Section 911 of the Dodd-Frank Act established the new Investor Advisory Committee to advise the Commission on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace.
The Dodd-Frank Act authorizes the committee to submit findings and recommendations for review and consideration by the Commission. (Links to the Committee’s recommendations can be found below.) Members of the Committee are chosen from among knowledgeable representatives of both retail and institutional investors. (Links to the biographies of current Committee members can be found below.) If you think you might be interested in serving on the Investor Advisory Committee, please review the following for information on eligibility criteria, how to apply, and what to expect if you are chosen to serve.
Who Is Eligible?
Membership on the Committee is open to individuals who:
- Represent the interests of individual equity and debt investors, including investors in mutual funds;
- Represent the interests of institutional investors, including the interests of pension funds and registered investment companies;
- Are knowledgeable about investment issues and decisions; and
- Have reputations for integrity.
No fewer than 10 and no more than 20 such members are appointed by the Commission to serve four-year terms. The Committee also includes three members designated by statute: the Investor Advocate, a representative of state securities regulators, and a representative of senior citizens.
How To Apply:
If you might be interested in serving on the Committee, please read the following for information on how the appointment process works. Note that under the current nomination process, the Commission typically expects to appoint five Committee members a year to fill vacancies. The Commission initiates the nomination process by issuing a press release inviting interested members of the public to apply and setting a deadline for submission of applications. Applicants are asked to provide a statement of interest, including relevant information on their background and experience.
After Commission staff determines eligibility, the Commission will review the candidates, make its nominations, and vote on a slate of new members that will serve on the Committee for the next four years. Note also that the Commission may, when appropriate, re-appoint an existing member to one additional consecutive four-year term.
What Does Membership Entail?
During their appointment, Committee members are expected to participate in the public meetings of the Committee. The Committee typically meets three to four times a year on a weekday, either virtually or in-person (often in the SEC’s Headquarters office in Washington, D.C.).
When meetings are held in-person, members who are unable to attend in person can generally participate virtually. The meeting dates are usually set months in advance to allow members adequate notice to adjust their schedules.
Public meetings may include panel discussions on timely topics as well as discussions of, and votes on, Committee recommendations. The Committee is independent from the Commission. As an independent group, the Committee sets its meeting agendas, extends invitations to speakers and panelists, and schedules any necessary votes. The elected officers of the Committee typically lead the planning process for each meeting and typically post the agenda for public comment in the weeks before the meeting.
In addition, Committee members are expected to join a Subcommittee. Subcommittees meet virtually between Committee meetings and develop future panels and recommendations for full Committee consideration. The Committee currently has four Subcommittees – Investor as Owner, Investor as Purchaser, Market Structure, Disclosure – and one Working Group on Access and Inclusion, with representation from each of the Subcommittees. Members may also participate in Subcommittees of which they are not assigned members, in the event that they wish to contribute in other areas during their time on the Committee.
If you are interested in serving on the Investor Advisory Committee, please email a letter of interest with applicable information about your relevant experience.
Committee Members
Officers
- Christopher Mirabile, Chair
- Executive Chair, Launchpad Venture Group
- Chair Emeritus, Angel Capital Association
- Colleen Honigsberg, Secretary
- Professor of Law and Associate Dean of Curriculum, Stanford Law School
- Brian A. Hellmer, Assistant Secretary
- Chief Investment Officer,
Mendota Financial Group -
Members
- Jamila Abston Mayfield
- Founder and CEO, The Jamila Mayfield Group, LLC
- James Andrus
- Vice President Sustainability Global Markets, Franklin Templeton
- Cambria Allen-Ratzlaff
- Chief RI Ecosystems Officer, Principles for Responsible Investment (PRI)
- Cien Asoera
- Financial Advisor, Edward Jones
- Ted Daniels
- Founder and President, Society for Financial Education and Professional Development
- Cristina Martin Firvida
- Investor Advocate, U.S. Securities and Exchange Commission
- Gina-Gail S. Fletcher
- Professor of Law, Duke Law School
- Elissa Germaine
- Assistant Professor, Clinical Legal Education, St. John’s University School of Law
Associate Director, Securities Arbitration Clinic, St. John’s University School of Law
- Christine M. Lazaro
- Professor of Clinical Legal Education, St. John’s University School of Law of Counsel, Law Offices of Brent A. Burns, LLC
- Nancy LeaMond
- Executive Vice President, Chief Advocacy and Engagement Officer, Community, State and National Affairs, AARP
- Lori Lucas
- Former President and CEO, Employee Benefit Research Institute
- Andrew Park
- Senior Policy Analyst—Hedge Funds and Private Equity, Americans for Financial Reform
- Sandra J. Peters
- Senior Head, Global Financial Reporting Policy, CFA Institute
- Dr. David Rhoiney, D.O.
