Special Purpose Acquisition Companies (SPACs): Impacts on Transparency, Information Disclosure, Investor Protection and Supervision

The objective of this project is to understand the perceived experience of market participants with special purpose acquisition companies (SPACs), including investment professionals as well as the recipients of financial services and products (i.e., retail investors). The study presents professional and retail investors' views on the main issues that pertain to SPAC vehicles: transparency and information disclosure, investor protection, and supervision in the context of a capital markets union (CMU). For this study, BETTER FINANCE and CFA Institute relied on active collaboration and input from their members, which enabled us to present a comprehensive picture of the risks associated with SPACs for individual investors.

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