SECURITIES

SEC Makes It Easier on Multiple-Class Funds: The Securities and Exchange Commission adopted two rules to make it easier for mutual funds to have multiple classes of shares and charge sales fees when investors redeem their shares. In the past, mutual fund companies had to obtain permission from the SEC to offer multiple classes of shares or charge “contingent deferred sales loads,” which are fees levied when an investor redeems shares. While the SEC usually granted these requests, fund companies found the applications time consuming and expensive. The new rules allow fund companies to take these actions without applying to the agency, relieving the SEC of the paperwork and saving the fund industry money.