As part of its growth agenda, the government has indicated that it wants more investment – but not just from “big institutions”.  There is a desire to get “ordinary individuals” (known as “retail” investors” in the industry parlance) more confident in making investments outside of their pension and standard savings accounts. It will be interesting…

October 27, 2025 Read more >

On 15 May 2025, the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 was published which comes into force on 5 June 2025. This establishes the new Private Intermittent Securities and Capital Exchange System (PISCES), a new regulated securities trading platform for private companies, wherever incorporated, as…

June 5, 2025 Read more >

Along with the 2025 Spring Statement, HMRC has published a technical note on the tax implications for companies and employees when a company has shares traded on the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES is a new type of secondary stock exchange that will facilitate intermittent trading of private company shares. It…

April 1, 2025 Read more >