Legislation – Financial Services and Markets Act 2023
Changes to legislation:
There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 14.
Changes to Legislation
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PART 1Regulatory framework
CHAPTER 2New regulatory powers
Financial market infrastructure: piloting powers
14Reports on FMI sandboxes
(1)
This section applies where the Treasury make regulations under section 13 implementing FMI sandbox arrangements.
(2)
The Treasury must prepare and publish a report on the FMI sandbox arrangements.
(3)
The report must be prepared by a date no later than the date specified in the regulations.
(4)
The report must contain—
(a)
a description of the FMI sandbox arrangements;
(b)
an assessment of the efficiency or effectiveness of those arrangements;
(c)
whether, and if so how, the Treasury propose exercising the power under section 15 in relation to those arrangements.
(5)
The Treasury must consult the appropriate regulator in preparing the report.
(6)
The appropriate regulator must provide to the Treasury such information or other assistance as the Treasury may require for the purposes of preparing the report.
(7)
The Treasury must lay a copy of the report before Parliament.