(1) The Treasury may by regulations make provision for the purposes of -
(a) testing, for a limited period, the efficiency or effectiveness of the carrying on of FMI activities in a particular way, and
(b) assessing whether or how relevant enactments should apply in relation to FMI activities carried on in that way.
(2) The reference in subsection (1)(a) to FMI activities being carried on in a particular way includes a reference to -
(a) the use of developing technology in the carrying on of FMI activities;
(b) the adoption of new or different practices in the carrying on of FMI activities.
(3) Provision made in regulations under subsection (1) is referred to in this group of sections as an FMI sandbox.
(4) An FMI sandbox must specify or otherwise provide for -
(a) the FMI activities to which the FMI sandbox arrangements relate;
(b) the description -
(i) of FMI entities eligible to participate in the FMI sandbox arrangements, and
(ii) of any other persons (including in particular the u
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