The U.S. House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets considered legislation and testimony concerning the transition from the London Inter-Bank Offered Rate.
SEC Division of Corporation Finance Acting Chair John Coates and SEC Acting Chief Accountant Paul Munter highlighted potential errors in accounting for warrants issued by Special Purpose Acquisition Companies.
The SEC Division of Corporation Finance and the Division of Investment Management encouraged issuers to allow shareholder proponents to present their proposals through "alternative means" during the 2020 and 2021 proxy seasons.
SEC Division of Corporation Finance Acting Director John Coates argued against claims by commentators that Special Purpose Acquisition Companies face lesser securities law liability in the context of a "de-SPAC" transaction than traditional IPOs.
The SEC Division of Corporation Finance staff issued guidance on accounting, financial reporting and governance issues that private operating companies should consider prior to undertaking a "business combination" with a special purpose acquisition company.