Wednesday, September 14, 2011
Statement of SEC Commissioner Aguilar Regarding the Urgent Need to Re‑establish the Investor Advisory Committee (September 13, 2011):
Today, the Securities and Exchange Commission (“SEC”) announced the formation of a new Advisory Committee on Small and Emerging Companies (the “ACSEC”), pursuant to the Federal Advisory Committee Act. My vote to approve the establishment of the ACSEC was conditioned on the Investor Advisory Committee1 being formed and operating prior to, or at the same time as, the formation of the ACSEC.
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Thus, the need to obtain the views of investors remains critical. I am disappointed that the Investor Advisory Committee has not been re-established.8 I note that the SEC’s press release announcing the establishment of the ACSEC indicated that the SEC is in the process of re-establishing the Investor Advisory Committee.9 However, the press release did not state a date or deadline by which this will occur.
The Investor Advisory Committee is essential to the SEC’s ongoing work. I strongly urge that the SEC’s Investor Advisory Committee be immediately re-established.