When it comes to the type of advice investment advisers andbroker-dealers give, the SEC wants to know if new rules are neededto ensure that the information they're sharing fits with theirclients' needs.

To that end, the agency is asking investors for data and otherinformation to assist it in considering whether to make new rulesabout the standards of conduct and regulatory obligations forbroker-dealers and investment advisers when they providepersonalized investment advice about securities to retailcustomers.

“Studies have shown that few investors realize that the standardof care they receive depends on the type of investment professionalthey use. And often, investors do not know which type of financialprofessional they are relying on,” said SEC Chairman Elisse Walter.

This request for information will help the SEC in its ongoing consideration of alternative standards ofconduct for certain broker-dealers and investment advisers, as wellas potential harmonization of other aspects of regulation in thisarea, Walter added.

While the SEC said it is particularly interested in receivingempirical and quantitative data and other information, allinterested parties are encouraged to submit comments, includingqualitative and descriptive analysis of the benefits and costs ofpotential approaches and guidance.

The SEC said it recognizes that retail investors are unlikely tohave significant empirical and quantitative information, andwelcomes any information they would like to provide.

The public comment period will remain open for 120 daysfollowing publication of the request for feedback in the FederalRegister, the SEC said.