FCA publishes update on PISCES and pre-application support

On 10 April 2025, the FCA released a statement following its December 2024 consultation on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) (CP 24/29).

The FCA proposed allowing various PISCES models to be tested, aiming to foster growth, innovation and competition. The majority of respondents supported this flexible approach, leading to minimal changes in the final rules.

However, the FCA has recommended several technical adjustments to better align PISCES with private market practices, ensuring that proportionate suitable standards for PISCES are met. 

The positions outlined in the statement may undergo further developments and changes. The final rules are expected to be published in June 2025, with the PISCES sandbox opening for applications shortly thereafter.

For pre-application support and preliminary feedback on proposed operating models and draft rule books, prospective PISCES operators can contact the FCA at PISCES@fca.org.uk.