Gensler Gets Philosophical: Calls For New SPAC Rules And Hints At PSLRA Change
January 7, 2022 | The Insider: White Collar Defense and Securities Enforcement
For months, the SEC Chairman Gary Gensler has expressed concern over the meteoric rise of SPACs and has dropped teasers about stepped-up enforcement to come. Now, the time for the main event is almost here. According to Chairman Gensler, the Commission’s guiding principle as it devises proposed rules for SPACs in the coming months should be—to borrow from Aristotle—to “treat like cases as like.” That is, the Commission should strive to align SPACs’ structure and regulatory obligations more closely with those of a standard IPO.