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Observation: Understanding the 12b-1 Fee Securitization Structure By Lily Cheung and Erkan Erturk, Ph.D., directors at Standard & Poor's Ratings Service

There is a growing interest in securitizing 12b-1 fee receivables. This type of securitization pools the fee receivables from numerous funds and fund families in a segregated bankruptcy-remote trust. The trust then issues securities backed by such fees. In general, the volatility, the magnitude, and the timing of the...

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