WASHINGTON _ Sen. Jack Reed will seek what his office calls ``a top-to-bottom review'' of the Securities and Exchange Commission tomorrow in a speech that proposes changes in the regulation of financial services industry.

Reed, a senior member of the Senate Committee on Banking, Housing, and Urban Affairs, is chairman of the panel's subcommittee in charge of securities, insurance and investment issues. In that capacity, Reed has been a critic of the commission's record as an enforcer of the rules governing the industry. Reed's office has billed his Tuesday address to the Council of Institutional Investors as ``an important speech on regulatory reform and modernization.''

Reed's news release says he will ``outline the steps needed to strengthen the regulatory structure for the financial services industry and restore investor confidence in our financial markets, including: a top to bottom review of the SEC and strengthening the enforcement division; reducing federal charters to prevent regulatory arbitrage; and granting regulators greater visibility into markets and entities that may pose systemic risk to our economy, such as credit derivatives, dark-pools, and hedge funds.''