{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2022-06-02","gaps":[],"covered":["DLT Pilot Regime L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/dlt-pilot/recitals/15","url":"https://www.headlesslaw.com/dlt-pilot/recitals/15","title":"Recital 15","family":"l1_recital_view","work_id":"dlt","view_of":"/dlt-pilot/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Regulation (EU) 2022/858, OJ L 151, 2.6.2022","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng","valid_from":"2022-06-02","valid_until":null,"content_id":"fa71fb58a9ecccfd","versions":["2022-06-02"],"version_url":"https://www.headlesslaw.com/dlt-pilot/recitals/15/versions/2022-06-02","revision_url":"https://www.headlesslaw.com/dlt-pilot/recitals/15/versions/2022-06-02/rev/fa71fb58a9ecccfd","versions_url":"https://www.headlesslaw.com/dlt-pilot/recitals/15/versions","relations_url":"https://www.headlesslaw.com/dlt-pilot/recitals/15/relations","act_url":"https://www.headlesslaw.com/dlt-pilot/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"dlt","path":"/dlt-pilot/recitals","name":"DLT Pilot Regime","number":"Regulation (EU) 2022/858","celex":"32022R0858","title_official":null,"document_date":null},"position":{"kind":"recital","key":"15","index":15,"articles":61,"annexes":0},"prev":{"path":"/dlt-pilot/recitals/14","key":"14","title":"Recital 14"},"next":{"path":"/dlt-pilot/recitals/16","key":"16","title":"Recital 16"},"act_anchor":""}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2022/858/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/dlt-pilot/recitals.md","unit_text_sha256":"1fdf583d7ace29e48da6291e96e798ac4695e57261d7536b6880ca6cfad50f00","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"dlt/recitals/rec/15","kind":"recital","key":"15","heading":"","text":"A DLT TSS should be either a DLT MTF that combines the services performed by a DLT MTF and by a DLT SS, and should be operated by an investment firm or market operator that has received a specific permission to operate a DLT TSS under this Regulation, or should be a DLT SS that combines the services performed by a DLT MTF and by a DLT SS, and should be operated by a CSD that has received a specific permission to operate a DLT TSS under this Regulation. A credit institution authorised under Directive 2013/36/EU that provides investment services or performs investment activities should only be allowed to operate a DLT TSS when authorised as an investment firm or market operator under Directive 2014/65/EU. An investment firm or market operator operating a DLT TSS should be subject to the requirements that apply to a DLT MTF, and a CSD operating a DLT TSS should be subject to the requirements that apply to a DLT SS. Since a DLT TSS would enable an investment firm or market operator also to provide settlement services, and would enable a CSD also to provide trading services, it is necessary that investment firms or market operators also comply with the requirements that apply to a DLT SS, and that CSDs comply with the requirements that apply to a DLT MTF. Since CSDs are not subject to certain authorisation and organisational requirements under Directive 2014/65/EU when providing investment services or activities in accordance with Regulation (EU) No 909/2014, it is appropriate to take a similar approach in the pilot regime both for investment firms and market operators and for CSDs operating a DLT TSS. Therefore, an investment firm or market operator operating a DLT TSS should be exempted from a limited set of authorisation and organisational requirements under Regulation (EU) No 909/2014, since the investment firm or market operator will be required to comply with the authorisation and organisational requirements under Directive 2014/65/EU. Conversely, a CSD operating a DLT TSS should be exempted from a limited set of authorisation and organisational requirements under Directive 2014/65/EU, since the CSD will be required to comply with the authorisation and organisational requirements under Regulation (EU) No 909/2014. Such exemptions should be temporary and should not apply to a DLT market infrastructure operating outside the pilot regime. ESMA should be able to assess technical standards on record-keeping and operational risks adopted pursuant to Regulation (EU) No 909/2014 with a view to ensuring that they are applied proportionately to investment firms or market operators operating a DLT TSS.","marks":[],"text_hash":"1fdf583d7ace29e48da6291e96e798ac4695e57261d7536b6880ca6cfad50f00","revision":1,"blocks":[{"locator":"dlt/recitals/rec/15/block/1","text_hash":"1fdf583d7ace29e48da6291e96e798ac4695e57261d7536b6880ca6cfad50f00","revision":1}]}}