UPDATE 1-John Hancock settles SEC probe, to pay $21.2 mln

(Reuters) - The SEC said in its ruling that the Boston-based company, a
unit of Canada's Manulife Financial Corp. , used
brokerage commissions to pay for affiliated distributors'
marketing expenses from 2001 to late 2004, but failed to make
the practice public.




"This settlement highlights the importance of proper
disclosure to fund boards," said David Bergers, who heads the
SEC's office in Boston. "Investors need to have confidence that
fund boards have that information to make decisions about fund
assets."


Read more at Reuters.com Government Filings News