Regulation 2 InterpretationI1

In these Regulations—

• “the Act” means the Financial Services and Markets Act 2023;

• “ancillary FMI activities” means the activities that are referred to in regulation 3(6);

• “appropriate regulator” is to be interpreted in accordance with regulation 3(8);

• “digital securities depository” or “DSD” means, a sandbox entrant permitted to engage in one or more DSS activities referred to in regulation 3(5)(b) as a result of the FMI sandbox arrangements;

• “digital securities sandbox” or “DSS” has the meaning given in regulation 3(1);

• “DSS activities” in relation to a sandbox entrant means the activities approved in the SAN issued to the sandbox entrant;

• “established in the UK” means constituted under the law of any part of the United Kingdom and having, for the duration of the FMI sandbox arrangements, a registered office or a head office in the United Kingdom;

• “FMI sandbox instrument” has the meaning given in regulation 3(7);

• “platform” means a form of market infrastructure, including a type of venue or facility, where FMI activities are performed in the DSS to which a SAN relates;

• “sandbox approval notice” or “SAN” means a notice issued under regulation 5(5);

• “sandbox entrant” means a person that makes an application to participate in the FMI sandbox arrangements and has its application approved under regulation 5(2)(a) or (b); and

• “users” means the persons referred to in regulation 3(4)(a).