PART 1Regulatory framework
CHAPTER 2New regulatory powers
Financial market infrastructure: piloting powers
I1I215Permanent implementation of arrangements tested under an FMI sandbox
1
This section applies where, after testing the efficiency or effectiveness of FMI sandbox arrangements implemented under an FMI sandbox, the Treasury determine that arrangements of the same or similar effect should have effect after the expiry of the FMI sandbox.
2
The Treasury may by regulations make provision implementing the FMI sandbox arrangements—
a
as tested under the FMI sandbox, or
b
with such variations as the Treasury consider appropriate.
3
Regulations under this section that implement FMI sandbox arrangements may be made before (as well as after) the expiry of the FMI sandbox concerned.
4
Regulations under this section may include provision that amends, repeals or revokes a relevant enactment.
5
Regulations under this section that amend, repeal or revoke any provision of primary legislation are subject to the affirmative procedure.
6
Regulations under this section to which subsection (5) does not apply are subject to the negative procedure.