The Securities and Exchange Commission is expected to vote today to reaffirm that brokers who sell futures must be regulated by the agency. Carroll, McEntee & McGinley Inc., a subsidiary of Marine Midland Banks Inc. that trades both government securities and futures, had asked that it be exempted from SEC regulation because it is also regulated by the Commodity Futures Trading Commission, which is considered to be less stringent than the SEC.

Meanwhile, a long-awaited study on the effect of options and futures trading on the prices of underlying stocks and capital formation is scheduled to be delivered to Congress when it reconvenes next month. The study was prepared by the SEC, the CFTC and the Federal Reserve Board. It also will look at the potential for manipulation of markets, the effect on liquidity and the economic justification for options and futures trading. PERSONNEL CHANGES . . .

Aaron Levy, 73, who has been at the SEC longer than any other current employe, will retire next month after 40 years. Levy, director of the Office of Public Utility Regulation, joined the Division of Corporate Regulation in 1958 and served as its director from 1972 to 1983, when it was reorganized. Levy is best known for his expertise in public utility financing and corporate bankruptcy supervision.

Yeiichi (Kelly) Kuwayama, 66, retired this week after 10 years as a public affairs specialist. In 1945 in Italy, Kuwayama saved the life of Daniel K. Inouye, when they were both members of a Japanese-American Army unit. The Democratic senator from Hawaii sent a letter to a farewell party for Kuwayama last week, hailing his old Army buddy as a "super medic."

Kuwayama also was praised by SEC Chairman John S.R. Shad for initiating the agency's foreign visitors program. The SEC hosted 300 visitors from abroad last year.

John Wheeler, 39, has been appointed secretary to the commission, replacing the late George A. Fitzsimmons. The secretary is responsible for the day-to-day supervision of SEC operations. Wheeler, who joined the commission staff in 1978, most recently served as special counsel to the chairman. EXCHANGE STANDARDS. . .

In a closed session at the recent meeting of the Securities Industry Association in Boca Raton, Fla., Shad repeated his concern over the trend of lowering standards for stocks listed on the exchanges and in the over-the-counter markets. Over Shad's objections, the commission last month approved a relaxation of the standards for stocks to qualify for the National Association of Securities Dealers Automated Quotations (NASDAQ) lists.

Shad expressed concern that the trend would lead to less protection for shareholders. As a defensive tactic against unfriendly takeover attempts, more and more companies have been creating special classes of stock with only limited or no voting rights. The New York Stock Exchange, which requires that all of the companies it lists give shareholders a vote for every share they own, is reassessing that policy because more and more companies are listing their stocks on the NASDAQ lists.. WAIVER BY CONDUCT . . .

Commissioner Aulana Peters told reporters that, of all the countries approached by the SEC on the subject of "waiver by conduct," only officials from Great Britain have shown any interest in cooperating with the agency. In an effort to halt insider trading, the SEC last summer tried to see whether foreign investors would be willing to give up their traditional rights to secrecy in exchange for being able to continue to invest in U.S. markets. The commission said, in effect, that everyone should have to play by the same rules, and that participation in the markets constituted an implicit agreement to disclose information relevant to any SEC investigation.

The SEC said last week that it had been "hindered" by Swiss laws in its efforts to investigate its largest insider trading case, one involving a Zurich brokerage firm.