Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act deals with investor protection and securities regulation. Within that general rubric, the title contains a very broad range of provisions. Parts of Title IX address aspects of the securities markets that are commonly viewed as directly involved in the financial crisis, such as credit ratings and securitization. As a result, numerous provisions in Title IX address the SEC's performance and resources. This report provides brief summaries of selected provisions in Title IX. It attempts to include those provisions that create new SEC authority, that were controversial during the legislative process, or that appear likely to have far-reaching consequences for the regulation of securities markets. Section 915 creates a new Office of the Investor Advocate. Section 913 deals with the issue of a fiduciary duty that would apply to broker-dealers and investment advisers alike. Other Provisions

Subtitle B includes 35 separate sections, most of which provide enhancement or clarification of SEC enforcement authority or resources. 929E); expanding the SEC's authority to punish aiders and abettors of securities fraud (Secs. The regulators are directed to prohibit incentive-based compensation structures that encourage inappropriate risks by covered financial institutions. The Bernard Madoff Ponzi scheme, which was investigated several times by the SEC but not detected, raised questions about the competence of some SEC employees and about managerial and organizational weaknesses. The GAO shall consider 
the effectiveness of supervisors in using the skills, talents, and motivation of SEC employees; the criteria for promoting employees to supervisory positions; the fairness of the application of the promotion criteria; the competence of the professional staff of the Commission; the efficiency of communication between the units of the SEC regarding the work of the Commission and efforts to promote such communication; the turnover within subunits of the SEC, including the consideration of supervisors whose subordinates have an unusually high rate of turnover; whether there are excessive numbers of low-level, mid-level, or senior-level managers; any initiatives that increase the competence of the staff of the Commission; actions taken regarding employees who have failed to perform their duties and circumstances under which the SEC has issued to employees a notice of termination; and such other factors relating to the management of the SEC as the Comptroller General determines are appropriate. Subtitle G: Strengthening Corporate Governance

		Proxy Access

Shareholder groups have for many years sought legislation or regulations that allow shareholders to nominate candidates for a company's board of directors, and to have those candidates included next to management's candidates on the company's proxy materials that are mailed to shareholders each year before the annual meeting. Subtitle H makes a number of significant changes to the regulation of municipal markets. Majority of MSRB Members to be Independent

Section 975 also amends the composition of the Municipal Securities Rulemaking Board—the board will now have 15 members, eight of whom shall be public members, independent of the industry. GAO Studies

Sections 976 and 977 call for GAO to conduct (1) a study of the adequacy of disclosures made to investors in municipal securities, and (2) a broad review of the market, including an analysis of trading mechanisms; the needs of the markets and investors and the impact of recent innovations; recommendations for how to improve the transparency, efficiency, fairness, and liquidity of trading in the municipal securities markets; and potential uses of derivatives in the municipal securities markets.
Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) contains 10 subtitles and 113 separate sections amending federal securities laws intended to improve investor protection. The range of Title IX's provisions is very broad: some sections will bring significant changes to the securities business, while others are little more than technical clarifications of the Securities and Exchange Commission's (SEC's) authority. This report provides brief summaries of those provisions that create new SEC authority, that were controversial during the legislative process, or that appear likely to have far-reaching consequences.
Some of the most noteworthy sections of Title IX address issues viewed as central to the financial crisis that erupted in 2007. These include
enhanced regulation of credit rating agencies, whose triple-A ratings of "toxic" mortgage-backed bonds set the stage for panic; more stringent regulation of asset-backed securities, including a "skin in the game" requirement that issuers of such securities retain some of the risk; and a number of provisions relating to executive compensation, including authority to prohibit pay structures that create inappropriate risk in financial institutions.
Another driving force behind Title IX was the Bernard Madoff Ponzi scheme, which repeated SEC examinations and investigations failed to detect. Many sections seek to improve the SEC's performance, including
creation of an Investor Advocate and Investor Advisory Committee within the SEC; establishment of a whistleblower program to produce tips about securities fraud; various measures to improve SEC management, including a wide-ranging outside consultant study and various Government Accountability Office audits; and more budget flexibility and authorization for higher appropriations levels.
Another group of provisions addresses the rights of investors and shareholders:
the SEC may impose a fiduciary duty on broker-dealers who give investment advice, similar to the duty that already applies to investment advisers; municipal financial advisors must register with the SEC, and a majority of the Municipal Securities Rulemaking Board must be independent of the industry; and new disclosures and shareholder votes relating to executive compensation and corporate performance and governance, including SEC authority to allow certain shareholders to nominate candidates for the board of directors.
Because of the diversity of these and other provisions, it is difficult to characterize the scope and thrust of Title IX in its entirety. Some observers, however, describe it as the most significant change to securities law since the enactment of the original federal statutes in the 1930s. This report provides a selective overview, and will not be updated.