement comprehensive,periodic examinations of exchangersand administrators.To date,these efforts have included the examinations ofabout one-third of the approximately 100 virtual currency exchangers andadministrators registered with FinCEN.In addition,FinCEN has also initiatedinvestigations into the activities of some exchangers and administrators.Asyour letter notes,this has included enforcement actions against exchangers likeRipple Labs(2015)and BTC-e(2017),and against individuals that operateexchangers,such as Alexander Vinnik(2017).It has also included action underSection 311 of the USA PATRIOT Act against Liberty Reserve (2013),theadministrator of a centralized virtual currency.FinCEN will continue itsefforts to ensure that MSBs,including virtual currency exchangers andadministrators ,meet their AML/CFT obligations,and will continue to takeappropriate action when they fail to do so.


2014年,FinCEN与(我们)授权的审查员、国税局小企业/自雇部门合作,开始对交易所和管理者进行全面的定期检查。迄今为止,这些努力包括对在FinCEN注册的大约100个虚拟货币交易所和管理员中的大约三分之一进行检查。此外,FinCEN还开始调查一些交易所和管理者的活动。正如您的信中所指出的那样,这包括对交易所的执法行动,例如Ripple Labs(2015)和BTC-e(2017),和对运营交易所的个人的执法活动,例如Alexander Vinnik(2017)。它还包括根据《美国爱国者法案》第311条针对Liberty Reserve(2013)的行动,一个中心化虚拟货币的管理者。FinCEN将继续努力确保包括虚拟货币交易所和管理者在内的MSB满足他们的反洗钱与反恐怖主义融资的义务,并在他们不这样做时继续采取适当行动。


There are significant challenges toinvestigating foreign virtual currency businesses,because most jurisdictions donot regulate and supervise virtual currency businesses,and therefore do notrequire them to maintain customer records.FinCEN works to identify foreign-locatedmoney transmitters that may be enabling financial crime,and evaluates them forpotential enforcement actions when they violates U.S.laws,as in the BTC-ematter.FinCEN and other Treasury components actively encourage other countriesto regulate virtual currency activities,consistent with the internationalAML/CFT standards, and to cooperate in investigations of the criminalexploitation of virtual currencies.We deliver this message bilaterally andthrough multilateral fora such as the Financial Action Task Force and theEgmont Group of Financial Intelligence Units.


调查外国虚拟货币业务进,存在重大挑战,因为大多数它们的司法管辖区不管制和监督虚拟货币业务,因此不要求它们保存客户记录。FinCEN致力于识别可能导致金融犯罪的外国货币兑换商,并在他们违反美国法律时为进行可能的执法对他们进行评估,BTC-e即为一例。FinCEN和其他财政部门积极倡议其他国家根据国际反洗钱/反恐怖主义融资标准监管虚拟货币活动,并在对虚拟货币犯罪的调查行动中进行协作。我们双边地通过金融行动特别工作组和金融情报机构埃格蒙特集团等多边论坛传达这一信息。


FinCEN is working closely with theSecurities Exchange Commission(SEC)and the CFTC to clarify and enforce theAML/CFT obligations of businesses engaged in Initial Coin Offering(ICO)activities that implicate the regulatory authorities of these agencies.Theapplication of AML/CFT obligations to participants in ICOs will depend on thenature of the financial activity involved in any particular ICO.This is amatter of the facts and circumstances of each case.


FinCEN正在与证券交易委员会(SEC)和商品期货交易委员会(CFTC)密切合作,以阐明和执行监管机构有权管辖的涉及首次代币发行(ICO)的活动。是否将反洗钱/反恐融资义务适用于ICO的参与者,将取决于任何特定ICO所涉及的金融活动的实质。要一例一议。


Generally,under existing regulations andinterpretations,a developer that sells convertible virtual currency,includingin the form of ICO coins or tokens,in exchange for another type of value thatsubstitutes for currency is a money transmitter and must comply with AML/CFTrequirements that apply to this type of MSB³.An exchange that sells ICO coins or tokens,orexchanges them for other virtual currency,fiat currency,or other value thatsubstitutes for currency, would typically also be a money transmitter.


