Guidance on the DLT Pilot Regime Regulation

FSMA_2025_14 of 15/09/2025 Investment firms, market operators, central securities depositories and other legal persons intending to experiment with the distributed ledger technology for the trading and settlement of financial instruments. This communication is intended to provide all persons who have decided to experiment with distributed ledger technology for the trading and settlement of financial instruments under the DLT Pilot Regime with all necessary information on which of the two authorities the application for authorization and exemption should be addressed to.

1. Introduction Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (hereinafter “Regulation 2022/858”) provides for an EU pilot regime that allows market participants to experiment with the use of distributed ledger technology (DLT) for the trading and settlement of financial instruments (hereinafter the “DLT Pilot Regime”). Under the DLT Pilot Regime, investment firms, market operators, central securities depositories (CSDs) and other legal persons1 may apply for permission to operate a DLT multilateral trading facility (DLT MTF), a DLT settlement system (DLT SS) or a DLT trading and settlement system (DLT TSS). The Act of 20 December 2023 containing various financial provisions regulates the powers of the National Bank of Belgium (hereinafter the “NBB”) and the Financial Services and Markets Authority (hereinafter the “FSMA”) with respect to the handling of such applications. The FSMA hereby clarifies the roles and responsibilities of the competent authorities under the DLT Pilot Regime. DLT SS 1 Legal persons not yet authorised to operate as a CSD or an investment firm may also apply for permission, provided they do so along with their request to be authorised as a CSD or an investment firm. The procedure to be followed is described below.

2/4 / FSMA_2025_14 of 15/09/2025 Pursuant to Article 2(21) of Regulation 2022/858, the NBB has been designated as responsible for carrying out, with regard to DLT SSs, the tasks assigned to the competent authority by Articles 3, 5, 7 and 9 of this regulation, without prejudice to any powers assigned to the FSMA. CSDs established in Belgium that operate a DLT SS are supervised by the FSMA in terms of their compliance with the rules referred to in Article 45 §1(1) of the Act of 2 August 2022 on supervision of the financial sector and financial services (hereinafter the “Act of 2 August 2022”) and with the rules intended to ensure honest, fair and professional treatment of participants and their clients. If the NBB receives an application for specific permission to operate a DLT SS, it must seek the FSMA’s advice before assessing the request and deciding whether to grant the specific permission. DLT MTF Pursuant to Article 2(21) of Regulation 2022/858, the FSMA has been designated as responsible for carrying out, with regard to DLT MTFs, the tasks assigned to the competent authority by Articles 3, 4, 7 and 8 of this regulation. Where the DLT MTF concerned is operated by an investment firm, the FSMA must inform the NBB of the applications it receives and its handling of them in the framework of its duties. DLT TSS Pursuant to Article 2(21) of Regulation 2022/858, the NBB and the FSMA have been designated as responsible for carrying out the tasks assigned to the competent authority by Articles 3, 6, 7 and 10 of this regulation, where those provisions apply to a DLT TSS operated by a CSD. CSDs established in Belgium that operate a DLT TSS are supervised by the NBB in terms of their compliance with the requirements laid down in Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 and by the Act of 22 February 1998 relating to the organisation, operation, financial situation, internal control and risk management of settlement activities, as well as with the rules aimed at ensuring financial stability. Without prejudice to the NBB's powers, the FSMA supervises CSDs established in Belgium that operate a DLT TSS in terms of their compliance with the rules referred to in Article 45 §1(1) of the Act of 2 August 2002 and with the rules intended to ensure honest, fair and professional treatment of participants and their clients. The NBB is the authority competent to receive applications for permission to operate a DLT TSS submitted by a CSD or by a legal person that is simultaneously requesting authorisation as a CSD pursuant to Article 10(1) of Regulation 2022/858 and to take decisions on such applications and on whether to grant specific permission pursuant to Article 10(9) of Regulation 2022/858. When it receives such an application, the NBB must seek the FSMA’s advice before assessing the application and deciding whether to grant the specific permission. Pursuant to Article 2(21) of Regulation 2022/858, the NBB and the FSMA have been designated as responsible for carrying out the tasks assigned to the competent authority by Articles 3, 6, 7 and 10 of this regulation where those provisions apply to a DLT TSS operated by a legal person authorised as an investment firm or to operate a regulated market. In that capacity, they must monitor compliance with those provisions and provisions adopted on the basis or in implementation thereof. The FSMA supervises investment firms and market operators established in Belgium that operate a DLT TSS in terms of their compliance with the rules referred to in Article 45 §1(1) of the Act of 2 August 2002 and with the rules intended to ensure honest, fair and professional treatment of participants and their clients. The FSMA is the authority competent to receive applications for permission to operate a DLT

