According to the Wall Street Journal, the US Securities and Exchange Commission (SEC) has intensified its scrutiny of companies behind so-called special purpose vehicles (SPVs). Sources familiar with the matter revealed that SEC examiners have been requiring registered investment advisers to provide evidence that their SPVs do in fact own or hold the shares of private companies they claim. Some sources noted that ahead of SpaceX's high-profile initial public offering and Anthropic's planned lis

According to a report by The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) has intensified its scrutiny of the companies behind so-called Special Purpose Vehicles (SPVs). According to informed sources, SEC examiners have been requesting registered investment advisors to provide evidence proving that their SPVs do indeed own or hold the private company shares they claim. Some sources indicated that in advance of the highly anticipated IPO of SpaceX and Anthropic's listing plans, such funds have ramped up their marketing efforts, and investor complaints have increased, prompting regulators to tighten their oversight. According to one of the sources, the SEC's current reviews typically include document requests, and some examinations also involve on-site interviews. The review process can last anywhere from several weeks to a year.