FCA publishes its final rules for SPACs (August 2021)
Client Briefings
Introduction
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On 27 July 2021, the FCA published its eagerly anticipated changes to the Listing Rules for SPACs following recommendations from Lord Hill in his UK Listing Review report published on 3 March 2021. In so doing, these rules seek to strike a balance between promoting London as a competitive venue for European SPAC listings whilst maintaining strong investor protections. These new rules comprise a set of conditions that a SPAC must satisfy in order to avoid having its listing suspended on announcement of a business combination or upon a leak. The new rules come into effect from 10 August 2021.
