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SEC proposes new approach to mutual fund asset-based distribution fees
  • Kilpatrick Townsend & Stockton LLP
  • USA
  • September 30 2010

The Securities and Exchange Commission (the SEC) has proposed a new rule and rule amendments that would replace Rule 12b-1 under the Investment Company Act of 1940 (ICA) with a new regulatory framework governing how mutual funds may use fund assets to finance distribution and marketing costs (the Proposal).


Investment companies may provide summary prospectuses to 401(k) and other ERISA plans offering their funds
  • Kilpatrick Townsend & Stockton LLP
  • USA
  • September 11 2009

On September 8, 2009, in Field Assistance Bulletin 2009-3, the U.S. Department of Labor (DOL) approved the use of “summary prospectuses” for mutual funds to satisfy prospectus delivery obligations of employee benefit plans, such as 401(k) plans.