Page 65 - 期货和衍生品行业监管动态（2024年4月）

期货和衍生品行业监管动态

regulators. HM Treasury consulted on the DSS in July 2023, and laid the relevant

Statutory Instrument (SI) creating the DSS in December 2023.

3. The predominant existing legislation being tested is the UK Central Securities

Depositories Regulation (CSDR). This is amended via the DSS Statutory Instrument

and through transposing of firm-facing requirements into rules. These rules will be

applied to firms through Bank supervision in proportion to the amount of live activity

an authorised firm is permitted to undertake.

4. Firms seeking to operate securities settlement systems (and/or other activities

currently carried out by Central Securities Depositories (CSDs)) will be authorised by

the Bank as Digital Securities Depositories (DSDs). This includes the maintenance

and issuance of securities recorded on DLT.

5. The DSS will support multiple asset classes, including equities, corporate and

government bonds, asset-backed securities, units in collective investment schemes,

short-term money market instruments such as commercial paper and certificates of

deposit, and emissions allowances. Derivative contracts that require settlement on a

settlement system, and unbacked cryptoassets such as Bitcoin, are not in scope for the

DSS. The DSS will support both digitally native issued securities and digital
(tokenised) representation of existing securities.

6. The DSS will be open for applications to firms that are UK registered and

able to identify regulatory barriers that prevent the proposed activity being carried out

under existing regulations.

7. The Bank is continuously developing wholesale payments. Alongside the new

omnibus accounts available as part of the Banks’ Real-Time Gross Settlement (RTGS)

service, the Bank is exploring as part of its future roadmap for RTGS the possibility of

using a synchronised settlement interface to allow RTGS to interoperate with other

ledgers (such as digital securities ledgers in the DSS).

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