What changed between these versions
A substantive modification. v2 removes the provisions for compensation and travel expenses for members of the Public Company Advisory Committee, which were present in v1. Other changes include minor stylistic and numerical adjustments, along with renumbering of subsequent subsections.
Overview
A handful of changes, primarily one major deletion and several minor stylistic and numerical adjustments. · v2 narrows the administrative support for the Committee by removing financial provisions, while clarifying some language and standardizing numerical formatting.
The most significant change in v2 is the deletion of the entire subsection (e) from v1, which detailed compensation and travel expense entitlements for Public Company Advisory Committee members. This removal impacts the financial support available to non-federal employee members. Additionally, v2 includes minor grammatical and numerical formatting updates across several subsections and renumbers the remaining administrative sections accordingly.
Deletions
This subsection outlined the entitlement of Committee members who are not full-time United States employees to receive compensation at a rate not exceeding level V of the Executive Schedule for days engaged in Committee duties, and travel expenses including per diem.
The deletion of this provision means that members of the Public Company Advisory Committee will no longer be compensated for their time or reimbursed for travel expenses by the Commission. This could significantly impact the willingness or ability of certain individuals, particularly those not already supported by their primary employers, to serve on the Committee, potentially affecting the diversity and expertise of its membership.
Modifications
This change is purely stylistic, ensuring consistent and explicit attribution of rules, regulations, policies, and mission to 'the Commission'. It has no operative impact on the Committee's function or scope of advice.
Before
v1 stated the Committee's purpose was to advise the Commission on 'its rules, regulations, and policies' with regard to 'its mission'.
After
v2 clarifies the purpose, stating the Committee advises on 'the rules, regulations, and policies of the Commission' with regard to 'the Commission's mission'.
This modification standardizes the numerical representation of years and changes 'will be filled' to 'shall be filled', making the requirement for filling vacancies mandatory rather than merely descriptive. This ensures a clearer, more formal directive for addressing Committee vacancies.
Before
v1 specified a term of 'four years' and stated vacancies 'will be filled'.
After
v2 specifies a term of '4 years' and states vacancies 'shall be filled'.
This is a minor grammatical refinement that does not alter the operative meaning or impact of the staggered terms provision.
Before
v1 stated 'half serving 4 years' for staggered terms.
After
v2 states 'half serving for 4 years' for staggered terms.
This modification standardizes the numerical representation of years, with no change to the actual term length for Committee officers.
Before
v1 specified a term of 'two years' for elected officers.
After
v2 specifies a term of '2 years' for elected officers.
This modification standardizes the numerical representation of weeks, with no change to the actual notice period for Committee meetings.
Before
v1 required notice 'not later than two weeks' before a meeting.
After
v2 requires notice 'not later than 2 weeks' before a meeting.
This change updates the title from 'chairman' to 'Chair' for gender neutrality and reflects the renumbering of the subsection due to the deletion of v1's original subsection (e). It has no operative impact on the roles or responsibilities of the Committee's leadership.
Before
v1 referred to the 'chairman of the Committee'.
After
v2 refers to the 'Chair of the Committee'.
This is a renumbering of the 'Review by Commission' subsection due to the deletion of v1's original subsection (e). There is no change to its content or operative effect.
Before
This subsection was designated as (g) in v1.
After
This subsection is designated as (f) in v2.
This is a renumbering of the 'Committee Findings' subsection due to the deletion of v1's original subsection (e). There is no change to its content or operative effect.
Before
This subsection was designated as (h) in v1.
After
This subsection is designated as (g) in v2.
This modification clarifies the scope of FACA non-applicability by explicitly stating 'the activities of the Committee' instead of 'its activities'. This is a minor clarification of scope, ensuring no ambiguity, and also reflects the renumbering of the subsection due to the deletion of v1's original subsection (e).
Before
v1 stated FACA shall not apply to 'the Committee and its activities'.
After
v2 states FACA shall not apply to 'the Committee and the activities of the Committee'.
Scope
Meaningful expansion or narrowing — Changes are concentrated within the administrative provisions of the newly established Public Company Advisory Committee, specifically affecting its operational and financial aspects. — v2 represents a meaningful change in the administrative support and potential composition of the Committee by removing financial incentives for participation, but does not alter the core policy direction or purpose of the Committee itself. — The changes primarily affect the internal operations and member incentives of the Public Company Advisory Committee. The deletion of compensation provisions may indirectly affect the pool of eligible members, but does not directly modify other substantive provisions of the Securities Exchange Act of 1934.
Impact analysis
Members of the Public Company Advisory Committee who are not full-time United States employees
Negative, as financial support for their service is eliminated.
v1 provided for compensation and travel expense reimbursement for these members. v2 removes these provisions.
The Securities and Exchange Commission (SEC)
Positive, as it reduces administrative burden and cost.
v1 required the SEC to provide compensation and travel expenses to eligible Committee members. v2 removes this requirement.