The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023
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Change 1
7 Making of regulator rules
(1) The appropriate regulator may make rules applying to a sandbox entrant that appear necessary or expedient for the purpose of implementing and operating the FMI sandbox arrangements. (2) The power to make rules in paragraph (1) includes the power to— (a) provide for rules that are made by the appropriate regulator under FSMA 2000 or for any other relevant enactments not to apply; (b) provide for modifications in the application of such rules; (c) provide for the application of such rules (with or without modifications). (3) The power to make rules in paragraph (1) also includes the power to make rules on the subject matter of a provision of a relevant enactment that has been disapplied by these regulations. (4) Paragraph (5) relates to— (a) any rules made under paragraph (1); or (b) any rule that an appropriate regulator has made that is a relevant enactment. (5) The appropriate regulator may waive or modify a rule so as— (a) not to apply to a sandbox entrant or a description of sandbox entrant; or (b) to apply to a sandbox entrant or a description of sandbox entrant with such modifications as the appropriate regulator may specify. (6) The appropriate regulator may— (a) exercise its power under paragraph (5) by direction and which may also be subject to conditions; (b) revoke or vary a direction under paragraph (5). (7) The reference to a rule being made under paragraph (1) or to a rule being applied or disapplied to a sandbox entrant or a description of a sandbox entrant in paragraphs (5) and (6) includes a reference to a person described in regulation 3(4).
7 Making of regulator rules
(1) The appropriate regulator may make rules applying to a sandbox entrant that appear necessary or expedient for the purpose of implementing and operating the FMI sandbox arrangements. (2) The power to make rules in paragraph (1) includes the power to— (a) provide for rules that are made by the appropriate regulator under FSMA 2000 or for any other relevant enactments not to apply; (b) provide for modifications in the application of such rules; (c) provide for the application of such rules (with or without modifications). (3) The power to make rules in paragraph (1) also includes the power to make rules on the subject matter of a provision of a relevant enactment that has been disapplied by these regulations. (4) Paragraph (5) relates to— (a) any rules made under paragraph (1); or (b) any rule that an appropriate regulator has made that is a relevant enactment. (5) The appropriate regulator may waive or modify a rule so as— (a) not to apply to a sandbox entrant or a description of sandbox entrant; or (b) to apply to a sandbox entrant or a description of sandbox entrant with such modifications as the appropriate regulator may specify. (6) The appropriate regulator may— (a) exercise its power under paragraph (5) by direction and which may also be subject to conditions; (b) revoke or vary a direction under paragraph (5). (7) The reference to a rule being made under paragraph (1) or to a rule being applied or disapplied to a sandbox entrant or a description of a sandbox entrant in paragraphs (5) and (6) includes a reference to a person described in regulation 3(4).
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