Securities and Exchange Commission Investor Advocate Rick Fleming said Friday that his office is launching the Policy Oriented Stakeholder and Investor Testing for Innovative and Effective Regulation (POSITIER) initiative, which will utilize surveys, focus group tests and other tools to better assess investor needs as well as the efficacy of competing rules.
With the support of the commission, Fleming said during remarks at the Practising Law Institute’s SEC Speaks event in Washington, “my office is already taking steps to do this type of research.”
Under the direction of Dr. Brian Scholl, the principal economic advisor in the investor advocate’s office, and with the assistance of the SEC’s Office of Acquisitions, Fleming said that the agency has “fashioned a much more nimble process” to keep investors informed, adding that he believes “this type of research has the potential to transform the way the SEC approaches rulemaking and, in turn, to enhance the overall effectiveness of regulation.”
Fleming noted that Scholl will unveil more details about the program at the upcoming Investor Advisory Committee meeting on March 9.
Fleming noted that the recommendation floated by the SEC Investor Advisory Committee that the commission consider ways to enhance the disclosure of fees borne by mutual fund investors is an example of the type of research the POSITIER initiative will pursue.