SECURITIES

SEC Orders Mutual Fund Brokers to Disclose Commissions: Until now, brokers have been allowed to skip this disclosure in confirmation slips mailed to mutual fund customers. However, the Securities and Exchange Commission said it believes the information is necessary, given the recent influx of small investors into the mutual fund arena. Sales of new shares in stock and bond mutual funds totaled $473.3 billion last year, up from $333.9 billion in 1992, according to the Investment Company Institute, an industry trade group. The mutual fund industry now has about $2.14 trillion in assets under management, roughly equal to the amount of money Americans have in savings accounts.