The SEC's Investor Advisory Committee: The Feb. 2015 Meeting

The SEC's Investor Advisory Committee is meeting on Thursday, Feb. 12.  A creation of Dodd-Frank, the IAC consists of persons appointed by the Commission for four year terms and was authorized to "advise and consult with the Commission."  

Consultation includes regulatory priorities, issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure, initiatives to protect investor interest, and initiatives to promote investor confidence and the integrity of the securities marketplace.  In addition, the IAC can "submit to the Commission such findings and recommendations as the Committee determines are appropriate, including recommendations for proposed legislative changes."   

The Commission in turn is required to "review the findings and recommendations of the Committee" and "promptly issue a public statement— (A) assessing the finding or recommendation of the Committee; and (B) disclosing the action, if any, the Commission intends to take with respect to the finding or recommendation." In other words, the Commission is legally required to respond to any recommendations.

The Agenda of the next meeting has been posted. The public meetings include overviews of substantive matters.  At the upcoming meeting on Feb. 12, the IAC will consider one recommendation on T-2 settlement and will discuss a number of substantive matters.  The agenda includes:       


10:35 - 11:05 a.m.


Discussion of Recommendation of Market Structure Subcommittee on Shortening the Trade Settlement Cycle
11:05 - 12:05 p.m. Discussion of Proxy Access

2:00 - 3:00 p.m.


Update on FINRA's CARDS Proposal
3:00 - 4:00 p.m. Update on MSRB and FINRA Proposals for Improved Disclosures for Same-Day, Retail-Size Principal Transactions in Fixed Income Securities
J Robert Brown Jr.