ESMA_QA_1268
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1268
Regulatory Context
Regulation : PILOT
Level 1 Regulation: Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Exemptions for DLT market infrastructures
Subject Matter: Exemption from CSDR
Question
Submission Date: 02 June 2023
Would a DLT financial instrument traded on a DLT MTF be subject to the book-entry form obligation under Article 3 of CSDR unless it is registered in DLT form with a DLT SS/TSS that has applied for the exemption from that Article?
ESMA Answer
Answer Date: 02-06-2023
[ESMA70-460-189 - Heading 10 - Question 2] Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation. Unless the DLT MTF is authorised as DLT TSS and obtains an exemption from applying Article 3 of CSDR, where a transaction in transferable securities takes place on a DLT MTF, the relevant securities shall be recorded in book-entry form in a CSD. Disclaimer in relation to the answers provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation: these answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.
This document was automatically extracted from the ESMA EMIR Q&A database.