UK Statutory Instrument
2025
United Kingdom
The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
At a glance
Enforced by
What's here
2 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 1
- Trader 1
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 14 other Schedules — structural / supplementary
This Part sets out modifications of the Companies Act 2006....
This Part sets out modifications of Part 1 (recognition requirements...
This Part sets out modifications to the FPO. The provisions...
This Part sets out modifications of Regulation (EU) No600/2014 of...
This Part sets out modifications to the Public Offers and...
This Part sets out modifications of Commission Delegated Regulation (EU)...
In this Schedule— “core disclosure” means a PISCES statement made...
Core disclosure
Expert statements
Correction of expert statements
Forward-looking statements and other disclosure
Official communications
Exemptions from other liability
Obligation on financial intermediary to check investor eligibility
- Check investor eligibility before placing PISCES share orders Any Person
Financial intermediary not to place certain orders for PISCES companies
- Do not place orders that cause a PISCES company to buy or sell its own shares Trader
Browse 18 other sections — procedural / definitional / commencement
Citation, commencement and extent
Interpretation
Creation and operation of the PISCES sandbox
Persons who may apply for approval to operate a PISCES
Other persons who may participate in the PISCES sandbox arrangements
Meaning of “qualifying individual”
PISCES application procedure and requirements
Determination of application to operate a PISCES
Further powers of the FCA in respect of PISCES approval notices
Sandbox arrangements
Liability for disclosed information
Making of FCA rules
Modification of technical standards
Supervision of the FMI sandbox
Treasury power to direct FCA to impose restrictions
Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
Date of the report on the FMI sandbox arrangements
Termination
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- PISCES: platforms for trading private company shares | FCA (opens in a new tab) from FCA Detailed Guidance
- PISCES Sandbox: apply to run a platform | FCA (opens in a new tab) from FCA Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
Connected legislation
parent Act
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Made under
FSMA 2023 2023 Primary Act
Explore more
Browse legislation
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.