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

Interpretation

2.  In these Regulations—

“the Act” means the Financial Services and Markets Act 2023;

“authorised person” has the meaning given in section 31 of FSMA 2000(1);

“established in the UK” means constituted under the law of any part of the United Kingdom and having, for the duration of the PISCES sandbox arrangements, a registered office or a head office in the United Kingdom;

“financial intermediary” has the meaning given in regulation 5(5);

“the FPO” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(2);

“immediate group” has the meaning given in section 421ZA of FSMA 2000(3);

“intermittent”, in relation to a trading period, means occasional, not frequent, and of limited duration;

“MiFIR” means Regulation (EU) No600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No648/2012(4);

“multilateral system” has the meaning given in Article 2(1)(11) of MiFIR(5);

“overseas company” has the meaning given in section 1044 of the Companies Act 2006(6);

“PISCES” has the meaning given in regulation 3(3);

“PISCES approval notice” or “PAN” means a notice given under regulation 10(3) approving a person described in regulation 4 to operate a PISCES;

“PISCES company” means a company whose shares are or are intended to be traded on a PISCES;

“PISCES disclosure arrangements” means the arrangements for the disclosure of information by PISCES companies that PISCES disclosure rules require a PISCES operator to establish and maintain;

“PISCES disclosure rules” means rules made by the FCA under paragraph (1) of regulation 14 which make provision of the kind mentioned in paragraph (4)(b) of that regulation;

“PISCES operator” means a person in respect of whom an approval under regulation 10 is in force;

“PISCES sandbox arrangements” has the meaning given in regulation 3(2);

“PISCES share” means a share in a PISCES company that is traded, or is to be traded, on a PISCES;

“PISCES statement” means a statement made by a PISCES company through PISCES disclosure arrangements;

“the RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(7).

“relevant PISCES person” has the meaning given in regulation 12(3);

“specified PISCES investor” has the meaning given in regulation 5(3).