Sec. 820. Advisory committee on Commission’s enforcement policies and practices
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Not later than 6 months after the date of the enactment of this Act, the Chairman shall establish an advisory committee on the Commission’s enforcement policies and practices (in this section referred to as the Committee ). The Committee shall conduct an analysis of the policies and practices of the Commission relating to the enforcement of the securities laws and make recommendations to the Commission regarding changes to such policies and practices. In carrying out subparagraph (A), the Committee shall analyze and make recommendations to the Commission regarding matters including the following:
How the Commission’s enforcement objectives and strategies may be more effective. The Commission’s enforcement practices and procedures from the point of view of due process, the relationship of enforcement action to notice of legal requirements, the attribution of responsibility for violations, and the protection of reputation and rights of privacy. The Commission’s enforcement policies and practices in light of its statutory responsibility to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
The appropriate blend of regulation, publicity, and formal enforcement action and on methods of furthering voluntary compliance. Criteria for the selection and disposition of enforcement actions, the adequacy of sanctions authorized by law, and the suitability and effectiveness of sanctions imposed by the Commission proceedings. Not later than 1 year after the establishment of the Committee under subsection (a), the Committee shall submit to the Commission and the appropriate congressional committees a report containing the results of the analysis and the recommendations required by paragraph (1)(A).
The Committee shall be composed of not less than 3 and not greater than 7 members appointed by the Chairman. The Chairperson of the Committee shall be designated by the Chairman at the time of appointment of the members. The Commission shall provide the Committee with the administrative, professional, and technical support required by the Committee to carry out its responsibilities under this section. The Committee established by subsection
(a)shall terminate on the date that the report required by subsection (b)(2) is submitted. Not later than 180 days after the Committee submits the report required by subsection (b)(2), the Commission shall— consider the analysis and recommendations included in such report; adopt such recommendations, with any modifications, as the Commission considers appropriate; and submit to the appropriate congressional committees a report that— lists each recommendation included in such report that the Commission does not adopt or adopts with material modifications; and for each recommendation listed under subparagraph (A), explains why the Commission does not consider it appropriate or does not have sufficient authority to adopt the recommendation or to adopt the recommendation without material modification. In this section: The term appropriate congressional committees means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. The term Chairman means the Chairman of the Commission. The term Commission means the Securities and Exchange Commission. The term securities laws has the meaning given such term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ).
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Sec. 820
Advisory committee on Commission’s enforcement policies and practices
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