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Rating:SEC Rolls Out 12b-1 Roundtable Schedule and Participants Not Rated 3.1 Email Routing List Email & Route  Print Print
Tuesday, June 12, 2007

SEC Rolls Out 12b-1 Roundtable Schedule and Participants

Reported by Erin Kello

The SEC has announced the topics and panelists for its 12b-1 fee roundtable discussion on June 19.

The first panel, scheduled for 9:30 am, will discuss the 12b-1 in the context of history, what the original purpose was, and why the rule evolved over time.



Douglas J. Scheidt
Chief Counsel, Division of Investment Management
U.S. Securities and Exchange Commission


Matthew P. Fink
Former President
Investment Company Institute

Joel H. Goldberg
Willkie Farr & Gallagher LLP

Richard W. Grant
Morgan, Lewis & Bockius LLP

Kathryn Bradley McGrath
Mayer, Brown, Rowe & Maw LLP

The second panel at 11 am will discuss the 12b-1's current role in fund distribution practices and how that role may be different from the original intention.



Robert E. Plaze
Associate Director, Division of Investment Management
U.S. Securities and Exchange Commission


Martin G. Byrne
Managing Director
Office of General Counsel
Merrill Lynch & Co., Inc.

Paul G. Haaga, Jr.
Vice Chairman
Capital Research and Management Company

Mellody Hobson
Ariel Capital Management, LLC
Ariel Mutual Funds Board of Trustees

John R. Morris
Senior Vice President
Charles Schwab & Co., Inc.

Charles Nelson
Senior Vice President
Great-West Retirement Services

Thomas M. Selman
Executive Vice President

Robert W. Uek
Independent Trustee
MFS Funds

Panel number three, taking place at 2 pm, will discuss the costs and benefits the fee may have to shareholders.



Erik R. Sirri
Director, Division of Market Regulation
U.S. Securities and Exchange Commission


Brad M. Barber
Professor of Finance
University of California, Davis

John A. Hill
Independent Chairman
Putnam Funds

Jeffrey C. Keil
Keil Fiduciary Strategies LLC

Joseph R. Russo
Chairman and Chief Executive Officer
Advantage Financial Group, Inc.

Michael J. Sharp
General Counsel
Citi Global Wealth Management

Shannon Zimmerman
Investment Analyst
The Motley Fool

The fourth and perhaps the most important panel will take place at 3:45 pm. The discussion will center on what should happen with 12b-1 fees in the future. Will it be rescinded or should it be left alone? This panel may foreshadow what actions the SEC will eventually take. Closing remarks will take place immediately following this panel.

Participants include:


Andrew J. Donohue
Director, Division of Investment Management
U.S. Securities and Exchange Commission


Mark R. Fetting
Senior Executive Vice President
Legg Mason, Inc.

Avi Nachmany
Director of Research, E.V.P.
Strategic Insight

Don Phillips
Managing Director
Morningstar, Inc.

Richard M. Phillips
Kirkpatrick & Lockhart Preston Gates Ellis LLP

Barbara Roper
Director of Investor Protection
Consumer Federation of America


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