OMBUDSMAN.

SEC. 919D. OMBUDSMAN. Section 4(g) of the Securities Exchange Act of 1934, as added by section 914, is amended by adding at the end the following:“(8) Ombudsman.—“(A) Appointment.—Not later than 180 days after the date on which the first Investor Advocate is appointed under paragraph (2)(A)(i), the Investor Advocate shall appoint an Ombudsman, who shall report directly to the Investor Advocate.“(B) Duties.—The Ombudsman appointed under subparagraph (A) shall—“(i) 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;“(ii) review and make recommendations regarding policies and procedures to encourage persons to present questions to the Investor Advocate regarding compliance with the securities laws; and“(iii) establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Ombudsman.“(C) Limitation.—In carrying out the duties of the Ombudsman under subparagraph (B), the Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this paragraph shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency.“(D) Report.—The Ombudsman shall submit a semiannual report to the Investor Advocate that describes the 124 STAT. 1841 activities and evaluates the effectiveness of the Ombudsman during the preceding year. The Investor Advocate shall include the reports required under this section in the reports required to be submitted by the Inspector Advocate under paragraph (6).”.