Trust Updates Archive
(June 15, 2007--Chicago, IL)--Calling soft-dollar transactions a "witch's brew of hidden fees, conflicts of interest, and complexity at odds with investors' best interests," SEC Chairman Christopher Cox is asking Congress to repeal the 1975 law that gave rise to those transactions. He has similar views about 12b-1 fees.
The need for 12b-1 to "subsidize" the mutual fund industry has passed, according to SEC Chairman Christopher Cox. He is holding a roundtable discussion on June 19 to reform 12b-1 fees.
In related news, Morgan Stanley has reached a $7.9 million settlement with the U.S. Securities and Exchange Commission for allegedly failing to provide best execution on certain retail orders, including those of its Private Wealth Management unit.
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