ABOUT THIS REPORT AND DISCLAIMER

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FISCAL YEAR 2026

Report on

Objectives

ABOUT THIS REPORT AND DISCLAIMER

Section 4(g)(6) of the Securities Exchange Act of 1934 (Exchange Act), 15 U.S.C. § 78d(g)(6), requires the

Investor Advocate to file two reports per year with the Committee on Banking, Housing, and Urban Affairs

of the Senate and the Committee on Financial Services of the House of Representatives.1 The two reports are

the mid-year Report on Objectives covering the forthcoming fiscal year (FY) and the end-of-year Report on

Activities covering the preceding fiscal year.

A Report on Objectives is due no later than June 30 of each year, and its purpose is to set forth the

objectives of the Investor Advocate for the following fiscal year.2 A Report on Activities is due no later than

December 31 of each year.3 The Report on Activities describes the activities of the Investor Advocate during

the immediately preceding fiscal year.

Disclaimer: Pursuant to Exchange Act section 4(g)(6)(B)(iii), 15 U.S.C. § 78d(g)(6)(B)(iii), this Report on

Objectives is provided directly to Congress without any prior review or comment from the Commission,

any Commissioner, any other officer or employee of the Commission outside of the Office of the Investor

Advocate (OIAD), or the Office of Management and Budget. This Report on Objectives expresses

solely the views of the Investor Advocate. It does not necessarily reflect the views of the Commission,

the Commissioners, or staff of the Commission, and the Commission disclaims responsibility for this

Report on Objectives and all analyses, findings, and conclusions contained herein.

CONTENTS

MESSAGE FROM THE INVESTOR ADVOCATE. . . . . . . . . . . . . . . . . . . . . . . . . 1

OBJECTIVES OF THE INVESTOR ADVOCATE . . . . . . . . . . . . . . . . . . . . . . . . . 3

FISCAL YEAR 2026 OBJECTIVES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

SEC Policies and SRO Filings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Investor Engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Investor Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

MESSAGE FROM THE OMBUDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

END NOTES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

REPORT ON OBJECTIVES: FISCAL YEAR 2026

iii

“

One of the most important ways in

which we fulfill our mission is through our

”

investor research and testing program.

MESSAGE FROM THE

INVESTOR ADVOCATE

THE OFFICE OF THE INVESTOR ADVOCATE

exists to serve the investing public. It is statutorily directed to perform specific enumerated

functions, which, if distilled into the most

essential components, could be summarized as

identifying, analyzing, and responding to the

concerns of investors. The Office of the Investor

Advocate (OIAD) satisfies these requirements, for

example, when we serve as a liaison between the

Commission and a retail investor who may have

a problem with the Commission, when we meet

with investors to listen to their concerns regarding

policies they believe may impede their investing

interests, or when we analyze the impact of new

policy proposals on the opportunities that could

become available to investors.

One of the most important ways in which we fulfill

our mission is through our investor research and

testing program. Our rigorous research augments

other efforts the office conducts to identify and

analyze investor experiences and behavior when

considering an investment. Through this research,

we are able to provide decision makers in the

U.S. Securities and Exchange Commission (SEC)

and Congress with timely insights regarding

investor preferences, capabilities, and trends

that can inform policymaking. As detailed in

our Fiscal Year (FY) 2023 Report on Activities,

OIAD has the capacity to complete complex

research projects that include investor testing and

market data analysis. Our research on registered

index-linked annuities, which was initiated and

published in fiscal year 2023 at the direction of

Congress, was heavily cited by the Commission

in a proposed rulemaking. In addition, our FY

2024 Report on Activities announced the launch

of the Thoughtful Households Relating InVesting

Experiences (THRIVE)

Panel. THRIVE is a

longitudinal, quarterly,

and representative survey

of retail investors that

provides important

information about

current investors. We are

especially enthusiastic

to provide the public

and policymakers with

prompt, actionable

data about how retail

investors are choosing

to navigate recent periods of market volatility.

Through research initiatives like THRIVE and our

investor testing projects, OIAD stands ready to

serve the agency with evidence-based data relevant

to the emerging regulatory agenda.

Investment fraud continues to be a focus of

OIAD. Sadly, as the Office of the Ombuds Report

REPORT ON OBJECTIVES: FISCAL YEAR 2026

summarizes below, devastating complaints of

financial fraud, often initiated on social media,

have not abated. As the scale of monetary losses

and the impact on human lives continues to grow,

we are encouraged that the collected efforts to

address this investor tragedy are also expanding.