- Staff General Surgeon, U.S. Navy
- Paul F. Roye
- Retired, Former Senior Vice President and Senior Counsel, Fund Business Management Group, Capital Research and Management Company
- Brian L. Schorr
- Partner and Chief Legal Officer, Trian Fund Management, L.P.
- Paul Sommerstad
- Partner, Cerity Partners
- Alice Stinebaugh
- Retired, Social Studies Chair, Parkland School District
- Retired Adjunct Instructor in Economics, University of Scranton
- Leslie Van Buskirk
- Administrator, Division of Securities, State of Wisconsin Department of Financial Institutions
- Joanne Yoo
- Partner, Development Partners International
See also: Subcommittee Members
Recommendations of the Investor Advisory Committee
Human Capital Management Disclosure
Open-End Fund Liquidity Risk Management Programs and Swing Pricing
Registered Investment Adviser Oversight
Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
Climate-Related Disclosure Rule
Protecting Older Adult Investors
Investor Advocacy Clinic Funding
Individual Retirement Accounts
Special Purpose Acquisition Companies (SPACs)
Minority and Underserved Inclusion
Accounting and Financial Disclosure
SEC Guidance and Rule Proposals on Proxy Advisors and Shareholder Proposals
Exchange Rebate Tier Disclosure
Investment Research in a Post-MiFID II World
Human Capital Management Disclosure
Proposed Regulation Best Interest
Transaction Fee Pilot for NMS Stocks
Select Enhancements to Protect Retail Investors in Municipal and Corporate Bonds
Financial Support for Law School Clinics that Support Investors
On Dual Class and Other Entrenching Governance Structures in Public Companies
To Enhance Information for Bond Market Investors
Empowering Elders and Other Investors: Background Checks in the Financial Markets
Shortening the Trade Settlement Cycle in U.S. Financial Markets
Accredited Investor Definition
Impartiality in the Disclosure of Preliminary Voting Results
Legislation to Fund Investment Adviser Examinations
General Solicitation and Advertising
Other Actions
Letter to SEC re: Diversity Self-assessment Tool
Letter to SEC re: Cryptocurrency
Investor as Owner Subcommittee Letter to FASB re: Corporate Income Taxes
Letter on Regulation S-K Concept Release and Disclosure Effectiveness
Email Updates
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Organization
Meetings
Schedule for 2024
March 7, 2024
Updated Draft recommendation regarding Digital Engagement Practices (February 2024)
Statement of Dissent Regarding Digital Engagement Practices Recommendation (Van Buskirk)
Statement of Dissent Regarding Digital Engagement Practices Recommendation (Martin Firvida)
Webcast Archive (Part 1)
Webcast Archive (Part 2)
December 7, 2023
Webcast Archive (Part 1)
Webcast Archive (Part 2)
September 21, 2023
Draft Recommendation regarding Swing Pricing
Draft Recommendation regarding Human Capital Management Disclosure
Webcast Archive (Part 1)
Webcast Archive (Part 2)
June 22, 2023
Draft Recommendation on Single-Stock ETFs
Draft Recommendation on Reg 13D-G, 10B-1, and 9j-1
Draft Recommendation on Registered Investment Adviser Oversight
March 2, 2023
Draft Recommendation on Account Statements
December 8, 2022
September 21, 2022
Draft Recommendation on Accounting Modernization
Draft Recommendation on Climate-related Disclosure
Draft Recommendation on Cybersecurity Disclosure
June 9, 2022
Draft Recommendation on Protecting Older Investors
Draft Recommendation on Investor Clinic Funding
March 10, 2022
December 2, 2021
Draft Recommendation of the Investor-as-Purchaser Subcommittee on IRAs
September 9, 2021
Draft Recommendation of the Investor-as-Purchaser and Investor-as-Owner Subcommittees on SPACs
Draft Recommendation of the Investor-as-Owner Subcommittee on 10b5-1 Plans
June 10, 2021
March 11, 2021
Draft Recommendation on Minority and Underserved Inclusion
Draft Recommendation of the Market Structure Subcommittee on Credit Rating Agencies
December 3, 2020
September 24, 2020
May 21, 2020
Recommendation of the Investor as Purchaser Subcommittee on Disclosure Effectiveness
Recommendation of the Investor As Owner Subcommittee on ESG Disclosure
Statement of Dissent Regarding ESG Disclosure Recommendation (Holmes)
May 4, 2020
April 2, 2020
Feb. 27, 2020
Jan. 24, 2020
November 7, 2019
September 19, 2019
September 5, 2019
Recommendation of the Investor as Owner Subcommittee on the U.S. Proxy System
July 25, 2019
Recommendation of the Market Structure Subcommittee on Investment Research in a Post-MiFID II World
Recommendation of the Investor as Owner Subcommittee on the U.S. Proxy System
Opening Statement of Aline Darbellay
March 28, 2019
Recommendation of the Investor as Owner Subcommittee on Human Capital Management Disclosure
Statement of Dissent Regarding Recommendation on Human Capital Management Disclosure
Public Comments
Modified: Feb. 14, 2017