In a consultation paper accompanying the chancellor’s Spring Budget, the government has outlined plans for a system designed to support early-stage private companies in accessing capital to scale up, provide liquidity and enable shareholders to realise their gains.
PISCES proposes a blend of public market features, including multilateral trading, and private market aspects, such as greater discretion on what company disclosures should be made public.
It provides a regulatory framework for the intermittent trading of private company shares on a multilateral system, with an accompanyi…
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