Analysis

SEC's Proposed SPAC Crackdown Meets Industry Resistance

By Tom Zanki (June 22, 2022, 7:42 PM EDT) -- The U.S. Securities and Exchange Commission is facing a wide range of criticism as it prepares to finalize rules reining in special-purpose acquisition companies, including from market participants accusing the agency of overreach.

The comment deadline for a rules proposal governing SPACs expired last week, leaving the next move to the agency. Regulators could revise their proposal — or stick largely to their initial draft — based on public input, and may take a final vote later this year.

Plenty of eyes are watching, as evidenced by the 78 or so public comments on the 372-page proposal, which regulators say is designed...

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