> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/dlt-pilot/articles/2.md). # Article 2 — Definitions *In force · Regulation (EU) 2022/858, OJ L 151, 2.6.2022 · Checked against EUR-Lex on 5 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng) For the purposes of this Regulation, the following definitions apply: **(1)** ‘[distributed ledger technology](https://www.headlesslaw.com/definitions/dlt-pilot/distributed-ledger-technology)’ or ‘DLT’ means a technology that enables the operation and use of distributed ledgers; **(2)** ‘[distributed ledger](https://www.headlesslaw.com/definitions/dlt-pilot/distributed-ledger)’ means an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; **(3)** ‘[consensus mechanism](https://www.headlesslaw.com/definitions/dlt-pilot/consensus-mechanism)’ means the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated; **(4)** ‘[DLT network node](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-network-node)’ means a device or process that is part of a network and that holds a complete or partial replica of records of all transactions on a distributed ledger; **(5)** ‘[DLT market infrastructure](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-market-infrastructure)’ means a DLT multilateral trading facility, a DLT settlement system or a DLT trading and settlement system; **(6)** ‘[DLT multilateral trading facility](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-multilateral-trading-facility)’ or ‘DLT MTF’ means a multilateral trading facility that only admits to trading DLT financial instruments; **(7)** ‘[DLT settlement system](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-settlement-system)’ or ‘DLT SS’ means a settlement system that settles transactions in DLT financial instruments against payment or against delivery, irrespective of whether that settlement system has been designated and notified in accordance with Directive 98/26/EC, and that allows the initial recording of DLT financial instruments or allows the provision of safekeeping services in relation to DLT financial instruments; **(8)** ‘[settlement](https://www.headlesslaw.com/definitions/dlt-pilot/settlement)’ means settlement as defined in Article 2(1), point (7), of Regulation (EU) No 909/2014; **(9)** ‘[settlement fail](https://www.headlesslaw.com/definitions/dlt-pilot/settlement-fail)’ means settlement fail as defined in Article 2(1), point (15), of Regulation (EU) No 909/2014; **(10)** ‘[DLT trading and settlement system](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-trading-and-settlement-system)’ or ‘DLT TSS’ means a DLT MTF or DLT SS that combines services performed by a DLT MTF and a DLT SS; **(11)** ‘[DLT financial instrument](https://www.headlesslaw.com/definitions/dlt-pilot/dlt-financial-instrument)’ means a financial instrument that is issued, recorded, transferred and stored using distributed ledger technology; **(12)** ‘[financial instrument](https://www.headlesslaw.com/definitions/dlt-pilot/financial-instrument)’ means a financial instrument as defined in Article 4(1), point (15), of Directive 2014/65/EU; **(13)** ‘[multilateral trading facility](https://www.headlesslaw.com/definitions/dlt-pilot/multilateral-trading-facility)’ means a multilateral trading facility as defined in Article 4(1), point (22), of Directive 2014/65/EU; **(14)** ‘[central securities depository](https://www.headlesslaw.com/definitions/dlt-pilot/central-securities-depository)’ or ‘CSD’ means a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014; **(15)** ‘[securities settlement system](https://www.headlesslaw.com/definitions/dlt-pilot/securities-settlement-system)’ means a securities settlement system as defined in Article 2(1), point (10), of Regulation (EU) No 909/2014; **(16)** ‘[business day](https://www.headlesslaw.com/definitions/dlt-pilot/business-day)’ means business day as defined in Article 2(1), point (14), of Regulation (EU) No 909/2014; **(17)** ‘[delivery versus payment ](https://www.headlesslaw.com/definitions/dlt-pilot/delivery-versus-payment)’ means delivery versus payment as defined in Article 2(1), point (27), of Regulation (EU) No 909/2014; **(18)** ‘[credit institution](https://www.headlesslaw.com/definitions/dlt-pilot/credit-institution)’ means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council; **(19)** ‘[investment firm](https://www.headlesslaw.com/definitions/dlt-pilot/investment-firm)’ means an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU; **(20)** ‘[market operator](https://www.headlesslaw.com/definitions/dlt-pilot/market-operator)’ means a market operator as defined in Article 4(1), point (18), of Directive 2014/65/EU; **(21)** ‘[competent authority](https://www.headlesslaw.com/definitions/dlt-pilot/competent-authority)’ means one or more competent authorities: **(a)** designated in accordance with Article 67 of Directive 2014/65/EU; **(b)** designated in accordance with Article 11 of Regulation (EU) No 909/2014; or **(c)** otherwise designated by a Member State to oversee the application of this Regulation. *** [Articles](/dlt-pilot/articles.md) · [← Article 1](/dlt-pilot/articles/1.md) · [Article 3 →](/dlt-pilot/articles/3.md) --- # Agent Instructions This documentation is published with GitBook. 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