124 STAT. 1832 PUBLIC LAW 111–203—JULY 21, 2010 the objectives of the Investor Advocate for the following fiscal year. ‘‘(ii) CONTENTS.—Each report required under clause (i) shall contain full and substantive analysis and explanation. ‘‘(B) REPORT ON ACTIVITIES.— ‘‘(i) IN GENERAL.—Not later than December 31 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Investor Advocate during the immediately preceding fiscal year. ‘‘(ii) CONTENTS.—Each report required under clause (i) shall include— ‘‘(I) appropriate statistical information and full and substantive analysis; ‘‘(II) information on steps that the Investor Advocate has taken during the reporting period to improve investor services and the responsive- ness of the Commission and self-regulatory organizations to investor concerns; ‘‘(III) a summary of the most serious problems encountered by investors during the reporting period; ‘‘(IV) an inventory of the items described in subclause (III) that includes— ‘‘(aa) identification of any action taken by the Commission or the self-regulatory organization and the result of such action; ‘‘(bb) the length of time that each item has remained on such inventory; and ‘‘(cc) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action; ‘‘(V) recommendations for such administrative and legislative actions as may be appropriate to resolve problems encountered by investors; and ‘‘(VI) any other information, as determined appropriate by the Investor Advocate. ‘‘(iii) INDEPENDENCE.—Each report required under this paragraph shall be provided directly to the Committees listed in clause (i) without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget. ‘‘(iv) CONFIDENTIALITY.—No report required under clause (i) may contain confidential information. ‘‘(7) REGULATIONS.—The Commission shall, by regulation, establish procedures requiring a formal response to all rec- ommendations submitted to the Commission by the Investor Advocate, not later than 3 months after the date of such submis- sion.’’. Procedures. Deadline.
