The UK's Financial Conduct Authority (FCA) has proposed a new framework for private company share sales that allows for a more flexible trading environment. This framework, referred to as the 'Pisces' exchange, is designed to create a market where private companies can sell shares without stringent market abuse rules. The FCA indicated that this new platform will foster a 'buyer beware' atmosphere, contrasting with the regulations governing traditional stock exchanges. Notably, the FCA has stated that insider trading could be legal under this new system, raising questions about investor protections. The proposed Pisces exchange aims to help private companies adapt to the concept of shared ownership, although it has drawn criticism for potentially reducing investor safeguards and restricting retail access.