Franklin Advisers agreed to pay $50 million and change its compliance policies and procedures in a settlement with the SEC over market-timing charges in the Franklin Templeton mutual funds it managed, the agency announcTempleton mutual funds it managed, the agency announced today.
Under the settlement, Franklin will pay a $20 million civil fine and $30 million to investors of the funds in question. Franklin also agreed to enhance its compliance policies and undergo biannual compliance reviews by an outside auditor. Franklin did not admit or deny the findings of the SEC.