After years on the back burner, the Securities and Exchange Commission's rule governing mutual fund marketing fees is in store for a "complete overhaul," according to commission chairman Christopher Cox.

Fees paid under Rule 12b-1, adopted in 1980, provide nearly $12 billion a year from mutual fund assets to the broker-dealers, banks, insurance companies, financial planners and fund platforms that market and distribute the funds. The fees are levied by more than 70% of all U.S. mutual funds, in an industry that has over $11 trillion in assets and more than 90 million shareholders.

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