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).