The U.S. Securities and Exchange Commission (SEC) adopted a final rule last night, by a 3-2 vote that would require prospective special purpose acquisition companies (SPACs) to disclose their sponsors, compensation, target companies, and conflicts of interest and to require SPAC targets to register with the SEC.

A group of associations representing private investment funds, including the National Venture Capital Association, jointly filed a lawsuit in the 5th Circuit Court of Appeals against the U.S. Securities and Exchange Commission (SEC).