Article 2 DLT Pilot Regime — Definitions · Regulation (EU) 2022/858

For the purposes of this Regulation, the following definitions apply:

(1)‘distributed ledger technology’ or ‘DLT’ means a technology that enables the operation and use of distributed ledgers;

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2(2)

(2)‘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;

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2(3)

(3)‘consensus mechanism’ means the rules and procedures by which an agreement is reached, among DLT network nodes, that a transaction is validated;

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2(4)

(4)‘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;

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2(5)

(5)‘DLT market infrastructure’ means a DLT multilateral trading facility, a DLT settlement system or a DLT trading and settlement system;

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2(6)

(6)‘DLT multilateral trading facility’ or ‘DLT MTF’ means a multilateral trading facility that only admits to trading DLT financial instruments;

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2(7)

(7)‘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;

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2(8)

(8)‘settlement’ means settlement as defined in Article 2(1), point (7), of Regulation (EU) No 909/2014;

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2(9)

(9)‘settlement fail’ means settlement fail as defined in Article 2(1), point (15), of Regulation (EU) No 909/2014;

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2(10)

(10)‘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;

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2(11)

(11)‘DLT financial instrument’ means a financial instrument that is issued, recorded, transferred and stored using distributed ledger technology;

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2(12)

(12)‘financial instrument’ means a financial instrument as defined in Article 4(1), point (15), of Directive 2014/65/EU;

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2(13)

(13)‘multilateral trading facility’ means a multilateral trading facility as defined in Article 4(1), point (22), of Directive 2014/65/EU;

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2(14)

(14)‘central securities depository’ or ‘CSD’ means a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014;

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2(15)

(15)‘securities settlement system’ means a securities settlement system as defined in Article 2(1), point (10), of Regulation (EU) No 909/2014;

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2(16)

(16)‘business day’ means business day as defined in Article 2(1), point (14), of Regulation (EU) No 909/2014;

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2(17)

(17)‘delivery versus payment ’ means delivery versus payment as defined in Article 2(1), point (27), of Regulation (EU) No 909/2014;

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2(18)

(18)‘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;

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2(19)

(19)‘investment firm’ means an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU;

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2(20)

(20)‘market operator’ means a market operator as defined in Article 4(1), point (18), of Directive 2014/65/EU;

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2(21)

(21)‘competent authority’ means one or more competent authorities:

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2(21)(a)

(a)designated in accordance with Article 67 of Directive 2014/65/EU;