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The SEC's enforcement division is seeking information from several Wall Street banks on fees, volumes and internal controls in SPACs, which have raced ahead of traditional IPOs as the hottest investment trend in the market this year. The trend has also raised significant concerns from market watchdogs and consumer and investor advocates, who worry that the rush to market has come at the cost of sufficient due diligence of the black-check vehicles.
The IPOX SPAC index, a benchmark for performance in the blank-check market, is up more than 48.7% over the past year, but have fallen some 22.5% from its February 17 peak amid a series of under-performing SPAC debuts and growing concerns over the lack of viable targets for the now 700-plus groups that are listed.
https://www.thestreet.com/investing/sec-kicks-off-probe-into-220-billion-spac-market-reuters
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