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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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Further powers of the FCA in respect of PISCES approval notices

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11.—(1) The FCA may, by direction, modify, suspend or cancel the PAN of a PISCES operator—

(a)on the application of or with the consent of the PISCES operator, or

(b) if the FCA considers that—

(i)the PISCES operator has operated its PISCES otherwise than in accordance with any conditions, limitations or restrictions imposed by the FCA under regulation 10(2)(b), or under paragraph (2)(b)(ii) or (3), or any other requirement that applies to it in relation to its PISCES, or

(ii)it is appropriate to do so for the purposes of implementing and operating the PISCES sandbox arrangements.

(2) Where a PISCES operator has applied to the FCA to modify its PAN under paragraph (1)(a), the FCA may—

(a)require the operator to provide any information that the FCA considers necessary to allow it to determine the application;

(b)determine the application by—

(i)approving the application;

(ii)approving the application with such (or such further) conditions, limitations or restrictions as the FCA considers appropriate;

(iii)rejecting the application.

(3) Where the FCA exercises its power under paragraph (1)(b) to modify a PAN, the FCA may impose such (or such further) conditions, limitations or restrictions as it considers appropriate.

(4) If the FCA exercises any of its powers under paragraph (1), it must—

(a)give the PISCES operator written notice;

(b)provide reasons for exercising the power;

(c) specify whether the modification, suspension or cancellation of the PAN takes effect immediately or on a specified date.

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