--- title: "ESMA Q&A 1268 — Q&A — Exemption from CSDR [Answer Published]" shortTitle: "ESMA Q&A 1268 — Q&A — Exemption from CSDR [Answer Published]" answer_id: ESMA_QA_1268 topic: "Exemptions for DLT market infrastructures" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "DLT Pilot" dlt_level3: true mica_level2: false legal_basis: "DLT Pilot" date: 2 June 2023 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1268 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 2 June 2023" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1268" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "European Commission" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "Answer provided by the European Commission" locator: "ESMA Q&A entry ESMA_QA_1268, first line of the answer field" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2023-06-02" question_submitted_on: "2023-06-02" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1268, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1268, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 2 Jun 2023 [Answer Published]** *Answer Published · ESMA Q&A register, 2 June 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1268)* | | | |---|---| | **Full title** | ESMA Q&A 1268 — Q&A — Exemption from CSDR \[Answer Published\] | | **Prepared by** | European Commission | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1268 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 2 June 2023; question submitted 2 June 2023 | | **Legal basis** | DLT Pilot | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Exemption from CSDR** ### Question Would a DLT financial instrument traded on a DLT MTF be subject to the book-entry form obligation under Article 3 of CSDR unless it is registered in DLT form with a DLT SS/TSS that has applied for the exemption from that Article? *** ### Answer \[ESMA70-460-189 - Heading 10 - Question 2\] Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation. Unless the DLT MTF is authorised as DLT TSS and obtains an exemption from applying Article 3 of CSDR, where a transaction in transferable securities takes place on a DLT MTF, the relevant securities shall be recorded in book-entry form in a CSD. Disclaimer in relation to the answers provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation: these answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1268)