通常,根据现行规定及其解释,开发者以ICO货币或代币的形式销售可兑换虚拟货币,以换取另一种具备货币特征的价值形式,即被认定为货币兑换商。开发者必须遵守适用于此类MSB(见注释3)的AML/CFT要求。交易所出售ICO货币或代币,或以此交换其他虚拟货币、法定货币,或货币的其他表现形式,通常也被视为货币兑换商。


However,ICO arrangements vary.To the extentthat an ICO is structured in a way that it involves an offering or sale ofsecurities or derivatives,certain participants in the ICO could fall under theauthority of the SEC,which regulates brokers and dealers in securities, orunder the authority of the CFTF,whichregulates merchants and brokers in commodities.In such a case,the AML/CFTrequirements imposed by SEC or CFTC regulations would apply to such ICOparticipants.Treasury expects businesses involved in ICOs to meet the BSAobligations that apply to them.


然而,ICO安排有所不同。如果ICO的结构涉及发行或出售证券或衍生品,则ICO的某些参与者可能由SEC——负责监管证券经纪人和交易商——进行管辖,或者由CFTF——负责管理商品商人和经纪人——进行管辖。在这种情况下,SEC或CFTF条例规定的反洗钱与打击恐怖融资要求适用于这些ICO参与者。财政部希望涉及ICO的企业能够履行适用于他们的BSA义务。


Thank you again for contacting FinCEN on thisimportant matter.If you have any further questions or concerns,please feel freeto contact me or Mrs.Kelly Whitney,FinCEN’s Congressional Advisor,at(703)839-4131 or kelly.whitney@fincen.gov.


再次感谢您就此重要事项联系FinCEN。如果您有任何其他问题或疑虑,请随时与我联系,或通过拨打(703)839-4131或邮箱kelly.whitney@fincen.gov联系FinCEN的国会顾问Kelly Whitney女士。

Drew Maloney


法务助理秘书


注释


1. Amendmentsto Bank Secrecy Act Regulations;Definitions and Other Regulations Relating toMoney Services Businesses,76 FR No.140,(Jul.21,2011),

https://www.gpo.gov/fdsys/pkg/FR-2011-07-21/pdf/20...


2. The BSA iscodified at 12 U.S.C.§§1829b,1951-1959 and 31 U.S.C.§§ 5311-5314,5316-5332.Regulationsimplementing the Bank Secrecy Act currently appear at 31 C.F.R,Chapter X.


3. See,FIN-2013-G001(explaining thatconvertible virtual currency administrators and exchangers are moneytransmitters under the BSA),and FIN-2014-R001,Application of FinCEN’sRegulations to Virtual Currency Mining Operations,January 30,2014(explainingthat persons that create units of virtual currency,such as miners,and use themin the business of accepting and transmitting value are also moneytransmitters).


附2 SEC声明原文及翻译

原文链接:https://www.sec.gov/news/public-statement/enforcem...


关于数字资产在线交易平台涉嫌违法的声明


Statementon Potentially Unlawful Online Platforms for Trading Digital Assets

执法、交易与市场部

2018年3月7日


Online trading platforms have become a popular way investorscan buy and sell digital assets, including coins and tokens offered and sold inso-called Initial Coin Offerings ("ICOs"). The platforms often claim to give investorsthe ability to quickly buy and sell digital assets. Many of these platforms bring buyers andsellers together in one place and offer investors access to automated systemsthat display priced orders, execute trades, and provide transaction data.


在线交易平台已成为投资者购买和出售数字资产(包括以所谓的首次代币发行(“ICO”)中发行和出售的货币和代币)的流行方式。这些平台通常声称能够让投资者快速购买和出售数字资产。 其中许多平台将买家和卖家集中到一个地方,并为投资者提供可访问显示定价了的交易指令、执行交易和提供交易数据的自动化系统的途径。


A number of these platforms provide a mechanism for tradingassets that meet the definition of a "security" under the federalsecurities laws. If a platform offerstrading of digital assets that are securities and operates as

an"exchange," as defined by the federal securities laws, then theplatform must register with the SEC as a national securities exchange or beexempt from registration. The federalregulatory framework governing registered national securities exchanges andexempt markets is designed to protect investors and prevent against fraudulentand manipulative trading practices.


