SEC Investor Advisory Committee Adds SPACs to Agenda of Next Meeting

The Securities and Exchange Commission (SEC) Investor Advisory Committee has scheduled a meeting for March 11, 2021. Included on the agenda is a panel discussion on the hot Special Acquisition Company (SPAC) market.

According to the agenda, the panel will be moderated by Christopher Mirabile, Senior Managing Director and Board Member, Launchpad Venture Group, and Chair Emeritus, Angel Capital Association.

Panelists include:

• Jocelyn Arel, Partner; National Head of SPAC Practice, Goodwin Procter LLP
• Michael O’Donovan, Partner, Strategic Advisory Group, PJT Partners
• Michael Ohlrogge, Assistant Professor of Law, NYU School of Law

While SPACs, or blank check firms, have been around for many years, in recent months the sector of finance has boomed with a growing number of later-stage private firms deciding to float shares via a SPAC merger instead of a more traditional IPO process.

A recent report indicated that SPACs have raised over $38 billion in 2021. In 2020, SPACs raked in around $83 billion.

Some observers believe the popularity in SPACs is due to the lower regulatory hurdle for the issuer to go public.

Doug Ellenoff, the Managing Partner at Ellenoff, Grossman, and Schole, the top law firm engaged in the SPAC sector, told CI at the end of last year:

“The momentum coming [of SPACs] into the end of the year is much greater than we have ever seen and fully expect the first quarter to be a continued reflection of what we’ve been seeing.”

The Investor Advisory Meeting is scheduled to begin at 10 AM on March 11th. The meeting will be live-streamed on the SEC website and open to the public.

The agenda is below.

10:00 a.m.	Welcome Remarks
10:25 a.m.	Approval of Minutes of Previous Meeting
10:30 a.m.	Follow-On Panel Discussion Regarding Self-Directed Individual Retirement Accounts (IRAs) Moderated by: Lori Lucas, President and CEO, Employee Benefit Research Institute Panelists: William R. Carrigan, Deputy Commissioner for Securities, Vermont Department of Financial Regulation Courtney Eccles, Director, Secure Choice Savings Program, Illinois State Treasurer’s Office Michael P. Kreps, Principal, Groom Law Group, Chartered Mary L. Mohr, Executive Director, Retirement Industry Trust Association J. Spencer Williams, Founder, President & CEO, Retirement Clearinghouse
12:00 p.m.	Lunch/Non-Public Administrative Session
1:00 p.m.	Panel Discussion Regarding Special Purpose Acquisition Companies (SPACs) Moderated by: Christopher Mirabile, Senior Managing Director and Board Member, Launchpad Venture Group, and Chair Emeritus, Angel Capital Association Panelists: Jocelyn Arel, Partner; National Head of SPAC Practice, Goodwin Procter LLP Michael O’Donovan, Partner, Strategic Advisory Group, PJT Partners Michael Ohlrogge, Assistant Professor of Law, NYU School of Law
2:30 p.m.	Discussion of Recommendation Regarding Minority and Underserved Inclusion
3:00 p.m.	Discussion of Recommendation Regarding Credit Rating Agencies
3:30 p.m.	Subcommittee Reports
4:00 p.m.	Adjourn