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Text of SEC Proposed Rule Prohibiting Use of Brokerage Commission to Finance Fund Distribution (PDF)
U.S. Securities and Exchange Commission [SEC] 
Mar. 1, 2004
13 pages. Excerpt: The [SEC] is publishing for comment amendments to the rule under the Investment Company Act of 1940 that governs the use of assets of open-end management investment companies ('funds') to distribute their shares. The amended rule would prohibit funds from paying for the distribution of their shares with brokerage commissions. The proposed amendments are designed to end a practice that is fraught with conflicts of interest and may be harmful to funds and fund shareholders.
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