Section 5 of the Investment Company Act of 1940
that are registered underSection 8 of that Act;
methods to increase the transparency of expenses and conflicts of interests intransactions involving investment services and products, including shares of open-end companies described in paragraph (3);(5)
the most effective existing private and public efforts to educate investors; and(6)
in consultation with the Financial Literacy and Education Commission (“FLEC”),a strategy (including, to the extent practicable, measurable goals and objectives)to increase the financial literacy of investors in order to bring about a positivechange in behavior.The Act requires the Commission to complete the Study within two years after the date of enactment of the Act (
, by July 21, 2012). The Study has been prepared by the Staff of theSEC. The Commission has expressed no views regarding the analysis, findings, or conclusions.
The Commission’s Office of Investor Education and Advocacy (“OIEA”) had primaryresponsibility for preparing the Study. Given the array of issues to be considered in the Study,including issues related to, among other things, financial literacy, investor disclosures, financialintermediaries, investment products and services, transparency of expenses and conflicts of interest, and investor education, OIEA relied on a number of different resources, both within andwithout the Commission, to complete the Study. For example, the Commission contracted withthe Federal Research Division of the Library of Congress to conduct a review of the quantitative
15 U.S.C. 80a-5.
15 U.S.C. 80a-8.