SEC Proposes New Regulatory Scheme for 12b-1 Mutual Fund Fees
Citing a need to better protect and inform mutual fund investors, the Securities and Exchange Commission (“SEC”) proposed on July 21, 2010 to replace Rule 12b-1 under the Investment Company Act with new rules governing asset-based distribution fees and related disclosure in fund prospectuses, annual and semi-annual reports to shareholders and investor confirmation statements.
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