Regulatory Alerts2025-02-17
Added · Updated
Private Intermittent Securities and Capital Exchange System: sandbox arrangements
The Financial Conduct Authority proposes a regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox, a five-year experimental regime for intermittent trading of private company shares. The framework disapplies the requirement to operate as a multilateral trading facility and excludes direct application of the UK Market Abuse Regulation to admitted shares. It establishes bespoke rules for operator disclosures, market manipulation oversight, and investor access, restricting retail participation to specific categories while allowing institutions and high net worth individuals. The consultation seeks feedback on these draft rules and modified Handbook provisions by 17 February 2025.
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