The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
14 Making of FCA rules
(1) The FCA may make such rules as it considers to be necessary or expedient for the purpose of implementing and operating the PISCES sandbox arrangements. (2) Rules made under paragraph (1) may apply to— (a) a PISCES operator; (b) persons falling within regulation 5(1); (c) the scheme manager as defined in section 212 of FSMA 2000 (the scheme manager), in respect of the compensation scheme as defined in s213(2) of FSMA 2000 (the compensation scheme), so as to enable that scheme to make provision in respect of a PISCES; (d) any other person in relation to the person’s— (i) use of a PISCES, or (ii) activities or conduct in connection with a PISCES or PISCES shares. (3) In paragraph (2)(a), “PISCES operator” includes 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. (4) Rules made under paragraph (1) may (among other things) make provision— (a) concerning the operation of a PISCES; (b) imposing requirements as to arrangements for the disclosure of information by PISCES companies in connection with the trading of PISCES shares; (c) concerning the detection and prevention of abusive, manipulative or deceptive trading behaviours on a PISCES; (d) concerning the trading, promotion or distribution of PISCES shares, including provision that applies before shares in a PISCES company are traded on a PISCES. (5) The power to make rules in paragraph (1) includes the power to provide for— (a) rules made by the FCA that are relevant enactments not to apply for the purposes of the PISCES sandbox arrangements; (b) modifications in the application of such rules; (c) the application of such rules (with or without modifications). (6) The power to make rules in paragraph (1) also includes the power to make rules on the subject matter of a provision of a relevant enactment that has been disapplied by these Regulations. (7) Paragraph (8) relates to— (a) any rules made under paragraph (1); or (b) any rules made by the FCA that are relevant enactments. (8) The FCA may, by giving such direction as it considers to be necessary or expedient for the purpose of implementing and operating the PISCES sandbox arrangements, waive or modify a rule so as— (a) not to apply to a person, or a description of a persons, falling within paragraph (2), or (b) to apply, with such modifications (if any) as the FCA may specify, to a person or a description of a person falling within that paragraph. (9) A direction under paragraph (8)— (a) may be given subject to conditions, and (b) may be revoked or varied by a subsequent direction.
14 Making of FCA rules
(1) The FCA may make such rules as it considers to be necessary or expedient for the purpose of implementing and operating the PISCES sandbox arrangements. (2) Rules made under paragraph (1) may apply to— (a) a PISCES operator; (b) persons falling within regulation 5(1); (c) the scheme manager as defined in section 212 of FSMA 2000 (the scheme manager), in respect of the compensation scheme as defined in s213(2) of FSMA 2000 (the compensation scheme), so as to enable that scheme to make provision in respect of a PISCES; (d) any other person in relation to the person’s— (i) use of a PISCES, or (ii) activities or conduct in connection with a PISCES or PISCES shares. (3) In paragraph (2)(a), “PISCES operator” includes 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. (4) Rules made under paragraph (1) may (among other things) make provision— (a) concerning the operation of a PISCES; (b) imposing requirements as to arrangements for the disclosure of information by PISCES companies in connection with the trading of PISCES shares; (c) concerning the detection and prevention of abusive, manipulative or deceptive trading behaviours on a PISCES; (d) concerning the trading, promotion or distribution of PISCES shares, including provision that applies before shares in a PISCES company are traded on a PISCES. (5) The power to make rules in paragraph (1) includes the power to provide for— (a) rules made by the FCA that are relevant enactments not to apply for the purposes of the PISCES sandbox arrangements; (b) modifications in the application of such rules; (c) the application of such rules (with or without modifications). (6) The power to make rules in paragraph (1) also includes the power to make rules on the subject matter of a provision of a relevant enactment that has been disapplied by these Regulations. (7) Paragraph (8) relates to— (a) any rules made under paragraph (1); or (b) any rules made by the FCA that are relevant enactments. (8) The FCA may, by giving such direction as it considers to be necessary or expedient for the purpose of implementing and operating the PISCES sandbox arrangements, waive or modify a rule so as— (a) not to apply to a person, or a description of a persons, falling within paragraph (2), or (b) to apply, with such modifications (if any) as the FCA may specify, to a person or a description of a person falling within that paragraph. (9) A direction under paragraph (8)— (a) may be given subject to conditions, and (b) may be revoked or varied by a subsequent direction.
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