ESMA publishes outcome of first year of the DLT Pilot Regime

Summary:

The European Securities and Markets Authority (ESMA) has published a letter to the European Commission, Parliament, and Council (ECOFIN) providing an interim update on the Digital Ledger Technology (DLT) Pilot Regime. The letter reports on the status of applications received by national competent authorities (NCAs) and identifies challenges and opportunities in the first year of application. Despite no DLT market infrastructures being authorized under the Regime to date, ESMA provides recommendations to enhance its functioning and competitiveness, and will continue to work with NCAs and issue opinions on applicable DLT market infrastructure applications. The authority will also publish annual updates on the implementation of the DLT Pilot Regime.