Janus announced several major moves Friday in the wake of allegations that the firm allowed improper frequent trading:

Mark Whiston: The president and chief executive officer of Janus will not become chairman on Jan. 1. Instead, Janus will appoint Steve Scheid as nonexecutive chairman. Whiston’s employment agreement also was amended, and his contract was extended through 2006.

$31.5 million: The amount Janus plans to pay to reimburse the costs of allowing improper frequent trading

Soft dollars: Janus pledged to end the practice of using brokerage commission to purchase research products and services, known as "soft dollars." The decision will increase Janus’ expenses by $9 million annually.

Added independent voices: Janus said its board will appoint an independent auditor and ask the trustees of the Janus funds to appoint an independent compliance officer.

Stricter rules: Janus reiterated plans to revise its prospectus language to more firmly discourage frequent trading, increase redemption fees on some funds and more frequently disclose its portfolio holdings.

Allison Linn