The UK's financial regulators are shaking up capital markets, introducing a new private trading platform called PISCES and proposing to cut burdensome reporting requirements for fund managers.
The Financial Conduct Authority (FCA) confirmed its plan to launch the Private Intermittent Securities and Capital Exchange System (PISCES) later this year.
PISCES is designed to give private companies a new way to sell shares without the full demands of a public listing. This platform will be open only to institutional investors, high-net-worth individuals, and company employees, not retail investors, due to the higher risks involved. Companies using PISCES will also be exempt from continuous public disclosures, such as quarterly earnings.
This initiative aims to solve a key problem: illiquidity for early investors and employees in startups that delay going public. PISCES will create time-limited trading windows, offering a path for these stakeholders to sell equity while allowing companies control over share pricing and buyers. Furthermore, the FCA plans to ease sustainability-related disclosures and adjust rules so only shareholders holding 25% or more are publicly identified.
PISCES will launch as a regulatory sandbox for five years, allowing operators to innovate under FCA supervision. This move is part of the FCA’s broader strategy to boost the UK’s market growth and competitiveness, hailed by officials as a “collaborative success.”
In a separate but related move, the FCA is proposing to eliminate mandatory public “Assessment of Value” (AoV) reporting for fund managers. This change, affecting nearly 150 firms and thousands of funds, aims to reduce costs and paperwork. The FCA believes that its existing Consumer Duty obligations already cover the intent of AoV rules, making separate public reports redundant and benefiting investors by allowing managers to focus on value delivery.
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