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Monthly Archives: August 2015

SEC “Distribution in Guise” Sweep

There has been a lot of news recently about the SEC sweeps where they are looking at fund companies that may be paying out distribution fees but disguising them as servicing fees. With all that the SEC has on their plate, you may be asking yourself, “why is this so important to them”? Well, the SEC Read more

Burton Keller
L. Burton Keller was a principal founder of the company in 1985 and currently focuses on strategic initiatives for the company. Mr. Keller also serves as company representative to the DTCC and is an active member of the Bank, Trust and Retirement Advisory Committee of the Investment Company Institute.

The Motivations behind the SEC “Distribution in Guise” Sweeps

The biggest and most vexing news concerning mutual funds this year involves a three letter acronym: SEC, followed by a three letter word: why? The SEC has been conducting deep drill down sweeps into the practice of fund companies paying out distribution fees disguised as service fees. The question floating around the industry is: why has this become important to the SEC now? Well, to understand the present involves looking at the past, and that requires a review of the SEC’s Rule 12b-1

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Burton Keller
L. Burton Keller was a principal founder of the company in 1985 and currently focuses on strategic initiatives for the company. Mr. Keller also serves as company representative to the DTCC and is an active member of the Bank, Trust and Retirement Advisory Committee of the Investment Company Institute.