Rick Fleming, deputy general counsel for the North American Securities Administrators Association, was named Wednesday as the Securities and Exchange Commission’s new investor advocate.
Fleming, who will assume his new role on Feb. 24, becomes the first person to lead the SEC’s Office of the Investor Advocate, which was created by Dodd-Frank and requires that the Investor Advocate report to the chairwoman.
While Dodd-Frank required appointment of an investor advocate, an SEC spokesman declined to comment on the length of time it took the agency to appoint one, stating that ”the functions” of an investor advocate over the past three years “have been carried out in the interim by our Office of Investor Education and Advocacy.”
Fleming will also serve as a member of the SEC’s Investor Advisory Committee.
“I am very pleased that Rick will be joining the commission as its inaugural director of our Office of the Investor Advocate,” said Mary Jo White, SEC chairwoman, in a statement. “Rick brings a depth of experience advocating for the interests of investors, a keen understanding of the markets, and a true passion for investor protection.”