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

These Regulations provide for the testing of the efficiency and effectiveness of a new kind of share-trading system, the Private Intermittent Securities and Capital Exchange System, or PISCES. The PISCES sandbox is a financial markets infrastructure (“FMI”) sandbox provided for at sections 13 to 17 of the Financial Services and Markets Act 2023 (c. 29). FMI sandboxes provide for the testing of new or developing technologies or practices in FMI activities, and for the testing of whether or how relevant enactments should apply to the operation of a those new technologies or practices.

Lifecycle

Department

Made

14 May 2025

—

In force

05 Jun 2025

Enabling power

The Treasury make these Regulations in exercise of the powers conferred by sections 21(5) and (6) and 428(3) of the Financial Services and Markets Act 2000and sections 13(1), (4), (5), (6) and (7), 14(3), 16(1) and 84(2) of, and Schedule 4 to, the Financial Services and Markets Act 2023. In accordance with section 16(2) of the Financial Services and Markets Act 2023, the Treasury have consulted the Financial Conduct Authority, being the appropriate regulator, and such other persons as the Treasury consider appropriate.

DocumentsOpen on legislation.gov.uk →

Explanatory Memorandum

UK Explanatory Memorandum

application/pdf · 15 May 2025 · 90 KB

Instrument PDF

application/pdf · 15 May 2025 · 403 KB