PISCES: Draft Rules for Private Securities Market published

As the London Stock Exchange (LSE) continues its preparations for the launch of its PISCES venue, the Private Securities Market, it announced (N09/25) the release of drafts of the Private Security Market Rulebook (the Rulebook) and the Private Securities Market Handbook (the Handbook) at the end of August 2025. At the same time, the LSE published amended versions of The Rules of the London Stock Exchange and its Admission and Disclosure Standards to include references to Registered Auction Agents and the Private Securities Market.

The Rulebook provides some practical guidance on how the Private Securities Market will work, including the minimum timetable to be followed in the run-up to an auction (incorporating the timing for final disclosures to be made by a participating company and for the investor Q&A process).  Appendix 1 of the Rulebook provides a helpful diagram of the timetable for an example auction process. The Rulebook also includes the eligibility criteria for a company looking to join the Private Securities Market - i.e. an applicant must be able to meet at least two of the following criteria: 

1. Within the previous three years, the applicant must have carried out a debt or equity fundraise of at least £10m (or equivalent) which included material participation of independent, experienced investors.
2. The applicant must have total assets of at least £20m (or equivalent) based on its latest audited financial statements.
3. The applicant must have an annual turnover of at least £10m (or equivalent) based on the latest audited financial statements.

It is important to note that the LSE may use its discretion to substitute these requirements based on other considerations, including how long the applicant has been running the business in its current form and its number of employees.

The Handbook also details how the LSE will approach a company’s failure to comply with the Rulebook and sets out the actions it may take to remedy any contravention. This ranges from education and guidance as to the behaviour expected, to issuing a formal warning (potentially including a fine). 

If you are an adviser, company or investor based outside the UK who is interested in finding out more about PISCES, please reach out to one of our PISCES team members at Burges Salmon: AJ Venter, Nick Graves, Guy Francis, Charlotte Hamilton, or Eleanor Furlong.