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UK share incentives: FCA final rules for PISCES sandbox trading in private company shares; HMRC OWR, IHT/EBT and PAYE manual updates; ERS deadline; stamp tax reform

Published on: 12 June 2025

Published by a LexisNexis Share Incentives expert
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Company law and regulatory

FCA publishes final rules for the PISCES sandbox to allow trading in private company shares

The Financial Conduct Authority (FCA) has released policy statement PS25/6, setting out the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES)—a facility enabling intermittent trading of shares in private companies. The model will operate as a sandbox, permitting the FCA to test the framework ahead of a permanent regime targeted for 2030. The sandbox is open, and prospective operators should seek a PISCES approval notice from the FCA. Once approved, they may conduct intermittent trading events. The FCA and HM Treasury will assess the sandbox’s impact using indicators such as the volume of applications from potential PISCES operators, the number and characteristics of participating companies (including any shift to public markets), liquidity, transaction volumes, and input from stakeholders...

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