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---
title: "ESMA Q&A 766 — Q&A — Credit institution providing investment services [Answer Published]"
shortTitle: "ESMA Q&A 766 — Q&A — Credit institution providing investment services [Answer Published]"
answer_id: ESMA_QA_766
topic: "DLT multilateral trading facility (DLT MTF)"
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: 11 April 2023
source_link: https://www.esma.europa.eu/publications-data/questions-answers/766
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 11 April 2023"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/766"
check_status: matched
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last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
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    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_766: field 'ESMA Answer', no 'Answer provided by' line"
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"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_766, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 11 Apr 2023 [Answer Published]**

*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)*

| | |
|---|---|
| **Full title** | ESMA Q&A 766 — Q&A — Credit institution providing investment services \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_766 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 11 April 2023; question submitted 11 April 2023 |
| **Legal basis** | DLT Pilot |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Credit institution providing investment services or performing investment activities**

### Question

Should 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)?

***

### Answer

Recital 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.

This 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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/766)