+Article 4 4

Article 4 4

4.   Where an operator of a DLT MTF requests an exemption under paragraph 2 or 3, it shall demonstrate that the exemption requested is:

(a)

proportionate to, and justified by, the use of distributed ledger technology; and

(b)

limited to the DLT MTF and does not extend to any other multilateral trading facility operated by that operator.

1. Forbhreathnú

,

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

Ceanglais

3. Caighdeáin ghaolmhara

Caighdeáin