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About the Modernization Task Force

MISSION STATEMENT

The last significant amendments to the Securities Investor Protection Act ("SIPA") were in 1980. The Task Force's mandate is to propose to the Board of the Securities Investor Protection Corporation such statutory amendments, as may be necessary, useful, or appropriate, given the passage of time, changes in the securities industry, and judicial precedents construing SIPA.

The Nature and Purpose of the Task Force

The Securities Investor Protection Corporation ("SIPC") has formed a Task Force to further SIPC's mission of protecting customers of failed securities brokerage firms in order to promote investor confidence in the capital markets. The Task Force's broad mandate is to undertake a comprehensive review of the Securities Investor Protection Act ("SIPA") and SIPC's operations and policies, and to propose reforms to modernize SIPA and SIPC. The Task Force will actively solicit public comment on a number of issues in order to assist in the process.

The Task Force will present its findings, conclusions, and proposals in a written report, or possibly a series of reports, to be submitted to the SIPC Board of Directors. The Board will review the findings, conclusions, and proposals with a view to legislative changes and other potential improvements. It is anticipated that written Task Force reports and related documents will be public, in light of investor interest and a stated interest in the project by Congressman Paul E. Kanjorski, Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

The Task Force will be chaired by SIPC's Chairman and its Vice Chairman. The Task Force is a diverse group, and includes representatives of the securities industry, investors, government regulators, and academia, from across the nation, as well as one international member. It is expected that the Task Force will study various topics, including corporate governance, coverage, the SIPC Fund, investor education, excess SIPC insurance, and international affairs. With the assistance of consultants and SIPC staff, the Task Force will compile data and review earlier reports, identify key issues, provide assessments, and suggest reforms and the means to their implementation. The Task Force also will discuss any impediments and the estimated costs of any proposed reforms to SIPC, its members, and the public.

The expertise of the Task Force participants is sure to be reflected in the final product. The written report, or series of reports, thorough and substantive analysis, conclusions, and proposals will aid the Board, and legislators, in enacting reforms that better protect investors and reinforce confidence in the capital markets.

For a list of the members of the Task Force, please click here.