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16 Dec 2022 [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":"2022-12-16","question_submitted_on":"2022-12-16","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_781, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_781, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/781","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-781-cancellations-and-corrections.md","body_sha256":"9bc24d6cebc731dd6e8c429d9a847570329a4c3a27cf729a9296021f7e0efc65"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 781 — Q&A — Cancellations and corrections [Answer Published]\"\nshortTitle: \"ESMA Q&A 781 — Q&A — Cancellations and corrections [Answer Published]\"\nanswer_id: ESMA_QA_781\ntopic: \"DLT Pilot Regime\"\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: \"MiFID RTS 22\"\ndate: 16 December 2022\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/781\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 16 December 2022\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/781\"\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_781: 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: \"2022-12-16\"\n  question_submitted_on: \"2022-12-16\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_781, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_781, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2022 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 16 December 2022 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/781)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 781 — Q&A — Cancellations and corrections \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_781 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 16 December 2022; question submitted 16 December 2022 |\n| **Legal basis** | MiFID RTS 22 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Cancellations and corrections**\n\n### Question\n\nHow should DLT MTFs/TSS ensure that cancellation and/or corrections are correctly reflected in the data to be provided to NCAs?\n\n***\n\n### Answer\n\nDLT MTFs/TSSs operating multilateral trading systems on the distributed ledger (i.e., on-DLT), which benefit from the reporting exemption, could explore with their NCA the possibility of providing only the definitive version of the transactions after validation and recording on the ledger\\[1\\].\n\nDLT MTFs operating multilateral trading systems whereby some transactions in DLT financial instruments are executed outside the distributed ledger should have arrangements in place to ensure that the right sequencing as per traditional reporting under RTS 22 is respected (i.e., NEWT/CANC/NEWT)\\[2\\]. The principles outlined in section 5.18 of the Guidelines on transaction reporting do apply to these DLT MTFs regardless of whether an exemption from reporting was granted or not.\n\nDLT TSSs operating multilateral trading systems exclusively outside the distributed ledger (i.e., off-DLT) should have arrangements in place to ensure that the right sequencing as per traditional reporting under RTS 22 is respected (i.e., NEWT/CANC/NEWT)\\[3\\]. The principles outlined in section 5.18 of the Guidelines on transaction reporting do apply to these DLT TSSs regardless of whether an exemption from reporting was granted or not.\n\n\\[1\\] ESMA Report on DLT Pilot regime. Paras 150: following the feedback received during the subsequent workshop with the respondents to the CfE (see Annex 1 of this Report), the cancellation under the traditional sequential reporting process might not be the most efficient approach in the context of the reporting exemption. Granting the reporting exemption and having direct access to DLT data will allow regulators to explore alternative approaches to the sequential cancellation process.\n\n\\[2\\] ESMA Report on DLT Pilot regime. Paras 149: DLT infrastructures that do not request the reporting exemption should have systems in place to ensure that the right sequencing is respected.\n\n\\[3\\] ESMA Report on DLT Pilot regime. Paras 149: “DLT infrastructures that do not request the reporting exemption should have systems in place to ensure that the right sequencing is respected”.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/781)\n"}