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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).