SPAC Working Group
In May 2021, CFA Institute launched the SPAC Working Group (SWG) to examine the surge in U.S. public listings of special purpose acquisition companies (SPACs) and its implications for investor protection, capital formation and market integrity.
Comprising leading U.S. market participants and experts, as well as international observers from the EMEA and APAC regions, the group is charged with exploring the re-emergence of SPACs as a way to go public and considering whether and how the SPAC structure can be improved upon for the benefit of investors, companies and market integrity. Specifically, the group will examine the benefits and risks of the SPAC path; the quality and completeness of disclosure provided throughout the SPAC lifecycle; and due diligence obligations of key SPAC participants. The members’ work will also be informed by presentations from guest speakers and SPAC data providers. CFA Institute plans to publish a report on the group’s findings, along with any policy recommendations, in early 2022.