Should an entity that applies for a permission to operate a DLT TSS provide both the DLT MTF and DLT SS services? Under which circumstances can an entity apply for the permission to operate a DLT MTF, without the need to operate a DLT TSS? Who can perform the settlement of transactions in DLT financial instruments, together with the initial recording of DLT financial instruments or the safekeeping services in relation to DLT financial instruments, in case an entity applies for the permission to operate a DLT MTF and not a DLT TSS?

Would a DLT financial instrument traded on a DLT MTF be subject to the book-entry form obligation under Article 3 of CSDR unless it is registered in DLT form with a DLT SS/TSS that has applied for the exemption from that Article?

Are DLT MTFs permitted to organise trading off-chain in relation to DLT financial instruments?
Should it be mandatory for a DLT MTF to operate its matching engine with a DLT technology?

Are both of the modalities of issuing DLT financial instruments described below allowed under the DLT Pilot Regulation (DLTPR)?

1) Direct issuance of financial instruments on DLT, whereby financial instruments are initially and directly issued, recorded, transferred and stored using a DLT;

2) Issuance of existing non-DLT financial instruments in the form of DLT financial instruments as described in recital 3 of the DLTPR.

Are other issuance modalities of DLT financial instruments possible under the DLTPR?

Are SFT transactions admissible on a DLT MTF/TSS? In particular, should Article 3(1), point (b), DLTPR, which excludes instruments “that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved” be read as also excluding complex transactions like SFTs?