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SEC Requesting Comments on Financial Literacy and Investor Disclosure Issues
The Securities and Exchange Commission (SEC) has issued a request for public comment on financial literacy and investor disclosure issues that it is studying as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 917 of the Dodd-Frank Act directs the SEC to conduct a study of retail investors’ financial literacy and submit its findings to Congress by July 21, 2012.
The SEC is using qualitative and quantitative research, including investor testing, to help inform the study. To supplement its research, the SEC also is seeking public comment on:
- methods to improve the timing, content, and format of disclosures to investors regarding financial intermediaries, investment products, and investment services
- information that retail investors need to make informed financial decisions on hiring a financial intermediary or purchasing an investment product or service typically sold to retail investors, including mutual funds, and
- how to make investment expenses and conflicts of interest in investment transactions more transparent to investors.
The SEC is especially interested in receiving comments from individual retail investors.
Comments are due on or before March 23, 2012. Comments can be submitted on the SEC website.
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