06/10/2025 | Press release | Distributed by Public on 06/10/2025 06:39
So the FCA is fully committed to backing growth: not just in letters, but in practice.
Our reforms in wholesale markets are underpinned by a clear philosophy: a rebalancing of the role of pre-emptive gates and checks, towards a world of action and disclosures.
Giving firms more freedom to act, while ensuring investors have the transparency they need to make informed decisions.
Take our changes to the listing regime.
We have made the rules simpler, more agile, and better suited to the world companies operate in today.
Meaning more flexibility for firms, and making it easier for founders and cornerstone investors - like many of you - to keep steering the companies you've helped build.
It's already having an impact: in the ten months since the rules took effect, there have been 23 significant transactions that no longer required shareholder approval.
Next up, we're changing prospectus rules.
Under proposals we intend to finalise next month, companies would only need a prospectus on raises exceeding 75% of existing share capital, up from today's 20% threshold.
That is a bold shift - one designed to reduce friction, lower costs, and make it easier for the companies you invest in to raise capital and grow.
And it's not just listed markets that we want to give an espresso shot to; we're looking right along the funding continuum.
Fuelled by our world-class universities, the UK has a rich history of invention and entrepreneurship. Home to some of the world's most exciting start-ups, spanning life sciences to fintech, AI to wind power.
Many of you here are already part of the ecosystem that helps these companies grow.
Now we want to bring in more capital, from more corners of the market; and give investors more confidence in taking those early-stage risks.
That is why this morning we've confirmed the final rules for a new type of trading venue.
It carries a name that would resonate with our seafaring, coffee-drinking ancestors - 'PISCES'.
PISCES venues will bring together buyers and sellers of shares in private companies, creating access and opportunity to get into exciting new businesses.
Giving early backers and employees a chance to realise value and, more importantly, to invest again and perpetuate that virtuous cycle.
Again, the design is bold and puts the company in the driving seat. They will control how and when their shares trade, building from private market standards rather than tweaking public market standards down.
PISCES will initially operate through one of the FCA's innovative sandboxes, and I'm delighted to announce that the sandbox is now open for applicants. We look forward to the first shares being traded this year.