The Securities and Exchange Commission (SEC), Investor Advisory Committee (IAC), has scheduled its next meeting for December 8, 2022. The IAC was created under the Dodd-Frank Act and holds a mission to protect investor interests but has tended to overweight investor protection over investor access and actual demands.
The IAC meeting has yet to disseminate a formal announcement of the event but the meeting agenda is now available. Topics include; account statements for customers and their efficacy, a discussion on Tax Transparency, and a session on Single Stock ETFs.
The agenda and panelists is available below. The meeting is publicly available and live-streamed on the SEC website.
| 10:00 a.m. – 10:25 a.m. | Welcome, Announcement of New Access and Inclusion Working Group, and Opening Remarks |
| 10:25 a.m. – 10:30 a.m. | Approval of Previous Meeting Minutes |
| 10:30 a.m. – 12:00 p.m. | Panel Discussion: Do client statements adequately serve investors?
This panel will focus on analyzing the content and format of information that is conveyed to customers through account statements and through account information available from firms online and through apps. Our speakers will provide an overview of the regulatory requirements governing the delivery of this information. Additionally, it will cover which information is important to customers, and challenges and best practices in conveying relevant information. Finally, the panelists will explore changes to the current requirements to better inform and protect investors, including possible standardization and simplification. Moderated by: Prof. Christine Lazaro, IAC Member, Professor of Clinical Legal Education, Director of the Securities Arbitration Clinic, St. John’s University School of Law Panelists:
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| 12:00 p.m. – 1:30 p.m. | Lunch/Non-Public Administrative Session |
| 1:30 p.m. – 3:00 p.m. | Panel Discussion regarding Tax Transparency
This panel will focus on the potential benefits to investors of greater tax transparency, including country-by-country tax reporting. New regulations require companies to provide this information to tax authorities, but investors currently do not have access to this information. Given financial, reputational and regulatory risks of a company’s tax practices, investors need more information to be able to evaluate the scope of tax risks facing multinational companies. The speakers will provide an overview of the existing requirements, emerging investor expectations and new transparency requirements in other jurisdictions, and provide insight on how regulators and standard-setters might address the existing information gaps. Moderated by: James Andrus, Vice Chair of the Investor-as-Owner Subcommittee; Interim Managing Investment Director, Board Governance & Sustainability, CalPERS |
| 3:00 p.m. – 4:00 p.m. | Panel Discussion Regarding Single-Stock ETFs
This panel will focus on the recent rise of single-stock ETFs, ETFs that give investors leveraged returns to the daily returns of specific stocks. Our speakers will discuss how SEC Rule 6c-11 in 2019 made it much easier for single-stock ETFs to come to market and the risks that are associated with them that many retail investors may not be aware of. Finally, the panelists will discuss what the SEC should consider doing in response. Moderated by: Andrew Park : IAC Market Structure Subcommittee Chair; Senior Policy Analyst, Americans for Financial Reform Panelists:
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| 4:00 p.m. – 4:15 p.m. | Subcommittee Reports |
| 4:15 p.m. – 4:25 p.m. | Working Group on Access and Inclusion Report |
| 4:25 p.m. | Closing Remarks and Adjourn |
