The Securities and Exchange Commission proposed to allow broker-dealers to price their sales fees on mutual funds, as part of a broader plan to replace 12(b)-1 fees. "Broker-dealers could establish their own sales charges, tailor them to different levels of shareholder service, and charge shareholders directly, similar to how commissions are charged on securities such as common stock," according to the SEC. Brokerage executives said the move could create issues for individual investors as well as the industry.

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