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City Corporation calls on policymakers to help UK compete with US for tech listings What is city talk?
The City of London Corporation has today (7 May) published a new research report calling on policymakers to take vital steps to improve the UK’s attractiveness as a destination for new listings.
London’s Equity Capital Markets Ecosystem finds that the UK should act to address the current disparity which exists with competitors, notably the US which currently accounts for more than half (53%) of fintech IPO listings.
The UK Listing Review, chaired by Lord Hill and launched by the Chancellor in November 2020, set out a number of recommendations in order to attract new listings.
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The FCA has today published a consultation paper proposing changes to the Listing Rules applicable to Special Purpose Acquisition Vehicles (SPACs). A link to the consultation paper can be found here.
The FCA s main proposal is to remove the existing presumption in the Listing Rules that the listing of a SPAC will be suspended when it identifies a potential acquisition target.
The removal of the suspension presumption would be contingent on a SPAC having certain features built into its structure and providing certain disclosures to the market.
In order to avoid a suspension of its listing, a SPAC would need to satisfy the following criteria:
By Gazette newsdesk8 March 2021
Despite Rishi Sunak’s support for domestic violence programmes, an extension to the SDLT holiday and a boost for legal services innovators, the budget had little to say about justice
Leaders of the legal profession were quick to point out one gap in chancellor Rishi Sunak’s ‘spend now, tax later’ budget: the justice system. The 107-page ‘Red Book’ contains one paragraph on justice: ‘The government has provided £450m in 2020-21 to support the justice system in England and Wales, including funding to ensure safety in prisons and courts and funding to reduce backlogs in the Crown court caused by Covid-19.’
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Lord Hill today published his recommendations following the UK Listings Review Call for Evidence in November 2020.
The recommendations cover the Listing Rules applicable to Special Purpose Acquisition Companies (SPACs), which were not the subject of a specific question in the Call for Evidence. In particular, the report recommends the removal of the presumption that trading in a SPAC s shares should be suspended on announcement of an acquisition.
Lord Hill’s report also recommends amending the liability regime applicable to issuers (including SPACs) and their directors to make it easier to include forward-looking financial information in prospectuses.