{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023-digital-securities-sandbox-regulations-2023/regulation-12",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-digital-securities-sandbox-regulations-2023/regulation-12.json",
  "legislation": "uksi/2023/1398",
  "legislation_title": "The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-digital-securities-sandbox-regulations-2023",
  "path": "regulation/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Modification, suspension and cancellation of the SAN",
  "text": "(1) Where a sandbox entrant breaches a requirement imposed on it by or under these Regulations or if it appears necessary or expedient for the purpose of implementing and operating the FMI sandbox arrangements, the appropriate regulator may—\n(a) modify the SAN;\n(b) suspend the SAN; or\n(c) cancel the SAN.\nof that sandbox entrant.\n(2) Where the appropriate regulator exercises the power under paragraph (1) to modify the DSS activities permitted under a SAN, the appropriate regulator may impose such limitations, conditions or restrictions as it considers appropriate.\n(3) Where the appropriate regulator exercises the powers under paragraph (1), it must notify the sandbox entrant in writing in a way that is best calculated to bring it to the attention of the sandbox entrant and—\n(a) it must provide reasons for exercising the power and specify if the modification, suspension or cancellation of the SAN takes effect immediately or on a specified date; and\n(b) may make reference to required periods for the sandbox entrant to either winddown its DSS activities or transition these activities outside of the FMI sandbox arrangements.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 12 in force at 8.1.2024, see reg. 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1398/regulation/12",
    "retrieved_at": "2026-10-28T21:36:44.479087+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}