SEC Forms Investor Advisory Committee
- United States
- 06/10/2009
On Wednesday, June 3, 2009, Securities and Exchange Commission (“Commission”) Chairman Mary Schapiro announced the formation of an Investor Advisory Committee to give investors a greater voice in the Commission’s work. SEC Commissioner Luis A. Aguilar will serve as the Commission’s primary sponsor of the Committee.
The SEC acknowledged that investors need a greater voice at the Commission and that the Commission’s traditional role as the investor’s advocate will be enhanced by the range of views the Advisory Committee will provide.
The Chairman’s hope is that through the new Investor Advisory Committee and the “well-respected and diverse group” making up the Advisory Committee, the Commission will be able “to reach out to investors in a new and significant way” and hear investor’s “views on new products, trading strategies, fee structures, and the effectiveness of disclosure, among other issues.”
The Investor Advisory Committee’s charter provides for a broad scope of interest, including:
- Advising the Commission on matters of concern to investors in the securities markets;
- Providing the Commission with investors’ perspectives on current, non-enforcement, regulatory issues; and
- Serving as a source of information and recommendations to the Commission regarding the Commission’s regulatory programs from the point of view of investors.
The Advisory Committee will be co-chaired by Richard (Mac) Hisey, President of AARP Financial Incorporated and AARP Funds, and Hye-Won Choi, Senior Vice President and Head of Corporate Governance for TIAA-CREF. Fred Joseph, President of the North American Securities Administrators Association and Securities Administrator for the State of Colorado, will be an ex officio participant. The Advisory Committee is expected to begin working in the next few weeks, after the Commission files the Committee’s charter with Congress.
