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SEC proposes new rules, heightened disclosures for SPACs

The Securities and Exchange Commission has proposed new rules and amendments to disclosure standards for special purpose acquisition companies (SPACs). Another route to funding SPACs expedite the process to going public and have become a popular fundraising route. In a SPAC, a private company seeking to go public is acquired by an already-listed company rather than going through the more arduous disclosure and filing process of a traditional initial public offering. But over time, SPACs have drawn scrutiny from the …

SEC commissioner Roisman announces departure

On December 20, Elad Roisman, a Republican commissioner on the Securities and Exchange Commission, announced that he will be stepping down at the end of January.  A Trump appointee, Roisman has served at the SEC since 2018, including a brief tenure as acting chairman in the months before President Biden took office and appointed Gary Gensler. Roisman’s term formally lasts until 2023. His announcement gave limited details as to his plans or reasoning, simply calling his tenure “the greatest privilege …