The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
9 PISCES application procedure and requirements
(1) An application to the FCA for approval to operate a PISCES under the PISCES sandbox arrangements must— (a) be made in such manner as the FCA may direct, and (b) contain, or be accompanied by, such information that the FCA may reasonably require. (2) The information required by the FCA under this regulation may include (among other things)— (a) a description of an operational model which will facilitate the trading of PISCES shares and which may include (among other things)— (i) the use of a proposed trading system; (ii) the proposed frequency and duration of the intermittent trading periods; (b) a description of the restrictions on the trading of the shares that may be permissible at the instance of PISCES companies, including in particular any of the matters specified at regulation 3(3)(c); (c) details of any requirements with which a company will be required to comply before its shares are traded on the PISCES; (d) a description of the proposed disclosure arrangements and requirements for a PISCES company providing information to investors, and how the applicant would oversee them; (e) a description of the arrangements for the detection and prevention of abusive trading behaviours on the PISCES; (f) a risk assessment based on a description of the proposed operational model of the PISCES; (g) a statement of the applicant’s reasons for applying to operate a PISCES under the PISCES sandbox arrangements; (h) an explanation of how the applicant would comply with the requirements applicable to PISCES operators. (3) At any time after an application is received and before it is determined, the FCA may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
9 PISCES application procedure and requirements
(1) An application to the FCA for approval to operate a PISCES under the PISCES sandbox arrangements must— (a) be made in such manner as the FCA may direct, and (b) contain, or be accompanied by, such information that the FCA may reasonably require. (2) The information required by the FCA under this regulation may include (among other things)— (a) a description of an operational model which will facilitate the trading of PISCES shares and which may include (among other things)— (i) the use of a proposed trading system; (ii) the proposed frequency and duration of the intermittent trading periods; (b) a description of the restrictions on the trading of the shares that may be permissible at the instance of PISCES companies, including in particular any of the matters specified at regulation 3(3)(c); (c) details of any requirements with which a company will be required to comply before its shares are traded on the PISCES; (d) a description of the proposed disclosure arrangements and requirements for a PISCES company providing information to investors, and how the applicant would oversee them; (e) a description of the arrangements for the detection and prevention of abusive trading behaviours on the PISCES; (f) a risk assessment based on a description of the proposed operational model of the PISCES; (g) a statement of the applicant’s reasons for applying to operate a PISCES under the PISCES sandbox arrangements; (h) an explanation of how the applicant would comply with the requirements applicable to PISCES operators. (3) At any time after an application is received and before it is determined, the FCA may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
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