We are encouraged by the new Chairman's remarks

in recent Congressional testimony and during his

swearing in ceremony in which he included among

his priorities work to protect investors from fraud.

I am pleased to submit this Report on Objectives

for Fiscal Year 2026 on behalf of OIAD, and I

welcome any questions from Members of Congress.

Respectfully Submitted,

CRISTINA BEGOÑA MARTIN FIRVIDA

Investor Advocate

O F F I C E O F T H E I N V E S T O R A D V O C AT E

OBJECTIVES OF THE

INVESTOR ADVOCATE

ASSISTING RETAIL INVESTORS

IDENTIFYING PROBLEMS WITH

FINANCIAL SERVICE PROVIDERS

AND INVESTMENT PRODUCTS

The Investor Advocate is statutorily responsible

for assisting retail investors in resolving significant problems that investors may have with the

Commission or with self-regulatory organizations (SROs).4

To accomplish this objective, and pursuant

to Exchange Act section 4(g)(8), the Investor

Advocate has appointed an Ombuds to act as the

primary liaison between the Commission and retail

investors in resolving problems that retail investors

may have with the Commission or with SROs.5

The Ombuds’ Report is included within this Report

on Objectives.6

IDENTIFYING AREAS IN WHICH

INVESTORS WOULD BENEFIT FROM

REGULATORY CHANGES

The Investor Advocate is statutorily responsible for

identifying areas in which investors would benefit

from changes in the regulations of the Commission

or the rules of SROs.7 This function is met through

direct engagement with investors; investor research

and testing; and legal research and analysis. In

addition, the Investor Advocate also consults

with the Chairman and Commissioners, as well

as Commission staff, and solicits feedback from

other stakeholders who may provide insights into

potential changes to regulations of the Commission

or the rules of SROs for the benefit of investors.

The Investor Advocate is statutorily responsible

for identifying problems that investors have

with financial service providers and investment

products.8 This function is met through direct

engagement with investors; investor research and

testing; and legal research and analysis. In addition,

the Investor Advocate monitors investor inquiries

and complaints, SEC and SRO staff reports,

enforcement actions, and other data to determine

which financial service providers and investment

products may be problematic. The Investor

Advocate identifies these problems in the Report

on Activities filed every December.

ANALYZING THE POTENTIAL IMPACT

ON INVESTORS OF PROPOSED RULES

AND REGULATIONS

The Investor Advocate is statutorily responsible

for analyzing the potential impact on investors

of proposed regulations of the Commission

and proposed rules of SROs on an ongoing

basis.9 In FY 2026, OIAD will review significant

rulemakings of the Commission and SROs

and will communicate with investors and their

representatives to determine the potential impact

of proposed rules. The Investor Advocate may

also direct OIAD’s Office of Investor Research

(OIR) to analyze the potential impact of proposed

REPORT ON OBJECTIVES: FISCAL YEAR 2026

regulations using investor testing, a role assigned

to the Investor Advocate by the Commission under

the authority provided by section 19(e) of the

Exchange Act.

Commission and/or to Congress changes that will

promote the interests of investors.

PROPOSING APPROPRIATE

CHANGES TO THE COMMISSION

AND TO CONGRESS

Exchange Act section 39 establishes the Investor

Advisory Committee (IAC).11 The purpose of

the Committee is to advise and consult with

the Commission on regulatory priorities, issues

impacting investors, initiatives to protect investors,

and related matters. The Investor Advocate is a

statutory member of the IAC,12 and the office will

continue to provide staff and operational support

to the IAC during FY 2026, as we have been doing

so since 2014.

The Investor Advocate may propose to the

Commission changes in the regulations or orders

of the Commission and to Congress any legislative,

administrative, or personnel changes that may be

appropriate to mitigate problems identified and to

promote the interests of investors.10 As we study

the issues in our SEC Policies and SRO Filings,

as set forth below, we may recommend to the

O F F I C E O F T H E I N V E S T O R A D V O C AT E

SUPPORTING THE INVESTOR

ADVISORY COMMITTEE

FISCAL YEAR

2026 OBJECTIVES

SEC POLICIES AND SRO FILINGS

As described in the previous section, the

objectives of the Investor Advocate are specifically

prescribed by statute. Among the activities that

the Investor Advocate and the staff of OIAD

undertake to satisfy those objectives, we evaluate

Commission rulemakings and SRO filings.

