EU Publishes Rules on DLT and Data Governance
The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act). In addition, the European Parliament and the Council published Regulation 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (DLT).
Regulation 2022/868 on data governance shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union—that is, June 23, 2022. It shall apply from September 24, 2023. The Regulation sets out:
- conditions for the re-use, within the European Union, of certain categories of data held by public-sector bodies
- notification and supervisory framework for the provision of data intermediation services
- framework for voluntary registration of entities that collect and process data made available for altruistic purposes
- framework for the establishment of a European Data Innovation Board
Regulation 2022/858 on DLT shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union—that is June 22, 2022. It shall apply from March 23, 2023, with certain exceptions. The Regulation sets out requirements in relation to DLT market infrastructures and their operators in respect of:
- granting and withdrawing specific permissions to operate DLT market infrastructures in accordance with Regulation 2022/858
- granting, modifying, and withdrawing exemptions related to specific permissions
- mandating, modifying, and withdrawing the conditions attached to exemptions and in respect of mandating, modifying, and withdrawing compensatory or corrective measures
- operating and supervising DLT market infrastructures
- cooperation between operators of DLT market infrastructures, competent authorities, and the European Securities and Markets Authority (ESMA)
Keywords: Europe, EU, Banking, Securities, Data Governance Act, Data Governance, Distributed Ledger Technology, DLT, Market Infrastructure, Regtech, European Parliament, European Council, ESMA
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