The Investor Advisory Committee (IAC) is a statutorily created advisory body that advises and consults with the SEC on investor-related matters — including regulatory priorities, issues, initiatives, and investor protections — and submits findings and recommendations to the Commission to help improve securities-related outcomes for investors.
Section 39 of the Securities Exchange Act (15 U.S.C. 78pp) authorizes the SEC to establish the IAC, directs the Committee to advise and consult the Commission on regulatory priorities, issues, and initiatives, and requires the Commission to review IAC findings and recommendations and disclose what, if any, action it intends to take in response.
The SEC seeks a diverse mix of stakeholders (retail investors, consumer advocates, academics, industry practitioners and experts) with relevant experience in investor protection, securities markets, finance, corporate governance, or related fields; specific eligibility/functional categories and qualifications are set out in the Commission’s IAC appointment procedures and the press release inviting applications.
Applicants generally submit a letter of interest and resume/CV per instructions in the SEC press release; the SEC’s published IAC nomination procedures describe a staff-led nominating process. The specific deadline and the official application link are given in the SEC press release announcing the call for candidates (see press release for the current deadline and submission instructions).
IAC members serve fixed, staggered terms (the statute and the Commission’s procedures provide the term lengths and staggering); members are not full-time federal employees — compensation is generally not paid for advisory committee membership (members may be reimbursed for travel and per diem consistent with federal rules).
The IAC meets periodically (typically several times per year; meetings are public and announced on the SEC website). The Committee provides findings and recommendations to the Commission but is advisory only — it has no rulemaking power; the SEC considers IAC input when developing rules and policy and must review and disclose actions on IAC recommendations, but the Commission retains final decision-making authority.