We communicate regularly with investors and

their representatives and seek their feedback on

investor-focused concerns with proposed and

existing policies and filings. We also research and

test investor behavior and trends in relation to

proposed and existing policies.

In accordance with the statutory functions set

forth in Exchange Act section 4(g)(4), and after

consultation with critical stakeholders, both inside

and outside the Commission, the Investor Advocate

will focus on the following policy objectives during

FY 2026:

Enhancing the Accessibility of Disclosures

for Investors

Disclosure and Investor Testing

China-Based Variable Interest Entities

Private Market Investments in Retirement

Accounts

Evaluating the Potential Impact of SRO Rule

Proposals on Investors

§ Crypto Task Force Requests for Information

Enhancing the Accessibility of

Disclosures for Investors

Many commentators have noted the increasing

length and complexity of the disclosures being

provided under the Commission’s rules and have

raised concerns as to whether material information

is communicated to investors under these rules in

the most effective manner.13 During the upcoming

fiscal year, the Investor Advocate will continue to

advocate for ways to enhance the accessibility to

retail investors of disclosures by public companies,

investment companies, and other regulated entities.

Among other things, the Investor Advocate will

explore different approaches to making required

disclosures more user-friendly and comprehensible

to investors, particularly retail investors, while also

considering the extent to which this may add to the

costs and burdens on issuers and other providers of

disclosure. For example, investors may benefit from

highlighting or simplifying certain information,

streamlining disclosure requirements, and/or

reducing or eliminating repetitive disclosures.

A central aspect of this effort will be ongoing

engagements by the Investor Advocate with retail

investors and other relevant parties to develop a

more thorough understanding of how investors

use this information and to solicit a range of views

on how to improve the effectiveness of the current

disclosure system.

Disclosure and Investor Testing

The Investor Advocate will also continue to

encourage investor research and testing on existing

and proposed disclosures to retail investors. Such

REPORT ON OBJECTIVES: FISCAL YEAR 2026

testing can help ensure that investors not only

understand the information presented to them

but also help ensure that firms are not required

to provide costly disclosures (or implement costly

disclosure changes) without a corresponding,

quantifiable benefit to investors. Additionally,

investor research and testing data can help ensure

that mandated disclosures present the appropriate

mix of material information to investors at an

optimal point in the decision-making process. The

Commission’s Division of Investment Management,

in particular, has worked closely with the Investor

Advocate to utilize investor research and testing

data in some of their policy deliberations.

China-based Variable Interest Entities

Over the years, the variable interest entity (VIE)

structure has been utilized in a variety of business

contexts, including as a means of facilitating

foreign investment in various countries with

regulatory restrictions. During FY 2026, the

Investor Advocate will focus on the heightened

risks to investors posed by certain VIEs,

particularly U.S.-listed companies based in the

People’s Republic of China (PRC or China) that

utilize the VIE structure.

A number of operating companies in the PRC

that are subject to foreign ownership restrictions

imposed by the PRC government have used the

VIE structure as a workaround to raise capital

from U.S. investors through separate U.S.-listed

companies that have entered into contracts

that provide economic rights, but not equity

ownership, in these operating companies. The

emergence and proliferation of these U.S.-listed

companies implicate a range of investor protection

issues, including concerns over the reliability

of their financial reporting, the quality of their

disclosures, the enforceability of their contractual

arrangements, limitations on shareholder rights,

and the extent of intervention or control by the

PRC government over the Chinese operating

O F F I C E O F T H E I N V E S T O R A D V O C AT E

companies. In light of the increasing exposure of

U.S. investors to China-based VIEs through these

U.S.-listed companies, the Investor Advocate will

explore and study the investor protection issues

surrounding VIEs during the upcoming fiscal year.

In doing so, the Investor Advocate will endeavor

to elevate concerns regarding China-based VIEs

to the attention of the Commission and relevant

SEC staff.

Private Market Investments in

Retirement Accounts

As part of an ongoing focus on the growth and

evolution of the private markets, the Investor

Advocate will explore some of the issues

surrounding the inclusion of alternative investments, such as private equity and private credit,

in retirement savings plans and their implications

for retail investors. For instance, if more plan

sponsors offer plan participants exposure to private

market investments through target date funds or

managed accounts under defined contribution

plans, there may be risks, as well as benefits,

for retirement savers that include alternative

investments as a component of their retirement

accounts. In our prior reports, we have noted that

the private markets have become an important

avenue for investors seeking greater access to

investment opportunities and an expanded menu

of investment products for portfolio diversification.

