The Swiss are belatedly joining the SPAC party. Swiss bourse operator SIX on Tuesday approved brand new listing standards for special-purpose acquisition companies, shells created to target acquisitions. Such vehicles will be able to list in Switzerland from Dec. 6 .
Deloitte. The U.S. SPAC boom, of course, is of a different magnitude. Proceeds reached nearly $100 billion by end-May, up from around $80 billion for the whole of 2020, although even there the pace has recently slackened.
The Swiss, like other European markets, are focusing on investor protection. Swiss SPAC vehicles will be subject to stricter disclosure requirements than regular listed companies, says SIX. These include disclosing detailed information on their founders, potential conflicts of interests and the amount an investor would retrieve if he or she opposes a merger or delisting. U.S. SPAC requirements, by contrast, can be more lenient for issuers than those applied to an initial public offering.
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