SEC extends tenure of Kurt Schacht, CFA Institute, as Chair of Investor Advisory Committee
CFA Institute, the global association of investment management professionals, announces that Kurt Schacht, JD, CFA, managing director of the organization’s Standards & Advocacy division, has received notice from the U.S. Securities and Exchange Commission (SEC) that his term as chair of the Investor Advisory Committee (IAC) has been extended to April 2017. Schacht first assumed chairperson duties in April 2012 and his current term was to expire with the IAC in July 2016.
The 21-member Investment Advisory Committee (IAC), which comprises some of the country’s foremost leaders in finance, was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise and consult with the SEC on a range of issues, including protecting investor interests and promoting investor confidence in the integrity of the securities marketplace.
“I am honored that CFA Institute participation on this committee has proved important and valuable to the SEC. The mission of the IAC complements the work we do at CFA Institute on behalf of our members, investors, and the investment management profession,” said Schacht. "The IAC has been an important investor voice for the SEC, advanced positive proposals to protect investors and raised attention to such matters as bond market disclosures.”
The committee recently recommended unanimously that brokers should provide enhanced disclosures to bond investors to help them understand the true cost of such investments. Among other initiatives designed to improve retail investors’ confidence in capital markets, the IAC is working on broad disclosure effectiveness including non-proxy-related requirements of Regulation S-K and an overhaul of the EDGAR system, the SEC’s Electronic Data Gathering, Analysis and Retrieval system where companies’ required financial filings are housed.
“CFA Institute has filed numerous comments, letters, and disclosure reports in addition to commissioning studies on member and investor views on key issues,” said Schacht. “I am proud that work by our Standards & Advocacy division has proved valuable to the SEC and other government bodies.”
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow.