The Securities and Exchange Commission may charge Sun Life Financial Inc.’s mutual fund unit for market timing, the company admitted.

Massachusetts Financial Services Company, 93% owned by Sun Life, has been investigated by the Boston office of the SEC, which intends to recommended the firm face punishment from the agency’s national office.

Toronto-based Sun Life says it is cooperating with authorities. In a prepared statement on its Web site, the company argues "the SEC notice contains no allegations that any MFS employee was knowingly involved in either late trading or inappropriate personal trading in MFS funds."

MFS is the 11 th largest mutual fund company in the country.

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