1/9/2024 0 Comments Dlt trading![]() Payment tokens and pure utility tokens do not fall under the concept of DLT securities. Furthermore, relatively similar securities issued under foreign law are also considered DLT securities. 973d CO) are included in the scope of the consultation. According to the report on the consultation draft of the Federal Department of Finance, securities issued in the form of electronically registered uncertificated securities with securities character (cf. DLT securities are always securities within the meaning of Art. 2 FMIA defines the concept of DLT securities, according to which securities entered in a DLT-based register are transferred by means of this register. These functions are currently performed by central securities depositories (Art. This uniform financial market infrastructure also includes post-trading services such as central custody and the settlement and account of DLT securities. This is regarded as an institution for the multilateral trading of DLT securities, the purpose of which is the simultaneous exchange of offers between several participants and the conclusion of a contract according to non-discretionary rules. 73a-f FMIA deal almost entirely with the DLT Trading System. FMIA, as well as the insolvency provisions pursuant to Art. Furthermore, the rules concerning oversight and supervision pursuant to Art. Consequently, DLT Trading Systems are subject to the general authorisation requirements and obligations pursuant to Art. Most of the legal requirements that apply to the existing categories of trading venues shall also apply to this new trading system. DLT Trading Systems fall under the legal definition of financial market infrastructures. 2a FMIA will contain the new licence category of the DLT Trading System. Those shall offer services in the areas of trading, account, settlement and custody with DLT-based assets to regulated financial market participants and retail customers.Ģ. In the Financial Market Infrastructure Act, a new authorisation category for so-called "DLT Trading Systems" is to be created. On the one hand, to increase legal certainty and, on the other hand, to remove hurdles for DLT-based applications and limit risk of misuse. During its meeting on 22 March 2019, the Federal Council opened the consultation on the adaptation of federal law to developments in the distributed ledger technology (“DLT”).
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