SPACs in the AIFMD Context

IF 1.3 Q1 LAW

European Company and Financial Law Review Pub Date : 2022-09-30 DOI:10.4467/22996834flr.22.019.16528

Lukáš Weiss

引用次数: 0

Abstract

The growth in the use of Special Purpose Acquisition Companies (SPACs) within the context of the European market economy has been particularly evident in recent months. When structuring SPACs, the question of whether and when SPACs fulfil the objective criteria of the activities indicative of the characteristics of their specific management under the Alternative Investment Fund Managers Directive (AIFMD), arises. SPACs are, in fact, similar in their basics to the alternative investment funds established under this directive and whose investment strategy is directed towards private equity. The aim of this paper is to answer the presented question, which is crucial for current financial market practice. If the intended investment structure of SPACs fulfils the criteria of the AIFMD, it can only be structured under the rules (and restrictions) arising from respective regulations. Any misconduct is otherwise severely sanctioned.

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AIFMD背景下的SPACs

最近几个月，在欧洲市场经济的背景下，特殊目的收购公司(spac)的使用增长尤为明显。在构建spac时，spac是否以及何时符合另类投资基金经理指令(AIFMD)下指示其特定管理特征的客观活动标准的问题就出现了。事实上，spac在基本方面与根据该指令设立的另类投资基金类似，后者的投资策略是针对私人股本。本文的目的是回答所提出的问题，这对当前的金融市场实践至关重要。如果SPACs的预期投资结构符合AIFMD的标准，则只能根据相应法规产生的规则(和限制)来构建。任何不当行为都将受到严厉制裁。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.