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SEC seeks public comment on financial literacy study

The Securities and Exchange Commission issued a request on Tuesday on its website for public comment on a financial literacy study mandated by the Dodd-Frank Act.

Section 917 of the Dodd-Frank Act requires that the SEC conduct a study of retail investors' financial literacy and disclosure issues by July 21 as part of a review. The study will involve research and investor surveys in order to identify weak points in investor education.

The SEC has been proactive in investor education, devoting its Investor.gov website exclusively to investor education, according to PlanSponsor.com. Information can be found on a variety of investment-related topics, including researching investments, understanding markets and preparing for retirement.

The SEC is still seeking ways to improve not only the actual information given to retail investors but the kind of information needed to make an informed decision regarding investment products, services and intermediaries.

“Many of the issues that the Dodd-Frank Act identified for Commission study directly affect individual investors. As a result, we are especially interested in receiving comments from individual investors,” Lori J. Schock, the director of the Office of Investor Education and Advocacy, said.

Following publication in the federal register, the comment period will remain open for 60 days. All comments will be published on the SEC's website.

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