GovWire

This consultation sets out the governments proposal for a new platform that will allow private companies to trade their securities in a controlled environment and on an intermittent basis. The new Private Intermittent Securities and Capital Exchange System (PISCES) incorporates elements from public markets, such as those that offer multilateral trading, and elements from private markets that provide greater discretion on what company disclosures should be made public.

Participating on PISCES will support companies to scale up and grow, providing liquidity, helping shareholders, including employee shareholders, to realise their gains, and providing an opportunity to companies to rationalise their shareholder base. Investors will gain better access to exciting companies while also benefiting from greater transparency and efficiency than available in private markets.

This proposal will support the pipeline for future initial public offerings (IPOs) in the UK, by improving the interface between private companies and UK public markets, and complementing the governments wide ranging and ongoing reforms to boost the UK as a listing destination.

PISCES will be developed using a financial market infrastructure (FMI) sandbox.

The consultation sets out the proposed design of the regulatory regime for PISCES and invites feedback. This proposal will be of interest to expected participants in PISCES such as potential companies, investors, and market operators; as well as regulated intermediaries (brokers, investment banks etc), professional service firms and trade associations.

Responses to this consultation should be sent to PISCES@hmtreasury.gov.uk by 17 April 2024.