Ex-Barclays banker sees more SPAC scrutiny after crackdown

NEW YORK: Former Barclays Plc banker Makram Azar, who listed his special-purpose acquisition company (SPAC) last year to scout for European tech unicorns, warned SPACs could come under yet more scrutiny by United States regulators after a crackdown earlier this year cooled off the market.

Stiffer oversight by the US Securities and Exchange Commission (SEC) “put a lid on the market that way,” Azar said in an interview in Riyadh on the sidelines of Saudi Arabia’s flagship investment forum. “They may continue to adjust the rules by the way, it’s not over yet.”