The U.S. Securities and Exchange Commission is the latest securities regulator to announce the creation of an investor advisory committee to give investors a greater voice in regulation.

SEC chairman Mary Schapiro announced Wednesday the formation of the committee, and commissioner Luis Aguilar will serve as the primary sponsor of the committee. It will be charged with: advising the SEC on matters of concern to investors; providing investors’ perspectives on regulatory issues; and, serving as a source of information and recommendations to the commission regarding its regulatory programs.

The committee will be co-chaired by Richard Hisey, president of AARP Financial Inc. and AARP Funds, and Hye-Won Choi, senior vice president and head of corporate governance for TIAA-CREF. Fred Joseph, president of the North American Securities Administrators Association and Securities Administrator for the State of Colorado, will be an ex officio participant. Its other members include fund managers, academics, and investor advocates.

“Through this well-respected and diverse group, we are reaching out to investors in a new and significant way,” said Schapiro. “I look forward to hearing their views on new products, trading strategies, fee structures, and the effectiveness of disclosure, among other issues.”

Aguilar added, “Investors need a greater voice at the commission. The commission’s traditional role as the investor’s advocate, as well as our deliberations, will be enhanced by the range of views the advisory committee will provide.”

The Ontario Securities Commission had an investor advisory committee of its own a couple of years ago, but it was disbanded after its initial two-year term expired. Earlier this year, the OSC said that it would form an investor secretariat to provide greater investor input on regulatory policy, but it has yet to name the members of that body.

IE