Some fund industry observers are calling out the SEC for not addressing revenue-sharing agreements in its planned overhaul of fund-fee structures.
Today's Wall Street Journal Fund Track
includes comments from
, a lawyer at Willkie Farr & Gallagher
who was head of the SEC's investment-management division for five years in the 1990s, and Andy Rachleff
, CEO of kaChing
, a website that matches investors with fund managers.
The SEC, for its part, acknowledges its shortfalls in stemming potential revenue-sharing agreements.
SEC spokesman John Heine
was quoted saying that the "footnote should be viewed as a placekeeper in which the commission and the staff acknowledge that 12b-1 issues are tied in with revenue-sharing practices and that the commission will have to address revenue sharing at a later time."
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