; and (2) in the second subsection (d), by striking (d) and inserting (e) . 817. Process for closing investigations (a) In general Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall establish a process for closing investigations (including preliminary or informal investigations) that is designed to ensure that the Commission, in a timely manner— (1) makes a determination of whether or not to institute an administrative or judicial action in a matter or refer the matter to the Attorney General for potential criminal prosecution; and (2) if the Commission determines not to institute such an action or refer the matter to the Attorney General, informs the persons who are the subject of the investigation that the investigation is closed. (b) Rule of construction Nothing in this section shall be construed to affect the authority of the Commission to re-open an investigation if the Commission obtains new evidence after the investigation is closed, subject to any applicable statute of limitations. 818. Enforcement Ombudsman (a) In general Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ), as amended by section 803, is further amended by adding at the end the following: (i) Enforcement Ombudsman (1) Establishment The Commission shall have an Enforcement Ombudsman, who shall be appointed by and report directly to the Commission. (2) Duties The Enforcement Ombudsman shall— (A) act as a liaison between the Commission and any person who is the subject of an investigation (including a preliminary or informal investigation) by the Commission or an administrative or judicial action brought by the Commission in resolving problems that such persons may have with the Commission or the conduct of Commission staff