The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025
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Change 1
17 Saving provision
(1) The amendments made by these Regulations have no effect in relation to a PISCES operator in relation to the operation of a PISCES until the earlier of— (a) 5th June 2030; (b) the date on which any rules applicable to PISCES operators made by the Financial Conduct Authority under FSMA 2000 in replacement of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive come into force. (2) For the purposes of paragraph (1), “PISCES” and “PISCES operator” each has the meaning given in regulation 2 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025.
17 Saving provision
(1) The amendments made by these Regulations have no effect in relation to a PISCES operator in relation to the operation of a PISCES until the earlier of— (a) 5th June 2030; (b) the date on which any rules applicable to PISCES operators made by the Financial Conduct Authority under FSMA 2000 in replacement of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive come into force. (2) For the purposes of paragraph (1), “PISCES” and “PISCES operator” each has the meaning given in regulation 2 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025.
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