PISCES: FCA provides update on framework for regulated trading platform for private company shares

Article summary

The Financial Conduct Authority (FCA) has published an update on its private intermittent securities and capital exchange system (PISCES) sandbox framework following proposals put forward in consultation paper CP24/29: Private Intermittent Securities and Capital Exchange System: Sandbox Arrangements. This update provides early insights into the feedback received and its potential impact on the final rules, pending the FCA Board’s approval. The FCA plans to propose technical changes to better align PISCES with private market practices, including clarifications on core disclosures related to financial information, employee share schemes, directors’ transactions, and major shareholders. The update also addresses operator oversight, the application of MAR 5, and the removal of certain disclosure requirements. The final rules are anticipated to be published in June 2025, with the PISCES sandbox opening for applications shortly thereafter. Pre-application support is available for prospective operators to receive preliminary feedback on their proposed operating models and draft...