The Distributed Ledger Technology (DLT) Pilot Regime Regulation: Enabling a fully digital alternative to conventional issuance, trading and processing of MiFID financial instruments

- Χρηματοοικ. Ασφαλιστικά Τραπεζικά

04 Ιουν 2024 09:00 05 Ιουν 2024 12:45
Αγγλικά
7 ώρες ( 2 μέρες )
The Distributed Ledger Technology (DLT) Pilot Regime Regulation: Enabling a fully digital alternative to conventional issuance, trading and processing of MiFID financial instruments

ΠΕΡΙΓΡΑΦΗ

Asset tokenisation, leveraging distributed ledger technology and blockchain, presents numerous advantages for both issuers and investors and promises to revolutionize financial markets. 

When it comes to the tokenisation of MiFID traditional financial instruments, look no further than the DLT Pilot Regime, a pan-European sandbox that aims to bring innovation in traditional financial markets by introducing a fully digital alternative to the conventional issuance, trading, and settlement of securities. 

Participants of this course will embark on a comprehensive course offering a profound understanding of the regulatory landscape pre-DLT Pilot Regime and the limitations of traditional capital markets legislation for digital assets that led the European Commission to propose the DLT Pilot Regime Regulation. Furthermore, they will uncover the transformative power of asset tokenization in financial markets, gain insights into decentralization, disintermediation, and nuances between public and private blockchains and develop the ability to review and analyse the DLT Pilot Regime Regulation and the ESMA Level 2 work. 

The programme will navigate through exemptions for MiFID and CSDR within the DLT PRR, unravel the intricacies of DLT financial infrastructures and DLT Financial Instruments, and grasp the licensing process and legal obligations. Explore the advantages of the DLT Pilot Regime for issuers (including SMEs), differentiate tokenization under DLT PRR from Security Token Offerings (STOs), and delve into recent DLT use-cases.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the programme, participants will:

  • Have an overview of the regulatory landscape before the DLT Pilot Regime
  • Understand the shortfalls/limitations of the traditional capital markets legislation to regulate digital assets and why is DLT PRR necessary
  • Understand why asset tokenization can transform financial markets – the role of Blockchain and Distributed Ledger Technology
  • Be able to explain decentralization, disintermediation, public and private blockchains
  • Comprehend the differences between the scope of the DLT PRR and the MiCA Regulations
  • Have an overview of the DLT Pilot Regime Regulation and be able to review and analyse it
  • Understand the MiFID and CSDR exemptions provided for in the DLT PRR
  • be able to explain DLT Market Infrastructures and DLT Financial Instruments
  • Have gain a thorough understanding of license application and legal obligations
  • Be able to explain the benefits of the DLT Pilot Regime for Issuers
  • Understand the benefits of the DLT PRR for SMEs
  • Understand the difference between the tokenization of traditional financial instruments under the DLT PRR and Security Token Offerings (STOs)
  • Explore recent DLT use-cases

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

  • Compliance officers
  • EU Lawyers
  • Third-country lawyers
  • Internal lawyers (working in any legal department of an organization or government)
  • Blockchain technologists and developers
  • Professionals in the banking sector (Including neo and challenger banks)
  • Financial Advisors
  • Software Developers
  • Legal Services Professionals
  • Junior Lawyers
  • Legal Projects Managers
  • Legal Analysts
  • Government Agencies
  • Corporate Administrators
  • Strategy Managers
  • Technology Strategy Leaders
  • Digital Transformation Heads, Officers and Team Members
  • Innovation Leaders and members of Innovations labs

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline 

Regulatory Landscape Before the DLT Pilot Regime

Regulatory Landscape Before the DLT Pilot Regime

  • Shortfalls and Limitations of Traditional Capital Markets Legislation and the necessity of DLT PRR Regulation
  • Identifying challenges in regulating digital assets; why a pilot regime is essential for the evolving financial landscape

 

Asset Tokenization and the Role of Blockchain as enabler; potential impact on financial markets

Decentralization, Disintermediation, Public, and Private Blockchains

  • Explaining the fundamental concepts and understanding key blockchain principles

 

Asset Tokenization and the Role of Blockchain

Transformation of Financial Markets through Asset Tokenization

  • Overview of asset tokenization
  • Potential impact on financial markets

Blockchain/DLT, Decentralization, Disintermediation, Public, and Private Blockchains

  • Understanding key blockchain principles
  • Differentiating between public and private blockchains

 

DLT PRR (EU) 2022/858) vs. MiCA Regulations

  • Understanding the differences between DLT PRR and MiCA 

Overview and Analysis of DLT Pilot Regime Regulation (EU) 2022/858)

  • Rationale of the DLT Pilot Regime Regulation
  • Objectives and Significance of the DLT Pilot Regime
  • In-Depth Exploration of DLT Pilot Regime Regulation
    • Analyzing the regulatory framework and examining exemptions from MiFID and CSDR

 

DLT Market Infrastructures and DLT Financial Instruments

Understanding DLT Market Infrastructures under the Regulation

  • Types of DLT market infrastructures and the innovative DLT TSS
  • Key components and functions
  • DLT market infrastructures and MAR

 

DLT Financial Instruments

  • Categorization, characteristics, thresholds and limitations on DLT Financial instruments
  • Recent DLT Use-Cases and real-world examples of successful issuance of DLT financial instruments

 

Tokenization under DLT PRR vs. Security Token Offerings (STOs)

