Question to the HM Treasury:

To ask His Majesty's Government whether they plan to limit the period of the Private Intermittent Securities and Capital Exchange System Sandbox to less than five years.

The Private Intermittent Securities and Capital Exchange System (PISCES) Sandbox is due to last five years, until 5 June 2030, with the possibility of extension.

The Treasury is working with the Financial Conduct Authority to monitor outcomes during the lifetime of the sandbox and retains the ability to terminate or make the sandbox arrangements permanent at an earlier stage if appropriate, subject to Parliamentary approval.

In any case, the Treasury is committed to providing transparency, certainty and clear communications to PISCES operators and market participants.