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Subject: Morgan Stanley says SEC probing mutual fund sales Author: RANDY DAVIS [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 14:52:11 07/11/03 Fri Morgan Stanley says SEC probing mutual fund sales Reuters, 07.11.03, 3:02 PM ET ADVERTISEMENT E-Mail Alerts Companies MWD Topics Federal Regulations Banks Banking Regulatory And Legislation Issues Enter E-Mail Address: FAQ | Privacy Policy Mortgage Services from Homebound Mortgage Apply For A Mortgage Today’s Mortgage Rates Home Equity Mortgage Calculator Free Credit Report FHA & VA Mortgage Loans Buyers Calculator How Much Can You Borrow? Should I Refinance? Low Home Equity Rates eLibrary @ Forbes.com more > Research topics related to this story in the eLibrary news and magazine archives. Federal Regulations Banks Banking Regulatory And Legislation Issues NEW YORK, July 11 (Reuters) - Morgan Stanley (nyse: MWD - news - people) on Friday said the U.S. Securities and Exchange Commission has begun a formal investigation into the company's mutual fund sales practices. The New York-based investment bank said the SEC probe began on April 29. It said it is cooperating with the SEC and other regulatory agencies on document and information requests. Morgan Stanley disclosed the probe in its quarterly report filed with the SEC. Spokeswoman Melissa Stonberg declined further comment. Morgan Stanley did not say in the filing which sales practices the SEC is probing. The company had said in an April securities filing that regulatory agencies had requested information pertaining to the sale of Class "B" mutual fund shares. Class "B" shares typically carry no initial sales charge, or load, but have higher annual expenses than other share classes, and a "back-end" load that declines over time. In May, U.S. regulators said they were examining how brokerages sell mutual funds to investors, reflecting growing concern about the fund industry's sales practices. SEC Chairman William Donaldson told Congressional lawmakers that not enough information is disclosed about "special incentives" for broker-dealers to sell certain fund shares. Paul Roye, director of the SEC's division of investment management, said the SEC was engaged in a fact-finding inquiry into how broker-dealers distribute mutual fund shares. Copyright 2003, Reuters News Service [ Next Thread | Previous Thread | Next Message | Previous Message ]