Last week the European Commission launched a consultation regarding the capital markets union (CMU), which runs until 10 June. It is part of the Commission’s Savings and Investment Union (SIU) strategy, which aims to improve capital flows and investment opportunities across EU member states. The document includes many detailed questions about distributed ledger technology (DLT).
The questionnaire is extensive (93 pages), with a five-page section dedicated to the DLT Pilot Regime and tokenization more broadly. However, there were dozens of additional probing questions on DLT across a broad range of topics, with the ultimate goal being legal certainty.
For example, it asks whether the Settlement Finality Directive is necessary where there’s atomic settlement. On the other hand, it highlights that the point in time when a transaction becomes irrevocable may be harder to pinpoint on a DLT-based system.
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