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

[^f00037]: Section 168 was amended by paragraph 16(2) of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 8(5) and (6) of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 8(4) of Schedule 10 to the Act.

[^f00038]: Section 171 was amended by paragraph 8 of Schedule 2 to the Financial Services Act 2021 (c. 22), S.I. 2007/126.

[^f00039]: Subsection (3A) was inserted by paragraph 9(3) of Schedule 2 to the Financial Services Act 2021 (c. 22). There are amendments but none is relevant.

[^f00040]: Section 204A was inserted by paragraph 10 of Schedule 9 to the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.

[^f00041]: Section 205 was amended by paragraph 11 of Schedule 9 to the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.

[^f00042]: Section 206 was amended by paragraph 12 of Schedule 9 to the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.

[^f00043]: Section 207 was amended by paragraph 18 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 14 of Schedule 9 to the Financial Services Act 2012 (c. 21), S.I. 2025/22.

[^f00044]: Section 208 was amended by paragraph 19 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 15 of Schedule 9 to the Financial Services Act 2012 (c. 21), S.I. 2025/22.

[^f00045]: Section 209 was amended by paragraph 16 of Schedule 9 to the Financial Services Act 2012 (c. 21), S.I. 2025/22.

[^f00046]: Section 296 was amended by paragraph 14 of Schedule 8 to the Financial Services Act 2012 (c. 21). There are other amendments but none is relevant.

[^f00047]: Section 312E was inserted by section 33 of the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.

[^f00048]: Section 313A was inserted by S.I. 2007/126 and amended by section 36 of the Financial Services Act 2012 (c. 21), S.I. 2010/1193, S.I. 2017/701.

[^f00049]: Section 313D was inserted by S.I. 2007/126 and amended by S.I. 2017/701, S.I. 2019/662. There are other amendments but none is relevant.

[^f00050]: S.I. 2017/701. Regulation 8 was amended by S.I. 2018/1403.

[^f00051]: Section 380 was amended by paragraph 19 of Schedule 9 to the Financial Services Act 2012 (c. 21). There are other amendments but none is relevant.

[^f00052]: Section 382 was amended by paragraph 21 of Schedule 9 to the Financial Services Act 2012 (c. 21). There are other amendments but none is relevant.

[^f00053]: Section 415A was inserted by paragraph 30 of Schedule 2 to the Financial Services Act 2010 (c. 28) and amended by paragraph 25 of Schedule 18 to the Financial Services 2012 (c. 21).

[^f00054]: The definition of “rule” was substituted by section 48(1)(p) of the Financial Services Act 2012 (c. 21). There are other amendments to section 417 but none is relevant.

[^f00055]: Schedule 1ZA was substituted by Schedule 3 to the Financial Services Act 2012 (c.21).

[^f00056]: S.I. 2001/995.

[^f00057]: Paragraph 3E was inserted by S.I. 2017/701.

[^f00058]: Paragraph 3H was inserted by S.I. 2017/701 and amended by S.I. 2019/662.

[^f00059]: Paragraph 9ZD was inserted by S.I. 2017/701.

[^f00060]: Paragraph 9A was inserted by S.I. 2006/3386 and amended by S.I. 2017/701. There are other amendments but none are relevant.

[^f00061]: Article 60 was amended by S.I. 2005/3392, S.I. 2010/86.

[^f00062]: Point (14) of Article 2(1) was substituted by S.I. 2018/1403.

[^f00063]: Point (14A) of Article 2(1) was substituted by S.I. 2018/1403.

[^f00064]: Article 23 was amended by paragraph 13 of Schedule 2 to the Act and S.I. 2018/1403.

[^f00066]: EUR 2017/565.

[^f00067]: Article A1 was inserted by S.I. 2018/1403.

