SECURITIES

SEC Warns Funds Not to Misuse No-Load Term: Regulators reminded mutual fund companies that they are breaking federal law if they improperly describe their funds as “no load” or having only minimal fees. The Securities and Exchange Commission’s warning letter was sent to several mutual funds and is aimed at eliminating cases in which funds misleadingly describe their fee structure. The term no load , a major selling point for mutual funds, refers to funds that don’t charge entry or exit fees and don’t have distribution or service fees that exceed 0.25% of a fund’s average assets. The distribution fees also are known as 12b-1 fees.