On 1 June 2026, the United States Securities and Exchange Commission (US SEC) announced the appointment of four new members to its Investor Advisory Committee (IAC), reinforcing the US SEC’s ongoing focus on investor protection, market integrity, and stakeholder engagement.
The Investor Advisory Committee, established under Section 39 of the Securities Exchange Act of 1934, serves as an independent advisory body to the US SEC, providing recommendations on regulatory priorities, policy initiatives, and matters affecting retail and institutional investors.
The newly appointed members are:
- Patrick Daugherty, Partner at Foley & Lardner;
- John Liu, former Managing Director at Accenture and co-founder of Agile Partners, who will serve as the designated representative of senior citizen investors;
- Sheldon L. Ray Jr., former Senior Vice President, Investments and Portfolio Manager at Raymond James & Associates; and
- Adriana Z. Robertson, Professor of Business Law at the University of Chicago Law School.
Three of the appointees will serve four-year terms, while Mr. Liu will serve in the capacity of representing the interests of senior citizens.
Commenting on the appointments, US SEC Chairman Paul S. Atkins stated “I thank each of the new members for their willingness to serve on the Investor Advisory Committee, their perspectives and expertise will be vital to the Committee’s work and I look forward to their contributions to the public dialogue on the important issues facing investors.”
The appointments bring the Committee’s membership to thirteen individuals. The US SEC has also indicated that it expects to issue a further call for applications for future committee vacancies in late 2026 or early 2027.
The Investor Advisory Committee plays an important role in shaping discussions surrounding investor protection, disclosure standards, market transparency, retirement savings, and emerging regulatory challenges. The addition of members with backgrounds spanning legal practice, investment management, academia, technology, and senior investor advocacy is expected to broaden the Committee’s perspective on evolving market issues such as crypto regulation and policy development.
