{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2022-06-02","gaps":[],"covered":["DLT Pilot Regime L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/dlt-pilot/articles/2","url":"https://www.headlesslaw.com/dlt-pilot/articles/2","title":"Article 2 — Definitions","family":"l1_generated","work_id":"dlt","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":"2023-03-23","application":{"state":"applicable","next":null,"dates":[{"at":"2023-03-23","note":"Article 19(2)"}]},"version_label":"Regulation (EU) 2022/858, OJ L 151, 2.6.2022","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng","valid_from":"2022-06-02","valid_until":null,"revision":1,"content_id":"7d197bb16d415656","change_date":null,"nearest_versions":["2022-06-02"],"first_text_date":"2022-05-30","correction_applies":false,"versions":["2022-06-02"],"version_url":"https://www.headlesslaw.com/dlt-pilot/articles/2/versions/2022-06-02","revision_url":"https://www.headlesslaw.com/dlt-pilot/articles/2/versions/2022-06-02/rev/7d197bb16d415656","versions_url":"https://www.headlesslaw.com/dlt-pilot/articles/2/versions","relations_url":"https://www.headlesslaw.com/dlt-pilot/articles/2/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"8ab83ab745369c058268d127a9d9154d0ef13076ab68daccdf2d55ed6438b912","markdown_sha256":"f6faa678c4317c1229f6114aa5031caea9ed23ff7589851e136d4a43868d382e"},"units":[{"locator":"dlt/art/2","kind":"article","status":"in_force","label":null,"heading":"Definitions","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"dlt/art/2/subpara/1","kind":"subparagraph","status":"in_force","label":null,"heading":null,"text":"For the purposes of this Regulation, the following definitions apply:","marks":[],"revision":1,"text_hash":"0723438f356a686ac6642bd53712699c26b66d7d49f21c40024ca985bbb144d0","reason":null},{"locator":"dlt/art/2/subpara/1/pt/1","kind":"point","status":"in_force","label":"(1)","heading":null,"text":"‘distributed ledger technology’ or ‘DLT’ means a technology that enables the operation and use of distributed ledgers;","marks":[],"revision":1,"text_hash":"90be88a960d8e15809ca375ac22225e19b04b351a6f85050b61dd1108e46faaf","reason":null},{"locator":"dlt/art/2/subpara/1/pt/2","kind":"point","status":"in_force","label":"(2)","heading":null,"text":"‘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;","marks":[],"revision":1,"text_hash":"6df83da45de23b7231d24ecef4c972672e04f38cba4fc1767c03403c8c169c59","reason":null},{"locator":"dlt/art/2/subpara/1/pt/3","kind":"point","status":"in_force","label":"(3)","heading":null,"text":"‘consensus mechanism’ means the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated;","marks":[],"revision":1,"text_hash":"e85d86c8f77b0f2b28e5b6a440fa202e6f922c0bb4dda1dea603234d2073da95","reason":null},{"locator":"dlt/art/2/subpara/1/pt/4","kind":"point","status":"in_force","label":"(4)","heading":null,"text":"‘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;","marks":[],"revision":1,"text_hash":"0b30ad94a75cefb28dbc3bb13678b66db8597d57eab8e7409b89918fde65ff7a","reason":null},{"locator":"dlt/art/2/subpara/1/pt/5","kind":"point","status":"in_force","label":"(5)","heading":null,"text":"‘DLT market infrastructure’ means a DLT multilateral trading facility, a DLT settlement system or a DLT trading and settlement system;","marks":[],"revision":1,"text_hash":"157041de262e5de66ff9892a4b4a80d4ab22b189605e28c691e87ec916525a50","reason":null},{"locator":"dlt/art/2/subpara/1/pt/6","kind":"point","status":"in_force","label":"(6)","heading":null,"text":"‘DLT multilateral trading facility’ or ‘DLT MTF’ means a multilateral trading facility that only admits to trading DLT financial instruments;","marks":[],"revision":1,"text_hash":"6cd35b75ef3a42e52acb3ea50eaf124c3ebae11804c5008727fd1108147e58cd","reason":null},{"locator":"dlt/art/2/subpara/1/pt/7","kind":"point","status":"in_force","label":"(7)","heading":null,"text":"‘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;","marks":[],"revision":1,"text_hash":"8e3c0e55cd74d3679efe5db478e3f92f5a2a7db1f1de0daabedc61efdf5923d7","reason":null},{"locator":"dlt/art/2/subpara/1/pt/8","kind":"point","status":"in_force","label":"(8)","heading":null,"text":"‘settlement’ means settlement as defined in Article 2(1), point (7), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"7d575c83017dc05b0759eda5e00e865c83e67c0b70d6e57275bcac68cf5bfcd4","reason":null},{"locator":"dlt/art/2/subpara/1/pt/9","kind":"point","status":"in_force","label":"(9)","heading":null,"text":"‘settlement fail’ means settlement fail as defined in Article 2(1), point (15), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"ea7f19b05c8005b2544227d09f5364c9075259bb85b4bcd23ef206c791424371","reason":null},{"locator":"dlt/art/2/subpara/1/pt/10","kind":"point","status":"in_force","label":"(10)","heading":null,"text":"‘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;","marks":[],"revision":1,"text_hash":"96f807d925a2b82ece1fa2ff76d87f8b24d228fcc3aa1ca7b49846087a058f4e","reason":null},{"locator":"dlt/art/2/subpara/1/pt/11","kind":"point","status":"in_force","label":"(11)","heading":null,"text":"‘DLT financial instrument’ means a financial instrument that is issued, recorded, transferred and stored using distributed ledger technology;","marks":[],"revision":1,"text_hash":"dfe1f929c09d1f437807fa8ce4fb4c22fcba57e8a8514c264dd367644b849ad9","reason":null},{"locator":"dlt/art/2/subpara/1/pt/12","kind":"point","status":"in_force","label":"(12)","heading":null,"text":"‘financial instrument’ means a financial instrument as defined in Article 4(1), point (15), of Directive 2014/65/EU;","marks":[],"revision":1,"text_hash":"c10ce690b596b54fec3edc6584f60a89db4ad3a92f6a1714b850c9ff6257fef3","reason":null},{"locator":"dlt/art/2/subpara/1/pt/13","kind":"point","status":"in_force","label":"(13)","heading":null,"text":"‘multilateral trading facility’ means a multilateral trading facility as defined in Article 4(1), point (22), of Directive 2014/65/EU;","marks":[],"revision":1,"text_hash":"013bc782bbb6929ed1dcfa65b9dd16c1ce0b310abdb05f71534887629fc4ba0d","reason":null},{"locator":"dlt/art/2/subpara/1/pt/14","kind":"point","status":"in_force","label":"(14)","heading":null,"text":"‘central securities depository’ or ‘CSD’ means a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"7c8c9e2dc4ae60e7dfb7d6fad5abed399b757928965492dcf056d2354d5e401a","reason":null},{"locator":"dlt/art/2/subpara/1/pt/15","kind":"point","status":"in_force","label":"(15)","heading":null,"text":"‘securities settlement system’ means a securities settlement system as defined in Article 2(1), point (10), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"2d779d529e5fce4b5ceaa53a3dc36cfd65ac9a390db2d1b179b94b8019c715ed","reason":null},{"locator":"dlt/art/2/subpara/1/pt/16","kind":"point","status":"in_force","label":"(16)","heading":null,"text":"‘business day’ means business day as defined in Article 2(1), point (14), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"61ea1647e9bf12915da9da42e234573ba90085e4fc61bc97f18f81a7162183e5","reason":null},{"locator":"dlt/art/2/subpara/1/pt/17","kind":"point","status":"in_force","label":"(17)","heading":null,"text":"‘delivery versus payment ’ means delivery versus payment as defined in Article 2(1), point (27), of Regulation (EU) No 909/2014;","marks":[],"revision":1,"text_hash":"73a0d8d86668905306ee92ca9e051d5e7a6c8d585ad2a83210f3f5a3c29917fe","reason":null},{"locator":"dlt/art/2/subpara/1/pt/18","kind":"point","status":"in_force","label":"(18)","heading":null,"text":"‘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;","marks":[],"revision":1,"text_hash":"0a0b3d9f1f5e816abef388140bcfcfc217bc40be4afb9b1a2b8e2bbfab4f2e38","reason":null},{"locator":"dlt/art/2/subpara/1/pt/19","kind":"point","status":"in_force","label":"(19)","heading":null,"text":"‘investment firm’ means