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Tag: 12b 1
SEC to Propose 12b-1 Reforms July 21
July 19, 2010
The SEC has announced that at an open meeting on July 21 it will consider proposing amendments to reform rules governing distribution fees paid by mutual funds. In particular, the Commission will consider: . . . a recommendation to propose for public comment a new… read more
Reminder: October 7 Webinar - Rule 12b-1: A New, More Sensible Role for Directors?
October 05, 2010
What role is contemplated for fund directors under the SEC's recently proposed rules to replace current rule 12b-1? Directors have long expressed concern that, under the current rules, they are given obligations that, in the current market, they have little hope of satisfying. As part of… read more
Forum Submits Comments on Rule 12b-1 Reform Proposals
November 10, 2010
Last Friday, the Forum, along with many other industry participants, submitted its comment letter to the SEC on the agency's proposals to reform the manner in which funds pay for distribution and marketing-related expenses. As we disucussed in our July 26, 2010 post, "SEC… read more
Schapiro: Pending IM Reforms Will Move Forward
February 08, 2011
In her address before the annual SEC Speaks event in Washington, DC last Friday, SEC Chairman Mary Schapiro outlined the reforms at the agency, as well as some of the budgetary and timing challenges the SEC is facing as a result of deadlines in the… read more
SEC Chiefs Testify at Congressional Budget Hearing
March 21, 2011
On March 10, 2011, SEC Chairman, Mary L. Schapiro, and each of the agency's division directors testified before a Congressional subcomittee on budgetary matters. Chairman Schapiro's testimony focused on reorganization and revitalization efforts at the SEC, as well as the need for additional resources to… read more
Federal Court Dismisses Fund Distribution Fee Case
June 17, 2011
Earlier this month, a district court in New York dismissed plaintiffs' claims in Smith v. Oppenheimer Funds Distributor, Inc., a case involving payments made to broker-dealers by the funds' distributor in accordance with the funds' 12b-1 plan. The dismissed case was one of a number… read more
AZ Federal Court Dismisses Fund Distribution Fee Case
June 28, 2011
In a recent decision by the U.S. District Court for the District of Arizona, the Court dismissed a complaint brought by a mutual fund shareholder against the fund's adviser and distributor. In the case, Turner v. Davis Select Advisers LP and Davis Distributors LLC,… read more