许多这类平台提供了一种符合联邦证券法下“证券”定义的交易资产的机制。如果一个平台提供数字资产的交易,而这些数字资产是证券,并以联邦证券法定义的“交易所”形态运营,那么该平台必须在SEC(美国证券交易委员会)注册为国家证券交易所或寻求豁免。联邦监管框架管理注册的国家证券交易所和豁免市场,该框架旨在保护投资者并防止欺诈和操纵交易行为。


Considerations for Investors Using Online Trading Platforms


投资者使用在线交易平台应注意的事项


To get the protections offered by the federal securities lawsand SEC oversight when trading digital assets that are securities, investorsshould use a platform or entity registered with the SEC, such as a nationalsecurities exchange, alternative trading system ("ATS"), orbroker-dealer.


为了在交易性质为证券的数字资产时获得由联邦证券法和SEC监管提供的保护,投资者应使用在SEC注册的平台或实体,例如国家证券交易所、替代交易系统(“ATS”)或经纪商。


The SEC staff has concerns that many online trading platformsappear to investors as SEC-registered and regulated marketplaces when they arenot. Many platforms refer to themselvesas "exchanges," which can give the misimpression to investors thatthey are regulated or meet the regulatory standards of a national securitiesexchange. Although some of theseplatforms claim to use strict standards to pick only high-quality digitalassets to trade, the SEC does not review these standards or the digital assetsthat the platforms select, and the so-called standards should not be equated tothe listing standards of national securities exchanges. Likewise, the SEC does not review the tradingprotocols used by these platforms, which determine how orders interact andexecute, and access to a platform's trading services may not be the same forall users. Again, investors should notassume the trading protocols meet the standards of an SEC-registered nationalsecurities exchange. Lastly, many ofthese platforms give the impression that they perform exchange-like functionsby offering order books with updated bid and ask pricing and data aboutexecutions on the system, but there is no reason to believe that suchinformation has the same integrity as that provided by national securitiesexchanges.


SEC的工作人员担心,许多在线交易平台在投资者看来是在SEC注册和受监管的平台,但实际上它们并不是。许多平台称自己为“交易所”,这可能会让投资者误解,认为它们受到监管或符合国家证券交易所的监管标准。虽然其中一些平台声称使用严格的标准,仅挑选高质量的数字资产进行交易,但SEC并未审查这些标准或平台选择的数字资产,而这些所谓的标准也不应等同于国家证券交易所列出的上市标准。同样,SEC也没有审查这些平台所使用的交易协议,这些协议决定了交易指令如何交互和执行,并且用户对平台交易服务的访问路径可能并不一样。重申一下,投资者不应该假设这些平台的交易协议符合在SEC注册的国家证券交易所的标准。 最后,这当中的许多平台给人这样的印象:他们通过提供更新价格的买卖订单和系统交易数据使得它们像具有交易所的功能,但是我们没有理由相信这些信息与国家证券交易所提供的信息具有相同的一致性。


In light of the foregoing, here are some questions investors shouldask before they decide to trade digital assets on an online trading platform:


鉴于上述情况,在决定在在线交易平台上交易数字资产之前,投资者应该询问一些问题:


Do you trade securities on this platform? If so, is the platform registered as anational securities exchange (see our link to the list below)?

Does the platform operate as an ATS? If so, is the ATS registered as abroker-dealer and has it filed a Form ATS with the SEC (see our link to thelist below)?

Is there information in FINRA's BrokerCheck ® about anyindividuals or firms operating the platform?

How does the platform select digital assets for trading?

Who can trade on the platform?

What are the trading protocols?

How are prices set on the platform?

Are platform users treated equally?

What are the platform's fees?

How does the platform safeguard users' trading and personallyidentifying information?

What are the platform's protections against cybersecuritythreats, such as hacking or intrusions?

