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The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023

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Determination of application for approval of participation in the FMI sandbox

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5.—(1) An application made under regulation 4 for approval of participation in the DSS must be determined by the appropriate regulator.

(2) The appropriate regulator may—

(a)approve the application;

(b)approve the application but with variations or conditions to the approval sought; or

(c)reject the application.

(3) The appropriate regulator must give the applicant written notice that their application has been determined.

(4) A notice of determination under paragraph (3) must include the reasons for any determination under paragraph (2)(b) or (2)(c).

(5) If the appropriate regulator approves an application to participate in the DSS it must issue the sandbox entrant with a sandbox approval notice (“SAN”) which must specify—

(a)the FMI activities to which the approval relates;

(b)any ancillary FMI activities that the sandbox entrant is given approval to carry on under the FMI sandbox arrangements;

(c)any further approvals, modifications or variations of an approval (including cancellation or suspension) with reference to the FMI activities specified in regulation 3(5).

(6) The appropriate regulator may include in the SAN—

(a)a description of FMI activities or ancillary FMI activities narrower or wider than that specified by the sandbox entrant in its application;

(b)such other conditions, limitations, approvals or restrictions as the appropriate regulator considers appropriate for the carrying on of FMI activities or ancillary FMI activities;

(c)how the FMI sandbox instruments are to be recorded and settled.

(7) A sandbox entrant may apply to the appropriate regulator for modification, suspension or cancellation of its SAN and in which case paragraphs (1) to (6) apply with the necessary modifications to that application as they apply to an application for approval of participation in the FMI sandbox.

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