EU DLT Pilot RegimeUpdated 14 Oct 2026

Key points

• Regulation (EU) 2022/858 creates three kinds of DLT market infrastructure: a DLT multilateral trading facility, a DLT settlement system and a DLT trading and settlement system, each run under a specific permission with exemptions from MiFID II, MiFIR or CSDR requirements.^[1]
• Only smaller instruments are eligible: shares of issuers with market capitalisation under EUR 500m, bonds and money market instruments with issue size under EUR 1bn, and UCITS funds with assets under EUR 500m.^[1]
• As of ESMA's January 2026 list, six infrastructures held permissions: CSD Prague (DLT SS), 21X (DLT TSS), 360X (DLT MTF), Axiology (DLT TSS), LISE (DLT TSS) and Securitize Europe (DLT TSS).^[2]

What it covers i

EquityDebt securityFund interestListed equitiesPrimary issuanceSecondary trading

Timeline

1. 23 Mar 2023 · In force
   The DLT Pilot Regime starts to apply.^[1]
2. 11 Oct 2024 · Amended
   First specific permission granted, to CSD Prague's DLT settlement system.^[2]
3. 25 Jun 2025 · Consultation
   ESMA reports to the Commission, recommending the regime be made permanent with more flexible thresholds.^[3]
4. 4 Dec 2025 · Proposed
   Commission proposes amendments in its market integration and supervision package (permanent permissions, much higher caps).^[4]

Instruments

• ESMA report on the functioning of the DLT Pilot Regime (June 2025)Guidance · Final, not yet in force
• EU market integration and supervision package (COM(2025) 940-943)Primary legislation · Proposed

Permissions granted under it

• EU DLT Pilot Regime specific permissions (ESMA list of authorised DLT market infrastructures)Central Securities Depository Prague, 21X, Axiology, Securitize

Deployments operating under it

Likely relevant to i

Sources i