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SEC 2015 Exam Priorities May Include Sale of High-Cost Mutual Funds

A preliminary version of next year’s Securities and Exchange Commission examination priorities includes a focus on high-cost mutual funds, according to Reuters. Kevin Goodman, the head of the broker-dealer examination program within the Office of Compliance Inspections and Examinations, indicated the agency is concerned with the proper disclosure of fees and customer suitability related to L-shares. These shares are held in variable annuities and have higher upfront costs and a shorter surrender period (often three to four years instead of the typical seven-year period for annuities) than other share classes. SEC officials will gather in Washington this month to discuss this and other concerns in the brokerage industry, and the formal list of examination priorities will be released in January 2015.


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