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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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Exemptions from other liability
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7.—(1) Except for liability under regulation 13, a PISCES company is not subject to any other liability in respect of any loss caused by a PISCES statement.
(2) In sub-paragraph (1) the reference to liability, in relation to a PISCES company, includes a reference to another person being entitled as against that PISCES company to be granted any civil remedy or to rescind or repudiate an agreement.
(3) A person other than the PISCES company is not subject to any liability, other than to the PISCES company, in respect of a PISCES statement.
(4) This paragraph does not affect—
(a)civil liability under rules made under section 954 of the Companies Act 2006 (compensation),
(b)liability to a civil penalty,
(c)criminal liability, or
(d)the powers conferred by section 382 of FSMA 2000 (powers of the court to make a restitution order).
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