CMS secures landmark PISCES authorisation for Asset Match

CMS has advised Asset Match Limited (Asset Match), a leading online platform for trading shares in private companies, on its successful application to the Financial Conduct Authority (FCA) to become authorised to operate a trading venue within the Private Intermittent Securities and Capital Exchange System (PISCES) framework.

PISCES is a new type of trading platform that enables secondary trading of private company shares through periodic liquidity. The PISCES regime is part of the UK government’s broader growth agenda, aimed at boosting capital markets and improving access to finance for growing companies.

With many businesses choosing to remain private for longer, or never intending to IPO, PISCES provides a new pathway for shareholders to access liquidity and for investors seeking opportunities to invest in a wide spectrum of private businesses.  It is also expected to play an important role in improving liquidity and outcomes for participants in employee share plan and incentive schemes.

The approval marks a significant milestone for Asset Match, which has facilitated over £165m of secondary transactions across more than 1,000 auctions since its establishment in 2012. Asset Match is only the third entity to receive PISCES authorisation in the UK, and the approval underscores the FCA's confidence in Asset Match's platform and its ability to meet the rigorous standards required to operate a PISCES.

Sam Robinson, Financial Services Regulatory Partner at CMS, commented: "We’re delighted to have supported Asset Match in securing this landmark authorisation. PISCES represents a genuinely exciting development in the UK's capital markets infrastructure, and Asset Match, with its proven track record in periodic auctions and its longstanding commitment to transparency and liquidity in private markets, is ideally placed to make the most of this opportunity. It has been a privilege to work alongside their team throughout the application process."

Iain Baillie, Founder and Executive Chair at Asset Match, said: "Securing FCA approval for our PISCES venue is a proud moment for the whole Asset Match team, and we’re very grateful to CMS for helping us get here. The team provided outstanding advice at every stage of what was a complex and novel application process. Their deep understanding of the regulatory landscape and their ability to navigate the FCA's requirements with such skill and pragmatism were invaluable."

The CMS team was led by Sam Robinson and included Rowan Platt (Finance); John Finnemore (Corporate); and Catherine Merry (Tax).