WASHINGTON, D.C. (February 12, 2014) – The North American Securities Administrators Association (NASAA) today congratulated NASAA Deputy General Counsel Rick A. Fleming on his appointment as the Securities and Exchange Commission’s new Investor Advocate.
Fleming becomes the first person to lead the SEC’s Office of the Investor Advocate, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. He was appointed to the position by SEC Chair Mary Jo White to whom he will report.
“This office will serve a critical role in ensuring that the SEC focuses on the needs of ordinary investors. For nearly two decades, Rick has fought directly on the front lines for investors at the state and national level. Through his work with the Office of the Kansas Securities Commissioner and more recently at NASAA, Rick has demonstrated an unparalleled passion for investor advocacy and commitment to investor protection,” said Andrea Seidt, NASAA President and Ohio Securities Commissioner.
“State securities regulators are very pleased with Rick’s appointment. Main Street investors deserve a true advocate with Rick’s experience and strong voice to speak on their behalf and we look forward to working with Rick in his new role to ensure that those voices are heard as the SEC advances its critical investor protection mission,” Seidt said.
As mandated by Section 915 of the Dodd-Frank Act, the Investor Advocate is responsible for helping retail investors resolve significant problems they may have with the SEC or with self-regulatory organizations; identifying areas in which investors would benefit from changes in the regulations of the Commission or the rules of SROs; analyzing the potential impact on investors of proposed SEC and SRO rules and regulations; and to the extent practicable, propose changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems and to promote the interests of investors.
In his role as Investor Advocate, Fleming also will serve as a member of the SEC’s Investor Advisory Committee, also mandated by the Dodd-Frank Act.
Prior to joining NASAA in 2011, Fleming was General Counsel for the Office of the Kansas Securities Commissioner. A native of Kansas, Fleming graduated summa cum laude from Washburn University with a bachelor’s degree in finance and economics, and is a graduate of Wake Forest School of Law in Winston-Salem, North Carolina.
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.
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