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Office of the Investor Advocate

Office of the Investor Advocate


The Office of the Investor Advocate was established at the Securities and Exchange Commission on February 24, 2014, when Rick A. Fleming was appointed as the Commission's first Investor Advocate.

Core Functions

The Office has three core functions:

  • To Provide a Voice for Investors. We work to ensure that the needs of investors are considered as decisions are made at the SEC, at self-regulatory organizations (SROs), and in Congress. We analyze the potential impact on investors of proposed regulatory changes, identify problems that investors have with investment products and financial service providers, and recommend changes to statutes and regulations for the benefit of investors.
  • To Assist Retail Investors. The Investor Advocate appoints an Ombudsman who acts as a liaison to assist retail investors in resolving problems they may have with the Commission or an SRO. Tracey L. McNeil is the SEC's first Ombudsman. See more about the services of the Ombudsman.
  • To Support the SEC's Investor Advisory Committee. The Office provides staff and operational support for the Committee, and the Investor Advocate serves as a statutory member. See more about the Committee.

Independent Role and Reports to Congress

While the Investor Advocate reports to the Chair of the SEC, the position nonetheless involves a measure of independence. The Office was established pursuant to a Congressional mandate, and the law requires the Investor Advocate to submit reports directly to Congress, without any prior review or comment from the Commissioners or SEC staff.

The Investor Advocate files two reports to Congress each year:

  • A Report on Objectives, due each June 30, which sets forth the objectives of the Investor Advocate for the following fiscal year, and
  • A Report on Activities, due each December 31, which describes the activities of the Investor Advocate during the immediately preceding fiscal year.
  • See submitted reports.

Office Priorities

We identify a short list of top policy priorities each year. In Fiscal Year 2015, we are focused on these priorities:

Modified: Oct. 30, 2015