Since most of the (potential) applicants aim to settle the “cash leg” of transactions with or as a DLT-SS / DLT-TSS using e-money tokens the question arises if Article 12(1) b) CSDR regarding the relevant authorities is applicable (“the central banks in the Union issuing the most relevant currencies in which settlement takes place”).

As certain persons have an independent obligations to draw up and manage insider list of the issuer (e.g. advisors, consultants, credit agency) under Article 18(1) of MAR, what information should be reflected in the insider list of the issuer: (i) all required information under insider list template for a contact person of such third party, in addition in the field "function and reason for being insider" indicating that this is only a contact person of third party that has independent obligation to draw-up and manage independent insider list, or (ii) with deviation from template of insider list, name and contact details of such company itself, omitting certain fields, such as name, surname, birth surname.

What are the capital requirements for a DLT TSS operated by: a) an investment firm; b) a credit institution; c) a CSD?

Can subscription rights be covered under the DLTR?

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 or a market operator in order to operate a DLT MTF?