The Securities and Exchange Commission (SEC) is looking for new members to add to its Investor Advisory Committee (IAC). Currently, they have five openinings on the Committee that aims to provide guidance to the Commission on items that impact individual investors.
The Dodd-Frank Wall Street Reform and Consumer Protection Act created the IAC.
The SEC states that the Committee advises and consults with the Commission on:
- Regulatory priorities of the Commission;
- Issues relating to the regulation of securities products, trading strategies, fee structures, and the effectiveness of disclosure;
- Initiatives to protect investor interests; and
- Initiatives to promote investor confidence and the integrity of the securities marketplace.
SEC Chairman Gary Gensler says the Committee provides a “wide array of investor perspectives are represented in SEC policymaking,”
In the past, the Committee has focused mainly on investor protection issues without taking into consideration other key items of interest for smaller investors. The Committee has failed to advocate on behalf of investors on items like the Definition of an Accredited Investor – a rule that makes certain private placements only available to wealthy individuals. Many observers believe the Commission should expand the definition to make it more inclusive but under the current Commission the goal is to make it more stringent.
Members of the public interested in serving on the IAC should email a letter of interest to iac-candidates@sec.gov with applicable information about their relevant experience. The deadline for submissions is April 26, 2024.
