Mishcon de Reya page structure
Site header
Menu
Main content section
Abstract image of translucent oil droplets suspended in blue liquid, illuminated by light reflections and shadows, creating a soft, ethereal effect.

Could PISCES be of interest for FinTechs?

Posted on 2 June 2025

The Government is pushing ahead with the establishment of the Private Intermittent Securities and Capital Exchange System (PISCES), the framework for a new form of trading platform that will enable intermittent trading of private company shares. Among the aims of PISCES are providing more opportunities for investment in growth companies and creating liquidity for existing shareholders, including employee shareholders. It is hoped that PISCES will support the pipeline for future IPOs of FinTechs and other innovative businesses.    

The FCA is expected to publish its final rules for PISCES in June 2025. In the meantime, the Government has finalised the legislation for the PISCES "sandbox" and HMRC has published guidance on how PISCES trading events will interact with discretionary tax advantaged share schemes: please see our May 2025 briefing: PISCES legislation is finalised and Tax implications of trading events become clearer

How can we help you?
Help

How can we help you?

Subscribe: I'd like to keep in touch

If your enquiry is urgent please call +44 20 3321 7000

Crisis Hotline

I'm a client

I'm looking for advice

Something else