"Lise-Lightning Stock Exchange Becomes First in France to Obtain DLT Trading System Approval"

"Gide has assisted Lise-Lightning Stock Exchange, a market infrastructure utilizing distributed ledger technology for SMEs and mid-sized companies, in obtaining approval from the ACPR to operate a trading and settlement system under the European "Pilot Regime." Lise is the first entity in France to receive this approval, marking a historic step towards launching the country's first fully tokenized asset exchange. This unique authorization allows Lise to combine multilateral trading system (MTF) and central securities depository (CSD) functions on a single platform using blockchain technology. The Gide team was led by Matthieu Lucchesi, with support from Rudolf Efremov and Luc Colin."

**Law Firms Involved:** Gide assisted Lise-Lightning Stock Exchange, a market infrastructure based on distributed ledger technology dedicated to SMEs and mid-sized enterprises, in obtaining approval from the ACPR to operate a trading and settlement system using DLT technology under the European "Pilot Regime." **Transaction Overview:** Lise is the first entity to receive this approval in France. This approval process, which involved the Prudential Control and Resolution Authority, the Bank of France, the Financial Markets Authority, the European Central Bank, the Eurosystem, and the European Securities and Markets Authority (ESMA), marks a historic step towards the launch of the first exchange in France fully based on asset tokenization. This unprecedented approval makes Lise the first French market infrastructure authorized to combine, within a single platform, the functions of a multilateral trading system (MTF) and a central securities depository (CSD) through the use of blockchain technology. **Legal Team:** The Gide team was led by Matthieu Lucchesi, Counsel, and included Rudolf Efremov, Counsel, and Luc Colin, Associate.

"Lise-Lightning Stock Exchange Becomes First in France to Obtain DLT Trading System Approval"

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