ESMA Starts Consultation on Distributed Ledger Technology

The European Securities and Markets Authority (ESMA) has commenced a consultation on distributed ledger technology (DLT) or blockchain.

The goal is to establish “consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, uniform and consistent application.”

Last month, the European Parliament and Council announced a DLT pilot or DLTR. This has been segregated into three different areas of market structure (or DLT Market Infrastructure – DLT MI):

  • DLT Multilateral Trading Facilities (DLT MTF)
  • DLT Trading and Settlement Systems (DLT TSS)
  • DLT Settlement Systems (DLT SS)

The proposed guidelines included in the consultation incorporate applying for DLT permissions and what is required for any notification and application for approval. The guidelines apply for both firms applying to receive permissions as well as “competent authorities” within a member state.

The consultation is available here and below. The deadline for feedback is September 9, 2022.


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