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by ESMA, published in its Q&A tool · not legislation · published 11 Apr 2023 [Answer Published]","attribution":{"prepared_by":"ESMA","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":"2023-04-11","question_submitted_on":"2023-04-11","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_766, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_766, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/766","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-766-credit-institution-providing-investment-services-or.md","body_sha256":"b38aa605aec4967c6595eb851b1b2fef363e2d7121d15938ea299574bad66228"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 766 — Q&A — Credit institution providing investment services [Answer Published]\"\nshortTitle: \"ESMA Q&A 766 — Q&A — Credit institution providing investment services [Answer Published]\"\nanswer_id: ESMA_QA_766\ntopic: \"DLT multilateral trading facility (DLT MTF)\"\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: 11 April 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/766\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 11 April 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/766\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_766: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2023-04-11\"\n  question_submitted_on: \"2023-04-11\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_766, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_766, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 11 Apr 2023 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 11 April 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/766)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 766 — Q&A — Credit institution providing investment services \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_766 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 11 April 2023; question submitted 11 April 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**Credit institution providing investment services or performing investment activities**\n\n### Question\n\nShould a credit institution authorised in accordance with CRD IV/CRR and providing investment services or performing investment activities in accordance with MiFID II/MiFIR be required to apply for an authorisation as an investment firm in order to operate a DLT MTF (distributed ledger technology multilateral trading facility)?\n\n***\n\n### Answer\n\nRecital 38 of Directive 2014/65/EU states that credit institutions authorized under Directive 2013/36/EU should not need a separate authorization under Directive 2014/65/EU to provide investment services or perform investment activities. It also notes that the national competent authority should verify compliance with Directive 2014/65/EU before granting an authorization to the credit institution to provide investment services or perform investment activities.\n\nThis means that a credit institution does not need a separate license as an investment firm under Directive 2014/65/EU in order to apply for a DLT MTF license under the DLTPR but can rather leverage its existing licence under Directive 2013/36/EU.In that sense, recital 13 of the DLTPR, which notes that a credit institution should only be allowed to operate a DLT MTF when it is authorised as aninvestment firm under Directive 2014/65/EU, should be interpreted such that the competent authority should ensure that the credit institution complies with the provisions of Directive 2014/65/EU applicable to the service of operating an MTF as well as other relevant provisions of that directive when considering the need for an application for a DLT MTF licence under the DLTPR.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/766)\n"}