According to the European Commission Proposal of 24 September 2020 for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology (COM(2020) 594) ‘DLT multilateral trading facility’ or ‘DLT MTF’ is a ‘multilateral trading facility’, operated by an investment firm or a market operator, that only admits to trading DLT transferable securities and that may be permitted, on the basis of transparent, non-discretionary, uniform rules and procedures, to:
(a) ensure the initial recording of DLT transferable securities;
(b) settle transactions in DLT transferable securities against payment; and
(c) provide safekeeping services in relation to DLT transferable securities, or where applicable, to related payments and collateral, provided using the DLT MTF.

         
          
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A DLT MTF is an MTF as defined in MiFID II operated by an investment firm or a market operator. It may apply for an exemption to MiFID II to allow for direct retail participation to DLT MTFs, provided that appropriate compensatory measures are in place. In addition, a DLT MTF and its members or participants may be exempted from the transaction reporting obligations provided that the DLT MTF keeps the relevant details of all transactions executed through its systems and that it grants direct and immediate access to such details to the national competent authority (NCA) entitled to receive the data under MiFIR, which shall be admitted to the DLT MTF as a regulatory observer participant. In exchange for these exemptions, NCAs can request any compensatory measures that they deem appropriate in order to meet the objectives of the provisions in respect of which an exemption has been requested or in order to ensure investor protection, market integrity or financial stability.

 


 

 chronicle   Regulatory chronicle 

 

 

27 September 2022

 

Report on the Call for Evidence on the DLT Pilot Regime and compensatory measures on supervisory data, ESMA70-460-111

 

11 July 2022

 

ESMA Consultation Paper on guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure, ESMA70-460-34

 

2 June 2022

 

Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (Text with EEA relevance) published in the EU Official Jornal

 

24 September 2020

 

Proposal for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology, COM(2020) 594

 


 

 

IMG 0744   Documentation

 

 

  

 

Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (Text with EEA relevance)

 

 



 

 

clip2   Links
 

 

 

Distributed ledger technology (DLT)



 

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