The Securities and Exchange Commission recently announced that its Investor Advisory Committee will be meeting on September 19, 2024. The meeting will consist of two panels.
The first panel will consider investment advice and the fiduciary duty obligation. The agenda notes that in light of the July 2024 Federal District Court stay of the Department of Labor’s fiduciary rule, there is investor confusion regarding the duties of financial professionals. The panel participants will discuss the different definitions of “fiduciary” under the SEC rules, ERISA and state law, and the obligations of financial professionals to their clients. The second panel will discuss the framework relating to shareholder proposals, as well as tracing issues arising under Securities Act Section 11. See the press release and the full agenda.
The Investor Advisory Committee recently announced the appointment of six new members. The new members will serve four-year terms and join 17 current committee members. The Investor Advisory Committee was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the SEC on regulatory priorities and initiatives to protect investors and promote the integrity of the US securities markets. See the press release on new committee members.