• Deborah

Following agreements and endorsements of a draft regulation to test the use of distributed ledger technologies (DLT), the Pilot Regime for market infrastructure based on blockchain technology is expected to enter into force by the end of 2022.

This regulation sets requirements for multilateral trading facilities and securities settlement systems using DLT, including permissions to operate, exemptions, conditions, requirements for operating, supervision, and industry cooperation.

This regime which will be set up for three years has four general objectives:

  • Provide legal certainty

  • Support innovation and evidence-based legislation on technology and innovation developments

  • Instil consumer and investor protection and market integrity

  • Ensure financial stability

The European Securities and Markets Authority (ESMA) has invited stakeholders to submit their comments on the adaptation of the regulatory technical standards developed under MiFIR to this new pilot regime by 4 March 2022.

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