The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
5 Other persons who may participate in the PISCES sandbox arrangements
(1) The following descriptions of person may participate in the PISCES sandbox arrangements by using a PISCES or carrying on activities in connection with a PISCES— (a) an eligible company; (b) a person who is the registered holder of, is entitled to purchase or subscribe for, or is otherwise entitled to become the registered holder of, a PISCES share; (c) a buyer of a PISCES share; (d) a financial intermediary; (e) persons who directly or indirectly provide services which relate to the trading of PISCES shares to— (i) an eligible company; (ii) a person described in paragraph (1)(b) or (c); (iii) a PISCES operator; (iv) a financial intermediary; (f) persons carrying on activities in connection with— (i) the trading of a PISCES share; (ii) the provision of services as described in sub-paragraph (e). (2) In paragraph (1), “eligible company” means a company as defined in section 1(1) of the Companies Act 2006 (companies) that is limited by shares, or an overseas company, except, in either case, if the shares of the company are admitted to trading— (a) on a trading venue, as defined in section 313D(1) of FSMA 2000 (interpretation of Part 18A), or (b) on a multilateral system outside the United Kingdom. (3) In these Regulations, “specified PISCES investor” means— (a) a professional client, as defined in Article 2(1)(8) of MiFIR (definitions); (b) an individual— (i) who within the period of twelve months ending with the day on which the trading period in question is due to end, has completed and signed a statement complying with Part 1 of Schedule 5 to the FPO (statement for high net worth individuals), and (ii) whose completion of the statement indicates that they satisfy the conditions set out in that statement to be classified as a high net worth individual; (c) a person who falls within any of sub-paragraphs (a) to (c) of article 49(2) of the FPO (high net worth companies, unincorporated associations etc.); (d) an individual who has a certificate in writing or other legible form (a “PISCES sophisticated investor certificate”) relating to them, which— (i) is to the effect that the individual is sufficiently knowledgeable to understand the risks associated with an investment such as a PISCES share, and (ii) is signed and dated by an authorised person within the three years ending with the day on which the trading period in question is due to end; (e) an individual— (i) who within the period of twelve months ending with the day on which the trading period in question is due to end, has completed and signed a statement complying with Part 2 of Schedule 5 to the FPO (statement for self-certified sophisticated investors), and (ii) whose completion of the statement indicates that they satisfy the conditions set out in that statement to be classified as a self-certified sophisticated investor; (f) a qualifying individual, as defined in regulation 6, but only in relation to the purchase of shares in the PISCES company in relation to which they are a qualifying individual; (g) a person who is a relevant trustee, as defined in article 60(3) of the FPO, in relation to an employee share scheme, as defined in article 60(2) of the FPO (participation in employee share schemes), of the PISCES company in question (but see the modifications to article 60 of the FPO in Part 5 of Schedule 1); (h) a trustee of a share incentive plan as defined in section 488(4) of the Income Tax (Earnings and Pensions) Act 2003 (share incentive plans (SIPs)), established by the PISCES company in question or a company within its immediate group. (4) For the purposes of paragraph (3)— (a) the validity of a statement referred to in paragraph (3)(b) or (e) is not affected by a defect in the form or wording of the statement, provided that the defect does not alter the statement’s meaning; (b) in the case of a person described in paragraph (3)(c), the reference in article 49(6)(b) of the FPO to the date on which a communication was first made or directed is to be read as referring to the date on which the trading period in question is due to end. (5) In these Regulations, “financial intermediary” means— (a) an authorised person; (b) a member firm or participant with access to a PISCES; (c) an appointed representative as defined in section 39(2) of FSMA 2000 (exemption of appointed representatives).
5 Other persons who may participate in the PISCES sandbox arrangements
(1) The following descriptions of person may participate in the PISCES sandbox arrangements by using a PISCES or carrying on activities in connection with a PISCES— (a) an eligible company; (b) a person who is the registered holder of, is entitled to purchase or subscribe for, or is otherwise entitled to become the registered holder of, a PISCES share; (c) a buyer of a PISCES share; (d) a financial intermediary; (e) persons who directly or indirectly provide services which relate to the trading of PISCES shares to— (i) an eligible company; (ii) a person described in paragraph (1)(b) or (c); (iii) a PISCES operator; (iv) a financial intermediary; (f) persons carrying on activities in connection with— (i) the trading of a PISCES share; (ii) the provision of services as described in sub-paragraph (e). (2) In paragraph (1), “eligible company” means a company as defined in section 1(1) of the Companies Act 2006 (companies) that is limited by shares, or an overseas company, except, in either case, if the shares of the company are admitted to trading— (a) on a trading venue, as defined in section 313D(1) of FSMA 2000 (interpretation of Part 18A), or (b) on a multilateral system outside the United Kingdom. (3) In these Regulations, “specified PISCES investor” means— (a) a professional client, as defined in Article 2(1)(8) of MiFIR (definitions); (b) an individual— (i) who within the period of twelve months ending with the day on which the trading period in question is due to end, has completed and signed a statement complying with Part 1 of Schedule 5 to the FPO (statement for high net worth individuals), and (ii) whose completion of the statement indicates that they satisfy the conditions set out in that statement to be classified as a high net worth individual; (c) a person who falls within any of sub-paragraphs (a) to (c) of article 49(2) of the FPO (high net worth companies, unincorporated associations etc.); (d) an individual who has a certificate in writing or other legible form (a “PISCES sophisticated investor certificate”) relating to them, which— (i) is to the effect that the individual is sufficiently knowledgeable to understand the risks associated with an investment such as a PISCES share, and (ii) is signed and dated by an authorised person within the three years ending with the day on which the trading period in question is due to end; (e) an individual— (i) who within the period of twelve months ending with the day on which the trading period in question is due to end, has completed and signed a statement complying with Part 2 of Schedule 5 to the FPO (statement for self-certified sophisticated investors), and (ii) whose completion of the statement indicates that they satisfy the conditions set out in that statement to be classified as a self-certified sophisticated investor; (f) a qualifying individual, as defined in regulation 6, but only in relation to the purchase of shares in the PISCES company in relation to which they are a qualifying individual; (g) a person who is a relevant trustee, as defined in article 60(3) of the FPO, in relation to an employee share scheme, as defined in article 60(2) of the FPO (participation in employee share schemes), of the PISCES company in question (but see the modifications to article 60 of the FPO in Part 5 of Schedule 1); (h) a trustee of a share incentive plan as defined in section 488(4) of the Income Tax (Earnings and Pensions) Act 2003 (share incentive plans (SIPs)), established by the PISCES company in question or a company within its immediate group. (4) For the purposes of paragraph (3)— (a) the validity of a statement referred to in paragraph (3)(b) or (e) is not affected by a defect in the form or wording of the statement, provided that the defect does not alter the statement’s meaning; (b) in the case of a person described in paragraph (3)(c), the reference in article 49(6)(b) of the FPO to the date on which a communication was first made or directed is to be read as referring to the date on which the trading period in question is due to end. (5) In these Regulations, “financial intermediary” means— (a) an authorised person; (b) a member firm or participant with access to a PISCES; (c) an appointed representative as defined in section 39(2) of FSMA 2000 (exemption of appointed representatives).
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