New SEC regulations resulting from the fund scandal and the Sarbanes-Oxley Act will cost mutual fund companies millions of dollars as a result of the need to hire thousands of additional lawyers, chief compliance officers, accountants, tech personnel and independent directors, the Boston Herald reports.

Chief compliance officers are commanding salaries as high as $500,000, while independent directors easily fetch $150,000 or more. At some smaller companies, costs are exceeding revenues.

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