UK Statutory Instrument SI 2025/583 United Kingdom

The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025

Read it on legislation.gov.uk (opens in a new tab)
Made under
FSMA 2023
Enforced by
FCA
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person1 Trader1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.007 Obligation on financial intermediary to check investor eligibility Regulated
  • Check investor eligibility before placing PISCES share ordersAny Person
s.008 Financial intermediary not to place certain orders for PISCES companies Regulated
  • Do not place orders that cause a PISCES company to buy or sell its own sharesTrader
18 other provisions — procedural and definitional
s.001 Citation, commencement and extent
s.002 Interpretation
s.003 Creation and operation of the PISCES sandbox
s.004 Persons who may apply for approval to operate a PISCES
s.005 Other persons who may participate in the PISCES sandbox arrangements
s.006 Meaning of “qualifying individual”
s.009 PISCES application procedure and requirements
s.010 Determination of application to operate a PISCES
s.011 Further powers of the FCA in respect of PISCES approval notices
s.012 Sandbox arrangements
s.013 Liability for disclosed information
s.014 Making of FCA rules
s.015 Modification of technical standards
s.016 Supervision of the FMI sandbox
s.017 Treasury power to direct FCA to impose restrictions
s.018 Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
s.019 Date of the report on the FMI sandbox arrangements
s.020 Termination
Schedules

Schedules

0 of 14 shown
14 other schedules
s.sch001 This Part sets out modifications of FSMA 2000. The provisions...
s.sch001 This Part sets out modifications of the Companies Act 2006....
s.sch001 This Part sets out modifications of Part 1 (recognition requirements...
s.sch001 This Part sets out modifications to the FPO. The provisions...
s.sch001 This Part sets out modifications of Regulation (EU) No600/2014 of...
s.sch001 This Part sets out modifications to the Public Offers and...
s.sch001 This Part sets out modifications of Commission Delegated Regulation (EU)...
s.sch002 In this Schedule— “core disclosure” means a PISCES statement made...
s.sch002 Core disclosure
s.sch002 Expert statements
s.sch002 Correction of expert statements
s.sch002 Forward-looking statements and other disclosure
s.sch002 Official communications
s.sch002 Exemptions from other liability

Connected legislation

The wider family of instruments made under the same parent Act.

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.