Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

Dechert LLP
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Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product offerings, in response to several Financial Industry Regulatory Authority (FINRA) enforcement proceedings in recent years involving the alleged misapplication of mutual fund sales charges, as well as to the new and amended fiduciary “investment advice” regulations issued in April 2016 (Fiduciary Rule) by the U.S. Department of Labor (DOL) under the Employee Retirement Income Security Act of 1974.

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