Get early support to apply to run a Private Intermittent Securities and Capital Exchange System (PISCES) platform. Applications open in June 2025.
We are running a sandbox until June 2030 to test the regulatory framework for PISCES.
This will allow entities hosting a PISCES platform (operators) to test out various business models.
The benefits include testing:
- Live in the market with real companies and investors.
- Within a proportionate and flexible regulatory framework.
The FCA and the Treasury will monitor the outcomes and decide whether to transfer PISCES into permanent legislation or other next steps.
December 2024
We consulted on PISCES framework.
April 2025
Pre-application support opened.
June 2025
Final rules publish.
Applications open for operators to join the sandbox.
June 2030
Sandbox period ends.
Who can apply
To become a PISCES operator, you must already be either a:
- UK recognised investment exchange (RIE).
- Person who is established in the UK and has a Part 4A permission[2] to carry on 1 or more of:
- Arranging deals in investments (article 25(1)).
- Operating a multilateral trading facility (article 25D).
- Operating an organised trading facility (article 25DA).
All prospective operators must apply to us for a PISCES approval notice (PAN).
Pending permissions
We cannot reach a decision on your firm’s PISCES application until you have secured the relevant permission to carry out a regulated activity[3].
If your firm does not yet have a relevant permission, you may apply for authorisation at the same time as, or before, applying to the PISCES Sandbox.
Support before you apply
We’re offering feedback and support to all prospective operators before you start the formal application process from June 2025.
Get comments on your proposed PISCES model, including your draft rulebook and operational model.
Email [email protected] to get help with your application.
There is no fee for this support.
If you need to apply for or vary permissions, speak to our Pre-application support service (PASS)[5].
You can still get pre-application support after we publish the final PISCES rules in June 2025.
Expand for more details on what to submit and the feedback you'll get.
How to apply
The list of evidence below is based on our draft rules[6] and interim statement[7] on PISCES, which sets out how we may alter the consultation draft.
Once we publish our final PISCES rules in June 2025, we will update this page with more details on:
- How to apply to become a PISCES operator.
- Fees.
- What happens after you apply.
- PISCES Approval Notice (PAN) issuance.
- How to modify or cancel a PAN.
For your complete application, you’ll need to provide:
- Applicant details, including firm registration number (FRN) and why you’re applying.
- The PISCES business model, including target issuers/investors, intended trading model, events, and settlement arrangements.
- Draft rulebook(s) for the proposed PISCES platform.
You should also provide evidence on:
Other supporting documents
You should also provide any other information to show how you will run the platform efficiently and effectively, for example:
This is not an exhaustive list, and we may ask for more information during the application process.
