Gide advises Lise on obtaining its Investment Firm Licence to operate a DLT MTF and Settlement System (SNR DLT)

Gide has advised Lise-Lightning Stock Exchange, a market infrastructure based on distributed ledger technology (DLT) and dedicated to SMEs and mid-cap companies, in connection with obtaining authorisation from the ACPR (Autorité de Contrôle Prudentiel et de Résolution) to operate a DLT-based multilateral trading and settlement system (SNR DLT) under the European DLT Pilot Regime.

Lise is the first entity in France to be granted such authorisation.

This licensing process, which involved the ACPR, the Banque de France, the Autorité des marchés financiers (AMF), the European Central Bank, the Eurosystem, and the European Securities and Markets Authority (ESMA), marks a historic milestone towards the launch of the first French stock exchange entirely based on asset tokenisation.

This unprecedented authorisation makes Lise the first French market infrastructure authorised to combine, within a single platform, the functions of a multilateral trading facility (MTF) and a central securities depository (CSD) through the use of blockchain technology.

The Gide team was led by counsel Matthieu Lucchesi, and included counsel Rudolf Efremov, and associate Luc Colin.