{"title":"From Darkness to Light: A Comparative Study of Special Purpose Acquisition Companies in the European Union, the UK, and the US","authors":"Daniele D’Alvia","doi":"10.1017/cel.2022.8","DOIUrl":null,"url":null,"abstract":"Abstract This article analyses the financial regulation of Special Purpose Acquisition Companies (‘SPACs’) in the European Union and SPAC reform in the UK against the main legal system where the SPAC originates: the US. I argue that the US and financial regulators in Europe have opposing views on SPACs, evidenced by the adoption of two different regulatory approaches. As opposed to a SPAC regulation by business or function and by enforcement in the US, the European Union and the UK are implementing a SPAC regulation by objectives, where general principles of company and financial law inform the SPAC legal discipline. This enormously enriches the SPAC current debate, and sheds new light on the subject.","PeriodicalId":52109,"journal":{"name":"Cambridge Yearbook of European Legal Studies","volume":"24 1","pages":"201 - 238"},"PeriodicalIF":0.0000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Cambridge Yearbook of European Legal Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1017/cel.2022.8","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 0
Abstract
Abstract This article analyses the financial regulation of Special Purpose Acquisition Companies (‘SPACs’) in the European Union and SPAC reform in the UK against the main legal system where the SPAC originates: the US. I argue that the US and financial regulators in Europe have opposing views on SPACs, evidenced by the adoption of two different regulatory approaches. As opposed to a SPAC regulation by business or function and by enforcement in the US, the European Union and the UK are implementing a SPAC regulation by objectives, where general principles of company and financial law inform the SPAC legal discipline. This enormously enriches the SPAC current debate, and sheds new light on the subject.
期刊介绍：
The Cambridge Yearbook of European Legal Studies (CYELS) offers authors and readers a space for sustained reflection and conversation about the challenges facing Europe and the diverse legal contexts in which those challenges are addressed. It identifies European Legal Studies as a broad field of legal enquiry encompassing not only European Union law but also the law emanating from the Council of Europe; comparative European public and private law; and national law in its interaction with European legal sources. The Yearbook is a publication of the Centre for European Legal Studies, Faculty of Law, University of Cambridge.
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