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The international financial regulation of SPACs between legal standardised regulation and standardisation of market practices

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  • Daniele D’Alvia

    (Birkbeck University of London)

Abstract

Special Purpose Acquisition Companies (‘SPACs’) are a new phenomenon in financial markets, and there is scant academic literature on the topic. This paper aims to provide a thorough overview of the remarkable story of SPACs from their origin, through blank check companies, to the development of a modern conception of SPAC. A comparative study is carried out by taking into account financial regulation and the ways in which SPACs are governed in different capital markets. Specifically, the American markets are examined, as well as new models of SPACs which have recently appeared on the Bursa Malaysia, the Toronto Stock Exchange and the Korea Exchange. To this end, the final consolidating remarks will serve as a way to evaluate proposals for a new international trend for global financial markets to follow in the coming years.

Suggested Citation

  • Daniele D’Alvia, 2020. "The international financial regulation of SPACs between legal standardised regulation and standardisation of market practices," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(2), pages 107-124, June.
  • Handle: RePEc:pal:jbkreg:v:21:y:2020:i:2:d:10.1057_s41261-019-00100-5
    DOI: 10.1057/s41261-019-00100-5
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    References listed on IDEAS

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    1. Thomas Cottier & Rosa M. Lastra, 2010. "The Quest for International Law in Financial Regulation and Monetaryaffairs," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 527-530, September.
    2. Milan Lakicevic & Milos Vulanovic, 2013. "A story on SPACs," Managerial Finance, Emerald Group Publishing, vol. 39(4), pages 384-403, March.
    3. Chris Brummer, 2010. "Why Soft Law Dominates International Finance--and not Trade," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 623-643, September.
    4. Lastra, Rosa Maria, 2006. "Legal Foundations of International Monetary Stability," OUP Catalogue, Oxford University Press, number 9780199269341.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Why investors fell in love with SPACs—and how the bubble burst
      by ? in Co.Exist on 2021-06-25 10:00:22

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