UK Finance responds to HMT’s Private Intermittent Securities and Capital Exchange System (PISCES) consultation

Responding jointly with the Association for Financial Markets in Europe (AFME), we welcome the innovative and collaborative approach that the UK government is taking to make the UK capital markets more attractive and we recognise that private capital markets are an important part of this eco-system.

We are, therefore, supportive of any innovations that aim to give private companies greater flexibility to access broad investment and, ultimately, transition towards the public markets. HMT’s proposals for PISCES are an ambitious blueprint in this respect.

Given the innovative nature of the PISCES model and its novel place within the existing eco-system, we believe that it would be helpful for the overall positioning of PISCES to be clearly expressed and agreed before further granular rules are proposed. Our response outlines areas to consider in formulating an effective PISCES regulatory framework.

Area of expertise: