In a significant development within the financial sector, White & Case has provided crucial legal support to UK Finance and the Association for Financial Markets in Europe (AFME) on their joint response to the Financial Conduct Authority's (FCA) consultation regarding the Private Intermittent Securities and Capital Exchange System (PISCES). This initiative aims to establish a new private share trading platform in London. The FCA’s proposals, which follow HM Treasury’s 2024 consultation, outline detailed guidelines for disclosure, operations, and regulatory frameworks applicable to PISCES. The consultation includes draft rules for key areas such as disclosure scope, trading parameters, oversight mechanisms, and intermediary requirements. With the final statutory instrument expected to be laid before Parliament in May 2025, the launch of PISCES is anticipated within a regulatory sandbox environment later this year.
PISCES Consultation: An In-Depth Look
In the heart of London's bustling financial district, a groundbreaking initiative is taking shape. The FCA has released its consultation document on PISCES, proposing comprehensive regulations that will govern the new private securities trading platform. This comes after HM Treasury published its draft statutory instrument and government response in November 2024. The consultation delves into critical aspects like disclosure requirements, trading event parameters, oversight by operators, and obligations for intermediaries involved in the transactions.
White & Case, an internationally renowned legal practice, played a pivotal role in supporting UK Finance and AFME in formulating their joint response. UK Finance represents the collective interests of the banking and finance industry, while AFME speaks for Europe’s wholesale financial markets. Together, these organizations have contributed valuable insights into shaping the future of PISCES. The FCA plans to publish the final rules following the approval of the statutory instrument by Parliament, with the goal of launching PISCES in a controlled sandbox environment during 2025. Interested firms can expect further guidance from the FCA in early 2025 on how to apply for operator status.
From a journalist's perspective, the PISCES consultation marks a pivotal moment in the evolution of London's financial landscape. By establishing a robust regulatory framework, it paves the way for greater transparency and efficiency in private securities trading. The involvement of leading industry voices, supported by top-tier legal expertise, underscores the importance of collaboration between regulators and market participants. As we move closer to the launch of PISCES, it will be fascinating to observe how this innovative platform transforms the trading environment and sets new standards for regulatory compliance.