{"id":"circulars/cssf-23-832","title":"Circular CSSF 23/832","type":"circular","date":"2023-04-05","kind":"circular","html":"<p>Circular CSSF 23/832 is a CSSF circular, published 5 April 2023. Subject: Application of the Guidelines of the European Securities and Market Authority on standard forms, formats and templates to apply for permission to operate a DLT Market Infrastructure (ESMA70-460-206).</p>\n<p>Relevant for: Central Securities Depositories (CSDs).</p>\n<p>Main topic: MiFID II. Keywords: Blockchain, CSDR, Distributed Ledger Technology (DLT), Financial innovation, FinTech, Multilateral trading facilities (MTFs).</p>\n<h2>Text</h2>\n<p>Circular CSSF 23/832 Application of the Guidelines of the European Securities and Market Authority on standard forms, formats and templates to apply for permission to operate a DLT Market Infrastructure (ESMA70-460-206)</p>\n<p>Circular CSSF 23/832 Subject: Application of the Guidelines of the European Securities and Market Authority on standard forms, formats and templates to apply for permission to operate a DLT Market Infrastructure (ESMA70-460-206)</p>\n<p>Luxembourg, 5 April 2023</p>\n<p>Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as</p>\n<p>To all entities intending to</p>\n<p>competent authority under Regulation (EU) 2022/858 on a pilot regime for</p>\n<p>apply under Regulation (EU)</p>\n<p>market infrastructures based on distributed ledger technology, applies the</p>\n<p>2022/858.</p>\n<p>Guidelines of ESMA on standard forms, formats and templates to apply for permission to operate a DLT Market Infrastructure (Ref. ESMA70-460-213) (the “Guidelines”), published on 08/03/2023. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at European level. All concerned entities shall duly comply with them.</p>\n<p>The Guidelines The Guidelines are issued by ESMA in accordance with Article 16(1) of the ESMA Regulation and Articles 8(5), 9(5) and 10(6) of Regulation (EU) 2022/858 1. The objectives of the guidelines are to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform and consistent application of Articles 8(4), 9(4) and 10(4) of Regulation (EU) 2022/858. In particular, they aim at establishing standard forms, formats and templates to apply for specific permissions to operate DLT market infrastructures. In addition to the information that is mentioned in the Guidelines, in accordance with Regulation (EU) 2022/858, applicants for a specific permission to operate a DLT MTF, a DLT SS or a DLT TSS are reminded that they may have to simultaneously present further information to apply as a CSD or as an investment firm or to operate a regulated market or to demonstrate compliance with Directive 2014/65/EU or Regulation (EU) No 909/2014 (see Articles 8(3), 9(3) and 10(3) and (5) of Regulation (EU) 2022/858). Such further information is not covered by the Guidelines. The Guidelines apply as from 23 March 2023.</p>\n<p>Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU</p>\n<p>The</p>\n<p>Guidelines</p>\n<p>are</p>\n<p>attached</p>\n<p>this</p>\n<p>circular</p>\n<p>and</p>\n<p>are</p>\n<p>available</p>\n<p>(<a href=\"https://www.esma.europa.eu\" target=\"_blank\" rel=\"noreferrer\">https://www.esma.europa.eu</a>).</p>\n<p>Scope of application The present circular shall apply to all entities intending to apply for specific permissions to operate a DLT market infrastructure as defined in Article 2(5) of Regulation (EU) 2022/858.</p>\n<p>Date of application This circular shall apply with immediate effect.</p>\n<p>Françoise KAUTHEN</p>\n<p>Claude MARX</p>\n<p>Annexe:</p>\n<p>Guidelines of the European Securities and Market – On standard forms, formats and templates to apply for permission to operate a DLT market infrastructure</p>\n<p>08/03/2023 ESMA70-460-213</p>\n<p>Guidelines On standard forms, formats and templates to apply for permission to operate a DLT market infrastructure</p>\n<p>15 December 2022 | ESMA70-460-206</p>\n<p>Table of Contents I.</p>\n<p>Scope .................................................................................................................................. 3</p>\n<p>II.</p>\n<p>Legislative references and abbreviations ........................................................................... 4</p>\n<p>III. Purpose ..........................</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/circular-cssf-23-832/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf23_832eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}