SEC Investor Advocate Recommends Actions to Reverse, Pursue

By Randi Morrison posted 01-18-2021 09:10 PM

Recommend

The Office of the Investor Advocate's (OIA) recently posted, congressionally mandated, annual Report on Activities for fiscal 2020 (FYE 9/30/20) summarizes the OIA's activities and recommendations during fiscal 2020 with reference to the policy areas addressed in its annual Report on Objectives (reported on in Leg & Reg here - see "SEC Investor Advocate"). Notably, the OIA recommends that the SEC's Rule 14a-8 reform and proxy advisory firm rulemakings be overturned under the Congressional Review Act, and that ESG disclosure standards and certain minimum exchange listing standards (including mandatory sunset provisions for multi-class share structures and board diversity disclosure) be pursued.

According to the always-informative annual Ombudsman's Report, the Ombudsman fielded 1,647 requests for assistance from retail investors, industry professionals, concerned citizens, and others over the course of the year with investment products/retirement accounts, non-SEC/"Other" matters, and allegations of securities law violations (in that order) constituting nearly 64% of the contacts.

This post first appeared in the weekly Society Alert!

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