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(Reuters) — The U.S. Securities and Exchange Commission is considering new rules to address concerns around material disclosures and investor protections amid a surge in the use of special purpose acquisition companies as capital-raising vehicles, its new chair will tell lawmakers.
Gary Gensler, in prepared testimony to the financial services and general government subcommittee of the U.S. House Appropriations panel on Wednesday, said that overseeing SPACS has also placed demands on the resources at the watchdog, which has seen a 4% decline in its staff overall since 2016.
Mr. Gensler added that the Division of Enforcement’s staff had six fewer staff on board than it did in fiscal year 2016, while its Division of Corporation Finance is currently 20% smaller than it was five years ago.
Captive insurers, long a home for hard-to-place risks and seeing greater use in the hardening commercial insurance market, are being eyed as a potential solution for the directors and officers liability problems facing special purpose acquisition companies.