15 USC 78pp - Investor Advisory Committee

U.S Code last checked for updates: Feb 21, 2025

§ 78pp.

Investor Advisory Committee

(a)

Establishment and purpose

(1)

Establishment

(2)

Purpose

The Committee shall—

(A)

advise and consult with the Commission on—

(i)

regulatory priorities of the Commission;

(ii)

issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure;

(iii)

initiatives to protect investor interest; and

(iv)

initiatives to promote investor confidence and the integrity of the securities marketplace; and

(B)

submit to the Commission such findings and recommendations as the Committee determines are appropriate, including recommendations for proposed legislative changes.

(b)

Membership

(1)

In general

The members of the Committee shall be—

(A)

the Investor Advocate;

(B)

a representative of State securities commissions;

(C)

a representative of the interests of senior citizens; and

(D)

not fewer than 10, and not more than 20, members appointed by the Commission, from among individuals who—

(i)

represent the interests of individual equity and debt investors, including investors in mutual funds;

(ii)

represent the interests of institutional investors, including the interests of pension funds and registered investment companies;

(iii)

are knowledgeable about investment issues and decisions; and

(iv)

have reputations of integrity.

(2)

Term

(3)

Members not Commission employees

(c)

Chairman; vice chairman; secretary; assistant secretary

(1)

In general

The members of the Committee shall elect, from among the members of the Committee—

(A)

a chairman, who may not be employed by an issuer;

(B)

a vice chairman, who may not be employed by an issuer;

(C)

a secretary; and

(D)

an assistant secretary.

(2)

Term

(d)

Meetings

(1)

Frequency of meetings

The Committee shall meet—

(A)

not less frequently than twice annually, at the call of the chairman of the Committee; and

(B)

from time to time, at the call of the Commission.

(2)

Notice

(e)

Compensation and travel expenses

Each member of the Committee who is not a full-time employee of the United States shall—

(1)

be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section 5316 of title 5 for each day during which the member is engaged in the actual performance of the duties of the Committee; and

(2)

while away from the home or regular place of business of the member in the performance of services for the Committee, be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section 5703(b) 1

 So in original. Section 5703 of Title 5 does not contain a subsec. (b).

of title 5.

(f)

Staff

(g)

Review by Commission

The Commission shall—

(1)

review the findings and recommendations of the Committee; and

(2)

each time the Committee submits a finding or recommendation to the Commission, promptly issue a public statement—

(A)

assessing the finding or recommendation of the Committee; and

(B)

disclosing the action, if any, the Commission intends to take with respect to the finding or recommendation.

(h)

Committee findings

(i)

Chapter 10 of title 5

(j)

Authorization of appropriations

(June 6, 1934, ch. 404, title I, § 39, as added Pub. L. 111–203, title IX, § 911, July 21, 2010, 124 Stat. 1822; amended Pub. L. 117–286, § 4(a)(64), Dec. 27, 2022, 136 Stat. 4312.)

cite as: 15 USC 78pp