The Office of the Investor Advocate was established at the Securities and Exchange Commission on February 24, 2014.
Core Functions
The Office has four core functions:
- To Provide a Voice for Investors. We work to ensure that the needs of investors are considered as decisions are made at the SEC, at self-regulatory organizations (SROs), and in Congress. We analyze the potential impact on investors of proposed regulatory changes, identify problems that investors have with investment products and financial service providers, and recommend changes to statutes and regulations for the benefit of investors.
- To Assist Retail Investors. The Investor Advocate appoints an Ombuds who acts as a liaison to assist retail investors in resolving problems they may have with the Commission or an SRO. See more about the services of the Ombuds.
- To Study Investor Behavior. Under the leadership of Dr. Brian Scholl, the Office of the Investor Advocate is responsible for investor research. The research may encompass surveys, focus groups, and other methods to gain insight into investor behavior and provide data regarding policy choices. In addition, the Office reviews the economic analyses of rulemakings to ensure that they appropriately reflect the impact on investors from proposed rule changes.
- To Support the SEC's Investor Advisory Committee. The Office provides staff and operational support for the Committee, and the Investor Advocate serves as a statutory member. See more about the Committee.
Independent Role and Reports to Congress
While the Investor Advocate reports to the Chair of the SEC, the position nonetheless involves a measure of independence. The Office was established pursuant to a Congressional mandate, and the law requires the Investor Advocate to submit reports directly to Congress, without any prior review or comment from the Commissioners or SEC staff.
The Investor Advocate identifies a short list of top policy priorities each year that are outlined in our reports on objectives and activities. Our report schedule is as follows:
- A Report on Objectives, due each June 30, which sets forth the objectives of the Investor Advocate for the following fiscal year, and
- A Report on Activities, due each December 31, which describes the activities of the Investor Advocate during the immediately preceding fiscal year.
Cristina Martin Firvida
Director, Office of the Investor Advocate
Contact the Office
202-551-3302
Quick Links
- The Investor Advocate Speeches, Public Statements, and White Papers
- Recommendations from the Investor Advocate
What's New
- Comment Letter: Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities (December 22, 2023)
- Report on Activities for FY 2023 (filed Dec. 5, 2023)
- Investor Testing Report on Registered Index-Linked Annuities (September 2023)
- OIAD, Ombuds Office release study on Mandatory Arbitration among SEC-Registered Advisers (filed June 27, 2023)
- Report on Objectives for FY 2024 (filed June 29, 2023)
- Report on Activities for FY 2022 (filed Dec. 15, 2022)
Email Updates
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Modified: Feb. 8, 2017