The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
12 Sandbox arrangements
(1) The relevant enactments specified in Schedule 1 apply, with the modifications in that Schedule, to— (a) the FCA in connection with implementing and operating the PISCES sandbox arrangements; (b) the operation of a PISCES; (c) a financial intermediary when using a PISCES or carrying on activities in connection with a PISCES; (d) a parent undertaking, as defined in section 1162 of, and Schedule 7 to, the Companies Act 2006 (parent and subsidiary undertakings), of a PISCES operator; (e) any other person in relation to the person’s— (i) participation in the PISCES sandbox arrangements; (ii) use of a PISCES; (iii) activities or conduct in connection with a PISCES or PISCES shares, and other provisions in relevant enactments that refer to provisions so modified are to be treated as modified accordingly. (2) Insofar as provisions of relevant enactments modified in Schedule 1 relate to the FCA exercising any of its powers, where a person was but has ceased to be— (a) a PISCES operator, (b) a parent undertaking of a PISCES operator within the meaning of paragraph (1)(d), (c) a financial intermediary, or (d) concerned in the matters mentioned in paragraph (1)(e)(i) to (iii), the provisions continue to apply with respect to that person, in that capacity. (3) In Part 1 of Schedule 1, a “relevant PISCES person” means— (a) a person participating in the PISCES sandbox arrangements under regulation 5(1); (b) a person referred to in paragraph (1)(d), or (e)(ii) or (iii).
12 Sandbox arrangements
(1) The relevant enactments specified in Schedule 1 apply, with the modifications in that Schedule, to— (a) the FCA in connection with implementing and operating the PISCES sandbox arrangements; (b) the operation of a PISCES; (c) a financial intermediary when using a PISCES or carrying on activities in connection with a PISCES; (d) a parent undertaking, as defined in section 1162 of, and Schedule 7 to, the Companies Act 2006 (parent and subsidiary undertakings), of a PISCES operator; (e) any other person in relation to the person’s— (i) participation in the PISCES sandbox arrangements; (ii) use of a PISCES; (iii) activities or conduct in connection with a PISCES or PISCES shares, and other provisions in relevant enactments that refer to provisions so modified are to be treated as modified accordingly. (2) Insofar as provisions of relevant enactments modified in Schedule 1 relate to the FCA exercising any of its powers, where a person was but has ceased to be— (a) a PISCES operator, (b) a parent undertaking of a PISCES operator within the meaning of paragraph (1)(d), (c) a financial intermediary, or (d) concerned in the matters mentioned in paragraph (1)(e)(i) to (iii), the provisions continue to apply with respect to that person, in that capacity. (3) In Part 1 of Schedule 1, a “relevant PISCES person” means— (a) a person participating in the PISCES sandbox arrangements under regulation 5(1); (b) a person referred to in paragraph (1)(d), or (e)(ii) or (iii).
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