Market infrastructures based on distributed ledger technology

A specific permission to the activities covered by the Regulation can be granted to an investment firm, an operator of a regulated market and a central securities depository.

Investment firms and operators of a regulated market can apply for a specific permission to operate a DLT multilateral trading facility (DLT MTF) or a DLT trading and settlement system (DLT TSS). Central securities depositories can apply for a specific permission to operate a DLT settlement system (DLT SS) or a DLT trading and settlement system (DLT TSS).

If the applicant for the specific permission is not authorised to act as an investment firm, to operate a regulated market or to act as a central securities depository, such authorisation shall be applied for separately. Operations covered by the specific permission cannot be offered before said authorisation is granted.

The European Securities and Markets Authority (ESMA) has given a Guideline on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure.

When applying for a specific permission covered by the DLT Pilot Regulation, the standard forms and templates of the Guideline shall be used. The templates can be found here in English and Finnish

Duly completed application forms, notifications and any related additional information are to be submitted on a durable medium, either on paper, electronically or both. The FIN-FSA recommends that all materials be submitted electronically. The material shall be submitted to the FIN-FSA registry: kirjaamo(at) or registry(at)

All materials are recommended to be submitted in English, as several other, often foreign, authorities are involved in the handling of the applications.

Because the legislation is new, the FIN-FSA encourages potential applicants to be in contact with the FIN-FSA in good time before submitting an official application.

ESMA also publishes a related document supplementing the DLT Pilot Regulation (Q&As on the DLT Pilot Regime).