STSM041570 - Exemptions and reliefs: exemptions: PISCES Overview
The Private Intermittent Securities and Capital Exchange
System (Exemption from Stamp Duties) Regulations 2025 (SI 2025/666) provide for
an exemption from Stamp Duty and SDRT for transfers of PISCES shares where the
transfer is connected with trading activity that takes place on a PISCES under
the PISCES sandbox arrangements.
The exemption applies from 3 July 2025.
PISCES is a new type of stock market allowing private
companies to have their shares traded intermittently. Using powers from the
Financial Services and Markets Act (FSMA) 2023, the government has established
the legal framework for PISCES as a Financial Market Infrastructure (FMI)
Sandbox. The legal framework was established by the Financial Services and
Markets Act 2023 (Private Intermittent Securities and Capital Exchange System
Sandbox) Regulations 2025 (SI 2025/583). The Financial Conduct Authority oversee
and supervise the PISCES Sandbox and published the rules underpinning the
PISCES regulatory framework.
An FMI Sandbox allows HM Treasury to temporarily modify or
disapply certain pieces of legislation, in order to support market operators to
trial new or developing technologies or practices, while still achieving
appropriate regulatory outcomes.
Under the PISCES Sandbox HM Treasury can check that the
detailed regulatory requirements for PISCES are calibrated correctly before
making it permanent at the end of the sandbox period with further legislation,
subject to further parliamentary approval.