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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?

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”).

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