The Securities and Exchange Commission announced the formation of its Asset Management Advisory Committee that will be formally established on Nov. 1.
The committee has an initial two-year term, and it can then be renewed by the SEC.
The committee was created in order to provide the regulator with varied perspectives on asset management. It will look into "trends and developments affecting investors and market participants, the effects of globalization, and changes in the role of technology and service providers," the press release said.
SEC Chairman Jay Clayton appointed Edward Bernard, senior adviser at T. Rowe Price, as the initial chairman of the committee. The 23-member committee is comprised of outside experts who will speak on behalf of retail and institutional investors, large and small funds, intermediaries and other market participants.
