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Share incentives: FCA PISCES disclosures for employee share schemes, AstraZeneca remuneration approval, EBA gender pay gap benchmarking, EMI/BADR Q&A, HMRC Manuals updates, and key dates

Published on: 17 April 2025

Published by a LexisNexis Share Incentives expert
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Company law and regulatory

PISCES: FCA shares update on framework for regulated trading venue for private company shares

The Financial Conduct Authority has issued an update on its Private Intermittent Securities and Capital Exchange System sandbox, building on proposals in consultation paper CP24/29 (for background, see News Analysis: Share Incentives weekly highlights—19 December 2024—Regulatory). Final rules are expected in June 2025, with applications to the PISCES sandbox opening shortly afterwards. Prospective operators can access pre‑application support to obtain early feedback on proposed operating models and draft rulebooks. The FCA’s note offers initial insights into stakeholder responses and how these could influence the final rules, subject to approval by the FCA Board. The regulator also plans to propose technical adjustments to ensure PISCES better aligns with private market practice, including clearer expectations around core disclosures...

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