Private Securities Market Rules and Private Securities Market Handbook Finalised

On 5 February 2026 the London Stock Exchange announced that it has published the final versions of the Private Securities Market Rulebook (Rulebook) and the Private Securities Market Handbook (Handbook). This follows the release of drafts of the Rulebook and the Handbook in August 2025 (see our post here) for feedback and consultation.

There were no comments received in relation to the Handbook and so this has been finalised with only minor amendments.

Responses were received on the draft Rulebook and so the final version has been updated to reflect the following points, as well as some non-material amendments.

1. Wording has been added to Rule 2.3.8 to make it clear that shares must remain eligible for electronic settlement only during an auction window. This follows a query as to whether a Private Securities Market (PSM) company would need to ensure that its shares remain eligible for electronic settlement outside of an auction window.
2. Guidance has been added to Rule 3.1.1. to confirm that any communications made by a PSM company outside of the PSM Disclosure Portal do not form part of the PSM disclosure arrangements and are outside the scope of the Rulebook.

Further, some respondents queried whether Rule 3.3.2 (b) (relating to restrictions applying to selling shareholders) should extend beyond qualifying individuals (as defined in the Rulebook). As this provision reflects the position in the Financial Conduct Authority’s (FCA) PISCES Sourcebook, the Exchange has shared this response with the FCA and may be subject to update in due course.

Final versions of the Rulebook and the Handbook can be found here. They both took effect on 5 February 2026.

For further information about the PSM or the new PISCES framework, please visit our dedicated PISCES hub or contact one of our PISCES team members at Burges Salmon: Nick Graves, AJ Venter, Guy Francis, Charlotte Hamilton or Eleanor Furlong.

The new secondary market will, for the first time, provide private companies with access to intermittent liquidity auctions leveraging the London Stock Exchange’s public markets infrastructure.

https://www.lseg.com/en/media-centre/press-releases/2025/london-stock-exchange-receives-pisces-approval-notice-by-fca