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The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025

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  1. Introductory Text

  2. 1.Citation, commencement and extent

  3. 2.Interpretation

  4. 3.Creation and operation of the PISCES sandbox

  5. 4.Persons who may apply for approval to operate a PISCES

  6. 5.Other persons who may participate in the PISCES sandbox arrangements

  7. 6.Meaning of “qualifying individual”

  8. 7.Obligation on financial intermediary to check investor eligibility

  9. 8.Financial intermediary not to place certain orders for PISCES companies

  10. 9.PISCES application procedure and requirements

  11. 10.Determination of application to operate a PISCES

  12. 11.Further powers of the FCA in respect of PISCES approval notices

  13. 12.Sandbox arrangements

  14. 13.Liability for disclosed information

  15. 14.Making of FCA rules

  16. 15.Modification of technical standards

  17. 16.Supervision of the FMI sandbox

  18. 17.Treasury power to direct FCA to impose restrictions

  19. 18.Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

  20. 19.Date of the report on the FMI sandbox arrangements

  21. 20.Termination

  22. Signature

  23. Schedules

    1. Schedule 1

      Modifications of legislation

      1. Part 1 Financial Services and Markets Act 2000

        1. 1.This Part sets out modifications of FSMA 2000. The provisions...

      2. Part 2 Companies Act 2006

        1. 2.This Part sets out modifications of the Companies Act 2006....

      3. Part 3 The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001

        1. 3.This Part sets out modifications of Part 1 (recognition requirements...

      4. Part 4 The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

        1. 4.This Part sets out modifications to the FPO. The provisions...

      5. Part 5 Regulation (EU) No600/2014

        1. 5.This Part sets out modifications of Regulation (EU) No600/2014 of...

      6. Part 6 Regulation (EU) 2017/1129

        1. 6.Treat Regulation (EU) 2017/1129 of the European Parliament and of...

      7. Part 7 Commission Delegated Regulation (EU) 2017/565

        1. 7.This Part sets out modifications of Commission Delegated Regulation (EU)...

    2. Schedule 2

      Compensation: exemptions

      1. Part 1 Interpretation

        1. 1.In this Schedule— “core disclosure” means a PISCES statement made...

      2. Part 2 Exemptions from liability for core disclosures

        1. 2.Core disclosure

        2. 3.Expert statements

        3. 4.Correction of expert statements

      3. Part 3 Further exemptions from liability and other provision

        1. 5.Forward-looking statements and other disclosure

        2. 6.Official communications

        3. 7.Exemptions from other liability

  24. Explanatory Note

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