BISYS Group is inching closer to a settlement with the Securities and Exchange Commission over some rusty marketing and distribution agreements it has with a handful of its mutual fund services clients, although the exact nature of its transgressions remain unclear.

The 20-year-old outsourcing firm, which services more than two million shareholder accounts with $300 billion in assets under management, said in a statement last week it is now engaged in settlement discussions with the SEC on the matter, which was publicly disclosed earlier this year [see MME 04/25/05].

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