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  • Dissenting Statement On Final Rule On Special Purpose Acquisition Companies, Shell Companies, And Projections: The Commission Embraces Merit Regulation, SEC Commissioner Mark T. Uyeda, Jan. 24, 2024

    Date 24/01/2024

    Thank you, Chair Gensler, and thank you to the staff for your presentations.

    Today, the Commission considers a lengthy adopting release of nearly 600 pages that extensively describes numerous disclosure, dissemination, forward looking statement, liability, and accounting provisions purportedly designed to advance investor protection and facilitate capital formation for special purpose acquisition companies (SPACs). But there may be a far simpler explanation behind what the Commission is doing for SPACs: we simply do not like them. In order to achieve this desired outcome, the Commission seeks to impose crushingly burdensome regulations on SPACs as a form of merit regulation in disguise.

  • SEC Adopts Rules To Enhance Investor Protections Relating To SPACs, Shell Companies, And Projections

    Date 24/01/2024

    The Securities and Exchange Commission today adopted new rules and amendments to enhance disclosures and provide additional investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and in subsequent business combination transactions between SPACs and target companies (de-SPAC transactions).

  • BIS Exhibits Design Proposals For Development Of Basel Headquarters Site

    Date 24/01/2024

    • Public exhibition From Building to Campus runs from 25 to 30 January 2024 on the top floor of the BIS Tower in Basel.
    • Exhibition showcases 11 design proposals submitted by leading international teams to develop the headquarters site, including the winning entry by ELEMENTAL and Nissen Wentzlaff Studio.
    • Competition sought designs for a building accommodating the development of BIS activities, including global meetings, while reflecting the character of the institution and contributing to the city of Basel.

  • Statement On Final Rules Regarding Special Purpose Acquisition Companies (SPACs), Shell Companies, And Projections, SEC Chair Gary Gensler, Jan. 24, 2024

    Date 24/01/2024

    Today, the Commission is considering whether to adopt final rules that will strengthen protections for investors in special purpose acquisition companies (SPACs). I am pleased to support these final rules because they will better align the protections investors receive when investing in SPACs with those provided to them when investing in traditional IPOs.

  • ICE First Look At Mortgage Performance: December Delinquencies Rise On Calendar Effects - Foreclosures Approach Two-year Lows

    Date 24/01/2024

    • In large part due to December ending on a Sunday, delaying the processing of payments made on the last day of the month, the national delinquency rate hit 3.57%, up 19 bps from November
    • Though the rise (+5.6%) was larger than an average December (+1.4%), it was milder than past Sunday-month-end Decembers, which have seen delinquencies jump +9.9% on average
    • Delinquencies were up moderately across the board, as inflows and rolls to later stages of delinquency rose, while cures from both early- and late-stage delinquency improved
    • Serious delinquencies (90+ days past due) rose to 475K, but were still 19% (-108K) below where they were they ended December 2022
    • December’s 24K foreclosure starts marked an 18-month low in new activity, with total active foreclosures the lowest since March 2022 (212K), still 25% below (-71K) pre-pandemic levels
    • Likewise, the 5.4K foreclosure sales (completions) in December were down -17.2% from November and the fewest since February 2022 – shortly after the end of COVID-era moratoria
    • Prepayment activity rose +4.9% to a single month mortality rate of 0.39% on improving interest rates, but prepays remain constrained by both seasonal and affordability pressures