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Study Group on the SPAC Listing System

With respect to the listing system for "SPACs" (special purpose acquisition companies) found in financial instruments exchanges in the U.S. and other countries, Tokyo Stock Exchange (TSE) established a study group, with the participation of academic experts, institutional investors, venture companies, financial instruments dealers, and other market participants, to discuss the significance and necessity of introducing a similar listing system and also to discuss pertaining issues if introducing such a system in Japan, taking the systems and practices in other countries into consideration.

Outline of Establishment (in Japanese only)
Member List (in Japanese only)

Meetings of the Study Group on the SPAC System

First Meeting (Oct. 1, 2021)


Document 1: Meeting agenda　 (in Japanese only)
Document 2: Presentation materials by the secretariat　 (in Japanese only)
Document 3: Status of SPAC in the U.S.　 (in Japanese only)
Summary of the 1st Meeting　 (in Japanese only)

Second Meeting (Nov. 1, 2021)


Document 1: Meeting agenda　(in Japanese only)
Document 2: Presentation materials by the secretariat　(in Japanese only)
Document 4: Explanatory material by Chiba Kotaro　(in Japanese only)
Document 5: Significance of Introducing Japanese SPAC and its Challenges　– Toward the Creation of Sustainable Growth Industries　(in Japanese only)
Summary of the 2nd Meeting (in Japanese only)

3rd Meeting (Nov. 24, 2021)


Document 1: Meeting agenda　(in Japanese only)
Document 2: Presentation materials by the secretariat　(in Japanese only)
Document 3: Basic Discussion Points Regarding the Introduction of SPACs in Japan　(in Japanese only)
Summary of the 3rd meeting　 (in Japanese only)

4th Meeting (Dec. 13, 2021)


Document 1: Meeting agenda (in Japanese only)
Document 2: Presentation materials by the secretariat (in Japanese only)
Summary of the 4th meeting (in Japanese only)

5th Meeting (Jan. 28, 2022)


Document 1: Meeting agenda (in Japanese only)
Summary of the 5th meeting (in Japanese only)

Material 2 (explanatory material by the secretariat) is published as follows, based on the discussions, etc. on the day of the 5th Study Group Meeting.

Discussion Points on Investor Protection in the SPAC Listing System

Based on the discussions up to the fifth meeting of the study group, the "Discussion Points on Investor Protection in the SPAC Listing System" was published on February 16, 2022.


Discussion Points on Investor Protection in the SPAC Listing System (in Japanese only)

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