Under the DLT Pilot Regime, investment firms, market operators, central securities depositories and other legal entities can apply for specific permission to operate a DLT settlement system (DLT SS), a DLT mutlilateral trading facility (DLT MTF) or a DLT trading and settlement system (DLT TSS).
The Law of 20 December 2023 containing various financial provisions governs the division of powers between the National Bank (NBB) and the Financial Services and Markets Authority (FSMA) for the treatment of such requests for permission. In the current set of guidelines, the FSMA clarifies to which of the two supervisory authorities entites are to address their applications for consent and for exemption if they wish to take part in the DLT Pilot Regime.