What new FCA private stock market system could offer cos
Law360, Expert analysis: On 10 June 2025, the Financial Conduct Authority (FCA) published its new Private Intermittent Securities and Capital Exchange System (PISCES) sourcebook, which came into effect immediately. Iain Wright, partner at Morgan Lewis & Bockius LLP reviews the core features of PISCES, the regulatory approach to PISCES operators, the disclosure and liability regimes, and what else practitioners need to know.