CALL FOR EVIDENCE ON THE DLT PILOT REGIME

The Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) (“the DLT Pilot”) aims at developing the trading and settlement for ‘tokenised’ securities.

The DLT Pilot requires ESMA to assess whether the regulatory technical standards (RTS) developed under MiFIR relative to certain pre- and post-trade transparency and data reporting requirements need to be amended to being effectively applied also to securities issued, traded and recorded on DLT.

This call for evidence seeks feedback from stakeholders on the need to amend the RTS on pre- and post-trade transparency and data reporting requirements in the context of the DLT Pilot.

While the text of the DLT Pilot is not yet finalised, a political agreement between the EP and the Council was reached on 24 November 2021. ESMA considers it important to already consult at this stage since the DLT Pilot Regime is likely to start applying in the beginning of 2023, which leaves only little time for the assessment and potential amendments of the RTS.

Next Steps

Stakeholders are invited to provide comments by 4 March 2022. Based on the feedback received, ESMA will reflect whether amendments to the RTS are necessary. Should ESMA conclude that such amendments are necessary, ESMA would consult the public on its proposal in a consultation paper before submitting the final draft RTS to the European Commission for adoption.

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