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

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Supervision of the FMI sandbox

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9.—(1) The appropriate regulator must maintain arrangements to supervise the operation of the DSS.

(2) The appropriate regulator must provide—

(a)for the on-going oversight of each sandbox entrant under the appropriate regulator’s supervision; and

(b)for monitoring and where necessary modifying the DSS activities as described in the SAN of each sandbox entrant as it progresses through the FMI sandbox arrangements and to include provision for the winding-down of those DSS activities prior to the termination of the FMI sandbox arrangements under regulation 13.

(3) The appropriate regulator may direct a sandbox entrant to—

(a)provide specified information or documents;

(b)engage or cease engaging in a particular activity in connection with the FMI sandbox arrangements.

(4) The appropriate regulator must publish details (including on its website) of—

(a)the FMI sandbox arrangements, in a way that is best calculated to bring it to the attention of a sandbox entrant and persons referred to in regulation 3(4);

(b)the instrument by which rules and technical standards are made by an appropriate regulator;

(c)the waivers made under regulations 7(5) and (6) that are issued in conjunction with a SAN.

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