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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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Meaning of “qualifying individual”

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6.—(1) “Qualifying individual”, in relation to a PISCES company and a trading period, means an individual whose inclusion on a list provided for that trading period by the PISCES company to a financial intermediary or PISCES operator indicates that the individual meets the qualifying conditions in paragraph (2).

(2) The qualifying conditions, in relation to a PISCES company, are that the individual—

(a)is employed by, or is a director or other officer of, the PISCES company or a company within its immediate group, or

(b)personally provides consultancy or managerial services—

(i)as a party to a contract for services with the PISCES company or a company within its immediate group, or

(ii)which are placed at the disposal and under the control of the PISCES company or a company within its immediate group, under an arrangement between that company and a third party.

(3) A PISCES company must not include an individual’s name in a list supplied to a financial intermediary or PISCES operator for the purposes of paragraph (1) unless the individual falls within paragraph (2)(a) or (b).

(4) In paragraph (2)(a), a “director or other officer”, in the case of a PISCES company that is an overseas company, includes a manager or a secretary.

(5) In paragraph (2)(b)(ii), “third party” includes a company of which the individual in question is a director, member or employee.

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