Securities and Exchange Commission Chairman Harvey Pitt this month urged mutual fund directors to ensure that their investors are not being overcharged by brokerage houses in the form of fees levied on securities transactions (see MFMN 1/13/03).

The issue has caught the attention of legislators, industry groups, and top SEC officials, such as Pitt, who are all advising financial service companies to identify any problems with the procedures used to grant transaction-fee discounts to investors.

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