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According to The Wall Street Journal, the US Securities and Exchange Commission (SEC) has strengthened its scrutiny of companies behind Special Purpose Vehicles (SPVs), requiring registered investment advisors to provide evidence to prove that SPVs hold the private company shares they claim. Prior to SpaceX's initial public offering and Anthropic's planned listing, such funds intensified their marketing efforts and investor complaints increased. The current review by the US Securities and Exchange Commission (SEC) includes document retrieval requirements and on-site interviews, and the review process lasts from several weeks to a year.