An update to ESMA Q & As on the Implementation of DLT Regulation

The MFSA published a circular on the 21st of February 2023 on the new ESMA Q&As on the Implementation of DLT Regulation (‘DLTR’).

The circular addresses central securities depositories, investment firms, credit institutions providing investment services and/or performing investment activities as well as market operators including any trading venues they operate.

This circular must be read together with DLTR, CSDR, MiFID II and MiFIR, the delegated regulations and previous circulars issued by the Malta Financial Services Authority.

The purpose of the circular is that The Authority wanted to inform the respective market participants that on the 3rd of February 2023, the European Securities and Markets Authority (‘ESMA’) updated its Q&A document in relation to the practical application of MiFIR RTS 22, MiFIR RTS 23 and MiFIR RTS 1 and RTS 2 in the DLT Pilot Regime.

The updates made to the Q&A document provide:

• Clarification as to how DLT MTFs or DLT TSS should report on behalf of natural persons that are not subject to Article 26 of MiFIR;

• Clarification on who should be considered the issuer of the DLT instrument under different possible scenarios;

• Clarifications on how to populate the “instrument identification code field” when publishing post-trade information.

Any queries or requests for clarifications on the contents of this Circular should be addressed to the Authority via email on