What other services does the platform provide? Is the platform registered with the SEC forthese services?

Does the platform hold users' assets? If so, how are these assets safeguarded?


•你在这个平台上交易证券吗? 如果是这样,该平台是否被注册为国家证券交易所?(查看列表https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html)

•平台是否作为ATS运行? 如果是这样,ATS是否注册为经纪商,并已向SEC提交了ATS申请表(查看列表https://www.sec.gov/foia/docs/atslist.htm) ?

•FINRA’s BrokerCheck®(https://brokercheck.finra.org/)中是否有关于运营平台的任意个人或公司的信息?

•平台如何选择用于交易的数字资产?

•谁可以在平台上交易?

•交易协议是怎样的?

•平台上的价格如何设置?

•平台的用户是否可以平等交易?

•平台的费用是多少?

•平台如何保护用户的交易和个人身份信息?

•平台面对网络安全威胁,比如黑客攻击或入侵,有何保护措施?

•该平台提供了哪些其他服务?平台是否在SEC注册了这些服务?

•平台是否保管用户的资产? 如果是这样,这些资产如何得到保护?


Resources for Investors


给投资者的一些资源


Investor.gov Spotlight on Initial Coin Offerings and DigitalAssets


Investor.gov聚焦ICO和数字资产


(https://www.investor.gov/additional-resources/specialized-resources/spotlight-initial-coin-offerings-digital-assets)

Chairman Jay Clayton Statement on Cryptocurrencies andInitial Coin Offerings


主席Jay Clayton就加密货币和ICO的公开声明


(https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11)

Chairman Jay Clayton's Testimony on Virtual Currencies: TheRoles of the SEC and CFTC


主席就虚拟货币的证词:SEC和CFTC的角色(https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission)


Report of Investigation Pursuant to Section 21(a) of theSecurities and Exchange Act of 1934: TheDAO


根据1934《证券与交易所法案》21(a)条款对DAO作的调查报告(https://www.sec.gov/litigation/investreport/34-81207.pdf)


Investors can find a list of SEC-registered nationalsecurities exchanges here:


投资者可以在此看到在SEC注册的国家证券交易所列表


List of Active National Securities Exchanges


活跃的国家证券交易所列表


(https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html)

Investors can find a list of ATSs that have filed a Form ATSwith the SEC here:


投资者可以在此看到已向SEC提交ATS申请表的ATS


List of Active Alternative Trading Systems


活跃的ATS列表

(https://www.sec.gov/foia/docs/atslist.htm)


Considerations for Market Participants Operating OnlineTrading Platforms


市场参与者操作线上交易平台的注意事项


A platform that trades securities and operates as an"exchange," as defined by the federal securities laws, must registeras a national securities exchange or operate under an exemption fromregistration, such as the exemption provided for ATSs under SEC RegulationATS. An SEC-registered nationalsecurities exchange must, among other things, have rules designed to preventfraudulent and manipulative acts and practices. Additionally, as a self-regulatory organization ("SRO"), anSEC-registered national securities exchange must have rules and proceduresgoverning the discipline of its members and persons associated with itsmembers, and enforce compliance by its members and persons associated with itsmembers with the federal securities laws and the rules of the exchange. Further, a national securities exchange mustitself comply with the federal securities laws and must file its rules with theCommission.


联邦证券法定义的交易证券和作为“交易所”运作的平台必须注册为国家证券交易所或在豁免注册的情况下运营,例如SEC对ATS的豁免。在SEC注册的国家证券交易所必须制定规则以防止欺诈和操纵等行为。此外,作为自律组织(“SRO”),在SEC注册的国家证券交易所必须制定规则和程序,规定其成员及其成员的相关人员的纪律,并强制其成员和与其成员有关的人遵守联邦证券法律和交易所的相关规则。此外,国家证券交易所自身必须遵守联邦证券法,并且必须向SEC提交其规则。


An entity seeking to operate as an ATS is also subject toregulatory requirements, including registering with the SEC as a broker-dealerand becoming a member of an SRO. Registration as a broker-dealer subjects the ATS to a host of regulatoryrequirements, such as the requirement to have reasonable policies andprocedures to prevent the misuse of material non-public information, books andrecords requirements, and financial responsibility rules, including, asapplicable, requirements concerning the safeguarding and custody of customerfunds and securities. The overlay of SROmembership imposes further regulatory requirements and oversight. An ATS must comply with the federalsecurities laws and its SRO's rules, and file a Form ATS with the SEC.


