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Meeting Agenda

U.S. Securities and Exchange Commission
Investor Advisory Committee
March 2, 2023

10:00 a.m. - 10:05 a.m. Welcome and Introductory Remarks
10:05 a.m. - 10:25 a.m.Opening Remarks
10:25 a.m. - 10:28 a.m.Introduction of New Investor Advocate
10:28 a.m. - 10:30 a.m.Approval of Previous Meeting Minutes
10:30 a.m. - 12:00 p.m.

Panel Discussion Examining the Growth of Private Markets relative to the Public Markets: Drivers and Implications

Panelists will explore the growth of the private markets and the factors contributing to that growth (performance, market dynamics, etc.). The panel will also look at the implications of this growth on decisions made by operating companies and investors, and if there are reasons to consider modifications to the existing disclosure and regulatory framework.

Moderated by:

Alice Stinebaugh, Social Studies Department Chair, Parkland School District; Adjunct Instructor—Economics, University of Scranton

Leslie Van Buskirk, Administrator, Division of Securities, Wisconsin Department of Financial Institutions


  • Steven Neil Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation. Presentation
  • Elisabeth de Fontenay, Professor of Law, Duke University. Presentation
  • Tyler Gellasch, President and CEO of the Healthy Markets Association; Author of In the Public Interest: Why Policymakers and Regulators Must Restore the Public Capital Markets
  • Faith Anderson, Chief of Registration & Regulatory Affairs, Washington Department of Financial Institutions, Securities Division; and Chair of the NASAA Corporation Finance Section’s Small Business/Limited Offerings project group, Written Statement
12:00 p.m. - 1:30 p.m.Lunch/Non-Public Administrative Session
1:30 p.m. - 3:00 p.m.

Panel Discussion Regarding the Oversight of Investment Advisers: Can Regulators Keep Up with Growth in the Industry

There has been significant growth in the number of registered investment advisers over the last ten years, creating significant new demands and challenges for the SEC and State Regulators to provide effective oversight of the industry. This panel will explore how regulators are managing oversight of the industry, given this growth, through their examination programs. Potential approaches to enhancing oversight of the industry and bolstering the examination programs will also be discussed.

Moderated by:

Paul Roye,Retired Senior Vice President, Capital Research and Management Company


3:00 p.m. - 4:00 p.m.

Panel Discussion Regarding the Open-End Fund Liquidity Risk Management/Swing Pricing Rule Proposal

This panel will focus on potential impacts of the recent rule proposal by the SEC. The discussion will focus on identifying potential impacts from implementation of a “Hard Close” on mutual fund orders. Secondly, panelists will discuss the use of swing pricing in Europe and its potential use here in the U.S. markets.

Moderated by:

Cien Asoera: IAC Investor-as-Purchaser Subcommittee Chair; Financial Advisor, Edward Jones


4:00 p.m. - 4:30 p.m. Discussion of a Recommendation on Customer Account Statements
4:30 p.m. - 4:45 p.m.Subcommittee Reports
4:45 p.m. - 4:50 p.m.Access and Inclusion Working Group Report
4:50 p.m.Closing Remarks and Adjourn