Page:United States Statutes at Large Volume 124.djvu/1857

 124 STAT. 1831 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(2) INVESTOR ADVOCATE.— ‘‘(A) IN GENERAL.—The head of the Office shall be the Investor Advocate, who shall— ‘‘(i) report directly to the Chairman; and ‘‘(ii) be appointed by the Chairman, in consultation with the Commission, from among individuals having experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors. ‘‘(B) COMPENSATION.—The annual rate of pay for the Investor Advocate shall be equal to the highest rate of annual pay for other senior executives who report to the Chairman of the Commission. ‘‘(C) LIMITATION ON SERVICE.—An individual who serves as the Investor Advocate may not be employed by the Commission— ‘‘(i) during the 2-year period ending on the date of appointment as Investor Advocate; or ‘‘(ii) during the 5-year period beginning on the date on which the person ceases to serve as the Investor Advocate. ‘‘(3) STAFF OF OFFICE.—The Investor Advocate, after con- sultation with the Chairman of the Commission, may retain or employ independent counsel, research staff, and service staff, as the Investor Advocate deems necessary to carry out the functions, powers, and duties of the Office. ‘‘(4) FUNCTIONS OF THE INVESTOR ADVOCATE.—The Investor Advocate shall— ‘‘(A) assist retail investors in resolving significant prob- lems such investors may have with the Commission or with self-regulatory organizations; ‘‘(B) identify areas in which investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations; ‘‘(C) identify problems that investors have with finan- cial service providers and investment products; ‘‘(D) analyze the potential impact on investors of— ‘‘(i) proposed regulations of the Commission; and ‘‘(ii) proposed rules of self-regulatory organizations registered under this title; and ‘‘(E) to the extent practicable, propose to the Commis- sion changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or per- sonnel changes that may be appropriate to mitigate prob- lems identified under this paragraph and to promote the interests of investors. ‘‘(5) ACCESS TO DOCUMENTS.—The Commission shall ensure that the Investor Advocate has full access to the documents of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office. ‘‘(6) ANNUAL REPORTS.— ‘‘(A) REPORT ON OBJECTIVES.— ‘‘(i) IN GENERAL.—Not later than June 30 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on Time periods.