With the industry heading toward almost assured legislation relating to fees, the way funds market themselves is sure to morph, and some in the industry are bracing for a "revolution."

Regulators have put the way fund companies conduct business under the microscope since the fund scandal hit the headline news pages in September and, even before Fundgate, legislation proposing increased fee transparency was proposed in the House. Directed-brokerage agreements, soft-dollar arrangements, 12b-1s and other fees are among the practices under scrutiny.

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