Part 1: Regulatory Framework Financial market infrastructure: piloting powers Section 16: Regulations
Subsection (1) allows HM Treasury to confer a discretionary power on an appropriate regulator or another specified person to do anything under or for the purposes of the regulations made under sections 13 to 15. This includes a power for an appropriate regulator to make, disapply or modify rules or technical standards in connection with an FMI sandbox. For example, where HM Treasury has made changes to remove obstacles from primary legislation, it may be necessary for the regulators to also make consequential changes to the related technical standards and rules. Prior to conferring such a power, HM Treasury must consult with the appropriate regulators or such other persons it considers appropriate.