RegAlert1993-05-17
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SEC Division of Investment Management staff letter: Sedgwick Consulting Group
The SEC Division of Investment Management responds to Sedgwick Consulting Group's inquiry regarding the distribution of U.S. mutual funds to U.S. investors by outlining common distribution channels, including underwriters, retail dealers, and independent financial advisers. The letter details sales charge structures such as front-end loads, contingent deferred sales loads, and 12b-1 fees, noting that an amendment to NASD Rules limiting 12b-1 fees to 0.75% and service fees to 0.25% of net assets takes effect on July 7, 1993. It further advises that distributing these funds may require registration as a broker-dealer under the Securities Exchange Act of 1934 or as an investment adviser under the Investment Advisers Act of 1940, and identifies private organizations like Lipper and Morningstar as sources for performance information.
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AVAIL L DIVISION OF
INVESTMENT MANAGEMENT May 17, 1993
Managing Director
Financial Management Division
sedgwick consulting Group
winterton House, Nixey Close, Slough
Berkshire SL1 1NG
United Kingdom
Dear Mr. Budden:
This responds to your letter of March 17, 1993. In your
letter, you state that you are considering distributing mutual
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