With Notice of 3 May 2023, Consob and Bank of Italy, as the competent authorities pursuant to Regulation (EU) 2022/858 (hereinafter Pilot Regime), have confirmed their willingness to comply with the “Guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure” (DLT MTF, DLT SS or DLT TSS) issued by the European Securities and Markets Authority (ESMA), incorporating them into their respective supervisory practices.

The Guidelines, published on ESMA’s website in all the official languages of the European Union on 8 March 2023, pursue the objectives of establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervisors (ESFS) and of ensuring the common, uniform and consistent application of the Pilot Regime articles concerning the application for specific permission to operate a DLT market infrastructure (Articles 8(4), 9(4) and 10(4) of Regulation (EU) 2022/858).
These guidelines apply to competent authorities and to applicants for specific permission to operate DLT market infrastructures. Specifically, they establish the standard forms, formats and templates to be used in submitting an application.
Entities intending to submit an application for specific permission to operate a DLT market infrastructure are required to comply with these Guidelines, applicable since 23 March 2023.
Taking into account the division of competences between the two national supervisory authorities, the applications must be submitted to Bank of Italy:
  • for DLT MTF: in all cases of wholesale DLT MTF of government bonds, or when the applicant simultaneously applies for permission under Article 19(4) of the “Consolidated Law on Financial Intermediation”(TUF) or Article 20-bis.1 of the TUF, or is already authorized under the same articles;
  • for DLT TSS: in all cases of wholesale DLT TSS of government bonds.
The applications must be submitted to Consob:
  1. applications for authorisation for DLT MTFs: when the applicant:
    • is an operator of a regulated market;
    • also applies for authorisation or is already authorised pursuant to Article 19(1) TUF;
    • all applications for authorisation for SS DLTs
      2. all applications for authorisation for DLT, except for wholesale of government bonds.
In the case of interested entities not already authorised to provide the service of operating MTFs and/or as central depositories, they must simultaneously file for MiFID II and/or the CSDR Regulation on Central Depositories.
IVASS has reported the following websites: