On the 30th May 2022, Regulation (EU) 2022/858 (the “Regulation”), which introduces a pilot regime for Distributed Ledger Technology (“DLT”) market infrastructures, was formally signed by the co-legislators.
The Regulation lays down requirements in relation to DLT market infrastructures and their operators in respect of:
- granting and withdrawing specific permissions to operate DLT market infrastructures in accordance with the Regulation;
- granting, modifying and withdrawing exemptions related to specific permissions;
- mandating, modifying and withdrawing the conditions attached to exemptions and in respect of mandating, modifying and withdrawing compensatory or corrective measures;
- operating and supervising DLT market infrastructures; and
- cooperation between operators of DLT market infrastructures, competent authorities and ESMA.
The aim behind this Regulation was to further prioritise the EU’s financial services regulatory framework move forward and ensuring that the framework is innovation-friendly, allowing for the application of new technologies.
In addition, the Regulation amends Regulation (EU) No 600/2014 which updated earlier EU legislation on markets in financial instruments, Regulation (EU) No 909/2014 – also known as the Central Securities Depositories Regulation (CSDR) – and Directive 2014/65/EU which became known as the MiFiD II Directive.
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