4.
Where an operator of a DLT MTF requests an exemption under paragraph 2 or 3, it shall demonstrate that the exemption requested is: proportionate to, and justified by, the use of distributed ledger technology; and limited to the DLT MTF and does not extend to any other multilateral trading facility operated by that operator.
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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.