Navigating PISCES: FCA regulation doesn't equal protection

On 17 December last year, the Financial Conduct Authority (FCA) released its proposal for a new platform, catchily named the Private Intermittent Securities and Capital Exchange System (PISCES). The FCA's consultation paper, which closed on 17 February, follows the preparation of a draft statutory instrument and confirmation that HM Treasury has granted the FCA powers to implement and oversee PISCES' operation. The FCA described the platform as being, "a new private stock market that could transform how private companies access funds and grow. It will offer investors more access and a...