White & Case supports UK Finance and AFME on response to HM Treasury’s PICSES consultation

White & Case has supported UK Finance and the Association for Financial Markets in Europe ("AFME") on their joint response to HM Treasury's ("HMT") consultation on the private intermittent securities and capital exchange system ("PISCES") – the proposed new trading platform for private shares.

The proposals form part of the UK government's wider ongoing project of reforms to the UK's capital markets eco-system.

PISCES consultation

White & Case provided legal support to the joint response by UK Finance, the collective voice for the banking and finance industry, and AFME, the voice of Europe's wholesale financial markets, on behalf of their members. For further details, please see the response here.

HMT's consultation sought feedback on the proposed legal and regulatory framework for PISCES, including (among other topics) the proposed regulatory "sandbox" arrangements, as well as trading window, disclosure and transparency, intermediation and settlement structuring. Find out more about HMT's proposals for PISCES here.

Next steps

HMT will review the feedback and engage further with market participants, with the current intention of introducing secondary legislation to establish PISCES in the regulatory "sandbox" by the end of 2024. The Financial Conduct Authority also intends to consult on the platform.

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