The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023
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Change 1
10 Cooperation between appropriate regulators
(1) The Bank and the FCA must take such steps they consider appropriate to co-operate with each other in connection with the operation and supervision of the DSS. (2) The Bank and the FCA must adopt and maintain a memorandum of understanding describing how they intend to co-operate and where they are required to engage in dual regulation of the operation of the DSS and particular sandbox entrants. (3) The memorandum referred to in paragraph (2) must make provision in connection with the DSS for the— (a) granting or varying of an approval of a sandbox entrant’s participation in the FMI sandbox arrangements. (b) making of rules; (c) exercise of enforcement powers; (d) furtherance of the purposes of the DSS as described in regulation 3(1). (4) The Bank and the FCA may satisfy the requirements in paragraphs (2) and (3) by modifying an existing memorandum of understanding between the appropriate regulators or creating a new one. (5) The Bank and the FCA must ensure the memorandum that is in force is published in a way that is best calculated to bring it to the attention of interested persons.
10 Cooperation between appropriate regulators
(1) The Bank and the FCA must take such steps they consider appropriate to co-operate with each other in connection with the operation and supervision of the DSS. (2) The Bank and the FCA must adopt and maintain a memorandum of understanding describing how they intend to co-operate and where they are required to engage in dual regulation of the operation of the DSS and particular sandbox entrants. (3) The memorandum referred to in paragraph (2) must make provision in connection with the DSS for the— (a) granting or varying of an approval of a sandbox entrant’s participation in the FMI sandbox arrangements. (b) making of rules; (c) exercise of enforcement powers; (d) furtherance of the purposes of the DSS as described in regulation 3(1). (4) The Bank and the FCA may satisfy the requirements in paragraphs (2) and (3) by modifying an existing memorandum of understanding between the appropriate regulators or creating a new one. (5) The Bank and the FCA must ensure the memorandum that is in force is published in a way that is best calculated to bring it to the attention of interested persons.
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