The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
7 Obligation on financial intermediary to check investor eligibility
(1) A financial intermediary must not place an order to buy a PISCES share when dealing with a person (“the client”), whether directly, or through bare trustees, nominees or custodians, unless— (a) the client is a qualifying individual as defined in regulation 6, or (b) the financial intermediary believes on reasonable grounds that the client will fall within one or more of the other descriptions of specified PISCES investor in regulation 5(3) immediately before the order is to be executed. (2) Where a financial intermediary receives an order to buy a PISCES share which— (a) is placed by a person (“A”) who is carrying on activities to which the exclusion in article 29(1) of the RAO (arranging deals with or through authorised persons) applies, and (b) results from A dealing with a client mentioned in paragraph (1) in the manner described in that paragraph, paragraph (1) applies to the financial intermediary as if the financial intermediary were dealing directly with A’s client. (3) The obligation in paragraph (1) does not apply— (a) to a financial intermediary which is not established in the UK, unless they are dealing with a client in the manner described in that paragraph from a permanent place of business in the United Kingdom; (b) where the financial intermediary believes, on reasonable grounds, that the client mentioned in paragraph (1) is— (i) an individual who is resident outside the United Kingdom, or (ii) a body incorporated in, constituted or formed under the law of, a country outside the United Kingdom. (4) Where a PISCES operator receives an order to buy a PISCES share for a person, without the involvement of a financial intermediary, paragraphs (1), (2) and (3)(b) apply to the PISCES operator as they apply to a financial intermediary.
7 Obligation on financial intermediary to check investor eligibility
(1) A financial intermediary must not place an order to buy a PISCES share when dealing with a person (“the client”), whether directly, or through bare trustees, nominees or custodians, unless— (a) the client is a qualifying individual as defined in regulation 6, or (b) the financial intermediary believes on reasonable grounds that the client will fall within one or more of the other descriptions of specified PISCES investor in regulation 5(3) immediately before the order is to be executed. (2) Where a financial intermediary receives an order to buy a PISCES share which— (a) is placed by a person (“A”) who is carrying on activities to which the exclusion in article 29(1) of the RAO (arranging deals with or through authorised persons) applies, and (b) results from A dealing with a client mentioned in paragraph (1) in the manner described in that paragraph, paragraph (1) applies to the financial intermediary as if the financial intermediary were dealing directly with A’s client. (3) The obligation in paragraph (1) does not apply— (a) to a financial intermediary which is not established in the UK, unless they are dealing with a client in the manner described in that paragraph from a permanent place of business in the United Kingdom; (b) where the financial intermediary believes, on reasonable grounds, that the client mentioned in paragraph (1) is— (i) an individual who is resident outside the United Kingdom, or (ii) a body incorporated in, constituted or formed under the law of, a country outside the United Kingdom. (4) Where a PISCES operator receives an order to buy a PISCES share for a person, without the involvement of a financial intermediary, paragraphs (1), (2) and (3)(b) apply to the PISCES operator as they apply to a financial intermediary.
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