U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for today as they consider legislation aimed at curbing liability protections for the industry, Reuters reports.
Stephen Deane, CFA, the Senior Director of Legislative and Regulatory Outreach for the CFA Institute, will deliver prepared testimony.
Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors. Monday’s hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs. Read more.
