September 29, 2010

Reposting: Public Invited to Comment on Proposed SEC Ombuds Office

The Securities and Exchange Commission is calling for public commentary on proposed regulatory initiatives under the Dodd-Frank Act, including the new Ombuds for the Office of the Investor Advocate. Members of the public can express their view by email or an online form.

The new SEC Ombuds will be named by the head of the Office of the Investor Advocate, who is appointed by the SEC Chair. The Investor Advocate will be responsible for assisting individual investors confidentially with issues involving the SEC or other self-regulatory organization. 

Since the Dodd-Frank Act did not specify any guidelines for implementing the new Ombuds program, the SEC will rely in part on public commentary in setting up the program. The public comment period will remain open for 30 days, following publication of the comment request in the Federal Register. (SEC Press Release; Public Comment Form.)

Commenting on the initial posting, John Zinser said...
Colleagues -

I am writing today to encourage you to comment on the SEC Ombudsman proposed under the Dodd-Frank Bill.

The opportunity exists here for at least education and at best actually shaping a program that could have significant impact and visibility.

Please take a few minutes to access the web based comment form and:
1. Encourage the SEC to base the program on existing Standard, Codes and guidelines.
2. Suggest that the program offer service to the public as required, but also be augmented to serve the workforce at the SEC. and
3. (if you really wish to be courageous) Ask the SEC to consider requiring to-code organizational ombudsmen in all regulated firms of more than 500 people as a mechanism to enhance ethical behavior and effective cultures. (Some potential language for this last can be found at:

Please take a few moments today and write the SEC.
Could make a huge difference to this Agency, the field and the investing public.


As of September 30, comments had been submitted by:
  • Theodore R Williamson, III, Ombudsman, The Coca-Cola Company
  • Tom A. Kosakowski, The Ombuds Blog
  • Jim Augustine, PhD, University Ombudsman
  • Donald Noack, Corporate Ombudsman, Sandia National Laboratories
  • Tom Ward, Ombudsman for Staff, Clemson University
  • David E McNabb, LLM, Ombudsman, Toronto

1 comment:

  1. Members of the public can express their view by email or an online form.