PHOENIX - Michael Koonce would be happy to offer his opinion on the Securities and Exchange Commission's new redemption fee rule. It's a pain in the neck.

"This is one of the most controversial and, frankly, disruptive rules the SEC has adopted, in my experience," said Koonce, who is general counsel to Evergreen Investments, the $250 billion investment management division of Charlotte, N.C., banker Wachovia.

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