Sec. 818. Enforcement Ombudsman
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Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ), as amended by section 803, is further amended by adding at the end the following: The Commission shall have an Enforcement Ombudsman, who shall be appointed by and report directly to the Commission. The Enforcement Ombudsman shall— act as a liaison between the Commission and any person who is the subject of an investigation (including a preliminary or informal investigation) by the Commission or an administrative or judicial action brought by the Commission in resolving problems that such persons may have with the Commission or the conduct of Commission staff; and establish safeguards to maintain the confidentiality of communications between the persons described in subparagraph
(A)and the Enforcement Ombudsman. In carrying out the duties of the Enforcement Ombudsman under paragraph (2), the Enforcement Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this subsection shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency. The Enforcement Ombudsman shall submit to the Commission and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate an annual report that describes the activities and evaluates the effectiveness of the Enforcement Ombudsman during the preceding year. . The Securities and Exchange Commission shall appoint the initial Enforcement Ombudsman under subsection
(i)of section 4 of the Securities Exchange Act of 1934, as added by subsection (a), not later than 180 days after the date of the enactment of this Act.
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Sec. 818
Enforcement Ombudsman
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