Future consultation on strengthening investor protections in Special Purpose Acquisition Companies (SPACs)

We confirm that we will be consulting shortly on amendments to our Listing Rules and related guidance to strengthen protections for investors in Special Purpose Acquisition Companies (SPACs). The consultation will consider the structural features and enhanced disclosure, including a minimum market capitalisation and a redemption option for investors, required to provide appropriate investor protection. Our proposals will help to ensure that SPACs operate within a framework of high regulatory standards and oversight. Where such protections are in place, we consider that the existing presumption of suspension of the listing for such companies at the point of announcement of an acquisition target is no longer required and we therefore intend to consult on this basis, aligning this element of our rules more closely with other major jurisdictions.

We intend for the consultation to be open for a 4-week period and will welcome views from the full range of stakeholders. Subject to that process, we would aim to make the new rules and/or guidance by early summer.