- in European Union
- within Energy and Natural Resources topic(s)
This week:
- The London Stock Exchange publishes final rules for its new Private Securities Market
Private Securities Market rules and handbook published
The London Stock Exchange (LSE) has published the rules and handbook for its new Private Securities Market (PSM).
The PSM is the first platform to open within the Government's new Private Intermittent Securities and Capital Exchange System (PISCES). PISCES, which is currently operating in a sandbox until June 2030, will allow investors in private companies to trade securities in secondary markets within a more relaxed regulatory perimeter.
The LSE announced its intention to create the PSM in June 2025 and received regulatory approval from the Financial Conduct Authority in August 2025.
The PSM Rules set out the conditions for a company to participate in the PSM. These include the process for applying for admission to the PSM, ongoing disclosure and eligibility requirements, and rules for conducting auctions on the PSM.
The PSM Handbook sets out how the LSE will monitor and enforce compliance with the PSM Rules and handle complaints.
Both the Rules and the Handbook are effective from 5 February 2026.
Read London Stock Exchange Market Notice N04/26 on the new PSM Rules and Handbook (opens PDF)
Access the new Private Securities Market Rules (opens PDF)
Access the new Private Securities Market Handbook (opens PDF)
Macfarlanes is a pre-eminent law firm advising a global client base across Private Capital, Private Wealth, M&A and Disputes.
Visit our website to learn more about our services and how we can assist.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]
