Pisces edges closer to fruition after Avenir launches securities register
Pisces edged a step closer to fruition today after one of Britain’s best-known share registrars launched a new set of products set to be compatible with the new market framework.
London-based Avenir Registrars has launched its new “Register-lite” suite of products, designed to accommodate the needs of growth companies, including those who may be considering listing under the proposed PISCES framework.
The flexible structure offers a CSD (central securities depository) compatible securities register where the functionality can be tailored to meet the company’s needs as they grow.
Jai Baker, Head of Business Development at Avenir Registrars, said: “With the PISCES project now coming to fruition, we are taking action to bridge some of the gaps that exist in the infrastructure that will be required to support those businesses who may be considering the framework at some point in time.
“Our flexible and modular registry services offer issuers a right sized solution that can grow to meet their needs, significantly reducing future administrative burdens.”
Pisces trading to begin ‘later this year’
Earlier in June the UK’s financial watchdog published its rulebook for the new Pisces market, paving the way for Pisces-compliant shares to begin trading later this year.
The new type of platform, which facilitates the trading of shares in private companies, promises to address a long-standing liquidity gap for growth companies and early investors, offering a potential bridge for companies seeking a later flotation on a public exchange.
The Financial Conduct Authority (FCA) has said access to Pisces will be limited to institutional investors, high-net-worth individuals, sophisticated investors and employees of participating companies, while disclosure requirements will be considerably lighter than on public exchanges in a bid to cut red tape.
The rules also introduce a higher risk profile to investing – particularly as some public market protections, such as key parts of the market abuse regime, will not apply.
Officials said the regulator had already been in talks with a number of potential operators, who will participate in a five-year “sandbox” scheme during which the rules will be fine-tuned to allow operators greater flexibility.