한국형 기업인수목적회사(SPAC) 규제체계의 특징과 개선과제 ―미국의 기업인수목적회사 제도와의 비교를 중심으로―

Special Purpose Acquisition Companies(SPACs) are companies that do business for acquiring another companies. U.S. SPACs have adopted regulations in SEC Rule 419 on a voluntary basis. Meanwhile, the Korean SPACs system adopted regulations through Enforcement Decree of The Financial Investment Services and Capital Markets Act(The Decree of Capital Markets Act) and modified the system to reflect the characteristics of the Korean market. As the Decree of Capital Markets Act limits the SPACs’ business combination to mergers, the merged companies should be subject to tax burden and would be unable to choose various business combinations. The acquisition of real estate by merged companies requires exemption from acquisition taxes in consideration of their financial effects and policy objectives. Diversification of business combinations can expand the combination of various companies, but it could cause small enterprises to lose funding opportunities. While legal regulations on SPACs has advantages in terms of investor protection, they do not actively reflect changes in the capital market. In the long run, it is necessary to diversify the SPACs’ structure by the SPACs regulations in the exchange regulatory framework.