Distributed ledger technology (DLT) is regarded as a revolutionary solution that offers immutability, transparency, trust, and efficiency while ‘transcending law and regulation’. One of the potential applications of DLT is in the securities market. Share registration, settlement, regulatory compliance, information disclosure, payment systems, and market service requirements can be redesigned with the use of DLT. This paper will examine the impact that such changes will have on legal theories and governance, while also discussing the effects on enforcement techniques. In addition, general blockchain-legal issues will be critically analyzed in the context of securities markets.

中文翻译：

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使用分布式账本技术重新设计证券市场的监管变化

分布式账本技术（DLT）被认为是一种革命性的解决方案，它提供了不变性、透明度、信任和效率，同时“超越了法律和法规”。DLT 的潜在应用之一是在证券市场。使用 DLT 可以重新设计股票登记、结算、合规、信息披露、支付系统和市场服务要求。本文将研究这些变化对法律理论和治理的影响，同时讨论对执法技术的影响。此外，一般区块链法律问题将在证券市场的背景下进行批判性分析。