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ARTICLE · 30 JANUARY 2025

Key Regulatory Developments In The UK/EU – January 2025

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The Financial Conduct Authority (FCA) is currently consulting on a proposal for a new type of trading platform (PISCES) that would enable intermittent secondary trading of private company shares.

United KingdomFinance and Banking
Ezra Zahabi
Ezra Zahabi
Daniel Quinn
Daniel Quinn
Hamish Annandale
Hamish Annandale
Ian Meade
Ian Meade
Qasam Mahmood
Qasam Mahmood
Simon Ellis
Simon Ellis
Tim Pearce
Tim Pearce
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PISCES – FCA proposal for a UK Trading Venue for Private Securities

The Financial Conduct Authority (FCA) is currently consulting on a proposal for a new type of trading platform (PISCES) that would enable intermittent secondary trading of private company shares. PISCES would use certain features of public markets, such as multilateral trading, and retain features of the private markets to give companies greater discretion over disclosures and permitted participants. Trading would be intermittent and of limited duration, and the issuer would have discretion to determine when shares are traded, who can participate in trading, to whom disclosures are distributed and to set price parameters.

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