Régime pilote : l’ACPR, la Banque de France et l’AMF précisent les conditions d’instruction des dossiers de projets d’infrastructures de marché DLT

The AMF published a press release, to detail the entry points for developers of market infrastructure projects based on distributed ledger technology (DLT) to file for specific permissions, exemptions and/or countervailing measures, together with the Banque de France and ACPR and specifying the conditions for examining DLT market infrastructure project files.
The provisions of Regulation (EU) 2022/858, which are applicable since 23 March 2023, allow ISPs (CI ISPs, CIFs and IFs), market infrastructures, and CSDs to operate a DLT multilateral trading facility (DLT MTF), the DLT settlement system (DLT SS), and the DLT trading and settlement system (DLT TSS). The pilot regime will last for three years, renewable once. The pilot regime aims to enable innovation and experimentation within a regulatory framework that guarantees investor protection, market integrity, and financial stability.
The pilot regime allows the issuance, registration, transfer, and storage of so-called „tokenized“ DLT financial instruments in the form of digital tokens. It enables the digital backing of a financial instrument and the rights attached to it to a DLT or blockchain, and transactions in central bank or commercial bank money, including tokenized, or even using electronic money tokens. The pilot regime groups together, under certain conditions and ceilings, tokenized financial instruments (equities, bonds, and units of UCITS).
The pilot regime regulation creates three new categories of DLT market infrastructures, each subject to a specific authorization procedure. These are the aforementioned DLT MTF, DLT SS, and DLT TSS. The pilot regime introduces requirements applicable to the various market infrastructures. The latter must first request a specific authorization to operate from the competent authority of each Member State. Waivers and exemptions may be requested under certain specific conditions.
As a reminder, ESMA published its Guidelines on standard forms, formats and templates to apply for permission to operate a Distributed Ledger Technology market infrastructure on 8 March 2023. The competent national authorities may be contacted to provide any additional information on the elements necessary to provide in support of such a request. Any information provided as part of a request for authorization to operate a DLT market infrastructure and/or a request for exemption from compliance with the application of certain obligations to European texts must be transmitted on a durable medium. Applications can be written in French or English, but it is preferable to use English to facilitate their transmission to the other European authorities concerned.
Entities already approved wishing to benefit from the pilot regime must obtain prior authorization from the competent authorities. The latter are the ACPR or the AMF, after consulting the Banque de France. To do so, entities requesting the benefit of the pilot regime are invited to follow the procedure outlined in the text.
Applicants who do not have prior authorization as an investment services provider, investment firm, market infrastructure or CSD must apply for it at the same time. CI ISPs, CIFs and IFs must apply to the ACPR’s Fintech Innovation division, which will then direct project leaders to the Authorizations Department of the ACPR. Market undertakings and central securities depositories must apply to the AMF.