U.S. SEC intensifies scrutiny of SPVs investing in private companies, requiring proof of asset authenticity

PANews reported on September 1, according to The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) has stepped up scrutiny of companies behind so-called special purpose vehicles (SPVs). According to people familiar with the matter, SEC examiners have been asking registered investment advisers to provide evidence that their SPVs actually own or hold the shares of the private companies they claim to hold. Some of the people said that ahead of SpaceX's high-profile initial public offering and Anthropic's planned listing, such funds intensified their marketing efforts, while investor complaints also increased, prompting regulators to decide to strengthen oversight. According to one of the people, the SEC's current reviews typically include document requests, and some reviews also include on-site interviews. The review process can last anywhere from several weeks to a year.