A Europe Fit for the Digital Age

LEGISLATIVE TRAIN 08.2021 2 A EUROPE FIT FOR THE DIGITAL AGE

PROPOSAL FOR A REGULATION ON A PILOT REGIME FOR MARKET INFRASTRUCTURES BASED ON DISTRIBUTED LEDGER TECHNOLOGY (DLT) / BEFORE 2020-10 [ DEPARTURES ] > DIGITAL FINANCE PACKAGE > DIGITAL FINANCE STRATEGY

CONTENT

On 24 September 2020, the Commission published a proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology. This proposal is part of a package of measures -the Digital Finance package- aiming to further enable and support the potential of digital finance in terms of innovation and competition, while mitigating associated potential risks. The package also includes a proposal on crypto-asset markets, a proposal for digital operational resilience, as well as a proposal to clarify or amend certain related EU financial services rules (see associated wagons).

This proposal aims to provide legal certainty, support innovation, consumer and investor protection and market integrity, and ensure financial stability, by establishing uniform requirements for operating DLT market infrastructures: permissions granted under this Regulation would allow market participants to operate a DLT market infrastructure and to provide their services across all Member States.

On 15 October 2020, the Parliament's Committee for Economic and monetary affairs (ECON) appointed Johan Van Overtveldt (ECR/Belgium) as the rapporteur for this file. He presented his draft report on 11 March 2021.

On 2 March, the EESC published its opinion on the file.

On 23 April 2021, the European Data Protection Supervisor published its opinion on the Commission's proposal.

On 28 April 2021, the European Central Bank published its opinion on the Commission's proposal.

References:

• European Parliament Legislative Observatory (OEIL) - Pilot regime for market infrastructures based on distributed ledger technology • European Commission Consultation Financial services – EU regulatory framework for crypto-assets

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• European Commission Proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology, COM(2020) 594 • European Data Protection Supervisor, opinion on the Proposal for a Pilot Regime for Market Infrastructures based on Distributed Ledger Technology (DLT) • European Central Bank, opinion on a proposal for a regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology