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To ask His Majesty's Government what assessment they have made of the launch of the London Stock Exchange's private securities market under the private intermittent securities and capital exchange system framework; and what assessment they have made of the impact of that market on UK capital formation for high-growth technology businesses.
To ask His Majesty's Government what assessment they have made of the launch of the London Stock Exchange's private securities market under the private intermittent securities and capital exchange system framework; and what assessment they have made of the impact of that market on UK capital formation for high-growth technology businesses.
In May 2025, the Government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES), which will support private firms to scale and grow.
The Financial Conduct Authority (FCA) has since approved two PISCES operators.
The Treasury and the FCA will jointly assess the efficacy of PISCES over the five-year sandbox period. Consideration will be given to the functioning of the legal and regulatory framework, as well as to the outcomes for market participants.
To ask His Majesty's Government whether they plan to limit the period of the Private Intermittent Securities and Capital Exchange System Sandbox to less than five years.
To ask His Majesty's Government whether they plan to limit the period of the Private Intermittent Securities and Capital Exchange System Sandbox to less than five years.
The Private Intermittent Securities and Capital Exchange System (PISCES) Sandbox is due to last five years, until 5 June 2030, with the possibility of extension.
The Treasury is working with the Financial Conduct Authority to monitor outcomes during the lifetime of the sandbox and retains the ability to terminate or make the sandbox arrangements permanent at an earlier stage if appropriate, subject to Parliamentary approval.
In any case, the Treasury is committed to providing transparency, certainty and clear communications to PISCES operators and market participants.