The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a letter to the European Commission, the Parliament, and the Council (ECOFIN) providing an interim update on the DLT Pilot Regime.
The letter provides an update on the status of applications received by national competent authorities (NCAs) to date, as well as a list of challenges and opportunities identified in the first year of application.
ESMA has opted for this format instead of the report mandated under the DLT Pilot Regime because no DLT market infrastructures have been authorised under the Regime to date, rendering a full report premature. The letter provides recommendations to the European Commission to enhance the functioning and competitiveness of the Regime.