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How should the following provision in Art. 3(1)(b) of DLTR (on the admissibility of bonds and other forms of securitised debt) be understood: “[…] excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved […]”?

For a DLT SS/TSS operator benefitting from the exemption in Art. 5(8) of DLTR, is it possible for them to settle payments using e-money tokens (EMTs) issued by the DLT SS/TSS operator itself or by an e-money institution (as opposed to only settling payments with EMTs issued by a credit institution)?

Who can be the operator of a DLT SS under the DLT Pilot Regime?

Should relevant authorities mentioned in Article 12(1)(b) of Regulation (EU) 909/2014 be involved in the authorisation process of a DLT SS or DLT TSS that aims to settle the cash leg of transactions using e-money tokens under the DLTR?

What are the capital requirements for a DLT TSS (digital ledger technology trading and settlement system) operated by: a) an investment firm; b) a credit institution; c) a CSD (central securities depository)?