SECURITIES

ICI Wants Standardized Classifications: The mutual fund industry should standardize how it classifies “load” funds so shareholders won’t be as confused about sales charges, the industry’s trade group said. The Investment Company Institute proposed classifying as Class A shares those mutual funds sold through brokers and financial planners that charge a commission when the fund is first purchased. These are known as “front-end load” funds. The institute wants funds where the commission charged by brokers is spread over a few years to be classified as Class B shares. Load funds where the commission is paid to brokers in two parts should be known as Class C shares, the institute said.