Join the UK and Channel Islands chapter on 24th July 2025, where we will explore the new PISCES implementation. Our panel of experts will break down key developments, followed by an evening of networking and drinks at our annual Summer Social, starting at 5:00 p.m.
The Private Intermittent Securities and Capital Exchange System (PISCES) is a new initiative in the UK designed to create a regulated secondary market for trading shares in private companies. It's essentially a new type of "private stock market" that aims to bridge the gap between private and public markets. PISCES represents a significant shift in the landscape for private company equity. For share plan administrators, understanding this new system is crucial for ensuring compliance, optimizing employee share plan design for liquidity, managing tax implications, and effectively communicating these changes to employee shareholders.
KEY TAKEAWAYS
- How PISCES creates new liquidity opportunities for private company shares, but with significant implications for employer tax and National Insurance Contributions (NICs) on employee share gains.
- The recent legislative changes allowing existing EMI and CSOP schemes to be amended to facilitate PISCES-driven exercises while preserving their tax advantages.
- How share prices established on PISCES will impact the valuation of shares for tax purposes, potentially affecting typical discounts for private company holdings.
We look foward to see you there.
Members and non-members are welcome to attend. Registration is required.
LOCATION
CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
