SEC Investor Advisory Committee Publishes Agenda: Investment Advice and Litigation on the List

The Securities and Exchange Commission (SEC), Investor Advisory Committee (IAC), has published its agenda for its meeting next week.

The IAC will focus on two panels:

  • Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest; and
  • Key Topics from Securities Litigation: Shareholder Proposals and “Tracing” in Section 11 Litigation

The IAC holds a mission to target issues that are of importance for individual investors. At times in the past, the IAC has actually operated more like a regulator advocate.

The agenda for the meeting, scheduled for September 19th, is below. The event will be live-streamed and available to the public on the SEC website.

SEC Investor Advisory Committee
Thursday, September 19, 2024

10:00 a.m. – 10:05 a.m. Welcome
10:05 a.m. – 10:30 a.m. Opening Remarks
10:30 a.m. – 10:35 a.m. Approval of Previous Meeting Minutes
10:35 a.m. – 12:05 p.m. Panel Discussion: Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest

In light of the July 2024 Federal District Court stays of the Department of Labor’s Retirement Security Rule and related rule-making, there is uncertainty and confusion among many investors as to when their financial professionals are “investment advice fiduciaries”. In light of those court decisions and the varying definitions of fiduciary under SEC rules, ERISA and state law, this panel will discuss the differences, similarities and nuances of financial professionals’ obligations to their clients and how this may impact investors.  

Moderated by:

  • Paul Sommerstad, Partner, Cerity Partners; Vice Chair of the Investor Advisory Committee Investor as Purchaser Subcommittee

Panelists:

  • Jason Berkowitz, Chief Legal & Regulatory Affairs Officer, Insured Retirement Institute
  • Dr. Edwin Hu, Associate Professor, University of Virginia School of Law
  • Allison Itami, Partner, Lathrop GPM
  • Erin Koeppel, Managing Director, Government Relations and Public Policy Counsel, CFP Board
  • Brian J. Tiemann, Partner, Employee Benefits, McDermott, Will & Emery
12:05 p.m. – 1:40 p.m. Lunch/Non-Public Administrative Session
1:40 p.m. – 3:25 p.m. Panel Discussion: Key Topics from Securities Litigation: Shareholder Proposals & “Tracing” in Section 11 Litigation 

Building on recent litigation, the panel will examine how well the current regulatory framework protects investors’ ability to submit shareholder proposals and to bring Section 11 claims. This panel will highlight two “pain points” for securities investors: shareholder proposals and tracing under Section 11. The panel will bring together academics, former SEC officials, and practitioners to provide insight into the costs and benefits of our current framework. It will discuss proposed administrative remedies in each area, as well as the viability of these options and any potential unintended consequences.

Moderated by:

  • Colleen Honigsberg, Professor of Law and Associate Dean of Curriculum, Stanford Law School; Secretary of the Investor Advisory Committee

Panelists:

  • Robert Bartlett, W. A. Franke Professor of Law and Business, Stanford Law School
  • Trevor Fay, Founder and Chief Executive Officer, KOPA Market
  • Maria Oh Huber, Former Chief Legal Officer, eBay and Agilent Technologies; Board Member, Portland General Electric
  • Robert J. Jackson Jr., Nathalie P. Urry Professor of Law, NYU Law School; Former SEC Commissioner
  • Robert B. Stebbins, Partner, Corporate & Financial Services, Willkie Far & Gallagher LLP; Former SEC General Counsel
3:25 p.m. – 3:45 p.m. Subcommittee and Working Group Reports
3:45 p.m. Closing Remarks


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