The SEC has stepped up scrutiny of special-purpose vehicles (SPVs) used to hold private-company stakes, asking registered investment advisers to provide evidence that their SPVs actually own the claimed shares, the Wall Street Journal reports. Officials moved after an uptick in SPV marketing and investor complaints ahead of high-profile potential listings including SpaceX and Anthropic, people familiar with the matter said. Examinations typically include document requests and, in some cases, on-

MOFCOM’s Department of International Cooperation outlined the Guidelines on Overseas Competitive Conduct and Compliance Construction in the Automobile Industry, a four‑chapter, 20‑article reference for Chinese auto firms operating abroad. The non‑binding guidance targets overseas marketing and competitive behavior and sets compliance focus areas including overseas production safety, quality management, labor protections and data security. MOFCOM said it will work with other departments to continue improving an overseas comprehensive service system to better guide reasonable, orderly cross‑border佈局 by the auto industry.

United Steelworkers has temporarily extended its contracts with US Steel and Cleveland‑Cliffs; the parties will continue union negotiations.