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The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 919D
SEC. 919D. OMBUDSMAN.
Section
4(g) of the Securities Exchange Act of 1934, as added by section
914, is amended by adding at the end the following:
‘‘(8)
OMBUDSMAN.—
‘‘(A) APPOINTMENT.—Not
later than 180 days after the date on which the first Investor
Advocate is appointed under paragraph (2)(A)(i), the Investor
Advocate shall appoint an Ombudsman, who shall report directly to
the Investor Advocate.
‘‘(B) DUTIES.—The
Ombudsman appointed under subparagraph (A) shall—
‘‘(i) act
as a liaison between the Commission and any retail investor in
resolving problems that retail investors may have with the
Commission or with selfregulatory organizations;
‘‘(ii)
review and make recommendations regarding policies and procedures
to encourage persons to present questions to the Investor Advocate
regarding compliance with the securities laws; and
‘‘(iii)
establish safeguards to maintain the confidentiality of
communications between the persons described in clause (ii) and
the Ombudsman.
‘‘(C) LIMITATION.—In
carrying out the duties of the Ombudsman under subparagraph (B),
the Ombudsman shall utilize personnel of the Commission to the
extent practicable.
Nothing in this paragraph shall be
construed as replacing, altering, or diminishing the activities of
any ombudsman or similar office of any other agency.
‘‘(D)
REPORT.—The Ombudsman shall submit a
semiannual report to the Investor Advocate that describes the
activities and evaluates the effectiveness of the Ombudsman during
the preceding year.
The Investor Advocate shall include
the reports required under this section in the reports required to
be submitted by the Inspector Advocate under paragraph (6).’’.
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