Minimum standards governing the structure of SPACs, the disclosure of information about SPAC shares and trading in those shares on Euronext Brussels



This opinion applies to public offers, the admission to trading, and trading on markets operated by Euronext Brussels of shares issued by SPACs as well as the distribution of those shares to retail investors within Belgium, provided that those public offers/admissions entail the obligation, pursuant to Regulation 2017/1129 (“Prospectus Regulation”), to the Law of 11 July 2018 or their implementing legislation, to publish a prospectus approved by the FSMA or an information note.


This document consists of three parts. The first part sets out the general framework for the opinion. The second part sets out the minimum standards. The third part contains additional recommendations.


The FSMA defines minimum standards intended to govern public offers, admissions to trading and trading of shares issued by SPACs, as well as the distribution of such shares to retail investors within Belgium. The position taken by the FSMA on these questions has been presented to the sector during a public consultation that ended on 31 May 2021.


Please see the full text of the opinion here.