SPACS in the UK: starting a new chapter? Guy Morgan and Chien-Wei Lui write in PLC magazine

This article first appeared in the September 2021 issue of PLC Magazine.

In a policy statement published on 27 July 2021, the Financial Conduct Authority (FCA) published changes to the Listing Rules that are intended to increase the attractiveness of London markets for special purpose acquisition company (SPAC) listings. The rules and guidance came into force on 10 August 2021.

The FCA hopes that the new rules and guidance will provide a more flexible regime for SPACS than previously existed and one that is more competitive with other international markets. However, it remains to be seen whether they will result in a step change in the number of SPAC listings in London, particularly in the currently buoyant initial public offering (IPO) market where traditional operating businesses are vying for investor attention.

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