Global Law Assembly Technical Report Series are notified for SPACs through delegated legislation under the Companies Act which will contain SPAC specific disclosures and also provide an inclusive list of what forms of transactions for SPACs amount to related party transactions.
Private International Law In order to deal with contractual dispute concerns arising out of SPAC transactions, it is necessary that the choice of law and the clause of resolution of disputes are clearly stated out in the contractual documents of the SPAC transactions and that a specific disclosure requirement of the choice of law and the dispute resolution clause is made in the prospectus itself so that subscribers and prospective shareholders clearly know the correct forum to approach to enforce their rights. It is also suggested that statute based alternative dispute resolution methods such as mediation, arbitration and expert determination should be promoted for resolving disputes in SPAC related transactions and activities so that private international law issues can be avoided and the disputes do not go on for several years because of jurisdictional issues.
[ 40 ]
