The new UK SPAC regime – not following the crowd
The FCA's new rules on SPACs (PS21/10).
The FCA has published its final rules and changes to the Listing Rules for special purpose acquisition companies (SPACs) (PS21/10). This follows Lord Hill’s UK Listing Review, which included recommendations to change the listing regime for SPACs, and the FCA’s consultation on its proposed changes (CP21/10).
The FCA has removed the suspension of a SPAC’s shares if the SPAC has certain features and provides certain disclosures designed to protect investors and maintain a smooth operation of the market once an acquisition is announced.
PS21/10 also includes the final changes to the FCA’s Technical Note on cash shells and SPACs.
The new rules and guidance come into force on 10 August 2021.
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