News & Analysis as of

United Kingdom Financial Conduct Authority (FCA) Special Purpose Acquisition Companies (SPACs)

Cadwalader, Wickersham & Taft LLP

The UK Launches Its New Listing Regime

Following on from its Primary Markets Effectiveness Review, the UK’s Financial Conduct Authority (FCA) has published feedback to Consultation Paper CP23/31 and its final UK Listing Rules (see here for our note on CP23/31)....more

Akin Gump Strauss Hauer & Feld LLP

The New UK Listing Rules - The Most Significant Change to the UK’s Listing Regime in 40 Years

The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as...more

Proskauer - Regulatory & Compliance

UK Listing Rules Reform: Seeking to Boost Competitiveness

On 11 July 2024, the United Kingdom’s Financial Conduct Authority (“FCA”) published its final rules (PS24/6) for a new, simplified and more competitive UK listing regime (the “Rules”).The FCA’s overall aim is to create a more...more

Latham & Watkins LLP

FCA Publishes Final Rules for Reformed Listing Regime

Latham & Watkins LLP on

The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity. On 11 July 2024, the FCA released the final rules for the new UK listing regime, which...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Preserves Key Tool for Activists in Listing Rules Reform

Activist shareholders had a busy 2023: The incidence of activist campaigns in Europe soared by almost 70% compared to 2022, according to data compiled by Skadden and Activistmonitor. As we described in a previous issue of The...more

A&O Shearman

Draft UK Listing Rules Published for new Commercial Companies Equity Segment

A&O Shearman on

On 20 December 2023, the FCA published finalised proposals for the merger of the existing premium and standard equity listing segments into a new single equity segment. A detailed discussion of these proposals, feedback...more

Skadden, Arps, Slate, Meagher & Flom LLP

Revised Proposed Reforms to UK Listing Rules Confirm a Lighter Touch Regime and Set Out a Transition Road Map

As part of the wider review of the UK’s capital markets regulatory landscape, in May 2023, the Financial Conduct Authority (FCA) published Consultation Paper CP23/10, which set out proposed reforms for companies with listed...more

A&O Shearman

Are UK SPACs starting to unwind?

A&O Shearman on

An announcement made on 23 April 2023 by Hambro Perks Acquisition Company Ltd ("Hambro Perks") underlines the serious difficulties currently faced by the UK SPAC market and the SPAC market globally. The company confirmed that...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Secondary Capital Raising Review: Capitalising on the Drive for Regulatory Reform

On 19 July 2022, the U.K. Secondary Capital Raising Review (the Review) published its report (the Report), making significant recommendations to improve the efficiency of secondary capital raising by companies listed on the...more

White & Case LLP

FCA discussion paper on further UK listing regime reforms

White & Case LLP on

FCA publishes discussion paper on replacing current premium and standard listing segments with new single listing segment and sponsor regime reforms- On 26 May 2022, the FCA published a discussion paper (DP22/2) seeking...more

Latham & Watkins LLP

Top 5 Focus Areas for UK Equity Capital Markets in 2022

Latham & Watkins LLP on

Broad reform to listing regimes, growing ESG scrutiny, and increasing retail participation in fundraisings are among the areas to watch. Last year was memorable for UK equity capital markets (ECM). The IPO market was at...more

Cooley LLP

UK Financial Conduct Authority Changes Listing Rules to Boost Growth and Innovation

Cooley LLP on

On 2 December 2021, the UK Financial Conduct Authority (FCA) confirmed a series of rule changes designed to remove immediate barriers to listing, make its rulebooks more accessible, and protect and enhance market integrity....more

White & Case LLP

5 things you need to know about … SPACs litigation risks

White & Case LLP on

This year has seen continued enthusiasm for the use of SPACs when taking companies public. While this boom has been particularly pronounced in the US, there are increasing signs that a similar trend may be about to emerge in...more

Dechert LLP

UK Life Sciences and Healthcare Newsletter - August 2021: Revised FCA Rules for SPAC Listings

Dechert LLP on

On 30 April 2021, the FCA consulted on proposals to change the UK Listing Rules to remove the presumption that the listing of a Special Purpose Acquisition Company (“SPAC”) be suspended when it identifies a potential...more

Cohen & Gresser LLP

UK SPAC Update – FCA Final Rules Published

Cohen & Gresser LLP on

On the 27th of July this year, the UK Financial Conduct Authority (the “FCA”) published a policy statement setting out its final rules and changes to its listing rules for certain special purpose acquisition companies, or...more

Dechert LLP

SPAC Revised Listing Rules Come into Effect on 10 August 2021

Dechert LLP on

On 30 April 2021, the FCA consulted on proposals to change the UK Listing Rules to remove the presumption that the listing of a Special Purpose Acquisition Company (“SPAC”) be suspended when it identifies a potential...more

BCLP

FCA’s New Rules for SPACs

BCLP on

In response to Lord Hill’s review of the UK Listing Regime, the FCA consulted earlier this year on changes to the Listing Rules for special purpose acquisition companies (SPACs). The proposed changes remove the presumption of...more

Orrick, Herrington & Sutcliffe LLP

I Want You SPAC for Good – The FCA Publishes Listing Rule Changes for UK SPACs

As outlined in our 30 April 2021 insight, Exit through the SPAC door? UK FCA publishes proposed changes to the Listing Rules, the UK Financial Conduct Authority ("FCA") published a consultation paper (the "Consultation")...more

Morgan Lewis

SPACs: Update to UK Listing Rules to Be Implemented With Some Changes After Consultation

Morgan Lewis on

The rule changes mostly reflect those proposed in the April 2021 consultation. The key change is that the new regime will apply to SPACs which raise a minimum amount of £100 million at IPO (as opposed to a £200 million...more

A&O Shearman

UK SPACs - FCA relaxes rules including presumption of suspension on announcement of business combination

A&O Shearman on

With effect from 10 August 2021, the UK Financial Conduct Authority is implementing its Listing Rule changes and guidance for UK Special Purpose Acquisition Companies....more

Latham & Watkins LLP

UK to Adopt a New SPAC Listing Regime From 10 August 2021

Latham & Watkins LLP on

The revised criteria allow UK-listed SPACs to avoid a suspension of their shares when announcing a de-SPAC deal. The UK, acting through the Financial Conduct Authority (FCA), will implement a new SPAC listing regime from...more

Morgan Lewis - Tech & Sourcing

UK’s Financial Conduct Authority Publishes Its New 2021/22 Business Plan

The UK’s Financial Conduct Authority (FCA) published its 2021/22 Business Plan on July 15, setting out its future role, priorities, and how it intends to deliver them. The FCA’s website contains a summary and full copy of the...more

Latham & Watkins LLP

ESMA Publishes Guidance on SPACs

Latham & Watkins LLP on

ESMA warns against investor protection risks and provides guidance on expected disclosures. On 15 July 2021, ESMA published a statement on the prospectus disclosure and investor protection issues raised by special...more

Latham & Watkins LLP

Europe Set for Increased SPAC Activity

Latham & Watkins LLP on

As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences. While US special purpose acquisition company (SPAC) IPOs and related M&A activity...more

Akin Gump Strauss Hauer & Feld LLP

UK Government Consultation on Proposed Power to Block Listings on National Security Grounds

Key Points - The proposed power would allow the UK Government to block initial equity listings and admissions on UK public markets on the grounds of national security. The listing of debt securities (other than...more

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