![]() Gensler said the tougher rules would aim to enhance investor protections by focusing on the disclosures made by SPACs, by examining how the companies market themselves, and by ensuring banks hired by SPACs are "digging deeper" and providing the appropriate level of scrutiny. That provides the targeted company with a faster and less onerous way to achieve a listing than the traditional initial public offering (IPO) route. SPACs are shell companies - or "blank check companies" in Wall Street lingo - that list on exchanges with one objective: to find a private company to merge with. Securities and Exchange Commission is already adopting a tougher approach to SPACs, including investigating a deal made by former President Trump's social media company. Gensler's comments, in an interview with NPR, come as the U.S. ![]() Gary Gensler, the country's top securities regulator, said he's aiming to announce tougher rules for SPACs by early next year, as he warned about the potential dangers of the hot investment craze sweeping through Wall Street.
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