The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
16 Supervision of the FMI sandbox
(1) The FCA must maintain arrangements for the supervision of the PISCES sandbox arrangements, including ongoing monitoring and supervision of each PISCES operator. (2) The FCA may, by direction, require a PISCES operator— (a) to provide specified information or documents reasonably requested in connection with the exercise by the FCA of functions conferred on it by or under these Regulations; (b) to engage or cease engaging in a particular activity in connection with the PISCES sandbox arrangements, whether or not the FCA has exercised its powers under regulation 11. (3) The FCA must publish on its website— (a) any rules made under regulation 14(1); (b) any directions given under regulation 14(8). (4) The FCA may publish— (a) the PAN of each PISCES operator; (b) such other information concerning the PISCES sandbox arrangements as it considers appropriate.
16 Supervision of the FMI sandbox
(1) The FCA must maintain arrangements for the supervision of the PISCES sandbox arrangements, including ongoing monitoring and supervision of each PISCES operator. (2) The FCA may, by direction, require a PISCES operator— (a) to provide specified information or documents reasonably requested in connection with the exercise by the FCA of functions conferred on it by or under these Regulations; (b) to engage or cease engaging in a particular activity in connection with the PISCES sandbox arrangements, whether or not the FCA has exercised its powers under regulation 11. (3) The FCA must publish on its website— (a) any rules made under regulation 14(1); (b) any directions given under regulation 14(8). (4) The FCA may publish— (a) the PAN of each PISCES operator; (b) such other information concerning the PISCES sandbox arrangements as it considers appropriate.
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