Traulsen believes that the regulators should require that investors be given more explicit information on how this fee is used and how much each investor pays. He also favors breaking out charges that are deferred. An example of this would be B shares, which are paid when an investor cashes out.

"How about a monthly or a yearly statement on how much the investor paid in 12b-1 fees?" Traulsen suggests. He would also argue that investors, in a quarterly or yearly statement provided by the fund, have B-share charges detailed and compared against competing cost structures.

More and clearer disclosure is where all parties to this debate seem as though they can reach agreement. However, after that, there is plenty of argument over how the 12b-1 rule should be reformed or whether it should even continue.

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