LegalizeThe Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
• Part 2: the Companies Act 2006 (c.46),
• Part 3: the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (S.I. 2001/995),
• Part 4: the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005,
• Part 5: Regulation (EU)600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
• Part 6: Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, which is disapplied entirely, and
• Part 7: Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.
A de minimis impact assessment of the effect of this instrument is available from HM Treasury, 1 Horseguards Road, London SW1A 2HQ and is published alongside this instrument on www.legislation.gov.uk.
Footnotes
The appropriate regulator for the purpose of section 17(2) of the Financial Services and Markets Act 2023.
Section 31 was amended by section 11(1) of the Financial Services Act 2012 (c. 21). There are other amendments but none is relevant.
2000 c. 8. Section 421ZA was inserted by section 48(2) of the Financial Services Act 2012.
EUR 600/2014.
Definitions in Article 2 were substituted by S.I. 2018/1403.
Section 55A(5) was inserted by the Financial Services Act 2012.
Article 25(1) was amended by S.I. 2003/1476, S.I. 2006/3384 and S.I. 2017/488.
Article 25D was inserted by S.I. 2006/3384.
Article 25DA was inserted by S.I. 2017/488.
The definition of “trading venue” in section 313D(1) was substituted by S.I. 2019/662.
The definition in Article 2(1)(8) was substituted by S.I. 2018/1403.
Part 1 was substituted by S.I. 2023/1411 and amended by S.I. 2024/301.
Article 49 was amended by S.I. 2011/1265 and S.I. 2018/1253.
Part 2 was substituted by S.I. 2023/1411 and amended by S.I. 2024/301.
Article 60(2) was amended by S.I. 2005/3392.
Subsection (2) was substituted by the section 10(3) of the Financial Services Act 2012. Other relevant amendments to section 39 were made by S.I. 2017/701 and S.I. 2019/632.
Relevant amendments were made to article 29 by S.I. 2003/1476 and S.I. 2006/3384.
The meaning of “relevant enactment” is given by section 17(3) of the Act. The list in section 17(3) was amended by S.I. 2024/1347, which inserted EUR 2017/1129.
Section 138P was inserted by S.I. 2018/1115.
Article 3 was amended by S.I. 2011/1265. There is another amendment which is not relevant.
Subsection (4) was substituted by paragraph 5(3) of Schedule 18 to the Financial Services Act 2012 (c. 21). Relevant amending instruments are S.I. 2019/632, S.I. 2024/102.
Section 66A was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013 (c. 33) and amended by section 25(2) of and paragraph 16 of Schedule 4 to the Bank of England and Financial Services Act 2016 (c. 14), S.I. 2015/1864. There are other amendments but none is relevant.
Section 102B was substituted by S.I. 2005/1433. Subsection (5) was amended by S.I. 2019/707. There are amendments but none is relevant.
Section 137S was substituted by section 24(1) of the Financial Services Act 2012 (c. 21).
Section 137T was substituted by section 24(1) of the Financial Services Act 2012 (c. 21) and amended by section 66(2) of the Act.
Section 139A was substituted by section 24(1) of the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.
Subsection (7) was amended by paragraph 1(6) of Schedule 12 to the Financial Services Act 2012 (c. 21). There are other amendments but none is relevant.
Section 166 was inserted by paragraph 5 of Schedule 12 to the Financial Services Act 2012 (c. 21) and amended by paragraph 6(3) of Schedule 2 to the Financial Services Act 2021 (c. 22), S.I. 2025/22.
Section 166A was inserted by paragraph 6 of Schedule 12 to the Financial Services Act 2012 (c. 21) and amended by section 11(3) of the Act.
Section 167 was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 7 of Schedule 2 to the Financial Services Act 2021 (c. 22), S.I. 2007/126, S.I. 2025/22.
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.
Section 171 was amended by paragraph 8 of Schedule 2 to the Financial Services Act 2021 (c. 22), S.I. 2007/126.
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.
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.
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.
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.
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.
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.
Section 209 was amended by paragraph 16 of Schedule 9 to the Financial Services Act 2012 (c. 21), S.I. 2025/22.
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.
Section 312E was inserted by section 33 of the Financial Services Act 2012 (c. 21). There are amendments but none is relevant.
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.
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.
S.I. 2017/701. Regulation 8 was amended by S.I. 2018/1403.
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.
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.
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).
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.
Schedule 1ZA was substituted by Schedule 3 to the Financial Services Act 2012 (c.21).
Paragraph 3E was inserted by S.I. 2017/701.
Paragraph 3H was inserted by S.I. 2017/701 and amended by S.I. 2019/662.
Paragraph 9ZD was inserted by S.I. 2017/701.
Paragraph 9A was inserted by S.I. 2006/3386 and amended by S.I. 2017/701. There are other amendments but none are relevant.
Article 60 was amended by S.I. 2005/3392, S.I. 2010/86.
Point (14) of Article 2(1) was substituted by S.I. 2018/1403.
Point (14A) of Article 2(1) was substituted by S.I. 2018/1403.
Article 23 was amended by paragraph 13 of Schedule 2 to the Act and S.I. 2018/1403.
EUR 2017/565.
Article A1 was inserted by S.I. 2018/1403.
Editorial notes
Reg. 1 in force at 5.6.2025, see reg. 1(2)
Reg. 2 in force at 5.6.2025, see reg. 1(2)
Reg. 3 in force at 5.6.2025, see reg. 1(2)
Reg. 4 in force at 5.6.2025, see reg. 1(2)
Reg. 5 in force at 5.6.2025, see reg. 1(2)
Reg. 6 in force at 5.6.2025, see reg. 1(2)
Reg. 7 in force at 5.6.2025, see reg. 1(2)
Reg. 8 in force at 5.6.2025, see reg. 1(2)
Reg. 9 in force at 5.6.2025, see reg. 1(2)
Reg. 10 in force at 5.6.2025, see reg. 1(2)
Reg. 11 in force at 5.6.2025, see reg. 1(2)
Reg. 12 in force at 5.6.2025, see reg. 1(2)
Reg. 13 in force at 5.6.2025, see reg. 1(2)
Reg. 14 in force at 5.6.2025, see reg. 1(2)
Reg. 15 in force at 5.6.2025, see reg. 1(2)
Reg. 16 in force at 5.6.2025, see reg. 1(2)
Reg. 17 in force at 5.6.2025, see reg. 1(2)
Reg. 18 in force at 5.6.2025, see reg. 1(2)
Reg. 19 in force at 5.6.2025, see reg. 1(2)
Reg. 20 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 1 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 2 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 3 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 4 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 5 in force at 5.6.2025, see reg. 1(2)
Sch. 1 para. 7 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 1 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 2 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 3 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 4 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 5 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 6 in force at 5.6.2025, see reg. 1(2)
Sch. 2 para. 7 in force at 5.6.2025, see reg. 1(2)
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)
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