As the SEC
weighs what to do about 12b-1 fees, an industry trade group warns against going too far. Reuters
' Rachelle Younglai reports
that on Friday ICI president Paul Schott Stevens
told attendees of an American Enterprise Institute
conference that eliminating 12b-1 would be costly and would not save investors money. "The costs that investors incur under rule 12b-1 would not disappear if the rule did, they simply would migrate elsewhere," Stevens said. "It would necessitate very costly and time-consuming systems changes at all levels of distribution by fund distributors, transfer agents and other intermediaries."
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