At the same time, we have also expressed concerns

about the heightened risks of investing in the

private markets, such as reduced, incomplete, or

unreliable disclosure, limited liquidity, and greater

risk of fraud and/or investment loss. The Investor

Advocate will consider, among other things, the

interplay between the investor protection issues in

this area and the often-complex issues that arise

under the Employee Retirement Income Security

Act of 1974, such as fiduciary duties, when defined

contribution plans offer these investment products.

Evaluating the Potential Impact of

SRO Rule Proposals on Investors

As noted above, the Investor Advocate evaluates

the potential impact on investors of proposed rules

of SROs. Self-regulation of market intermediaries

is a core element of the securities law framework

concerning national exchanges, broker-dealers,

and clearing agencies. These SROs are primarily

responsible for establishing the standards under

which their members conduct business and for

monitoring that conduct; and can do so in ways

that are innovative and fast moving. Due to

potential conflicts of interest in their business

models, however, SEC oversight of the SROs

is an important component—both to instill

public confidence in the securities industry and

to ultimately protect investors. As required by

the statutory mandate, in FY 2026, the Investor

Advocate will continue to communicate with

investors and their representatives to determine

the potential impact of proposed rules of SROs

on investors and consider areas in which investors

could benefit from changes in the proposals.

issuance of two requests for information.15 The

feedback sought by the requests for information

ranges from crypto-lending and staking to custody

solutions to the threshold issue of whether a

particular crypto asset is a security.16 We encourage

investors to take the opportunity to respond to

these requests for information by providing their

feedback on crypto assets to the CTF. We look

forward to considering the insights that investors

have shared with the CTF and the initiatives that

the CTF will undertake based on the feedback it

receives from its requests for information.

INVESTOR ENGAGEMENT

OIAD is statutorily mandated to identify problems

that investors may have, analyze the potential

impacts on investors of rules or regulations, and

make proposals to the Commission to promote

the interests of investors.17 The office performs

engagement functions directly with the American

public, obtaining input from investors required to

fulfill the directives in section 4(g)(4) (B)-(D) of the

Exchange Act, 15 U.S.C. 78d(g).

Crypto Task Force Requests

for Information

On January 21, 2025, then Acting Chairman Mark

Uyeda announced the formation of a Crypto Task

Force (CTF) led by Commissioner Hester Peirce.14

The CTF is soliciting public comment with the

One of the primary ways in which OIAD

collects this information and sustains a focus on

investors is through ongoing investor engagement

activities.18 This includes investor-focused

meetings, events, and activities that are designed

FIGURE 1. Phases of Investor Engagement

PHASE 1

PHASE 2

PHASE 3

PHASE 4

Active listening

Research and

data analysis

Collaboration and

partnerships

Successful results

REPORT ON OBJECTIVES: FISCAL YEAR 2026

primarily to engage directly with investors and

receive feedback about policy questions, investing

challenges, regulatory policy and rulemaking,

investment products and services, investor issues,

and/or potential misconduct.

The office actively seeks input from a broad range

and variety of investors—including individual

retail investors, smaller and regional investor

groups, non-profits, researchers, public and

private pension funds, and other small and large

money managers—as well as regulatory and law

enforcement counterparts.

Retail investors, and their unique perspectives, are

particularly important to the work of OIAD. We

place special emphasis on individuals and groups

whose views and needs may be less frequently

heard, including those who do not routinely travel

to Washington, DC, to lobby government leaders,

or who do not regularly submit comment letters

to the Commission. The office also solicits and

encourages input from stakeholders with a range of

epistemological perspectives and values.

The goals for our investor engagement are twofold:

Understand investor experiences and

perspectives regarding products, practices,

regulations, rulemakings, and the markets, and

communicate them in a decision-useful context

for Commission leaders and staff; and

§ Advocate for investors’ interests in the

regulatory and rulemaking environments

in a manner consistent with the office’s

statutory mission.

