Spac as an Innovative Gateway to the Capital Market: An Economic-Legal Analysis of Implementation Prospects in Uzbekistan
Keywords:
SPAC, IPO, capital market, stock exchange, investmentAbstract
This article examines the Special Purpose Acquisition Company (SPAC) model as an alternative route for companies to access the stock market compared with the traditional IPO. It analyses international experience with SPACs, outlining the advantages and risks of the instrument from both economic and legal perspectives. Particular attention is given to adapting the SPAC mechanism to Uzbekistan’s financial and regulatory environment. The study identifies the main statutory barriers and proposes ways to overcome them, including use of the “Regulatory Sandbox” special legal regime. The findings confirm that SPACs could be successfully integrated into Uzbekistan’s financial infrastructure, provided the legal framework is enhanced and transparent regulatory procedures are established.
References
Law of the Republic of Uzbekistan “On the Securities Market” No. ZRU-163 of 22 July 2008. Link: https://lex.uz/ru/docs/2662541
Law “On Joint-Stock Companies and the Protection of Shareholders’ Rights” No. ZRU-370 of 6 May 2014. Link: https://www.lex.uz/acts/14667
Presidential Decree of the Republic of Uzbekistan No. PP-291 of 2 September 2023, “On Additional Measures to Develop the Capital Market.” Link: https://lex.uz/ru/docs/6590029
Order of the Director-General of the Centre for Coordination and Control of the Securities Market under the State Committee for State Property Management of the Republic of Uzbekistan, registered 30 August 2009, reg. No. 2000 of 9 September 2009. Link: https://lex.uz/docs/1515254#1530657
Appendix to Order No. 2009-40 of 16 July 2009 of the Director-General of the Centre for Coordination and Control of the Securities Market under the State Committee for State Property Management of the Republic of Uzbekistan. Link: https://lex.uz/docs/1515254#1530657
Order of the Director of the National Agency for Perspective Projects of the Republic of Uzbekistan “On Approval of the Regulation on the Procedure for Granting the Special Legal Regime ‘Regulatory Sandbox’ in the Capital Market,” registered 29 January 2024, reg. No. 3493 of 30 January 2024. Link: https://lex.uz/docs/6783404
https://stockanalysis.com/ipos/statistics/
