STSM041610 | Exemptions and reliefs: exemptions: PISCES – Application of other STS reliefs and exemptions in relation to PISCES shares

In cases where the exemption under SI 2025/666 does not apply (because the transfer is not connected with trading activity that takes place on a PISCES), other reliefs or exemptions might still be available for the transfer of PISCES shares provided the relevant conditions for that relief/exemption are met.

However, intermediary relief and stock lending relief cannot apply to the transfer of PISCES shares.

In order for intermediary relief and stock lending relief to apply to stock or securities, the security must be "regularly traded” on a "regulated market”, "multilateral trading facility” "(MTF)”, a "recognised foreign exchange” (RFE) or "recognised foreign options exchange” (RFOE) – see STSM042100.

PISCES will be subject to its own standalone regulatory requirements and will not be a regulated market, MTF, RFE or RFOE, even if the PISCES is operated by an organisation which also operates such markets. Therefore, intermediary relief and stock lending relief cannot apply to PISCES shares.