寻求作为ATS运营的实体也受到监管要求的约束,包括向SEC作为经纪商注册并成为自律组织的成员。作为经纪商的注册使ATS遵守许多监管要求,例如制定合理的政策和程序以防止滥用重要的非公开信息、账簿和记录要求以及财务责任规则,包括适用的有关保护和保管客户资金和证券的要求。自律组织成员资格的重叠进一步强化了监管要求和监督。ATS必须遵守联邦证券法及其对自律组织的要求,并向SEC提交ATS注册表。


Some online trading platforms may not meet the definition ofan exchange under the federal securities laws, but directly or indirectly offertrading or other services related to digital assets that are securities. For example, some platforms offer digitalwallet services (to hold or store digital assets) or transact in digital assetsthat are securities. These and otherservices offered by platforms may trigger other registration requirements underthe federal securities laws, including broker-dealer, transfer agent, orclearing agency registration, among other things. In addition, a platform that offers digitalassets that are securities may be participating in the unregistered offer andsale of securities if those securities are not registered or exempt fromregistration.


一些在线交易平台可能不符合联邦证券法对交易所的定义,但直接或间接地提供与是证券的数字资产相关的交易或其他服务。例如,某些平台提供数字钱包服务(用于持有或存储数字资产)或交易是证券的数字资产。平台提供的这些和其他服务可能触发联邦证券法下的其他注册要求,其中包括经纪商、转账代理商或清算机构等。此外,如果这些证券没有注册或免除注册,那么发行是证券的数字资产的平台可能是在参与未经注册的证券发行和销售。


In advancing the SEC's mission to protect investors, the SECstaff will continue to focus on platforms that offer trading of digital assetsand their compliance with the federal securities laws.


为推进保护投资者的使命,SEC工作人员将继续关注数字资产交易平台以及它们对联邦证券法的遵守情况。


Consultation with Securities Counsel and the SEC Staff


与证券顾问和SEC工作人员进行磋商


We encourage market participants who are employing newtechnologies to develop trading platforms to consult with legal counsel to aidin their analysis of federal securities law issues and to contact SEC staff, asneeded, for assistance in analyzing the application of the federal securitieslaws.In particular, staff providing assistance on these matters can be reachedat FinTech@sec.gov.


我们鼓励采用新技术开发交易平台的市场参与者,咨询法律顾问协助他们分析联邦证券法律问题,以及联系SEC工作人员协助分析联邦证券法的适用情况,如有需要。特别说明,可以通过FinTech@sec.gov联系工作人员以获得有关这些问题的协助。


Resources for Market Participants


给市场参与者的一些资源


Regulation of Exchanges and Alternative Trading Systems


对交易所和ATS的监管政策


(https://www.gpo.gov/fdsys/pkg/FR-1998-12-22/pdf/98-33299.pdf)

Select Commission Enforcement Actions


部分SEC采取的执法行动


SEC v. Jon E. Montroll and Bitfunder

(https://www.sec.gov/news/press-release/2018-23)

In re BTC Trading, Corp. and Ethan Burnside.

(https://www.sec.gov/news/press-release/2014-273)

SEC v. REcoin Group Foundation, LLC et al.

(https://www.sec.gov/news/press-release/2017-185-0)

SEC v. PlexCorps et al.

(https://www.sec.gov/news/press-release/2017-219)

In re Munchee, Inc.

(https://www.sec.gov/news/press-release/2017-227)

SEC v. AriseBank et al.

(https://www.sec.gov/news/press-release/2018-8)



初译:李雪

二译:孙爽

内容来源:零壹财经网(01caijing.com)旗下微信公众号“爱有财”

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