The Office of the Investor Advocate was created within the SEC by Section 915 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.The Investor Advocate is the head of the office and reports directly to the SEC Chairman.The Investor Advocate is appointed by the Chairman after consultation with the Commission.
The functions of the Office of the Investor Advocate are:
According to the procedures defined in the regulation, the Commission must respond to all recommendations from the Investor Advocate within 3 months of receipt.
Within 180 days after being appointed to this position, the Investor Advocate must appoint an Ombudsman, and after consultation with the Chairman, the Investor Advocate may choose to retain or employ independent counsel, research staff, and service staff as s/he deems necessary.
As outlined in the law, the Investor Advocate must provide specific Congressional committees with two reports each year.The first report, which is due no later than June 30 of each year after 2010, must contain the objectives for the following fiscal year.The second report, which is due no later than December 31 of each year after 2010, must contain a report of activities during the immediately preceding fiscal year.Both reports must include a report by the Ombudsman of his/her activities.
The Investor Advocate will serve as the senior executive directing the Office.Specific responsibilities will include:
As established by Section 911 of the Act, the Investor Advocate will also serve as a member of the Investor Advisory Committee.
PROFESSIONAL EXPERIENCE / QUALIFICATIONS
The successful candidate must have experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors.As such, the Investor Advocate should have experience working with, and understanding the needs of, a broad range of different types of investors.
The Investor Advocate may not have been employed by the SEC during the two years prior to appointment to this position, and may not be employed by the SEC for five-year period after leaving this position.
An Undergraduate degree from a well respected institution is required and an advanced degree is preferred.
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