TOKYO: Japan is considering changing its rules to allow initial public offerings (IPOs) by blank-cheque companies in the country, according to the Nikkei.
The country’s Financial Services Agency, its Ministry of Economy, Trade and Industry and the Tokyo Stock Exchange will begin discussions this summer, the paper reported, without saying where it obtained the information.
The cabinet plans to include the issue in its growth strategy plan in June, it said.
Given the time it takes for the Tokyo Stock Exchange to amend IPO procedures and to come up with new rules, listings by the so-called special purpose acquisition companies (SPACs) may become possible as early as next year, according to the Nikkei.
Japan’s SPAC rules are likely to have more checks and investor protections than in the United States, it said. — Bloomberg