ARTICLE · 03 MARCH 2021

Pilot Regime On DLT Market Infrastructure

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With a recent legislative package, the EU Commission proposes to establish a pilot regime for distributed ledger technology (DLT) market infrastructures for financial instruments.

DenmarkFinance and Banking

Rasmus Mandøe Jensen

Christian Scott Uhlig

With a recent legislative package, the EU Commission proposes to establish a pilot regime for distributed ledger technology (DLT) market infrastructures for financial instruments. Under the pilot regime, traditional MTF operators and CSDs will be permitted to operate DLT-based trading facilities and settlement systems at small scale and, for MTFs, with direct un-intermediated investor participation.

On 24 September 2020 the European Commission published (i) a new draft regulation comprised by a draft pilot regime on distributed ledger market infrastructure, which sets out the requirement on multilateral trading facilities and securities settlement systems using DLT (so-called 'DLT market infrastructures') (the "Pilot Regime") and (ii) a draft directive for a proposal to amend to the existing definition of 'financial instruments' pursuant to directive 2014/65/EU ("MiFID II").

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Pilot Regime On DLT Market Infrastructure

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