§ 78pp. Investor Advisory Committee

Footnotes

1. 1 So in original. Section 5703 of Title 5 does not contain a subsec. (b).

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1934

   Investor Protection and Securities Reform Act of 2010

   Pub. L. 111–203 title IX § 911 · 124 Stat. 1376

   Enacted · 15 U.S.C. § 78pp

   June 6, 1934, ch. 404, title I, § 39, as added Pub. L. 111–203, title IX, § 911, July 21, 2010, 124 Stat. 1822

   Source evidence

   Code source credit
   June 6, 1934, ch. 404, title I, § 39, as added Pub. L. 111–203, title IX, § 911, July 21, 2010, 124 Stat. 1822

   Enacted provision · exact public law section
   SEC. 911. INVESTOR ADVISORY COMMITTEE ESTABLISHED.   Title I of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by adding at the end the following: “SEC. 39. INVESTOR ADVISORY COMMITTEE. “(a) Establishment and Purpose.— “(1) Establishment.— There is established within the Commission the Investor Advisory Committee (referred to in this section as the ‘Committee’). “(2) Purpose.— The Committee shall— “(A) advise and consult with the Commission on— “(i) regulatory priorities of the Commission; “(ii) issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure; “(iii) initiatives to protect investor interest; and “(iv) initiatives to promote investor confidence and the integrity of the securities marketplace; and “(B) submit to the Commission such findings and recommendations as the Committee determines are appropriate, including recommendations for proposed legislative changes. “(b) Membership.— “(1) In general.— The members of the Committee shall be— “(A) the Investor Advocate; “(B) a representative of State securities commissions; “(C) a representative of the interests of senior citizens; and “(D) not fewer than 10, and not more than 20, members appointed by the Commission, from among individuals who— “(i) represent the interests of individual equity and debt investors, including investors in mutual funds; “(ii) represent the interests of institutional investors, including the interests of pension funds and registered investment companies; “(iii) are knowledgeable about investment issues and decisions; and “(iv) have reputations of integrity. “(2) Term.— Each member of the Committee appointed under paragraph (1)(B) shall serve for a term of 4 years. “(3) Members not commission employees.— Members appointed under paragraph (1)(B) shall not be deemed to be employees or agents of the Commission solely because of membership on the Committee. “(c) Chairman; Vice Chairman; Secretary; Assistant Secretary.— “(1) In general.— The members of the Committee shall elect, from among the members of the Committee— “(A) a chairman, who may not be employed by an issuer; “(B) a vice chairman, who may not be employed by an issuer; “(C) a secretary; and “(D) an assistant secretary. “(2) Term.— Each member elected under paragraph (1) shall serve for a term of 3 years in the capacity for which the member was elected under paragraph (1). “(d) Meetings.— “(1) Frequency of meetings.— The Committee shall meet— “(A) not less frequently than twice annually, at the call of the chairman of the Committee; and “(B) from time to time, at the call of the Commission. “(2) Notice.— The chairman of the Committee shall give the members of the Committee written notice of each meeting, not later than 2 weeks before the date of the meeting. “(e) Compensation and Travel Expenses.— Each member of the Committee who is not a full-time employee of the United States shall— “(1) be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section 5316 of title 5, United States Code, for each day during which the member is engaged in the actual performance of the duties of the Committee; and “(2) while away from the home or regular place of business of the member in the performance of services for the Committee, be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section 5703(b) of title 5, United States Code. “(f) Staff.— The Commission shall make available to the Committee such staff as the chairman of the Committee determines are necessary to carry out this section. “(g) Review by Commission.— The Commission shall— “(1) review the findings and recommendations of the Committee; and “(2) each time the Committee submits a finding or recommendation to the Commission, 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. “(h) Committee Findings.— Nothing in this section shall require the Commission to agree to or act upon any finding or recommendation of the Committee. “(i) Federal Advisory Committee Act.— The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to the Committee and its activities. “(j) Authorization of Appropriations.— There is authorized to be appropriated to the Commission such sums as are necessary to carry out this section.” .

2. 2022

   Pub. L. 117–286 § 4(a)(64) · 136 Stat. 4196

   1. Substituted · 15 U.S.C. § 78pp(i)

      Pub. L. 117–286 substituted “Chapter 10 of title 5” for “Federal Advisory Committee Act” in text

   2. Substituted · 15 U.S.C. § 78pp(i)

      Pub. L. 117–286 substituted “Chapter 10 of title 5” for “The Federal Advisory Committee Act (5 U.S.C. App.)” in text

   Source evidence

   Code amendment note
   Subsec. (i). Pub. L. 117–286 substituted “Chapter 10 of title 5” for “Federal Advisory Committee Act” in heading and “Chapter 10 of title 5” for “The Federal Advisory Committee Act (5 U.S.C. App.)” in text.

   Enacted provision · exact public law section
   (64) Section 39(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78pp(i)) is amended— (A) in the subsection heading, by striking “Federal Advisory Committee Act” and inserting “Chapter 10 of Title 5, United States Code”; and (B) in text, by striking “The Federal Advisory Committee Act (5 U.S.C. App.)” and inserting “Chapter 10 of title 5, United States Code,”.

3 of 3 references resolved to an enrolled provision