【Source】JOURNAL OF FINANCIAL REGULATION AND COMPLIANCE
【Abstract】Purpose This study aims to discuss the European Commission's proposal for a pilot regime for market infrastructures to experiment with the distributed ledger technology (DLT). In this respect, the study comments on the purpose, scope, requirements and attention points for market operators, investment firms and central securities depositories (CSDs) that are considering using this technology. Design/methodology/approach This paper focuses on the proposed rules surrounding the DLT pilot regime. The study is based on an analysis of the proposal, compares it with existing literature and presents the purpose and scope of the regime, followed by a detailed analysis of the proposed requirements. Findings The proposed requirements aim to provide legal certainty, ensure investor protection, support innovation and protect financial stability. The European Commission attempts to reach these goals by establishing uniform requirements for the DLT market infrastructures by means of a European sandbox approach. This study stresses that a level playing field between the various market participants using the technology should be warranted and provides arguments for why the proposal is incomplete in this respect. Originality/value To the best of the author's knowledge, there are no other articles that provide a holistic overview of the proposed regulation and describe the choices that legislators have made so far. This paper will be of interest to all market operators, investment firms and CSDs that have interest in DLT. The study is also of value to their stakeholders, such as their regulators, market participants and their clients, as well as to other linked financial market infrastructures.
【Keywords】Central securities depositories; Multilateral trading facilities; Distributed ledger technology; Blockchain; Settlement; Financial regulation
【标题】欧洲市场基础设施分布式账本技术试点制度：在创新、投资者保护和金融稳定之间找到平衡
【摘要】目的 本研究旨在讨论欧盟委员会关于市场基础设施试点制度的提议，以试验分布式账本技术 (DLT)。在这方面，该研究评论了正在考虑使用该技术的市场运营商、投资公司和中央证券存管处 (CSD) 的目的、范围、要求和注意点。设计/方法/途径 本文重点关注 DLT 试点制度的拟议规则。该研究基于对该提案的分析，将其与现有文献进行比较，并介绍该制度的目的和范围，然后对提议的要求进行详细分析。结果 提议的要求旨在提供法律确定性、确保投资者保护、支持创新和保护金融稳定。欧盟委员会试图通过欧洲沙盒方法为 DLT 市场基础设施建立统一要求来实现这些目标。本研究强调，应保证使用该技术的各种市场参与者之间的公平竞争环境，并为该提案在这方面不完整的原因提供论据。原创性/价值 据作者所知，没有其他文章可以全面概述拟议法规并描述立法者迄今为止所做的选择。所有对 DLT 感兴趣的市场运营商、投资公司和 CSD 都会对本文感兴趣。该研究对他们的利益相关者也很有价值，例如他们的监管机构、市场参与者和他们的客户，以及其他相关的金融市场基础设施。
【关键词】中央证券存管处；多边贸易设施；分布式账本技术；区块链；沉降;金融监管
【文献类型】Review; Early Access
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