CTF Written Submission

RE: Operationalization & Conformance Track for Federated Identity and Compliance Infrastructure in Tokenized Securities Markets (U.S. Domestic Pilot)

Dec. 17, 2025
  • All pilot participants—including broker-dealers, custodians, and technology providers—must undergo structured conformance testing and certification to validate adherence to operational playbooks and reference implementation profiles. Certification is a prerequisite for participation and includes baseline and enhanced tiers with annual recertification requirements.
  • The pilot establishes a multi-tiered governance framework, including a Pilot Steering Committee and Change Control Board, with defined authority over standards evolution, incident coordination, and regulatory engagement. Supervisory access is governed by tiered models (Tier 0–2) to ensure due process, privacy, and non-surveillance principles.
  • The Operationalization Track is strictly limited to U.S. domestic institutional markets and does not create new legal obligations beyond those required for pilot participation. It complements existing federal securities laws and SRO rules, focusing on operational specificity for tokenized securities without replacing existing infrastructure or extending to retail or cross-border markets.
     

Last Reviewed or Updated: Dec. 17, 2025