Citing retail investor concerns and industry evolution, the U.S. Securities and Exchange Commission (SEC) has created a new asset management advisory committee.
The SEC said the committee is being launched to provide the regulator with advice on emerging issues such as industry trends, the effects of globalization and evolving technology.
“This committee will help the commission ensure that our regulatory approach to asset management meets the needs of retail investors and market participants at a time when the industry is evolving rapidly,” SEC chair Jay Clayton said in a statement.
The committee includes a variety of industry experts, and was constructed to reflect the perspectives of retail and institutional investors, small and large funds, and other industry players.
Its initial mandate is for two years, starting Nov. 1.
Edward Bernard, senior advisor to T. Rowe Price, was named the inaugural chair of the committee.