{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023-digital-securities-sandbox-regulations-2023/schedule/part-2",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-digital-securities-sandbox-regulations-2023/schedule/part-2.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": "schedule/part/2",
  "kind": "part",
  "number": "2",
  "heading": null,
  "text": "This Part sets out modifications made to Regulation No. 909/2014 (“UK CSDR”) and the version so modified is referred to in this Part as “DSS CSDR”. The provisions specified in the first column are modified as provided for in the corresponding entry in the second column.\nProvision\nModification\nArticle 2(1)(1)\nTreat the definition of “central securities depository” or “CSD” as including a sandbox entrant that is approved to carry-out DSS activities under regulation 3(5)(b).\nArticle 2(1)(3)\nTreat the definition of “immobilisation” as excluding the word “physical”.\nArticle 2(1)(4)\nTreat the definition of “dematerialised form” as including FMI sandbox instruments that are recorded or settled on a sandbox entrant’s platform.\nArticle 2(1)(8)\nTreat the definition of “financial instruments” or “securities” as being FMI sandbox instruments under regulation 3(7).\nArt. 2(1)(9)\nTreat the definition of “transfer order” as meaning the definition in the Financial Markets Insolvency (Settlement Finality) Regulations 1999 .\nArticle 2(1)(27)\nTreat the definition of “delivery versus payment” or “DVP” as including a transfer of securities with a transfer of cash that may be linked to a settlement mechanism operating across one or more systems.\nArticle 2(1)(28)\nTreat the definition of “securities account” as including an account or wallet either in digital or electronic form.\nArticle 2(1)(34)\nTreat the definition of “international open communication procedures and standards” as including such other communication procedure and standard as approved in the FMI sandbox arrangements.\nArticle 3(2)\nTreat the reference to “book entry” as including a form of recording of transferable securities using developing technology.\nArticle 9\nTreat this article as disapplied.\nArticle 10\nTreat “competent authority” as including an appropriate regulator or the appropriate regulators acting jointly by or under these Regulations.\nArticles 16 to 22\nTreat these articles as disapplied.\nArticles 25 to 26\nTreat these articles as disapplied.\nArticle 27\nTreat Articles 27(1) to (6) as disapplied.\nTreat the reference to “this Regulation” in Article 27(8) as including a reference to any rules made by the appropriate regulator under regulation 7 and any technical standards made by the Bank of England under regulation 8, in so far as these rules or technical standards are on the subject matter of a provision of UK CSDR that is disapplied by this Schedule. Treat this article as modified to provide that regulations 5F to 5J of the Central Securities Depositories Regulations 2014 are included as a new Article 27(9).\nTreat article 27(9) as further modified to provide that—\n(a)any reference in regulation 5F to 5J to a “recognised CSD” is a reference to a “CSD” under Article 2(1)(1) of DSS CSDR;\n(b)any reference to the CSD regulation is a reference to DSS CSDR;\n(c)any reference to the Act is a reference to FSMA 2000;\n(d)in regulation 5G(2) any reference to DSS CSDR (in place of CSDR) as a result of paragraph (b) above is to be treated as including a reference to any rules made by the appropriate regulator under regulation 7 and any technical standards modified by the Bank of England under regulation 8, insofar as these rules or technical standards are on the subject matter of a provision of UK CSDR that is disapplied by this Schedule;\n(e)any reference to “this regulation” or to any part of regulation 5F to 5J includes a reference to the regulations as modified under this Article 27(9).\nArticles 28 to 30\nTreat these articles as disapplied.\nArticles 32 to 60\nTreat these articles as disapplied.\nArticle 62\nTreat this article as disapplied.\nArticle 64\nTreat this article as disapplied.\nArticle 65\nIn paragraph (1), treat the reference to “competent authority” as a reference to a digital securities depository. Treat the reference to “infringements of this Regulation” as a reference to infringements of requirements (which may include a requirement imposed by a SAN) imposed by or under these Regulations. Treat the reference to “competent authorities” as a reference to the Bank of England. In paragraph (3), treat the first sub-paragraph as imposing a direct requirement on a digital securities depository to have in place the reporting procedures mentioned in that paragraph.\nArticle 66\nTreat this article as disapplied.\nArticle 73\nTreat this article as disapplied.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. Pt. 2 substituted (3.3.2025) by The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 (S.I. 2025/93), regs. 1(2), 5(1)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. Pt. 2 substituted (3.3.2025) by The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 (S.I. 2025/93), regs. 1(2), 5(1)(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. Pt. 2 in force at 8.1.2024, see reg. 1(2)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1999/2979."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Regulations 5F to 5J were inserted by S.I. 2017/1064, regulation 5(1) and (9)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1398/schedule/part/2",
    "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."
}