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Banning DLT under MiFID II/MiFIR

20.2.2017

Answer in writing

Question for written answer E-001130-17
to the Commission
Rule 130
Barbara Kappel (ENF)

During his speech at a securities industry event in Oslo on 18 January 2017, ESMA senior risk analysis officer Patrick Armstrong stated that the ESMA could start banning distributed ledger technology (DLT) once MiFID II/MiFIR comes into effect on 1 January 2018. Until then, the ESMA has made it clear that it prefers a ‘wait and see’ approach to DLT, as there is a need to better understand the technology and its possible applications in the financial market, which are currently a source of uncertainty. Armstrong also stated that at this point in time DLT poses no risk to the ESMA’s three objectives of stability, protection and integrity.

1. When MiFID II does come into effect, how might DLT pose a risk to the ESMA’s objectives in the future?

2. Should the need arise, how would the ESMA ban the harmful use of DLT in practice?

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