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Published online by Cambridge University Press: 28 February 2025
Chapter 12 discusses the EU’s new pilot regime for DLT market infrastructures, as laid out in the Pilot Regulation (PilotR). Section 12.2 covers its scope, including activities and entities in scope, size limits, the interface towards the Settlement Finality Directive (SFD), geographic scope, and the EU passporting rules. Section 12.3 explains the procedure under PilotR, beginning with the fundamental requirement to appoint an operator that applies for specific permission to run the DLT market infrastructure – in contrast to the decentralised nature of DLT. Then, we outline how PilotR provides exemptions from MiFID/MiFIR and CSDR along with the associated conditions and compensatory measures – and the supervisory framework under PilotR. Section 12.4 discusses the governance of DLT market infrastructures based on the Business Plan Approach, by which the operator proposes the rules for its own operations – to be approved by the competent authority. Section 12.5 concludes.
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