SEC Investor Advocate Reveals 2026 Priorities

The SEC Investor Advocate prioritized policy objectives for FY2026.

In a report to the Senate Banking Committee and the House Financial Services Committee, the Investor Advocate identified the following objectives: (i) "enhancing the accessibility of disclosures for investors;" (ii) "disclosure and investor testing;" (iii) assessing risks related to China-based variable interest entities; (iv) evaluating private equity and credit offerings in retirement plans; (v) "evaluating the potential impact of SRO rule proposals on investors;" and (vi) considering investor feedback from Crypto Task Force requests for information.

The Investor Advocate described its intention to:

• promote user-friendly, streamlined disclosures, especially for retail investors;

• analyze disclosure effectiveness through investor testing, focusing on measurable benefits and timely delivery;

• examine investor protection concerns related to China-based VIEs, including enforceability, transparency, and government interference;

• evaluate private equity and credit offerings in retirement plans, considering liquidity, disclosure, and ERISA fiduciary issues;

• review SRO rule proposals for retail investor impact and governance conflicts; and

• support public input on crypto-related issues to guide future SEC regulation.