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aws{全区}号(www.2km.me)_Short Position - SPAC rules, digital currency, CPO demand

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New SPAC rulesIT had long been known that the rules that first allowed the listing of special purpose acquisition companies or SPACs had some weaknesses in them.

Since SPACs or cash shells were first introduced into the Malaysia capital market in 2009, there had been a rule that required 75% of non-interested shareholders to approve the SPAC’s maiden deal, termed as the qualifying acquisition or QA.

However that rule inadvertently led to a situation where some opportunistic investors would buy up shares in the SPAC and attempt to greenmail the management in order to lend their support to vote for the QA.

There were also situations where funds would buy shares in the SPAC if they were at less than their cash value, and opt to reject the QA as that would mean the distribution of all that cash back to shareholders.

It was easy to accomplish that when the threshold for votes for the QA was at 75%.

Finally, the Securities Commission (SC) announced this week that the rules are being changed to require only a simple majority of shareholders to vote in favour of the QA, which would make it much more difficult for the opportunistic investors to pull off their exploits on the SPACs.

There are other enhancements to the rules, including allowing SPACs to issue new shares to pay for the QA (as opposed to the current cash-only rule) and to obtain additional financing via private placements for the QA. The is also a lowering of the minimum amount of funds required to be raised by a SPAC to RM100mil from RM150mil.

However, one area where more clarity is needed relates to the more subjective criteria that is used when assessing SPACs as some of those who have gone through the experience before reckon that there is a lack of standardisation of rules in that approval process.Cautious on digital currencyRISING interest in cryptocurrency has raised the question of whether central banks should consider issuing official digital currencies, or a central bank digital currency (CBDC).

While several central banks across the globe are already at advanced stages of developing their own CBDC, Malaysia is taking a cautious step in that direction.

On Wednesday, Deputy Finance Minister II Yamani Hafez Musa said Bank Negara has no immediate plans to issue CBDC.

This is given that domestic payment systems, including the Real-time Retail Payments Platform (RPP), are able to continue operating securely and efficiently to support economic needs and enable real-time digital payments.

However, Bank Negara will actively assess the potential value proposition of CBDC in light of developments in the digital assets and payments space.

While there seems to be a stronger case for central banks to look into CBDC given its potential benefits such as faster settlement and easier accessibility, it is not without its risks.

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