The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023
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Change 1
4 FMI sandbox application procedure and requirements
(1) A person who is eligible to apply to participate in the FMI sandbox arrangements as a sandbox entrant under regulation 3(2) or who is permitted to apply under regulation 3(3) may apply to the appropriate regulator for approval to participate. (2) An application under this regulation must be made in such manner as the appropriate regulator may determine and be accompanied by such information as the appropriate regulator may require which may include (among other things)— (a) the activities described in regulation 3(5) and ancillary FMI activities to be carried on by the sandbox entrant to which the application relates; (b) the FMI sandbox instruments to be used on the sandbox entrant’s platform when carrying on the activities described in regulation 3(5); (c) the details of the existing legislative barriers or obstacles to using developing technology if carrying on the activities described in regulation 3(5) is outside the FMI sandbox arrangements; (d) the extent to which the proposed activities described in regulation 3(5) are to be carried on by the sandbox entrant at any time; and (e) such further information that the appropriate regulator may require to determine the eligibility of an applicant.
4 FMI sandbox application procedure and requirements
(1) A person who is eligible to apply to participate in the FMI sandbox arrangements as a sandbox entrant under regulation 3(2) or who is permitted to apply under regulation 3(3) may apply to the appropriate regulator for approval to participate. (2) An application under this regulation must be made in such manner as the appropriate regulator may determine and be accompanied by such information as the appropriate regulator may require which may include (among other things)— (a) the activities described in regulation 3(5) and ancillary FMI activities to be carried on by the sandbox entrant to which the application relates; (b) the FMI sandbox instruments to be used on the sandbox entrant’s platform when carrying on the activities described in regulation 3(5); (c) the details of the existing legislative barriers or obstacles to using developing technology if carrying on the activities described in regulation 3(5) is outside the FMI sandbox arrangements; (d) the extent to which the proposed activities described in regulation 3(5) are to be carried on by the sandbox entrant at any time; and (e) such further information that the appropriate regulator may require to determine the eligibility of an applicant.
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