UK regulator says it will open the door to more opportunities and facilitate access to growth companies
The FCA announced the final rules for its Private Intermittent Securities and Capital Exchange System (PISCES) yesterday, ahead of the private stock market’s launch later this year.
The PISCES platform will facilitate the intermittent trading of secondary shares in private companies, allowing them to access broader range of investors and asset managers and enabling shareholders to exit investments.
Jodie Dennis, knowledge development lawyer, corporate, Charles Russell Speechlys, said on a note: “The FCA has made several technical adjustments to the final rules, aligning PISCES more closely with private market practices while ensuring proportionate standards.
“These changes reflect the feedback received during the consultation process, maintaining consistency with the interim statement published by the FCA in April 2025.”
She stated that the key areas of the FCA’s consultation responses in the PISCES Sourcebook include disclosure, trading events, market manipulation, financial promotion order and intermediary requirements.
The FCA planned the PISCES launch in response to the lengthening time companies wait before listing on public markets. It said there is demand from investors for a venue to trade private company shares easily and efficiently in an organised market.
Access to PISCES will be limited to institutional investors, high-net-worth individuals, sophisticated investors and employees of participating companies.
Simon Walls, executive director of markets at the FCA, said in a statement: “This bold design rebalances risk, but it is bold risk-taking that made the UK the leading financial centre it is today. The new platforms will give investors greater access and confidence to invest in exciting new companies, while early backers and employees can sell up and invest again.”
Emma Reynolds, economic secretary to the Treasury, added: “I welcome the FCA’s announcement, which follows our legislation and opens PISCES to industry. This also builds on our announcements on a stamp taxes on shares exemption for PISCES transactions, and on employees retaining the tax advantages on eligible shares traded.”