In the coming fiscal year, we plan to sustain

the number of virtual events, which allows the

Commission to hear from more investors, more

often, and will enhance the geographic area

of those we are able to reach. While in-person

events offer unique opportunities to build

O F F I C E O F T H E I N V E S T O R A D V O C AT E

connections with investors, we feel the benefits

outweigh the downside when conducting virtual

events. Our intention is to expand the opportunities for investors to share their perspectives

while also engaging in good stewardship of the

taxpayer resources with which we are entrusted

to produce meaningful results aligned with our

statutory directives.

Interagency Securities Council

The Interagency Securities Council (ISC)19 is a joint

task force that includes federal, state, and local

regulatory and law enforcement professionals who

meet quarterly to discuss the latest in scams, trends,

frauds, and mitigation strategies, and provides

briefings on emerging and complex topics.

The ISC’s objective is to strengthen the cohesion

between federal, state, and local agencies, enhance

opportunities to collaborate on cases to protect

investors, provide insight and guidance across the

ecosystem for investigators who may not frequently

operate in the securities space, and creates a

forum for unified efforts in combatting financial

fraud. Chaired by the director of the Division of

Enforcement, the OIAD Investor Engagement

Manager envisioned, developed, and leads the

SEC’s efforts on the ISC.

The ISC is limited to law enforcement and

regulatory agencies and includes over 2,000

representatives from more than 250 departments and agencies,20 including federal financial

and law enforcement agencies, state offices of

attorneys general and state police, state securities

regulators, and local police departments and

sheriff’s offices. Members participate in discussions with experts on emerging threats, hear

from investigators conducting and supervising

investigations, and explore case study examples

of agencies employing innovative approaches to

combat financial fraud. The ISC also serves as

an opportunity to connect and share information

with the larger law enforcement community that

less frequently deals with securities law violations,

such as police/sheriff departments and tribal and

military community law enforcement. The ISC

does not make policy recommendations.

In FY 2026, the ISC plans to continue to support

the needs of regulators and law enforcement,

enhancing the SEC’s enforcement capabilities, and

leveraging resources to support the investigation

and prosecution of financial fraud across the

government. Additionally, the ISC will continue

to coordinate with the intelligence and homeland

security communities to protect Americans from

financial fraud originating overseas from transnational organized crime and foreign state actors.

INVESTOR RESEARCH

The Exchange Act directs the Investor Advocate

to, among other things, identify potential

changes to Commission regulations and SRO

rules that would benefit investors, and problems

with financial service providers and investment

products. Pursuant to section 4(g)(3) of the

Exchange Act, the Investor Advocate created

OIR to accomplish these goals.

OIR is a multidisciplinary group of scientists

that use investor testing, surveys, qualitative

interviews, and statistical modeling to study

investment behavior and provide the Commission

and the public with insight into how investors and

other stakeholders interact with the investment

marketplace. OIR provides research support to

Commission offices and divisions seeking objective

information about investors and responds to

Congressional mandates for investor testing.21 OIR

utilizes section 19(e) and (f) of the Securities Act of

1933 to conduct investor testing programs that the

Commission determines to be in the public interest

or that would protect investors. OIAD summarizes

OIR’s activities annually pursuant to section 4(g) (6)

of the Exchange Act in its Report on Activities for

the fiscal year.22

OIR directs and maintains a nationally representative survey panel of U.S. retail investors known

as THRIVE. THRIVE consists of quarterly longitudinal surveys (inviting the same people over time)

and custom testing projects that are the agency’s

primary research tool for understanding retail

investors. Longitudinal surveys are a cost-effective

and efficient method for evaluating key investor

developments and identifying emerging investor

issues. THRIVE surveys can reveal changes in

individual behavior over time, information that

is critical to understanding investor activity and

promoting policy efficacy. THRIVE provides

infrastructure that allows OIAD to quickly respond

to policymakers’ needs by reducing the cost

and time required to collect data to inform the

Commission and Congress. In the upcoming fiscal

year, OIR intends to continue to manage THRIVE,

and to publish research on investor preferences

around electronic disclosures. In addition to the

publication of THRIVE data, OIR’s research has

been published in journals including the Journal

of Economic Behavior & Organization and the

Financial Services Review and has been cited by

rulemaking divisions in their work.

REPORT ON OBJECTIVES: FISCAL YEAR 2026

“

As the SEC and other federal agencies work

toward the goals of the new Administration,

our dedication to protecting American retail

investors remains unwavering.

