WASHINGTON, D.C. -- Regulation of mutual fund distribution practices "can't be left to stand'' as it is, Securities and Exchange Commission chairman Mary L. Schapiro said Friday.

"I continue to believe the regulatory regime surrounding mutual fund distribution in general and 12b-1 in particular really can't be left to stand. We need to tackle this issue,'' she told mutual fund executives gathered for the General Membership Meeting of the Investment Company Institute.

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