2.

On the basis of the report referred to in paragraph 1, within three months of receipt of that report, the Commission shall present a report to the European Parliament and to the Council. That report shall include a cost-benefit analysis on whether the pilot regime provided for in this Regulation should be: extended for a further period of up to three years; extended to other types of financial instrument that can be issued, recorded, transferred or stored using a distributed ledger technology; amended; made permanent through appropriate amendments of the relevant Union financial services legislation; or terminated, including all specific permissions granted under this Regulation. In its report, the Commission may propose any appropriate amendment to Union financial services legislation or any harmonisation of national laws that would facilitate the use of distributed ledger technology in the financial sector, as well as any measures needed for the transition of DLT market infrastructures away from the pilot regime provided for in this Regulation. In the event that this pilot regime is extended for a further period as provided for in the first subparagraph, point (a), of this paragraph, the Commission shall ask ESMA to submit an additional report in accordance with paragraph 1 no later than three months before the end of the extension period. Upon receipt of that report, the Commission shall submit to the European Parliament and the Council an additional report in accordance with this paragraph.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.