As legislation establishing the Private Intermittent Securities and Capital Exchange System (PISCES) comes into force today (5 June), experts have warned that “light touch regulation” could result in an investment scandal and undermine the financial regulator.
Regulation set out last month for PISCES, the framework for a new trading platform enabling intermittent trading of private company shares, was laid before Parliament last month as a statutory instrument, meaning it was waved through without the customary debate. PISCES framework 'a very welcome step forward' but limitations remain The Financial Conduct Authority will now set out its regulatory framework no later than the end of June 2025, with potential PISCES operators subsequently expected to make formal applications to the regulator for a PISCES Approval Notice (PAN). Investmen...
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