Andrew Donahue, the SEC's director of investment management, recently gave an update on the commission's efforts to 12b -1 reform. He said the commission's staffers are seeking to develop a system that treats two pieces of current 12b-1 fees differently.

"We would seek to regulate the portion that substitutes for a sales load as a sales load and more appropriately regulate the portion that pays for shareholder servicing and distribution-related administration," Donahue said in a speech in New York last month.  

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