2.

In addition to the persons specified in Article 53(3) of Directive 2014/65/EU, if requested by an operator of a DLT MTF, the competent authority may permit that operator to admit natural and legal persons to deal on own account as members or participants, provided that such persons fulfil the following requirements: they are of sufficient good repute; they have a sufficient level of trading ability, competence and experience, including knowledge of the functioning of distributed ledger technology; they are not market makers on the DLT MTF; they do not use a high-frequency algorithmic trading technique on the DLT MTF; they do not provide other persons with direct electronic access to the DLT MTF; they do not deal on their own account when executing client orders on the DLT market infrastructure; and they have given informed consent to trading on the DLT MTF as members or participants and have been informed by the DLT MTF of the potential risks of using its systems to trade DLT financial instruments. Where the competent authority grants the exemption referred to in the first subparagraph of this paragraph, it may require additional measures for the protection of natural persons admitted to the DLT MTF as members or participants. Such measures shall be proportionate to the risk profile of those members or participants.

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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.