SEC Commissioner Peirce faults agency’s treatment of proposed SPAC

"It is not a good look for the Commission to run a SPAC through the gauntlet of addressing disclosure comments only to say, 'Oh, and by the way, now you are too old to be anything other than an investment company.' We must always engage registrants in the same good faith that we expect of them.  A failure to do so would undermine the credibility of this agency"