Column one sets out the current provisions of the UK CSDR. Column two highlights the changes made to the UK CSRD by the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023. These changes create what we refer to as a DSS CSDR. Column three then illustrates how the DSS CSDR applies to DSDs at gate 2 of the sandbox and the final column indicates the anticipated end state rules for DSDs.

This table is based on the FCA and Bank of England’s April 2024 consultation and as such, the ultimate application of the UK CSDR to DSDs remains subject to change.