The UK Financial Conduct Authority (FCA) has published two new webpages on the Private Intermittent Securities and Capital Exchange Systems (PISCES) sandbox, a new type of trading platform designed to enable intermittent trading of private company shares. This update follows the FCA's December 2024 consultation on the PISCES framework. The first webpage provides background on the regulatory framework—including who can operate and participate in a PISCES platform—and sets out the FCA's next steps, including plans to publish the final rules in June and run the sandbox to test the framework until June 2030. The second webpage offers guidance for firms seeking to apply to operate a PISCES platform within the sandbox, detailing the application process, eligibility criteria and regulatory expectations for firms. The FCA has opened a pre-application support process to assist prospective applicants ahead of the formal application process from June.
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