Infrastructures de marché sur blockchain : adaptation du cadre législatif et réglementaire français relatif au droit des titres

The implementation of the European regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) on 23 March 2023 allows for temporary exemptions from certain financial services legislation, enabling experimentation with DLT in post-market activities. France responded by updating its securities law to align with the pilot regime, introducing the financial bearer title in a shared electronic registration system.
The Law of 9th March 2023 (DDADUE Law) introduced two significant amendments to the MFC facilitating the representation of financial securities. As a result, bearer securities can now be registered in a shared electronic registration system, such as blockchain, under the DLT pilot regime.
Registration options include nominative financial titles conforming to the Order No. 2017-1674 (Blockchain Order), or bearer financial titles under the DDADUE Law, both subject to the conditions set by the DLT pilot regime.
Decree No. 2023-421, enacted on 31 May 2023, adapted regulatory provisions to legislative changes regarding DLT-based market infrastructures. The decree clarified the possibility for holders of bearer financial titles registered in the system to delegate tasks to intermediaries, subject to rules established by the General Regulation of the AMF.
Additionally, the aforementioned decree outlined the potential usage of nominative financial titles registered in the system under the pilot regime. The DLT market infrastructure may be authorized by the issuer to maintain the DLT financial instruments register as a settlement system or a trading and settlement system, potentially proposing a multilateral trading facility.
These updates provide France with a robust legislative and regulatory framework for DLT-based securities, fostering innovation under the pilot regime.
Regarding the application process for the pilot regime, project initiators for DLT-based market infrastructures must submit applications to either the ACPR or the AMF, after consulting with the Banque de France. Authorities have detailed submission modalities and review criteria for these projects on this website.