The Private Companies’ Securities (PCS) Noting Service is an initiative that aims to prescribe minimum standards and provide the much-needed transparency in the market for private short, medium and long-term securities by eliminating information asymmetry, thereby promoting credibility in the market for private issuances. PCS, which shall be issued in the private markets only via private placements and traded in the secondary market bilaterally, will be recorded on FMDQ Private Markets platform for the promotion of unprecedented transparency in the PCS space. Benefits of the PCS Noting Service include, but are not limited to, the provision of information on the features of all PCS noted on FMDQ Private Markets platform for effective portfolio valuation; up-to-date, timely and continuous information disclosure via the Post-noting Compliance Framework which will require PCS issuers and their sponsors (i.e. Eligible Transaction Sponsors) to file disclosures on a periodic basis; an efficient noting process; and competitive pricing.