  • Exploring the distinctions between tokenizing MiFID financial instruments and STOs

 

Permission to Operate, Legal Obligations, and ESMA Level 2 Regulatory Developments

License Application Process

  • Obtaining permission to operate a DLT-FMI
  • ESMA Final Report: Guidelines on standard forms, formats and templates to apply for permission to operate a DLT Market Infrastructure (15 December 2022 | ESMA70-460-206)

 

Legal Obligations for DLT Market Participants

  • Compliance, regulatory obligations, and responsibilities for market participants
  • ESMA QAs on the implementation of Regulation (EU) 2022/858 (2 June 2023 | ESMA70-460-189) covering Transaction Reporting, Financial Instruments Reference Data, Order Record Keeping, Transparency, DLT Financial Instruments, DLT Market Infrastructures, Cash Settlement, Exemptions from CSDR
  • ESMA Report: Study on extraction of transaction data (05 October 2023 | ESMA12-2121844265-3182): Overview of methods of extracting data from three (3) selected DLTs, namely Corda, Ethereum, and Hyperledger Fabric; The different approaches for extracting data from the DLT:
    • the “File-based approach”
    • the “API-based approach”
    • the “native access approach”

 

Benefits of DLT Pilot Regime for Issuers, SMEs, and Tokenization

Benefits for Issuers

  • How DLT PRR enhances the issuer’s experience
  • Increased efficiency and cost-effectiveness

 

Benefits for SMEs

  • Understanding the advantages for small and medium enterprises (SMEs)

 

Tokenization under DLT PRR vs. Security Token Offerings (STOs)

  • Exploring the distinctions between tokenizing MiFID financial instruments and STOs
  • Real-world examples of successful implementations

 

Recent DLT use cases

  • Surveying innovative applications and success stories
  • Providing additional resources for further study


Training Style

The programme is designed to deliver high-level knowledge and insights into the DLT Pilot Regime Regulation which aims to test the digital alternative to conventional issuance, trading and processing of MiFID financial instruments. It will deliver theoretical knowledge mainly supported by power-point presentations. The training style is both training-focused and learner-focused, as participants will also benefit from discussions and a Q&A session at the end of the programme where they will be encouraged to share their different perspectives and personal professional experience.

CPD Recognition

This programme may be approved for up to 7 CPD units in Blockchain and Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

 

For the CySEC requirements, CPD units attained from this course should not exceed the 50% of the total CPD Units of each individual.

Πληροφορίες Εκπαιδευτή
Marie Markosian - Hellenic Capital Market Commission (HCMC) Senior Officer

Marie Markosian is a Hellenic Capital Market Commission (HCMC) Senior Officer with 18 years of experience in conducting desktop/on-site investigations, supervising financial intermediaries, and managing a multitude of legal, regulatory, and compliance-related tasks. Marie has been active in policymaking since 2014 and has been following regulatory and policy developments in DLT/Blockchain, Digital/Crypto Assets, AI, and FinTech by participating in relevant ESMA Task Forces and the ESMA Financial Innovation Standing Committee (FISC) in her capacity as the HCMC National Delegate, as well as through the European Forum for Innovation Facilitators (the EFIF) in her capacity as the HCMC Innovation Hub lead. Seconded to a Member of the European Parliament since 2020, she has been connected to the ongoing legislative process (drafting and/or interinstitutional negotiations) of multiple pieces of Fintech and Digital Policy legislation, amongst which the DLT Pilot Regime Regulation, the Markets in Crypto Assets Regulation (MiCA), the Travel of Funds Regulation, and has been following Crypto Taxation (the DAC8) and Consumer Finance and Payments at the European Parliament, in her capacity as the MEP’s Financial Innovation and Digital Policy Advisor. 

Furthermore, she is experienced in assessing and translating regulatory risks and opportunities, analysing, drafting, and negotiating legislative proposals, bridging regulatory and public/private sector perspectives, and identifying digital business opportunities. Marie had been invited to join the inaugural meeting of the Global Coalition to Fight Financial Crime’s new Digital Assets Task Force (the DATF) hosted by the World Economic Forum in Geneva, Switzerland. The DATF committee aims to coordinate efforts between the global industry leaders leading the fight against financial crime in the digital assets industry and identify the key weaknesses and emerging threats in the current AML/CTF frameworks to help develop more effective controls against the movement of illicit financial flows. Marie is also a member of the Advisory Board of the Hellenic Blockchain Hub, has been active as a mentor at the Job-Pairs mentoring platform, and a judge at the NBG Be Finnovative hackathons and the VISA Innovation Program.

Αναλυτικό Κόστος Σεμιναρίου
  • € 250.00
  • € 0.00
  • € 47.50
  • € 250.00
ΠΡΟΓΡΑΜΜΑ ΣΕΜΙΝΑΡΙΟΥ

Τρίτη - 04 Ιουν 2024

Ώρα

09:00 - 12:45

ΕΚΠΑΙΔΕΥΤΗΣ:

Marie Markosian

Τοποθεσία:

OnLine Virtual Classroom

Τετάρτη - 05 Ιουν 2024

Ώρα

09:00 - 12:45

ΕΚΠΑΙΔΕΥΤΗΣ:

Marie Markosian

Τοποθεσία:

OnLine Virtual Classroom

Εκδήλωση Ενδιαφέροντος : The Distributed Ledger Technology (DLT) Pilot Regime Regulation: Enabling a fully digital alternative to conventional issuance, trading and processing of MiFID financial instruments

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