The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
3 Creation and operation of the PISCES sandbox
(1) These Regulations have effect as an FMI sandbox (the “PISCES sandbox”) for the purposes described in section 13(1)(a) and (b) of the Act (testing of FMI technologies or practices), in so far as those purposes relate to the practice of operating a PISCES in the carrying on, as part of the business of a person specified in regulation 4, of the FMI activity of operating a multilateral system for the trading of shares. (2) The FMI sandbox arrangements implemented as part of the PISCES sandbox (“the PISCES sandbox arrangements”) must relate to the FMI activity mentioned in paragraph (1), where carried on as mentioned in that paragraph. (3) For the purposes of these Regulations, a “PISCES” is a multilateral system which— (a) is for the trading of PISCES shares in intermittent trading periods, (b) brings together multiple buying and selling interests in PISCES shares, in the system and in accordance with non-discretionary rules, in a way which results in a contract, and (c) allows a PISCES company to determine at least one of the following in respect of the trading of its PISCES shares— (i) when the shares may be traded; (ii) the persons or categories of person who may buy or sell the shares; (iii) restrictions on the trading of the shares, including restrictions requiring a minimum or a maximum price; (iv) the persons or categories of person who may receive information about the company or transactions in its shares. (4) For the purposes of these Regulations, the appropriate regulator is the FCA.
3 Creation and operation of the PISCES sandbox
(1) These Regulations have effect as an FMI sandbox (the “PISCES sandbox”) for the purposes described in section 13(1)(a) and (b) of the Act (testing of FMI technologies or practices), in so far as those purposes relate to the practice of operating a PISCES in the carrying on, as part of the business of a person specified in regulation 4, of the FMI activity of operating a multilateral system for the trading of shares. (2) The FMI sandbox arrangements implemented as part of the PISCES sandbox (“the PISCES sandbox arrangements”) must relate to the FMI activity mentioned in paragraph (1), where carried on as mentioned in that paragraph. (3) For the purposes of these Regulations, a “PISCES” is a multilateral system which— (a) is for the trading of PISCES shares in intermittent trading periods, (b) brings together multiple buying and selling interests in PISCES shares, in the system and in accordance with non-discretionary rules, in a way which results in a contract, and (c) allows a PISCES company to determine at least one of the following in respect of the trading of its PISCES shares— (i) when the shares may be traded; (ii) the persons or categories of person who may buy or sell the shares; (iii) restrictions on the trading of the shares, including restrictions requiring a minimum or a maximum price; (iv) the persons or categories of person who may receive information about the company or transactions in its shares. (4) For the purposes of these Regulations, the appropriate regulator is the FCA.
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