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Rating:American Funds Tells Brokers to Toe the Line Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 18, 2004

American Funds Tells Brokers to Toe the Line

by: Theresa Sim

American Funds recently sent a letter to broker-dealers asking them to confirm that they do not incent brokers for selling its funds, InvestmentNews reported on Wednesday.

According to the article, the letter implied that broker-dealers who did not sign a document confirming that they do not use sales incentive programs would be ineligible for future revenue sharing money.

The letter also prohibited broker-dealers from using ticket charges to sell funds.

Reuters reported in late June that American Funds manager Capital Research was under investigation by the SEC for directed brokerage practices. 

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