Regulatory Alerts2024-04-02
Added · Updated
PS24/12: Digital Securities Sandbox Joint Policy Statement and Final Guidance
The Digital Securities Sandbox scope is extended to include non-Pound Sterling denominated assets, and the minimum capital requirement for a Digital Securities Depository is reduced to six months of operating expenses. The rules adopt flexible limit ranges at the go-live stage, add a third Gate 3 progress review window, and clarify that adequate protection for securities settlement system participants can include contractual means. Provisions regarding bank guarantees and letters of credit for Digital Securities Depository links are removed in favor of high-level rules based on article 48 of UK CSDR, while Article 65 of UK CSDR is reinstated to ensure whistleblowing protection.
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