Overview

• The FCA published its Pisces rulebook in June 2025, establishing a five-year sandbox for secondary trading of private company shares and prompting operators like the London Stock Exchange to prepare platforms.
• Access to Pisces is limited to qualified investors, including institutional and high-net-worth investors, sophisticated investors and participating employees.
• Companies using Pisces platforms will face streamlined reporting, with forward-looking forecasts, sustainability disclosures and detailed insider transaction requirements dropped.
• Pisces transactions will benefit from tax exemptions, such as stamp duty relief and preserved share option incentives for employees.
• Trading on Pisces platforms is expected to begin before year-end 2025, though critics warn that minimal investor protections and waived market abuse rules may increase buyer risk.