Published on: 23 June 2025
Published by a Law360 reporter
The FCA has now released the PISCES sourcebook, following HM Treasury’s publication of the Financial Services and Markets Act 2023 (FSMA 2023) (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, SI 2025/583, which came into effect on 5 June 2025. The clock is ticking for would‑be PISCES platform operators to gain regulatory approval and commence operations.
PISCES introduces a form of intermittent private capital market in the UK. It will function as a secondary venue for trading shares in private companies. Compared with a public market, it gives private businesses greater control over how their shares are marketed and imposes a lighter ongoing compliance burden. Crucially, PISCES is not an additional market, but a distinct type of market. The FCA anticipates multiple firms will seek permission to run PISCES platforms and, at least at the outset, that several PISCES will operate.
Fewer companies are pursuing admission to UK public markets, and those that do tend to be more mature than was previously typical. This has constrained exit routes, and...
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
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