Wednesday 5 May 2021

UK: FCA consultation - SPACs and the Listing Rules

The Financial Conduct Authority has published a consultation paper - CP21/10, available here (pdf) - in which it seeks views on proposed amendments to the Listing Rules in respect of SPACs. The proposals are intended to enable a SPAC's listing to continue, subject to there being appropriate investor protection, where an acquisition target is identified. Such a change was one of the recommendations made in the recent UK Listing Review conducted by Lord Hill. Whether there should be a separate listing category for SPACs is something the FCA will consider - and consult upon - at a later date.

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