SEC Investor Advisory Committee Gets New Members, Tees Up 'Best Interest' Debate

By Melanie Waddell

News September 12, 2024 at 12:53 PM

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The SEC building. Credit: Diego M. Radzinski/ALM

The Securities and Exchange Commission's Investment Advisory Committee plans to discuss at its Sept. 19 meeting who is required to act in investors' best interest.

In light of the July 2024 Federal District Court stays of the Labor's Department's Retirement Security Rule and related rulemaking, "there is uncertainty and confusion among many investors as to when their financial professionals are 'investment advice fiduciaries,'" the SEC said in announcing the upcoming committee meeting.

New Members

On Sept. 10, the SEC announced that six new members filled vacancies on the committee.

The new members, who will serve four-year terms, join 17 current committee members.

"The new members bring valuable experiences to the Investor Advisory Committee. I thank each of them for their willingness to serve, providing the Commission with important perspectives on behalf of investors," said SEC Chairman Gary Gensler in a statement.

The newest members are:

George Georgiev, associate professor of law, Emory Law School;
R. Craig Knocke, principal, Turtle Creek Management;
Amy C. McGarrity, chief investment officer/chief operating officer, Colorado Public Employees' Retirement Association;
Jennifer Schulp, director of financial regulation studies, Cato Institute's Center for Monetary and Financial Alternatives;
Andrea Seidt, Ohio securities commissioner; and
Alvin Velazquez, associate professor of law, Indiana University Maurer School of Law.