SIX Publishes Framework For Swiss SPACs

After a lengthy process and as one of the last stock exchanges in Europe, SIX Exchange Regulation (together with SIX Swiss Exchange, "SIX") has enacted its new rules on special acquisition companies (SPACs). The new rules will enter into force on 6 December 2021 and finally open up the possibility for the listing of SPACs in Switzerland. The new rules are designed to provide a high degree of investor protection. Some of the new provisions, such as the requirement to use a Swiss incorporated company as the SPAC vehicle and to commission an independent fairness opinion for the De-SPAC go beyond mere disclosure rules and impose substantive requirements which may be viewed onerous and costly by sponsors. It remains to be seen whether the elevated level of investor protection compared to other international listing venues will attract or rather deter listings of SPACs at SIX.