A long-awaited report by the SIPC Modernization Task Force outlining legislative recommendations and other changes related to the Securities Investor Protection Corporation has been released to the SIPC Board of Directors.
The 68-page report, the results of which include actions taken based on public comment and concerns voiced by members of Congress, includes 15 recommendations that cover everything from increased protections for consumers to continuing public education.
The SIPC Modernization Task Force was created in June 2010 to review the operations of SIPC and to recommend needed changes.
Orlan Johnson, chairman of the SIPC Board, noted that some of the recommendations would require congressional action, and other recommendations could be implemented by rulemaking. Further, he noted, “some of the proposals could be implemented without the need for either legislation or rulemaking.”