ESMA Q&A Updates
On 27 March 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology ("DLT Regulation") (the “DLT Pilot Regime Q&A”). With this update, ESMA clarifies how the tentative market capitalisation of DLT shares should be calculated. Where DLT shares are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation should be calculated by multiplying the final offer price or the maximum offer price with the total number of shares outstanding immediately after the share offer to the public.
Circular CSSF 23/832 – Application of ESMA Guidelines
On 5 April 2023, the CSSF published Circular CSSF 23/832 (the “Circular”) concerning the application of the ESMA guidelines (published on 8 March 2023) on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure (the “Guidelines”). Please refer to our previous article for more information on these Guidelines. The purpose of the Circular is to confirm that the CSSF applies the Guidelines in its capacity as competent authority under the DLT Regulation. The Circular applies to all entities intending to apply for specific permissions to operate a DLT market infrastructure, as defined in the DLT Regulation.
The Guidelines apply as from 23 March 2023 and the Circular applies as from 5 April 2023.