The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
6 Meaning of “qualifying individual”
(1) “Qualifying individual”, in relation to a PISCES company and a trading period, means an individual whose inclusion on a list provided for that trading period by the PISCES company to a financial intermediary or PISCES operator indicates that the individual meets the qualifying conditions in paragraph (2). (2) The qualifying conditions, in relation to a PISCES company, are that the individual— (a) is employed by, or is a director or other officer of, the PISCES company or a company within its immediate group, or (b) personally provides consultancy or managerial services— (i) as a party to a contract for services with the PISCES company or a company within its immediate group, or (ii) which are placed at the disposal and under the control of the PISCES company or a company within its immediate group, under an arrangement between that company and a third party. (3) A PISCES company must not include an individual’s name in a list supplied to a financial intermediary or PISCES operator for the purposes of paragraph (1) unless the individual falls within paragraph (2)(a) or (b). (4) In paragraph (2)(a), a “director or other officer”, in the case of a PISCES company that is an overseas company, includes a manager or a secretary. (5) In paragraph (2)(b)(ii), “third party” includes a company of which the individual in question is a director, member or employee.
6 Meaning of “qualifying individual”
(1) “Qualifying individual”, in relation to a PISCES company and a trading period, means an individual whose inclusion on a list provided for that trading period by the PISCES company to a financial intermediary or PISCES operator indicates that the individual meets the qualifying conditions in paragraph (2). (2) The qualifying conditions, in relation to a PISCES company, are that the individual— (a) is employed by, or is a director or other officer of, the PISCES company or a company within its immediate group, or (b) personally provides consultancy or managerial services— (i) as a party to a contract for services with the PISCES company or a company within its immediate group, or (ii) which are placed at the disposal and under the control of the PISCES company or a company within its immediate group, under an arrangement between that company and a third party. (3) A PISCES company must not include an individual’s name in a list supplied to a financial intermediary or PISCES operator for the purposes of paragraph (1) unless the individual falls within paragraph (2)(a) or (b). (4) In paragraph (2)(a), a “director or other officer”, in the case of a PISCES company that is an overseas company, includes a manager or a secretary. (5) In paragraph (2)(b)(ii), “third party” includes a company of which the individual in question is a director, member or employee.
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