May 31, 2022

Investor Advocate Rick Fleming to Leave SEC

On Friday, the SEC announced that Investor Advocate Rick Fleming will be leaving the agency effective July 1, 2022.  He was appointed to serve as the first director of the Office of the Investor Advocate in 2014 and has served in that capacity for the last eight years. This excerpt from the SEC’s announcement summarizes his accomplishments:

As the Investor Advocate, Mr. Fleming has built an office responsible for assisting retail investors in their interactions with the Commission and self-regulatory organizations (SROs), analyzing the impact on investors of proposed rules and regulations, identifying problems that investors have with financial service providers and investment products, and proposing legislative or regulatory changes to promote the interests of investors. In addition, he has introduced a new program to utilize surveys and other research methods to help the Commission understand the needs of investors.

One thing that Rick Fleming has not been during his tenure is a shrinking violet. Among other things, he’s been an outspoken critic of dual class structures & has recently called upon the stock exchanges to tighten SPAC listing standards. OIA Chief Counsel Marc Sharma help administer the Office’s functions until a new Investor Advocate is appointed.

John Jenkins