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Article summary

These Regulations are made to amend a piece of UK secondary legislation in relation to financial services and markets. They 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 at sections 13 to 17 of the Financial Services and Markets Act 2023. 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 those new technologies or practices. They are made in exercise of legislative powers under the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act 2023 (FSMA 2023) in connection with assimilated law.