DLT issuances that are sold exclusively to retail or corporate investors

In relation with Q&A 2013_288, can fully or partially tokenized issuances that are sold exclusively to retail or corporate investors, when duly proven and verified by DLT technology, be treated as retail stable funding or corporate funding (whichever applies) under the LCR and NSFR metrics ?

The development of Distributer Ledger Technologies (“DLT”) and their application to securities now allow for greater transparency on security transactions and ownership of the securities at any time, enabling a complete verification process on the identity of the final investor. As such, if today’s equity and debt issuances are mainly done in bearer format, the volume of products issued in a direct registered format is expected to increase. Consequently, with appropriate processes, capablities and controls in place, the issuer will be in the position of immediately, completely and accurately identify all outstanding creditors at any time and distinguish, on an ongoing basis, their holders of debt issuances between retail, corporate and institutional investors.