In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s practice of regulating by enforcement.
Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been used to make policy in the SPAC space.
Instead of case-by-case precedents, Nick argues that the Administrative Procedure Act (APA) provides the right framework:
- Publish proposed rules
- Invite public comment and critique
- Finalize rules transparently, with the possibility of judicial review
By contrast, regulation by enforcement forces defendants to shoulder policy shifts alone without transparency or accountability.
For sponsors, boards, and investors, Nick’s perspective highlights why predictability in the rules of the game matters as much as the capital markets themselves.
Connect with the Guest:
Nick Morgan – Partner, Paul Hastings LLP | Co-Founder, ICAN
LinkedIn: https://www.linkedin.com/in/nick-morgan-9182744/
View all of their episodes here:
https://www.thespacpodcast.com/guests/nick-morgan/
Connect with the Hosts & The SPAC Podcast:
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 partner at Winston Taylor. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is for informational and educational purposes only and should not be considered legal, financial, or compliance advice. All views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the policies or positions of any regulatory agency, law firm, organization, or employer. Listeners should consult their own legal counsel, compliance teams, or financial advisors to ensure adherence to applicable regulations, including SEC, FINRA, and other industry-specific requirements. This podcast does not constitute a solicitation or recommendation for any financial products or services.
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