If the Securities and Exchange Commission wants to crack down on what critics view as rampant abuses in the booming SPAC market, it is going to need help from Congress, according to a financial reform group.
“Congress is going to have to do the initial heavy lifting on this,” Andrew Park, senior policy analyst at Americans for Financial Reform, told亚博赞助欧冠，补充说“秒可以做的最好的事情是大量的噪音。”
Americans for Financial Reform, allied with the Consumer Federation of America, are pushing Congress to “close the legal loopholes” that they say have ended up enriching sponsors of SPACs, or special purpose acquisition companies, and their initial investors — primarily hedge funds — at the expense of retail investors. Over time,as many studies and analyses have shown，Spacs的投资者赔钱。
第二届越来越多地对SPAC市场越来越担心，最新宣布周三即将来临。“SPAC的迅速增加代表了一个重大变化，我们正在努力看看SPACS周围的披露和其他结构问题，”SEC司法律司司代理署署长的John Coate。
他发布了一个3月10日投资者警报，警告说，“SPAC赞助商通常以比较开放市场上的投资者或随后的投资者的投资者在SPAC中获得股权。因此，赞助商将从SPAC完成业务组合的投资者受益于投资者，并且可能会对可能对您有利可能不利的条款进行动力。“
第二届投资者咨询委员会正在周四下午举行小组讨论。据熟悉该计划的个人表示，在会议上，预计对Spacs的批评将获得第一次公开听证会。
但美国人的成员是金融改革 - 在2008年金融危机期间形成的伞政策小组，并且在创造消费者金融保护局的工具中，不会在小组上。相反，它将在很大程度上填充Spac从业者。
如果有的话，立法改革也不需要，如果有的话，请注意。
的再保险formers think Congress should rewrite the 1990 legislation that allowed the SEC to regulate penny-stock blank check companies, which in the 1980s were rife with fraud. SPACs, while often referred to as “blank check companies,” were created precisely to avoid being subject to that designation — and the rules surrounding it — which was possible as long as the SPAC had at least $5 million in assets.
“现在，推动者和赞助商正在使用明显更大的车辆来资助空白支票公司，他们可以逃避通过误导信息，利益冲突和欺诈行为保护投资者的限制大会，这通常与空白支票产品相关联，”写道波士顿学院法学院副教授联合作用雷尼M. Jones，最近给房屋金融服务委员会和参议院银行委员会的椅子。
“Making an investment vehicle larger and attracting larger investments does not cure the problems inherent in marketing, selling, and trading in blank check stock,” they wrote.
在使所有SPAC受到这项法律的同时是他们的首要任务，政策Wonks也认为必须有立法改革为“夯实预先估计炒作” - 一个问题批评者所说的是今天的SPAC赞助商关于其合并目标的古怪预测。
“由于1995年私营证券诉讼改革的”前瞻性陈述“的安全港，”SPAC赞助商，目标公司及其顾问目前受到责任，这是免乐观的，因为在1995年的私人证券诉讼改革中“前瞻性陈述”，“前瞻性陈述”的安全港相关披露。“
传统的IPO被排除在这个安全的港口之外，因此他们没有做出这样的预测。消费者团体希望国会修改证券法律的部分，以便将SPACS与IPO相同;他们还希望确保承销商对其角色负责。
“关闭这种漏洞并要求SPAC提案国及其财务顾问对误导预测承担责任，有助于确保空白支票公司赞助商和顾问在与SPAC相关文件中不会注入过于乐观或不切实际的预测，”这封信解释说。“炒作炒作尤为重要，因为许多SPAC合并目标根本没有收入，但往往大胆地要求投资者他们将能够在不久的将来产生数十亿美元。”
的再保险formers also want enhanced disclosure on the payments made to sponsors, other SPAC investors, and PIPE investors, including the “potential dilutive impact” of warrants issued in conjunction with both the IPO and the merger.
最后，他们要求国会指导秒“研究SPAC狂热的风险和结果”。
他们建议SEC收集SPAC股东和保证人员的数据，并在投资者类型中生成报告评估平均性能 - 它表示只能在我们的先前推荐时更新空白支票公司的定义以包括SPAC。“
“This key information should enable the Commission to accurately assess the categories of investors that typically bear the brunt of SPACs’ post-merger losses,” they added.
The answers might be needed soon. After soaring earlier this year, one market indicator — the IPOX SPAC index — last week briefly entered a bear market, down 20 percent from its peak. It is still down more than 15 percent from that level.