The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
10 Determination of application to operate a PISCES
(1) An application made under regulation 9(1) for approval to operate a PISCES under the PISCES sandbox arrangements must be determined by the FCA. (2) The FCA may— (a) approve the application; (b) approve the application but with such conditions, limitations or restrictions as the FCA considers appropriate; (c) reject the application. (3) The FCA must— (a) give the applicant written notice of its decision under paragraph (2); (b) include details of any conditions, limitations or restrictions imposed under paragraph (2)(b) within the notice, and in the case of approval, with or without conditions, limitations or restrictions, that notice is a PISCES approval notice (or “PAN”). (4) The FCA must provide the applicant with a statement of its reasons for any determination under paragraph (2)(b) or (c). (5) Each PISCES operator must either publish— (a) its PAN, or (b) information about the extent to which it is approved to participate in the PISCES sandbox arrangements and about any conditions, limitations or restrictions that may apply under paragraph (2)(b), or under paragraph (2)(b)(ii) or (3) of regulation 11. (6) A PISCES operator that operates its PISCES otherwise than in accordance with any conditions, limitations or restrictions imposed by the FCA under paragraph (2)(b), or under paragraph (2)(b)(ii) or (3) of regulation 11, is to be taken to have contravened a requirement imposed on it by the FCA under these Regulations.
10 Determination of application to operate a PISCES
(1) An application made under regulation 9(1) for approval to operate a PISCES under the PISCES sandbox arrangements must be determined by the FCA. (2) The FCA may— (a) approve the application; (b) approve the application but with such conditions, limitations or restrictions as the FCA considers appropriate; (c) reject the application. (3) The FCA must— (a) give the applicant written notice of its decision under paragraph (2); (b) include details of any conditions, limitations or restrictions imposed under paragraph (2)(b) within the notice, and in the case of approval, with or without conditions, limitations or restrictions, that notice is a PISCES approval notice (or “PAN”). (4) The FCA must provide the applicant with a statement of its reasons for any determination under paragraph (2)(b) or (c). (5) Each PISCES operator must either publish— (a) its PAN, or (b) information about the extent to which it is approved to participate in the PISCES sandbox arrangements and about any conditions, limitations or restrictions that may apply under paragraph (2)(b), or under paragraph (2)(b)(ii) or (3) of regulation 11. (6) A PISCES operator that operates its PISCES otherwise than in accordance with any conditions, limitations or restrictions imposed by the FCA under paragraph (2)(b), or under paragraph (2)(b)(ii) or (3) of regulation 11, is to be taken to have contravened a requirement imposed on it by the FCA under these Regulations.
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