{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2023-11-07","gaps":[],"covered":["ESMA Q&A 2004 — Q&A — Capital requirements for a DLT TSS [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss","url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss","title":"ESMA Q&A 2004 — Q&A — Capital requirements for a DLT TSS [Answer Published]","family":"l3","work_id":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 7 November 2023","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2004","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"3c405c0bb5b84f0e","change_date":null,"nearest_versions":["2023-11-07"],"first_text_date":null,"correction_applies":false,"versions":["2023-11-07"],"version_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss/versions/2023-11-07","revision_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss/versions/2023-11-07/rev/3c405c0bb5b84f0e","versions_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss/versions","relations_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss/relations","source_line":"Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 7 Nov 2023 [Answer Published]","attribution":{"prepared_by":"European Commission","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2023-11-07","question_submitted_on":"2023-11-07","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_2004, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2004, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2004","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-2004-capital-requirements-for-a-dlt-tss.md","body_sha256":"531374b601778efdc394db2d7a2a0a9e2acd588bb2574562cb8c711777c34fbd"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2004 — Q&A — Capital requirements for a DLT TSS [Answer Published]\"\nshortTitle: \"ESMA Q&A 2004 — Q&A — Capital requirements for a DLT TSS [Answer Published]\"\nanswer_id: ESMA_QA_2004\ntopic: \"Requirements for DLT market infrastructures\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"DLT Pilot\"\ndlt_level3: true\nmica_level2: false\nlegal_basis: \"DLT Pilot\"\ndate: 7 November 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2004\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 7 November 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2004\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"Answer provided by the European Commission\"\n    locator: \"ESMA Q&A entry ESMA_QA_2004, first line of the answer field\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2023-11-07\"\n  question_submitted_on: \"2023-11-07\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2004, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2004, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 7 Nov 2023 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 7 November 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2004)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2004 — Q&A — Capital requirements for a DLT TSS \\[Answer Published\\] |\n| **Prepared by** | European Commission |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2004 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 7 November 2023; question submitted 7 November 2023 |\n| **Legal basis** | DLT Pilot |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Capital requirements for a DLT TSS**\n\n### Question\n\nWhat are the capital requirements for a DLT TSS (digital ledger technology trading and settlement system) operated by: a) an investment firm; b) a credit institution; c) a CSD (central securities depository)?\n\n***\n\n### Answer\n\nAnswer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation\n\nCapital requirements for DLT market infrastructures can be determined according to the underlying licence that the Pilot applicant will 5 rely on to obtain a special licence under the DLTPR. Where a Pilot applicant relies on an investment firm licence to apply for a DLT TSS licence, it must comply with capital requirements applicable to investment firms in accordance with Article 15 of Directive 2014/65/EU and Article 11 of Regulation (EU) 2019/2033. An investment firm operating a DLT TSS is explicitly exempted from capital requirements set out in Article 47 of Regulation (EU) 909/2014 by virtue of Article 6(1)(b) DLTPR. Where a Pilot applicant relies on a CSD licence to apply for a DLT TSS licence, it must comply with capital requirements applicable to CSDs in accordance with Article 47 of Regulation (EU) 909/2014, as well as any other provisions relating to capital requirements set out in that regulation. A credit institution applying for a DLT TSS and leveraging on its authorisation under Directive 2013/36/EU to provide investment services, including that of operating an MTF, should apply capital requirements laid down in Directive 2013/36/EU and Regulation (EU) No 575/2013. A credit institution authorized to provide investment services and applying for a DLT TSS licence is exempted from capital requirements set out in Article 47 of Regulation (EU) 909/2014 by virtue of Article 6(1)(b) DLTPR. Finally, in accordance with the third paragraph of Article 7(6) DLTPR, national competent authorities may require additional prudential safeguards from the operator of a DLT market infrastructure, which includes the DLT TSS.\n\nThe 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.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2004)\n"}