AFME has today published a new guide, European SPACs: Guide to Regulatory Obligations.
SPACs offer an alternative to traditional IPOs for companies going public, and they can be a better fit for certain companies. However, the structural requirements for SPACs are set by the individual EU-member states at the national level, in line with local listing rules or domestic corporate law, so there is little harmonization of the regulatory approach to SPAC transactions across the EU. Given how quickly the market is developing, market participants need to be able to track and align considerations related to SPACs, as well as to interpret existing and new pan-European (and national) regulatory frameworks.
The purpose of this guide is therefore to assist AFME members in understanding those considerations and obligations when participating in SPAC transactions.