PISCES—HM Treasury announces legislation to boost capital markets and support emerging companies under FSMA 2023
HM Treasury has announced that it will launch the private intermittent securities and capital exchange system sandbox (PISCES) to support emerging companies and strengthen the UK’s capital markets. The new platform is planned to provide a controlled environment in which private companies can trade shares during designated periods, offering them a structured way to access capital and progress toward potential public listings. The framework is set out in the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025. These Regulations were made on 14 May 2025, laid before Parliament on 15 May 2025, and are scheduled to come into force on 5 June 2025. They define what constitutes PISCES, specify the conditions under which shares may be traded during intermittent periods, and establish strict eligibility criteria for operators and market participants.