YPOG advised Boerse Stuttgart Group and Seturion in the licensing procedure for a specific permission to operate a DLT trading and settlement system (DLT TSS) under the DLT Pilot Regime. The license enables Boerse Stuttgart Group to offer trading and settlement of tokenized financial instruments.
With the DLT TSS permission, Boerse Stuttgart Group establishes the regulatory basis for operating Seturion as a pan-European digital settlement platform and industry solution, to which banks, brokers and trading venues across Europe can connect. The platform is designed for settling tokenized financial instruments on public and private blockchains. The cash leg can be settled in central bank money or via e-money tokens.
“By becoming the first exchange group in Europe to obtain DLT TSS permission, Boerse Stuttgart Group underlines its pioneering role in trading and settling tokenized securities within a regulated framework. The Market Integration and Supervision Package, with the proposed enhancements of the DLT Pilot Regime, lays the necessary groundwork,” said Carola Rathke, Partner at YPOG.
“Clear rules and a reliable regulatory framework are the are essential, as this is the only way for digital post-trade infrastructures to earn the market’s trust,” added Felix Pinkepank, Senior Associate at YPOG.
Boerse Stuttgart Group is the first exchange group in Europe to hold a DLT TSS license. YPOG had previously advised 21X on obtaining the first German DLT TSS license, and 360X on obtaining a license as a multilateral DLT trading facility (DLT MTF).
In addition to Bafin, the authorisation process involved the Deutsche Bundesbank as representative of the Eurosystem, and the European Securities and Markets Authority (ESMA).
Team
Dr. Carola Rathke (Financial Regulation + Digital Finance), Partner, Hamburg
Felix Pinkepank, LL.M. (Financial Regulation + Digital Finance), Senior Associate, Cologne
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YPOG stands for You + Partners of Gamechangers. As a leading law and tax firm, YPOG supports founders, investors, companies and funds in Germany and internationally in bringing visionary ideas to life in the tech ecosystem and dynamic future markets.
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