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The FCA sets the stage for a groundbreaking private-public crossover market with PISCES, embracing a “private-plus” approach.

By Mark Austin, James Inness, Rob Moulton, Anna Ngo, Koushik K. Prasad, Frederick Gardner, and Johannes Poon

On 10 June 2025, the FCA unveiled its final proposals for the Private Intermittent Securities and Capital Exchange System (PISCES), following a comprehensive consultation process. The proposals mark a significant step in the development of a regulated platform for trading private company shares, designed to operate within a sandbox environment for five years. The proposals aim to foster innovation and competition amongst a variety of PISCES models, while ensuring appropriate investor protections based on a “private-plus” approach.

The FCA published the proposals in Policy Statement P25/6. This policy statement follows the UK government’s statutory instrument, which was published on 15 May 2025 and sets out the legislative framework establishing the regulatory sandbox environment for the operation of PISCES for a five-year period.

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The world’s first regulated private/public crossover market is significantly redesigned as a friction-free “private up” rather than “public down” market with rethought approach to disclosure and market abuse.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, Frederick Gardner, and Johannes Poon

On 14 November 2024, the UK government published its response to the March 2024 consultation on the UK’s proposed new regulated private/public crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES).

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The proposals seek to address engagement feedback which called for a more effective stewardship model that would support UK competitiveness and growth.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon

On 11 November 2024, the Financial Reporting Council (FRC) launched its consultation on proposed revisions to its Stewardship Code (the Code). The Code applies on a voluntary basis to its signatories which comprise asset owners, asset managers, proxy advisors, and investment consultants.