”

MESSAGE FROM

THE OMBUDS

IN JANUARY OF THIS YEAR, I was honored to

accept a temporary appointment to the position

of Acting Ombuds. In this role, my primary

objective is to continue enhancing the services

offered to investors, building upon the efforts of

my predecessor, Stacy Puente. As the SEC and

other federal agencies work toward the goals of the

new Administration, our dedication to protecting

American retail investors remains unwavering.

Each day, the attorneys in the Office of the

Ombuds have the privilege of addressing the

concerns of America’s investors. We are here to

address concerns related to SEC and SRO actions,

regulations, and policies, but our work often goes

beyond the abstract. The issues that reach the

Office of the Ombuds are frequently deeply

personal, involving the loss of life savings due to

fraud or the impact on a financial professional’s

career following an SEC enforcement action.

Although we may not always be able to fully

resolve the issues brought to our office due to

constraints on disclosing nonpublic information or

providing legal opinions, our respect and

appreciation for the individuals who take the time

to speak with us cannot be overstated. These

conversations form the foundation of our

recommendations to the Investor Advocate, which

are then shared with the Commission. They also

enable us to identify, address, and resolve problems

within the SEC and its SROs.

Reflecting on the work of the Office of the

Ombuds during the Reporting Period, it is evident

that the American public continues to have faith

in the potential of our

capital markets to

enhance our lives and

secure our futures. Each

dollar invested symbolizes

the American Dream

of a brighter tomorrow

for ourselves and our

loved ones. Regardless

of market fluctuations,

investors rely on and

expect the SEC to

safeguard the markets

and their investments.

However, it is also apparent that bad actors

are increasingly exploiting the complexity

of our markets to deceive and manipulate

nonprofessional investors. A particularly

concerning trend in the complaints reported

to the Office of the Ombuds involves cases

where investors made decisions based on

public information that had been intentionally

REPORT ON OBJECTIVES: FISCAL YEAR 2026

misrepresented by these bad actors. In addressing

these complaints, the Office of the Ombuds has

prioritized educating investors on how to access

and comprehend the essential information needed

for informed investment decisions. We have

also collaborated closely with colleagues across

the SEC to elevate reports of potential fraud or

misconduct, exchange questions, and oversee

efforts to improve the presentation and delivery

of information.

I look forward to continuing to serve the retail

investing public in this role, and I express my

gratitude to my colleagues across the SEC for their

openness and enthusiasm in addressing matters

brought to their attention by the Office of the

Ombuds. Above all, I extend my heartfelt thanks to

the staff of the Office of the Ombuds, the Investor

Advocate, and the rest of my colleagues in the

Office of the Investor Advocate for their steadfast

dedication to our nation’s investors.

In conclusion, I am pleased to observe that the

American Dream remains vibrant. However, as this

report highlights, too many Americans have been

ensnared in the nightmare of fraud.

Respectfully Submitted,

LISA A. SKRZYCKI

Acting Ombuds

O F F I C E O F T H E I N V E S T O R A D V O C AT E

WHO WE ARE

The Exchange Act requires the Investor Advocate

to appoint an Ombudsman (Ombuds)23 to act as

a liaison for retail investors to relay their concerns

and questions about the Commission and the

SROs the Commission oversees.24 The staff of the

Office of the Ombuds consists of an experienced

team of lawyers, each with differing subject matter

expertise, all dedicated to providing personalized,

tailored assistance to the retail investors that

contact the Ombuds for help. Through direct

engagement with investors, relevant parties within

the Commission, and external stakeholders

committed to investor protection issues, the

Office of the Ombuds fulfills its statutory duty to

help retail investors resolve issues relating to the

Commission or SROs.

Among other statutory duties, the Ombuds must

submit biannual reports to Congress describing

the work of the Office of the Ombuds and its

effectiveness in assisting retail investors.25 This

Ombuds’ Report provides a look back on the

Ombuds’ activities for the six-month period

of October 1, 2024, through March 31, 2025

(Reporting Period), and discusses the Ombuds’

objectives and outlook for FY 2026.

investors to present questions to the Investor

Advocate regarding compliance with the

securities laws; and

§ establish safeguards to maintain the

confidentiality of communications between

retail investors and the Ombuds.26

HOW WE HELP

Our overarching responsibility is to assist retail

investors by resolving concerns, questions, and

complaints about the SEC and the SROs subject

to SEC oversight. We accomplish this in several

ways—most commonly by conducting research,

providing information, making referrals, and

collaborating with other divisions, offices, and

SROs about complaints that impact investor

interests. We submit credible allegations of

securities violations to the Division of Examinations and the Division of Enforcement for potential

examination or investigation, sometimes thwarting

fraud before it occurs. We study and report on

issues of widespread impact to retail investors.

