
[Federal Register Volume 77, Number 14 (Monday, January 23, 2012)]
[Notices]
[Page 3294]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1137]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66164; File No. 4-645]


Comment Request for Study Regarding Financial Literacy Among 
Investors

AGENCY: Securities and Exchange Commission.

ACTION: Request for comment.

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SUMMARY: In connection with a study regarding financial literacy among 
investors as mandated by Section 917 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act of 2010 (the ``Dodd-Frank Act''), 
the Securities and Exchange Commission is requesting public comment on 
the following: methods to improve the timing, content, and format of 
disclosures to investors with respect to financial intermediaries, 
investment products, and investment services; the most useful and 
understandable relevant information that retail investors need to make 
informed financial decisions before engaging a financial intermediary 
or purchasing an investment product or service that is typically sold 
to retail investors, including shares of registered open-end investment 
companies; and methods to increase the transparency of expenses and 
conflicts of interests in transactions involving investment services 
and products, including shares of registered open-end investment 
companies.

DATES: Comments should be received on or before March 23, 2012.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number 4-645 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE. 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-645. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov). Comments are also available for 
Web site viewing and printing in the Commission's Public Reference 
Room, 100 F Street NE. Washington, DC 20549, on official business days 
between the hours of 10 a.m. and 3 p.m. All comments received will be 
posted without change; we do not edit personal identifying information 
from submissions. You should submit only information that you wish to 
make available publicly.

FOR FURTHER INFORMATION CONTACT: Lori J. Schock, Director, (202) 551-
6500 or Mary S. Head, Deputy Director, (202) 551-6500, Office of 
Investor Education and Advocacy, Securities and Exchange Commission, 
100 F Street, NE. Washington, DC 20549-2551.

SUPPLEMENTARY INFORMATION: Section 917 of the Dodd-Frank Act requires 
the Commission to conduct a study regarding financial literacy (the 
``Study'') among investors and submit a report on the study to the 
Senate Committee on Banking, Housing, and Urban Affairs and the House 
of Representatives Committee on Financial Services no later than two 
years after enactment of the Dodd-Frank Act, that is, by July 21, 2012.
    The provisions of Section 917(a) of the Dodd-Frank Act require that 
the Study include a number of specific components. In particular, 
Sections 917(a)(2)-(4) of the Dodd-Frank Act require that the Study 
identify:
    (i) Methods to improve the timing, content, and format of 
disclosures to investors with respect to financial intermediaries, 
investment products, and investment services;
    (ii) The most useful and understandable relevant information that 
retail investors need to make informed financial decisions before 
engaging a financial intermediary or purchasing an investment product 
or service that is typically sold to retail investors, including shares 
of registered open-end investment companies (``mutual funds''); and
    (iii) Methods to increase the transparency of expenses and 
conflicts of interest in transactions involving investment services and 
products, including shares of mutual funds.
    As part of its study of the issues raised in Sections 917(a)(2)-(4) 
of the Dodd-Frank Act, the Commission's Office of Investor Education 
and Advocacy is conducting investor testing using qualitative and 
quantitative public opinion research methods. In addition, the 
Commission is soliciting public comment on each of the issues 
identified in Sections 917(a)(2)-(4) of the Dodd-Frank Act.\1\ All 
interested parties are invited to submit their views on one or more of 
these issues. Comments will be of greatest assistance if accompanied by 
supporting data and analysis.
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    \1\ In April 2011, pursuant to Section 917(a)(5) of the Dodd-
Frank Act, the Commission formally solicited public comment 
regarding the most effective existing private and public efforts to 
educate investors and has received more than 80 public comments. See 
Securities Exchange Act Release No. 64306 (April 19, 2011), [76 FR 
22740 (April 22, 2011)]. The public comments are available at http://www.sec.gov/comments/4-626/4-626.shtml.

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    By the Commission.

    Dated: January 17, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-1137 Filed 1-20-12; 8:45 am]
BILLING CODE 8011-01-P


