SEC Enforcement and SPACs
In this SPAC Podcast Spotlight, Nick Morgan, President and Founder of the Investor Choice Advocates Network (ICAN), shares his perspective on how the SEC approaches SPAC enforcement. Drawing on past enforcement activity and rulemaking debates, he explains why Commissioner Hester Peirce’s dissents may offer insight into how the Commission views SPACs today.
Nick also references the SEC’s first SPAC-related enforcement action in 2021 and notes how Commissioner commentary has influenced the policy discussion around SPACs. His insights shed light on how regulatory perspectives can shape the market environment.
Disclaimer:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, or financial advice.
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Nick Morgan – President & Founder, Investor Choice Advocates Network (ICAN)
Website: http://www.icanlaw.org/
Spotify: https://open.spotify.com/show/35ThEEfx6jHDdcMP74kJba
X (Twitter): https://x.com/InvestorChAdNt
YouTube: https://www.youtube.com/@investorchoiceadvocatesnet5456
LinkedIn: https://www.linkedin.com/in/nick-morgan-9182744/
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Michael Blankenship LinkedIn: https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn: https://www.linkedin.com/in/joshuabrucewilson/
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Disclaimer:
Michael J. Blankenship is a licensed attorney and is a partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
Listeners are encouraged to consult their own legal counsel, compliance professionals, or financial advisors to ensure adherence to applicable laws and regulations, including those enforced by the SEC, FINRA, and other regulatory bodies. This podcast does not constitute a solicitation, offer, or recommendation of any financial products, securities transactions, or legal services.
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Full Episode Transcript:
Michael (00:35): Nick, so many view the current SEC as less prone to bring enforcement actions for technical violations. In your view, does that extend to SPACs? If so, what does that mean going forward?
Nick Morgan (00:49): I think it absolutely extends to SPACs. If you want a window into the current Commission’s view on SPACs and where they’re going to be going for the next few years, look at Commissioner Peirce’s dissent in the 2024 rulemaking around SPACs. She had a very articulate dissent there, and I think her views carry weight today. She was formerly on Commissioner Atkins’s staff back when he was at the SEC, which adds context to her position.
Similarly, when the Gensler SEC brought its first SPAC action back in 2021 — the Stable Road enforcement action — Commissioner Peirce expressed concerns about the policy implications of that decision. If you look at how she reacted to SPAC issues in both enforcement and rulemaking, I think it gives us a good view of how the current Commission may approach these cases going forward.
Nick Morgan
President
Nick Morgan is a pro bono trial counsel who focuses on SEC investigations and litigation. He is the President and Founder of the Investor Choice Advocates Network (ICAN). Before founding ICAN, Morgan was a partner and office litigation chair at the law firm Paul Hastings and previously served as a Senior Trial Counsel at the SEC.