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.
The Office has four 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 Study Investor Behavior. Under the leadership of Dr. Brian Scholl, the Office of the Investor Advocate is responsible for investor research. The research may encompass surveys, focus groups, and other methods to gain insight into investor behavior and provide data regarding policy choices. In addition, the Office reviews the economic analyses of rulemakings to ensure that they appropriately reflect the impact on investors from proposed rule changes.
- 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.
We identify a short list of top policy priorities each year. In Fiscal Year 2018, we are focused on the following priorities. For details, please click each link below to see the corresponding section of our Report on Objectives for FY 2018.
Speeches, Public Statements, and White Papers
- Statement Regarding the SEC’s Rulemaking Package for Investment Advisers and Broker-Dealers
- How the SEC Works to Protect Senior Investors
- Important Issues for Investors in 2019
(April 8, 2019)
- Research Report: Form CRS Relationship Summary
- Research Report: The Retail Market for Investment Advice
- Elder Financial Exploitation: A White Paper
- See all Speeches, Public Statements, and White Papers
Reports to Congress
The Investor Advocate has submitted Recommendations:
- To the SEC on the Concept Release on Harmonization of Securities Offering Exemptions (July 11, 2019)
- Draft Amendments to MSRB Rules on Primary Offering Practices (Sept. 17, 2018)
- To FINRA Regarding Quantitative Suitability Obligation (June 19, 2018)
- To the SEC on a Proposal from CHX for an Access Delay (Speedbump) (Feb. 27, 2018)
- See all Recommendations
- About the Ombudsman and Contact Information
U.S. Securities & Exchange Commission
Office of the Investor Advocate
100 F Street, NE
Washington, DC 20549