Regulatory Alerts2021-04-29
Added · Updated
PS21/10: Investor protection measures for special purpose acquisition companies: Changes to the Listing Rules
The Financial Conduct Authority amends its Listing Rules to disapply the presumption of listing suspension for SPACs that meet specific investor protection criteria, including a minimum initial listing size of £100m, ring-fenced funds, and a maximum operating period of two years extendable by up to 18 months. These changes require structural features such as board approval excluding conflicted directors, shareholder approval with founder voting restrictions, and investor redemption options before acquisition completion. The new rules and guidance come into force on 10 August 2021.
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