Question: What is the difference between the SEC and FINRA as regulators? Why do we give regulatory power to FINRA and not the ICI? Why do

  1. What is the difference between the SEC and FINRA as regulators? Why do we give regulatory power to FINRA and not the ICI?
  2. Why do you think the mutual fund industry has experienced a decline in front-end sales loads since the introduction of 12b-1 fees? Do you believe that most sales of equity and bond funds will be in the direct marketing channel without loads or 12b-l fees, or in the intermediary channel with loads and/or 12b-l fees?

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