3 December 2021
The end of Standard Listings?
Yesterday the FCA announced new rules, the majority of which come into force today (3 December 2021), which are intended to prevent smaller companies obtaining admissions to the Standard Segment of the Official List.
8 November 2021
AQSE To Change SPAC Rules
AQSE is consulting the market about some changes to its rules relating to SPAC admissions.
Currently SPACs are eligible for admission to the Access segment of the AQSE growth market, as long as they have a minimum capitalisation of £700,000 and a free float of 10%. AQSE is concerned that this can result in a disorderly market and excessive volatility because a lack of liquidity arising from low market capitalisation and limited shareholder numbers.
6 July 2021
FCA consults on guidance for cannabis companies
The FCA has launched a consultation on a technical note setting out guidance for companies applying for listing which have cannabis-related businesses. As with all companies applying for listing, those with cannabis related businesses must be assessed for eligibility for listing under the Listing Rules. Because of the legal complexities around cannabis businesses the FCA applies additional due diligence requirements to them.
12 May 2021
Will the FCA's proposed new SPAC rules result in more SPACS being attracted to the UK?
Following the release of the Hill Report, the FCA has moved quickly to consult on proposals intended to provide an alternative route to market for larger Special Purpose Acquisition Companies (“SPACs”). The broad proposal is that if a SPAC can meet additional investor protection requirements the FCA will not generally require that the listing of its shares be suspended once an acquisition is announced.
1 April 2021
FCA Moves to Deregulate SPACs
Following the release of the Hill Report at the start of last month, the FCA has announced that it is going to open a consultation into changing the Listing Rules and connected guidance with a view to encouraging the listing of Special Purpose Acquisition Vehicles (SPACs).