Rebecca Servian

Orrick, Herrington & Sutcliffe LLP

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Latest Posts › Secondary Markets

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UK Founder Series: Secondaries and Share Schemes – What Employers Need to Know

Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our...more

7/31/2025 / Employee Benefits , Equity , Initial Public Offering (IPO) , Secondary Markets , Startups , UK , Venture Capital

PISCES: Sandbox

RECAP Private Intermittent Securities and Capital Exchange System (PISCES) Regulations (SI 2025/583) are now in force. PISCES is not a stock market; it is a regulatory sandbox for those market participants who want to set up...more

6/16/2025 / Capital Markets , Disclosure Requirements , Financial Conduct Authority (FCA) , Investors , New Regulations , Private Funds , Regulatory Reform , Secondary Markets , Securities Regulation , UK

PISCES: Hook, Line and Secondary Market

The Financial Conduct Authority (FCA) is aiming to bridge private and public markets with the Private Intermittent Securities and Capital Exchange System (PISCES). Only shares in unlisted UK-incorporated companies will be...more

6/4/2025 / Capital Markets , Financial Conduct Authority (FCA) , Investment , Investors , Regulatory Requirements , Secondary Markets , Securities Regulation , UK

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