PISCES Sandbox: apply to run a platform

Get support to apply to run a Private Intermittent Securities and Capital Exchange System (PISCES) platform. Applications are now open.

Find out more about PISCES

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 published.
Sandbox opened.

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 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.

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.

Find out more about our authorisation process

How to apply

To apply to run a PISCES platform, email [email protected] with the following information.

This is not an exhaustive list, and we may ask for more information during the application process.

Details to include about your PISCES platform

Details	What to include
1. Applicant details	Provide your: entity name firm reference number (FRN) for your entity
2. Why you're applying	Explain your commercial motivations for applying to operate a PISCES platform.
3. Permissions	Provide your current firm permissions. If you need to apply for, or vary, permissions to be eligible to apply to be a PISCES operator, set out the status of, or your intentions regarding, such other applications.
4. Compliance	Explain in detail how you propose to comply with all requirements applicable to you as a PISCES operator, including FCA rules and relevant legislation.
5. Trading model and events	Describe how your proposed PISCES platform will facilitate intermittent trading in private company shares.
6. Target participants	Describe the types of users (companies, investors and intermediaries) which will take part in your proposed PISCES platform.
7. Key and optional features	Outline the function of the key and optional features of your proposed PISCES platform, such as price parameters or permissioned trading events.
8. Disclosure arrangements	Describe the disclosure arrangements for your proposed PISCES platform (including arrangements for additional disclosure or for legitimate omissions of information), Assess and explain why these arrangements and related operator rules: Comply with all relevant PISCES rules. Are appropriate for the type and nature of companies and investors you expect to use your PISCES.
9. Systems and technologies	Provide details of the systems and technologies that will support the operation and oversight of your PISCES platform, including: Testing arrangements for any newly developed systems. Access arrangements for company disclosures. Business continuity arrangements.
10. Governance and decision-making arrangements for PISCES	Outline the governance and decision-making processes for the entity operating the proposed PISCES platform, including controls to manage conflicts of interest.
11. Post-trade settlement arrangements for PISCES	Outline the function of the post-trade settlement arrangements for the proposed PISCES platform.
12. Impact on existing business	Describe the material impacts of the proposed PISCES platform on your existing business and how you intend to manage these (if applicable).
13. Waivers	Describe any waivers or modifications of FCA rules you consider appropriate.
14. For non-MiFID (Markets in Financial Instruments Directive 2014) firms only	Explain how you will apply and meet the modified Handbook requirements for PISCES, with supporting documentation.

Supporting documents

You should also attach the following evidence for your proposed PISCES platform.

Draft operator rulebook

Provides the rules and regulations for the PISCES platform, for example, describing trading event structure, admission criteria for companies and information disclosure requirements.

PISCES business plan

Describe the plan for running the PISCES platform, including details such as:

Market landscape.
Key features.
Target users.
Financial projections.
User projections.
How the PISCES platform fits into the wider firm business.

Costs assessment

For the initial years of operation, provide an assessment of:

Startup costs.
Operating costs.
Revenue projections.
User base projections (expected number of participating companies).

Risk assessment / register

Explain in detail how you have assessed the risks that may arise in relation to running the PISCES, and how you intend to mitigate those risks effectively.

This should include a comprehensive assessment of the risks of manipulative trading practices on the PISCES platform, taking account of the companies and investors you expect to use the platform.

You should also consider:

Market integrity.
Protecting investors.

Organisational chart

Identify the senior management functions (SMFs) and other key individuals for the entity operating the proposed PISCES platform.

Complaints policy and procedures

Policy and instructional documents explaining how you will handle complaints from platform users.

Provides the rules and regulations for the PISCES platform, for example, describing trading event structure, admission criteria for companies and information disclosure requirements.

Describe the plan for running the PISCES platform, including details such as:

Market landscape.
Key features.
Target users.
Financial projections.
User projections.
How the PISCES platform fits into the wider firm business.

For the initial years of operation, provide an assessment of:

Startup costs.
Operating costs.
Revenue projections.
User base projections (expected number of participating companies).

Explain in detail how you have assessed the risks that may arise in relation to running the PISCES, and how you intend to mitigate those risks effectively.

This should include a comprehensive assessment of the risks of manipulative trading practices on the PISCES platform, taking account of the companies and investors you expect to use the platform.

You should also consider:

Market integrity.
Protecting investors.

Identify the senior management functions (SMFs) and other key individuals for the entity operating the proposed PISCES platform.

Policy and instructional documents explaining how you will handle complaints from platform users.

Live demo

You may provide a live demo of key features and functionality for your proposed PISCES platform such as arrangements for:

Information disclosure.
Market oversight.

Application fees

You must pay a Category 6 fee when you apply to operate a PISCES.

Find out how to pay

Changes to fees

We plan to consult on annual fees for running a PISCES platform in November 2025, which will come into effect from 2026/27.

This does not impact PISCES operators' ability to launch trading events before then, and we will engage closely with operators as part of that consultation process.

You do not have to pay any fees for accessing our pre-application support service.

Support before you apply

We’re offering feedback and support to all prospective operators before you start the formal application process.

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).

Expand for more details on what to submit and the feedback you'll get.

What to submit

You may submit the following for feedback before you apply:

Draft operator rulebook(s).
Draft business plan.
Draft operating model.
Draft risk assessment / risk register.
Overview of target market.
Overview of key features.
Overview of management structure and governance.
Any other information relevant to the operation of your PISCES platform.

Firms and RIEs need to provide complete documentation as part of the formal application process.

Feedback

You’ll join a 1-hour online meeting with members of our supervisory and policy teams where you can:

Give us an overview of your PISCES business plan, operator rulebook or supporting documentation.
Ask questions about the PISCES regulatory framework.
Show a technical demonstration of your systems for PISCES, if you are ready.

You’ll get initial feedback on your proposed operating model and draft rulebook.

After you apply

Once we receive a complete application, we will check whether your firm is eligible in line with:

We may contact you to ask for more information.

Approval

Once you’re approved, we will update your FCA Register records to confirm you have received a PAN.

PISCES operators must:

Publish the PAN (or information about your approval) on your website.
Set disclosure rules for companies using your platform.
Publish a market risk warning on your platform.

Conditional / restricted approval

If necessary, we may issue a PAN subject to conditions, limitations or restrictions.

This may include:

Restrictions or limitations on what activities you carry out in the sandbox.
Extra conditions you must meet when taking part in the sandbox.

Once you’re approved, we will update your FCA Register records to confirm you have received a PAN.

PISCES operators must:

Publish the PAN (or information about your approval) on your website.
Set disclosure rules for companies using your platform.
Publish a market risk warning on your platform.

If necessary, we may issue a PAN subject to conditions, limitations or restrictions.

This may include:

Restrictions or limitations on what activities you carry out in the sandbox.
Extra conditions you must meet when taking part in the sandbox.

Modify or cancel PISCES approval

Email [email protected] for more information on how to modify or cancel a PAN.

10/06/2025 : Information changed Updates to reflect sandbox launch.

PISCES Sandbox: apply to run a platform

Who can apply

Pending permissions

How to apply

Supporting documents

Live demo

Application fees

Changes to fees

Support before you apply

After you apply

Modify or cancel PISCES approval

On this page

PISCES: platforms for trading private company shares

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PISCES Sandbox: apply to run a platform

On this page

Who can apply

Pending permissions

How to apply

Supporting documents

Live demo

Application fees

Changes to fees

Support before you apply

After you apply

Modify or cancel PISCES approval

On this page