121) In the context of Digital Securities, engagement with the FSRA in relation to approvals required under MKT (Offers of Securities and/or Admissions to the Official List) will be via the FSRA Listing Authority.
122) Separately, Applicants seeking approvals to operate as a RIE, MTF, DSF or RCH must be prepared to engage heavily with the FSRA throughout the relevant application process. The Application process is broadly broken down into five stages, as follows:
a) Due Diligence & Discussions with FSRA team(s);
b) Submission of Formal Application;
c) Granting of In Principle Approval;
d) Granting of Final Approval; and
e) 'Operational Launch' Testing