Editorial notes

[^key-0a4c069d969172b883190d102efa2b25]: Reg. 1 in force at 5.6.2025, see reg. 1(2)

[^key-28b4b380b1eae115ed33a27e6774515e]: Reg. 2 in force at 5.6.2025, see reg. 1(2)

[^key-3252184d2ca0504771f4692927d67ea7]: Reg. 3 in force at 5.6.2025, see reg. 1(2)

[^key-8e477d48a24ecdc2b02d65979018be27]: Reg. 4 in force at 5.6.2025, see reg. 1(2)

[^key-76d50731cde338d63f387d490047e148]: Reg. 5 in force at 5.6.2025, see reg. 1(2)

[^key-5d0050059dd72570662dc883f6ecbfcd]: Reg. 6 in force at 5.6.2025, see reg. 1(2)

[^key-bdb57129eb79188b91d8bcfb92bacbc4]: Reg. 7 in force at 5.6.2025, see reg. 1(2)

[^key-9c22f6d6ae9108edcf088300fce08ad4]: Reg. 8 in force at 5.6.2025, see reg. 1(2)

[^key-38672a6cd51267c83c335d26a4758ee3]: Reg. 9 in force at 5.6.2025, see reg. 1(2)

[^key-78e865376277c2e078e8d92a57da19b8]: Reg. 10 in force at 5.6.2025, see reg. 1(2)

[^key-3375ca9a6dc5c72a9f816b615720a989]: Reg. 11 in force at 5.6.2025, see reg. 1(2)

[^key-7349c6e1115894ea8bf600778925e53f]: Reg. 12 in force at 5.6.2025, see reg. 1(2)

[^key-7b02fd2c7a7cd8276d0a6842d346b9fd]: Reg. 13 in force at 5.6.2025, see reg. 1(2)

[^key-8925c7023e0b37193ce42879ce4fb017]: Reg. 14 in force at 5.6.2025, see reg. 1(2)

[^key-674c88a7c1e81c28b674de7df95b6881]: Reg. 15 in force at 5.6.2025, see reg. 1(2)

[^key-8eb624afff621f67eea4ba27e6719784]: Reg. 16 in force at 5.6.2025, see reg. 1(2)

[^key-e91db541112dd9dd273c89798e4d4306]: Reg. 17 in force at 5.6.2025, see reg. 1(2)

[^key-12bac11004fbf2312d0973f7d4b5d117]: Reg. 18 in force at 5.6.2025, see reg. 1(2)

[^key-8c2b54af30607f7bdd053f81c79e0125]: Reg. 19 in force at 5.6.2025, see reg. 1(2)

[^key-8b19d6b777d9806525324d835509f5f4]: Reg. 20 in force at 5.6.2025, see reg. 1(2)

[^key-b83bef1b0507e846d7a16a2e78d8281f]: Sch. 1 para. 1 in force at 5.6.2025, see reg. 1(2)

[^key-52c8ee1cd8f561c3f3fd0e2f1e2cfea6]: Sch. 1 para. 2 in force at 5.6.2025, see reg. 1(2)

[^key-d14fab9e9083cfe03ed4260852d6d524]: Sch. 1 para. 3 in force at 5.6.2025, see reg. 1(2)

[^key-dd8f667f17a804561ddc7db5d5a1689b]: Sch. 1 para. 4 in force at 5.6.2025, see reg. 1(2)

[^key-8e5addfe5437bc49613286a2afb6bcc6]: Sch. 1 para. 5 in force at 5.6.2025, see reg. 1(2)

[^key-1c04a7435f270e52a7ed085a13b55097]: Sch. 1 para. 7 in force at 5.6.2025, see reg. 1(2)

[^key-91abb86600864ba513feaeb0162de75e]: Sch. 2 para. 1 in force at 5.6.2025, see reg. 1(2)

[^key-726493769d91571b58123670a19aecc1]: Sch. 2 para. 2 in force at 5.6.2025, see reg. 1(2)

[^key-1b35c35a2f9b1852bb166acc09fc380c]: Sch. 2 para. 3 in force at 5.6.2025, see reg. 1(2)

[^key-aef698ca8cc64a2ca20f8a8d7cfe7972]: Sch. 2 para. 4 in force at 5.6.2025, see reg. 1(2)

[^key-3385443e19ca48d3934c536bda19fc5c]: Sch. 2 para. 5 in force at 5.6.2025, see reg. 1(2)

[^key-d4773f3413deace54a79f5d6a87c10f3]: Sch. 2 para. 6 in force at 5.6.2025, see reg. 1(2)

[^key-db903c4355ab9529498b06e289faeb4d]: Sch. 2 para. 7 in force at 5.6.2025, see reg. 1(2)

[^key-d5d3786db4d0e5abca58c064939fe9a5]: Sch. 1 Pt. 6 substituted (19.1.2026) by The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 (S.I. 2025/1076), reg. 1(3), Sch. para. 42; S.I. 2025/1078, reg. 5(b)