Clifford Chance

FCA publishes its final rules for SPACs

4 August 2021

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.

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