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Rating:ICI to SEC: Rename, Don't Ditch, 12b-1
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Monday, September 17, 2007

ICI to SEC: Rename, Don't Ditch, 12b-1

by: Neil Anderson, Managing Editor

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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