The U.S. Securities and Exchange Commission is planning a study of the quality of investor protection provided by the regulatory regimes for brokers and advisors.

The SEC issued a request for proposal to conduct the first stage of a major study comparing how the different regulatory systems that apply to broker-dealers and investment advisors affect investors. The study was first suggested in connection with a rule that the commission adopted in April 2005, allowing broker-dealers to offer fee-based brokerage accounts without being required to comply with the Advisors Act.

The rule was the subject of a large number of comments. Many of the concerns that commentators raised in the rulemaking, however, went well beyond the circumstances covered by the rule, the SEC found. This study will help the commission determine whether the concerns are justified and, if so, decide how best to respond.

“Our goal is to improve investor protection by updating our regulation to deal with the realities of today’s marketplace,” said SEC chairman Christopher Cox. “We will develop the best available information, from inside and outside of the commission, to inform this important process. Unbiased, high-quality research provided through the contract envisioned in our request for proposals will help us to do so. We welcome bids from all firms and individuals capable of meeting that demanding standard of excellence.”

The RFP seeks a contractor that has a proven track record of producing high-quality, unbiased, qualitative and quantitative research and that is knowledgeable about the subject matter. Responses to the RFP must be delivered by Aug. 24.