Oppenheimer Funds and its subsidiary, OppenheimerFunds Distributor has settled a revenue-sharing proceeding with the Securities and Exchange Commission without further penalty.

Last year, the firm voluntarily paid $15.8 million - $3.3 million more than the SEC later estimated - to funds affected by revenue-sharing deals and voluntary reported it to the regulated.

The firm neither admitted or denied any wrongdoing in the settlement.

"All the portfolio trades in question were made on a best execution basis," said John V. Murphy chairman and chief executive of Oppenheimer, in a statement. "However, while the use of direct brokerage was common in the industry at the time, we recognized there could be an appearance of a potential conflict of interest and we stopped the practice."

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