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Thursday, May 13, 2021
The Securities and Exchange Commission (SEC or the Commission) has announced a series of initiatives reorienting the Commission’s agenda to focus on environmental, social, and governance (ESG) issues. In particular, the Commission is gearing up to develop a framework to address ESG disclosures, including climate change risk and diversity and inclusion metrics. According to Chairman Gary Gensler, an ESG disclosure rulemaking is a “top priority.” Accordingly, we expect the Commission could issue a proposed rulemaking regarding such disclosures later this year.
A CLIMATE AND ESG DISCLOSURE FRAMEWORK
On 15 March 2021, then-Acting Chair (now Commissioner) Allison Herren Lee delivered a speech discussing plans to establish an “ESG reporting framework that would complement our financial reporting framework” (ESG Speech).
What is a SPAC
Special purpose acquisition companies (SPACs) are on the rise. A
SPAC is a publicly traded shell company with no underlying
operating business that seeks to merge with a target operating
company. According to Nasdaq, in 2015, SPACs made up approximately
12% of the IPO market, but by 2020, that number had risen to
approximately 53%. SPACs are predicted to be an even higher
percentage of the 2021 market share, with SPACs representing 79% of
the January IPOs. In light of the trend, the US Securities Exchange
Commission s Division of Corporation Finance recently issued SPAC disclosure guidance. And as new
leadership takes the helm at the SEC, there has been speculation