The SEC recently announced that it is seeking candidates for appointment to the Investor Advisory Committee, which was established under the Dodd-Frank Act to advise the Commission on protecting investors and improving securities regulations. In August 2020, the SEC announced new procedures regarding the process to nominate candidates for appointment to the Investor Advisory Committee. Candidates for vacancies on the Committee will be identified by a nominating committee composed of staff from across the SEC’s divisions and offices. The nominating committee will identify candidates based on functional membership categories published on the SEC’s website. Members of the public are encouraged to express their interest in serving on the Investor Advisory Committee.
We have recently seen the Investor Advisory Committee being active in helping to shape SEC policy. Last year, Investor as Owner Subcommittee of the SEC’s Investor Advisory Committee developed recommendations on proposed changes to Rule 10b5-1 that were adopted by the Investor Advisory Committee and the SEC’s Rule 10b5-1 rule proposals incorporated a number of those recommendations.
– Dave Lynn