The EU DLT Pilot Regime creates a temporary regulatory sandbox for trading and settling tokenised financial instruments on distributed ledger
DLT Pilot Regime (security tokens, secondary trading platforms) covers legal assessment, document preparation and implementation support in Europe. It is typically relevant to businesses, investors and organisations operating or transacting in one or more countries. The precise rules, competent authority and procedure depend on the subject matter, jurisdiction and facts, with EU and national law considered together.
The applicable framework depends on the subject of the service, governing law and countries in which the structure or transaction has effect. EU law and current national legislation are assessed together.
Last reviewed: 22 September 2026
The EU DLT Pilot Regime creates a temporary regulatory sandbox for trading and settling tokenised financial instruments on distributed ledger infrastructure. We advise MTFs, CSDs, and hybrid platforms on the specific-permission application, available exemptions, and the interaction with MiFID II and CSDR requirements.
We help applicants understand which exemptions they can request and what compensatory measures the competent authority will expect. For security-token offerings, we determine MiFID II classification, prepare prospectuses or analyse exemptions, and advise on exchange listing.