The U.S. regulator that oversees SPVs only when they engage in securities activities. The SEC governs how SPVs raise capital, whether offerings must be registered or qualify for exemptions (e.g., Reg D, Reg S), and what disclosures sponsors must provide about structure, risks, and conflicts. For securitization SPVs, it enforces Reg AB II reporting and transparency standards. The SEC also monitors investment advisers managing SPV vehicles, beneficial ownership reporting, and compliance with anti-fraud rules, ensuring that SPVs operate with transparency and investor protection in U.S. securities markets.
