Mary Schapiro revealed this morning that she expects the SEC to turn back to the issue of how to reform 12b-1 fees this summer and she added that 12b-1s will likely be considered in tandem with the IABD study. Earlier during her address to the ICI GMM Schapiro mentioned that she expects the SEC's rule-making committee to meet on July 21 to start that process. By that time, the Commission will have worked through the mandates created by the Dodd-Frank law, she explained.

(See the full text of Schapiro's planned remarks here.)

The current rules "cannot be left to stand, we have to tackle this issue," Schapiro told conference-goers.

Still, the task will not be simple. The SEC received some 2,400 comment letters to its initial proposal, including many that Schapiro admitted did not support the proposal.

Among the issues raised by the comment letters that the SEC is looking at is how changes will affect 401(k) plans, disclosure issues and the SEC's desire to create competitive pricing that benefits investors.

Members of the audience were not expecting quick changes. One CEO told The MFWire that the schedule Schapiro outlined will likely mean that there will be no new proposals until the fall and that the six month comment period would likely push the rule making into next year's election cycle. In other words, Schapiro could be back explaining the proposals at next year's ICI GMM. 

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