The National Association of Securities Dealers has slapped its first fine on a brokerage firm for violating NAV transfer program procedures.

AXA Advisors, the New York-based broker/dealer and investment advisor arm of French financial services conglomerate AXA Group, has been fined $250,000 for rule violations concerning its subsidiaries PIMCO and Eaton Vance. The NASD said the firm "failed to obtain sales charge waivers for mutual fund customers through net asset value transfer programs."

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