The SEC is required to conduct a study of retail investors' financial literacy and submit its findings to Congress by July 21. As part of its research, the SEC is soliciting public comment on financial literacy and investor disclosure issues. The SEC published its request for public comment on its Web site on Wednesday.

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

Specifically, the SEC 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.

The SEC also wants comments on what kind of information 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. The SEC also is also looking for suggestions from the public on how to make investment expenses and conflicts of interest in investment transactions more transparent to investors.

The public comment period runs for 60 days, following publication of the request in the Federal Register.