3/4 / FSMA_2025_14 of 15/09/2025 TSS submitted by an investment firm or market operator or by a legal person that is simultaneously requesting authorisation as an investment firm or a market operator pursuant to Article 10(1) of Regulation 2022/858 and to take decisions on such requests and on whether to grant specific permission pursuant to Article 10(9) of Regulation 2022/858. When it receives such an application, the FSMA must seek the NBB’s advice before assessing the request and deciding whether to grant the specific permission. 2. Procedure to apply for permission under the DLT Pilot Regime When submitting an application for permission, applicants should refer to the Guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure, published by the European Securities and Market Authority (hereinafter the “ESMA”). The application must include all information mentioned in these guidelines. Additional information on the particulars to be provided may be obtained from the competent supervisory authorities. CSDs seeking specific permission to operate a DLT SS under Article 9 of Regulation 2022/858 must submit their application to the NBB. As provided for by Articles 5 and 9 of this regulation, the application may be accompanied by a request for an exemption. Investment firms and market operators seeking specific permission to operate a DLT MTF under Article 8 of Regulation 2022/858 must submit their application to the FSMA. As provided for by Articles 4 and 8 of this regulation, the application may be accompanied by a request for an exemption. CSDs seeking specific permission to operate a DLT TSS under Article 10 of Regulation 2022/858 must submit their application to the NBB. As provided for by Articles 6 and 10 of this regulation, the application may be accompanied by a request for an exemption. Investment firms or market operators seeking specific permission to operate a DLT TSS under Article 10 of Regulation 2022/858 must submit their application to the FSMA. As provided for by Articles 6 and 10 of this regulation, the application may be accompanied by a request for an exemption. Applications for which the NBB is the competent authority should be sent to DLTPilot@nbb.be. Applications for which the FSMA is the competent authority should be submitted to DLTPilot@fsma.be The application may be submitted in Dutch, French or English. However, as several authorities may be involved in the assessment process, it is strongly recommended to submit it in English. The application must include at least the information indicated in the ESMA Guidelines, as well as all necessary notifications and any related additional information. It must be submitted on a durable medium and may be submitted in hard copy, by electronic means or both. Legal entities that wish to operate a DLT SS but do not yet have CSD status must also apply for:

• authorisation as a CSD pursuant to Article 17 of Regulation (EU) 909/2014; and
• specific permission to operate a DLT SS pursuant to Article 9 of Regulation 2022/858. Both of these applications must be submitted to the NBB.

4/4 / FSMA_2025_14 of 15/09/2025 Likewise, legal entities that wish to operate a DLT MTF but do not yet have the status of investment firm or market operator must also apply for:

• authorisation as a market operator, credit institution or stockbroking firm that is authorised to operate an MTF in Belgium pursuant to Article 42 of the Act of 21 November 2017 on markets in financial instruments, transposing Directive 2014/65/EU; and
• specific permission to operate a DLT MTF pursuant to Article 8 of Regulation 2022/858. Both of these applications must be submitted to the FSMA. Lastly, legal entities that wish to operate a DLT TSS but do not yet have the status of investment firm, market operator or CSD must also apply for:
• authorisation as a market operator, credit institution or investment firm that is authorised to operate an MTF in Belgium or authorisation as a CSD, in accordance with the above-mentioned procedure for a DLT MTF or a DLT SS, respectively;
• specific permission to operate a DLT TSS pursuant to Article 10 of Regulation 2022/858. An application for authorisation as a credit institution, stockbroking firm or market operator licensed to operate an MTF in Belgium and an application for specific permission to operate a DLT TSS must be submitted at the same time to the FSMA, while an application for authorisation as a CSD and an application for specific permission to operate a DLT TSS must be submitted at the same time to the NBB. In all of the above cases, the application may be accompanied by a request for an exemption, in accordance with the relevant provisions of Regulation 2022/858 (Articles 5 and 9, 4 and 8, and 6 and 10, respectively).