United States Securities and Exchange Commission
Charter of the Securities and Exchange Commission
 
Advisory Committee on Market Information

Preamble

In accordance with the terms and provisions of the Federal Advisory Committee Act, as amended, 5 U.S.C. App., Chairman Arthur Levitt, with the concurrence of the other members of the Securities and Exchange Commission ("Commission"), hereby establishes an Advisory Committee on Market Information to assist the Commission in evaluating issues relating to the public availability of market information in the equities and options markets.

Charter

Pursuant to Section 9(c) of the Federal Advisory Committee Act, and by direction of the Chairman of the Commission, with the concurrence of the other members of the Commission:

1. The Advisory Committee's official designation is the "Securities and Exchange Commission Advisory Committee on Market Information."
    
2. The Advisory Committee's objective is to assist the Commission in evaluating issues relating to the public availability of market information in the equities and options markets, including: (1) the value of transparency to the markets; (2) the ramifications of electronic quote generation and decimalization for market transparency; (3) the merits of providing consolidated market information to intermediaries and customers; (4) alternative models for consolidating and disseminating information from multiple markets; (5) how market information fees should be determined, including the role of public disclosure of market information costs, fees, revenues, and other matters, and how the fairness and reasonableness of fees should be evaluated; and (6) appropriate governance structures for joint market information plans, as well as issues relating to plan administration and oversight. The Advisory Committee will provide advice to the Commission from the perspective of investors, markets, broker-dealers, vendors, and other market participants, as well as the public at large.
    
3. The Advisory Committee shall operate on a continuing basis until the Chairman of the Commission, with the concurrence of the other members of the Commission, determines that its continuance is no longer in the public interest, subject to paragraph (I) of this charter, set forth below, and Section 14(a)(2) of the Federal Advisory Committee Act.
    
4. The Chairman of the Commission, or his designee, shall receive the advice of the Advisory Committee on behalf of the Commission.
    
5. The Commission shall provide any necessary support services.
    
6. The duties of the Advisory Committee shall be solely advisory and shall extend only to the submission of advice or recommendations to the Commission. Determinations of action to be taken and policy to be expressed with respect to matters upon which the Advisory Committee provides advice or recommendations shall be made solely by the Commission.
    
7. The estimated annual operating costs in dollars and staff-years of the Advisory Committee are as follows:
    
   
   1. Dollar Cost: $40,000 per year, for the travel, per diem, and miscellaneous expenses of Advisory Committee members and Commission personnel.
       
   2. Staff-Years: two (2) staff-years, per year, of Commission personnel time on a continuing basis.
       
8. The Advisory Committee shall meet at such intervals as are necessary to carry out its functions. It is estimated the meetings of the full Advisory Committee generally will occur no more frequently than six (6) times per year; meetings of subgroups of the full Advisory Committee will likely occur more frequently.
    
9. The Advisory Committee shall terminate on September 15, 2001 unless, prior to such time, its charter is renewed in accordance with the Federal Advisory Committee Act, or unless the Chairman, with the concurrence of the other members of the Commission, shall direct that the Advisory Committee terminate on an earlier date.
    
10. This charter has been filed with the Chairman of the Commission, the Senate Committee on Banking, Housing, and Urban Affairs, the House Committee on Commerce, and furnished to the Library of Congress on October 10, 2000.

Arthur Levitt
Chairman

http://www.sec.gov/divisions/marketreg/marketinfo/a.htm