Notification of a Token Issuance
According to Article 30(c) TVTG, Token Issuers must report each Token Issuance to the FMA in advance. Issuance in this context is the public offering of tokens in their own name or in the name of a client (see Article 2(1)(k) TVTG).
The notification requirement arises (cumulatively):
- irrespective of the registration obligation of the issuer;
- every time a token is issued for the first time (not only by way of sale), but not when a token is resold that is already in circulation;
- if the offering is public. For instance, this is the case if the notice of the offering is addressed to an unrestricted group, but not if tokens are merely awarded to personally known persons determined in advance;
- independently of whether the exceptions from the obligation to compile and publish basic information under Article 31 TVTG apply; and
- independently of whether a prospectus must be drawn up for the token under the EWR-WPPDG.
The FMA makes a direct form available for this purpose.
Details about issue notification and information/documents required for it can be found in Article 7 TVTV and in FMA Instruction 2020/3.