Last, we inform the Investor Advocate and other

interested parties within the Commission about

trending investor protection concerns and areas of

potential reform.

WHAT WE DO

Figure 2 illustrates the process by which we receive

and assist investors with their requests.

As noted above, the Ombuds is required by

statute to:

HOW TO CONTACT US

act as a liaison between the Commission and

any retail investor in resolving problems that

retail investors may have with the Commission

or with self-regulatory organizations;

review and make recommendations regarding

policies and procedures that encourage

Our primary means of communication with

the public is through the Ombudsman Matter

Management System (OMMS), an online portal

for receiving, responding to, and managing data

submitted to the Ombuds. The public can also

REPORT ON OBJECTIVES: FISCAL YEAR 2026

FIGURE 2. Ombuds Process: Review, Research, Resolve

Review

The Ombuds team reviews

all incoming investor

correspondence to determine if

and how we may assist.

Research

The Ombuds team identifies the nature of

the issue, conducts tailored research, and

engages with appropriate personnel within

the Commission or SROs to gather relevant

information.

Resolve

The Ombuds team works to

resolve investor questions and

complaints by providing investors

with requested information and

access to additional resources, by

escalating certain matters through

appropriate channels, when necessary,

and by monitoring outcomes.

INVESTOR VOICES, BY THE NUMBERS

The Office of the Ombuds maintains

records in OMMS of all submissions

and responses handled by our staff.

Matters are assigned a label or

“Primary Issue Category,” reflecting the nature of

the issues raised in the submission. The 12 Primary

Issue Categories can be defined as follows:

1. Allegations of Securities Law Violations:

Investor alleges that an individual, firm, or

entity has violated or is violating the U.S.

securities laws.

O F F I C E O F T H E I N V E S T O R A D V O C AT E

2. Atypical Matters: Matters of undetermined or

harassing nature.

3. FINRA Complaints/Questions/Procedures:

Questions or complaints relating to the

Financial Industry Regulatory Authority, Inc.

(FINRA), a FINRA employee, or about FINRA

rules, policies, or procedures.

4. Inquiries about Corporate Disclosure/

Registration: Questions about SEC filings and

other matters relating to corporate disclosure.

5. Investment Products—Questions/Complaints:

Questions or complaints about a specific type

of investment product.

6. Investor Account Matters: Questions or

complaints relating to a retail investor’s

personal investments or finances.

During the Reporting Period (October 1, 2024 –

March 31, 2025), the Office of the Ombuds

received and processed 1,240 matters submitted

by U.S. and foreign investors, market participants,

and other interested members of the public. These

numbers reflect a slight decrease in the number

of novel submissions received in the first half of

7. Non-SEC/Other Matters: Questions or

complaints about issues that do not fall

within the SEC’s jurisdiction.

FIGURE 3. Matters by Primary Issue Category,

October 1, 2024 – March 31, 2025

8. Other SEC Questions/Complaints: Questions

or complaints about the SEC, including its

policies, procedures, rules, and employees.

9. Other SRO Complaints/Questions/

Procedures: Questions or complaints relating

to the policies, procedures, or rules of an SRO

other than FINRA.

12%

15%

10%

17%

10. Potential Organized Campaign: Submission

appears to be part of a coordinated effort by

multiple individuals to contact the Office of the

Ombuds about the same issue.

11. SEC Investigations/Litigation/Enforcement

Actions: Questions or complaints about SEC

investigations, litigation, or other related issues,

such as distributions.

22%

0.48%

1.5%

Allegations of Securities Law Violations (213)

Atypical Matters (121)

Inquiries about Corporate Disclosure/

Registration (19)

FINRA Complaints/Questions/Procedures (37)

12. SEC/Other Impersonators: Complaints

about SEC or SRO impersonators, and

complaints involving fraudulent use of the

SEC or SRO seal.

Investor Account Matters (274)

Investment Products—Questions/Complaints (70)

Non-SEC/Other Matters (143)

SEC Investigations/Litigation/Enforcement

Actions (89)

SEC/Other Impersonators (53)

In tracking investor submissions by volume and

by Primary Issue Category, OMMS may serve as

an early warning system, identifying existing or

potential concerns for retail investors.