SEC Investor Advisory Committee Forms Subcommittees to Tackle Ambitious Agenda on Behalf of Investors
The Securities and Exchange Commission's newly-formed Investor Advisory Committee today announced that three subcommittees have been formed to address specific categories of regulatory issues as the Committee tackles its wide-ranging agenda. The subcommittees will focus on investor education, investor protection, and shareholder voting and corporate governance.
The SEC's Investor Advisory Committee was formed by SEC Chairman Mary L. Schapiro to give investors a greater voice in the Commission's work. Richard Hisey from AARP Financial and Hye-Won Choi from TIAA-CREF co-chair the Committee in consultation with SEC Commissioner Luis A. Aguilar, who serves as the Committee's sponsor and chief liaison to the Commission.
"The Committee has identified three important and timely broad subject areas to delve into, and the Commission looks forward to receiving its perspectives," said Chairman Schapiro. "Investor views are integral to the SEC's mission, and the work of these subcommittees will greatly inform the SEC's regulatory agenda."
Commissioner Aguilar added, "The Investor Advisory Committee has decided to form three subcommittees focused on key issues of concern to investors. Investors are engaged in the capital markets in many ways, including as purchasers and shareholders, and these subcommittees will assist the Committee to examine and make recommendations on issues across this spectrum. This is critical work and I look forward to seeing the subcommittees in action."
The three subcommittees are:
The SEC's Investor Advisory Committee plans to hold its next meeting in early October.
A new Web page with more information about the work of the SEC's Investor Advisory Committee is available at: http://www.sec.gov/spotlight/
Immediate Effectiveness of Proposed Rule Change
A proposed rule change filed by New York Stock Exchange extending until September 15, 2009, the operation of Interim NYSE Rule 128 which permits the Exchange to cancel or adjust clearly erroneous executions if they arise out of the use or operation of any quotation, execution or communication system owned or operated by the Exchange, including those executions that occur in the event of a system disruption or system malfunction, (SR-NYSE-2009-93) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 14. (Rel. 34-60649)
Proposed Rule Changes
NASDAQ OMX BX filed a proposed rule change (SR-BX-2009-055) under Section 19(b)(1) of the Securities Exchange Act of 1934 to apply retroactively a correction of an error in Rule 7018. Publication is expected in the Federal Register during the week of September 14. (Rel. 34-60634)
The New York Stock Exchange filed a proposed rule change (SR-NYSE-2009-89) as modified by Amendment No. 1 under Section 19(b)(1) of the Securities Exchange Act of 1934 to amend certain corporate governance requirements. Publication is expected in the Federal Register during the week of September 14. (Rel. 34-60653)
International Securities Exchange filed a proposed rule change under Rule 19b-4 (SR-ISE-2009-64) relating to historical ISE open/close trade profile fees. Publication is expected in the Federal Register during the week of September 14. (Rel. 34-60654)
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