The U.S. Securities and Exchange Commission (SEC) named the first head of its new Office of the Investor Advocate, which aims to represent investor interests with the commission and other industry regulators.
The SEC announced today that Rick Fleming, who is currently deputy general counsel with the North American Securities Administrators Association (NASAA) has been tapped to serve as the SEC’s first official Investor Advocate. In that role, Fleming will lead an office charged with assisting retail investors in their interactions with the SEC and industry self-regulatory organizations (SROs).
The office, which was created by the Dodd-Frank reforms, is intend to identify areas where investors would benefit from rule changes; analyze the impact of the rules and regulations of the SEC and SROs; flag problems for retail investors with financial firms and investment products, and propose possible reforms to deal with those problems.
Fleming will take on the position on February 24. He has been NASAA’s deputy general counsel since October 2011, and before that he spent more than 20 years in state government.
“I am very pleased that Rick will be joining the commission as its inaugural director of our Office of the Investor Advocate,” said Mary Jo White, chair of the SEC. “Rick brings a depth of experience advocating for the interests of investors, a keen understanding of the markets, and a true passion for investor protection.”
“This office will serve a critical role in ensuring that the SEC focuses on the needs of ordinary investors,” said Andrea Seidt, president of NASAA and Ohio Securities Commissioner. “For nearly two decades, Rick has fought directly on the front lines for investors at the state and national level.”
“Main Street investors deserve a true advocate with Rick’s experience and strong voice to speak on their behalf and we look forward to working with Rick in his new role to ensure that those voices are heard as the SEC advances its critical investor protection mission,” Seidt added.