In a new update to lawmakers, the SEC investor advocate outlined key findings and initiatives from the latest oversight and policy work across U.S. capital markets.
SEC Office reports to Congress on 2025 activities
On Dec. 17, 2025, the Securities and Exchange Commission‘s Office of the Investor Advocate submitted its Report on Activities for Fiscal Year 2025 to Congress. The document details the office’s main initiatives during the fiscal year and explains how those efforts are intended to strengthen protection for retail investors.
Moreover, the report explains how the independent office coordinates its internal and external work across the SEC and the broader financial ecosystem. It serves as the primary annual update on the office’s mandate, research, outreach, and regulatory policy recommendations that could impact investors in public and private markets.
Focus on investor research and private markets
The report highlights expanded investor research efforts, with a particular focus on private market securities. In 2025, the office issued a working paper examining accredited investors and their ownership of private market instruments. That analysis aims to deepen understanding of who participates in these markets and what risks they may face.
Furthermore, the office uses this research to inform ongoing advocacy related to private markets, disclosure practices, and the impact of certain SEC rule proposals. The goal is to ensure that regulatory changes consider how different investor segments, including smaller and less sophisticated participants, might be affected by evolving market structures.
Investor outreach and engagement efforts
The fiscal year report also describes extensive investor outreach engagements with a broad range of market participants. These include retail investors, institutional investors, and other stakeholders who interact with U.S. securities markets. The office emphasizes collaborative efforts both within and outside the Commission to amplify investor voices in policy debates.
However, the office’s role is not limited to listening sessions. It also works with other SEC divisions and external partners to translate investor feedback into concrete policy input. That said, the report indicates that building durable channels for ongoing dialogue remains a core priority.
Advocacy on disclosure and regulatory impact
In its advocacy function, the Office of the Investor Advocate assesses how proposed rules and regulatory changes could affect investors. The 2025 report outlines continued work on issues such as private market transparency, disclosure quality, and the practical consequences of complex rulemakings for retail market participants.
In this context, the office evaluates the potential impact of Commission regulations and SRO rules on investor outcomes. Moreover, its staff analyze how rule proposals may interact with existing market practices, aiming to identify areas where refinements or additional safeguards could better protect investors.
SEC: role and mandate of the Investor Advocate
The SEC investor advocate was created by Congress as an independent office within the Commission. Its statutory mission is to assist retail investors in resolving problems with the SEC and self-regulatory organizations, and to identify areas where changes to rules and regulations could benefit investors.
Additionally, the office seeks to identify investor problems with financial service providers and specific investment products. It analyzes how proposed regulations, both at the Commission and SRO levels, might affect investors, and then recommends regulatory or legislative changes to the SEC and Congress to mitigate those issues.
Ombuds Office support for investors
A dedicated section of the investor advocate report focuses on the work of the Ombuds Office. This part of the document describes how the Ombuds team provides ombuds office assistance to investors seeking help with concerns involving the Commission or SROs.
Moreover, the report details the types of matters handled by the Ombuds Office during the fiscal year. These cases illustrate how investors use the channel to raise individual issues and broader market concerns, which can then inform the office’s broader advocacy and research agenda.
Continuing commitment to investor protection
The 2025 report underscores the Office of the Investor Advocate’s continuing commitment to promoting investor interests across U.S. markets. By combining research, outreach, and policy analysis, the office aims to ensure that investors remain central to regulatory discussions now and beyond 2025.
In summary, the latest annual report shows how the office leverages its independent mandate to surface investor concerns, influence rulemaking, and assist market participants who encounter challenges with the SEC or self-regulatory organizations.