an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU;","marks":[],"revision":1,"text_hash":"54da7293f0873d4474af3f345d5122b9838857003c394bf49c7a7eae43983c50","reason":null},{"locator":"dlt/art/2/subpara/1/pt/20","kind":"point","status":"in_force","label":"(20)","heading":null,"text":"‘market operator’ means a market operator as defined in Article 4(1), point (18), of Directive 2014/65/EU;","marks":[],"revision":1,"text_hash":"02f3b2386d2e389c450304061667b4a33c9f5f2b3db357e05cb82674c7048da4","reason":null},{"locator":"dlt/art/2/subpara/1/pt/21","kind":"point","status":"in_force","label":"(21)","heading":null,"text":"‘competent authority’ means one or more competent authorities:","marks":[],"revision":1,"text_hash":"ad15962d1e8f0b2e66c61e41d658e45cf6fcb041a7788aad797be3d51997e929","reason":null},{"locator":"dlt/art/2/subpara/1/pt/21/subpt/a","kind":"subpoint","status":"in_force","label":"(a)","heading":null,"text":"designated in accordance with Article 67 of Directive 2014/65/EU;","marks":[],"revision":1,"text_hash":"32f4618dd01771fe3851bce78d827d188ccc1e0bad5e61e2eefa427e62d313d7","reason":null},{"locator":"dlt/art/2/subpara/1/pt/21/subpt/b","kind":"subpoint","status":"in_force","label":"(b)","heading":null,"text":"designated in accordance with Article 11 of Regulation (EU) No 909/2014; or","marks":[],"revision":1,"text_hash":"37e6989c01e8a3a97aab01030753bb2eb088bdfca9682a8ee6ca1950271428d6","reason":null},{"locator":"dlt/art/2/subpara/1/pt/21/subpt/c","kind":"subpoint","status":"in_force","label":"(c)","heading":null,"text":"otherwise designated by a Member State to oversee the application of this Regulation.","marks":[],"revision":1,"text_hash":"b443f8e09a7a19b191f8339db98b9d8db1186b1edb567cbe768492c2ce6c6db5","reason":null}],"markdown":"*In force · Regulation (EU) 2022/858, OJ L 151, 2.6.2022 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng)*\n\nFor the purposes of this Regulation, the following definitions apply:\n\n<a id=\"p-1\"></a>**(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;\n\n<a id=\"p-2\"></a>**(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;\n\n<a id=\"p-3\"></a>**(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;\n\n<a id=\"p-4\"></a>**(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;\n\n<a id=\"p-5\"></a>**(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;\n\n<a id=\"p-6\"></a>**(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;\n\n<a id=\"p-7\"></a>**(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;\n\n<a id=\"p-8\"></a>**(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;\n\n<a id=\"p-9\"></a>**(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;\n\n<a id=\"p-10\"></a>**(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;\n\n<a id=\"p-11\"></a>**(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;\n\n<a id=\"p-12\"></a>**(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;\n\n<a id=\"p-13\"></a>**(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;\n\n<a id=\"p-14\"></a>**(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;\n\n<a id=\"p-15\"></a>**(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;\n\n<a id=\"p-16\"></a>**(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;\n\n<a id=\"p-17\"></a>**(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;\n\n<a id=\"p-18\"></a>**(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;\n\n<a id=\"p-19\"></a>**(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;\n\n<a id=\"p-20\"></a>**(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;\n\n<a id=\"p-21\"></a>**(21)** ‘[competent authority](https://www.headlesslaw.com/definitions/dlt-pilot/competent-authority)’ means one or more competent authorities:\n\n<a id=\"p-21-a\"></a>**(a)** designated in accordance with Article 67 of Directive 2014/65/EU;\n\n<a id=\"p-21-b\"></a>**(b)** designated in accordance with Article 11 of Regulation (EU) No 909/2014; or\n\n<a id=\"p-21-c\"></a>**(c)** otherwise designated by a Member State to oversee the application of this Regulation.\n\n***\n\n[Articles](README.md) · [← Article 1](1.md) · [Article 3 →](3.md)\n"}