Private Intermittent Securities and Capital Exchange System (PISCES): Consultation
Read the full outcome
Detail of outcome
PISCES (the Private Intermittent Securities and Capital Exchange System) is a new type of stock market for private company shares. It forms a key part of the Government’s strategy to reinvigorate capital markets through pro-innovation and pro-growth policies.
This consultation response summarises the feedback to the consultation, and sets out how the government intends to design the regulatory framework for PISCES in light of the views received.
The draft legislation to establish PISCES, as well as a policy note that provides commentary to aid the reader in reviewing the draft legislation, have also been published. The legislation will establish the PISCES sandbox and, alongside FCA rules, will set the regulatory requirements for PISCES.
Feedback on this draft legislation should be sent to PISCES@hmtreasury.gov.uk by 9 January 2025.
Original consultation
Consultation description
This consultation sets out the government’s proposal for a new platform that will allow private companies to trade their securities in a controlled environment and on an intermittent basis. The new Private Intermittent Securities and Capital Exchange System (PISCES) incorporates elements from public markets, such as those that offer multilateral trading, and elements from private markets that provide greater discretion on what company disclosures should be made public.
Participating on PISCES will support companies to scale up and grow, providing liquidity, helping shareholders, including employee shareholders, to realise their gains, and providing an opportunity to companies to rationalise their shareholder base. Investors will gain better access to exciting companies while also benefiting from greater transparency and efficiency than available in private markets.
This proposal will support the pipeline for future initial public offerings (IPOs) in the UK, by improving the interface between private companies and UK public markets, and complementing the government’s wide ranging and ongoing reforms to boost the UK as a listing destination.
PISCES will be developed using a financial market infrastructure (FMI) sandbox.
The consultation sets out the proposed design of the regulatory regime for PISCES and invites feedback. This proposal will be of interest to expected participants in PISCES such as potential companies, investors, and market operators; as well as regulated intermediaries (brokers, investment banks etc), professional service firms and trade associations.
Responses to this consultation should be sent to PISCES@hmtreasury.gov.uk by 17 April 2024.
Documents
Updates to this page
Published 6 March 2024Last updated 14 November 2024 + show all updates
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Updated with consultation response, draft legislation and policy note.
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First published.