Government makes PISCES legislation

The Government has laid the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, the Regulations which set the legal framework for PISCES. This meets its commitment to set up PISCES before the end of May and it expects trading to start in the Autumn.

Alongside the announcement HM Treasury confirmed it will legislate in the next Finance Bill to allow employers, with employee permission, to amend existing enterprise management incentive and company share option plans to include a PISCES trading event as an exercisable event, without losing tax advantages.

The FCA will publish its rules soon after the legislation comes into force and will then accept applications to operate PISCES trading events.