State Securities Regulators to Host 12b-1 Forum

WASHINGTON (August 30, 2004) —The North American Securities Administrators Association, Inc., (NASAA) today announced plans to host a public forum to explore the history and purpose of Rule 12b-1 plans and to examine how these plans affect investors as well as mutual fund management companies. The “NASAA Listens” Forum is scheduled for September 13 from 12 noon to 2:30 p.m. in the Astor Room of the Intercontinental Barclay Hotel, 111 East 48th Street, in New York City.

“Rule 12b-1 plans began more than 20 years ago. State securities regulators believe that these plans should be reexamined in light of the evolution of the mutual fund industry to see whether they are meeting their intended purpose,” said NASAA President and Connecticut Securities Director Ralph A. Lambiase. “Given that the Securities and Exchange Commission is examining Rule 12b-1, we believe this Forum will offer a platform for discussion of the issue from a variety of perspectives.”

The “NASAA Listens” Forum, which includes a luncheon, will feature a panel of experts from the legal, regulatory, industry and academic communities who will outline both the benefits and costs of these plans; how 12b-1 plans can be improved; and the ongoing SEC consideration of these plans.

Confirmed panelists include: John C. Bogle, Vanguard Group founder and former CEO; Elizabeth Krentzman, General Counsel, Investment Company Institute; Richard M. Phillips, Senior Partner and head of securities, Kirkpatrick & Lockhart; and Wisconsin Securities Administrator Patricia Struck. Additional panelists will be announced soon. Texas Securities Commissioner Denise Voigt Crawford will moderate the Forum.

The Forum is free and open to the public on a first come, first serve basis. To reserve a seat, please contact Lonnie Martin, at 202-737-0900 or lm@nasaa.org, by September 8. NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, Canada, and Mexico.

For More Information:
Bob Webster, Director of Communications
202-737-0900

2004 Headlines, Newsroom