Sun Life Financial Inc. says the Boston office of Securities and Exchange Commission has indicated that it intends to recommend to the SEC that action be taken against Massachusetts Financial Services Company (MFS) alleging, in effect, that the disclosure in certain of MFS’ fund prospectuses concerning market timing was false and misleading, and breach of fiduciary duty.

MFS, based in Boston, Mass., is the 11th largest mutual fund company in the U.S. and is 93% owned by Sun Life Financial.

The SEC notice contains no allegations that any MFS employee was knowingly involved in either late trading or inappropriate personal trading in MFS funds.

Sun Life says MFS is cooperating fully with the SEC.