MSRB to Collect Additional Data Regarding 529 College Savings Plans (Reg. Notice 2014-03)

The MSRB issued a regulatory notice announcing that the SEC-approved new MSRB Rule G-45 and electronic Form G-45 authorizes the MSRB to collect more information regarding 529 plans underwritten by brokers, dealers or municipal securities dealers.

Rule G-45 requires said brokers and dealers, when acting in the capacity of an underwriter for a 529 plan, to submit information on a semi-annual or, in the case of performance data, annual basis, to the MSRB electronically through new Form G-45. Related amendments to Rules G-8 and G-9 require underwriters obligated to submit information to the MSRB under Rule G-45 to maintain that information for at least six years.

The effective date for the rule changes is February 24, 2015. Implementation of the rule will occur with the first submission of Form G-45, due by August 30, 2015, or 60 days after the end of the reporting period of January 1 through June 30, 2015. Thereafter, reporting must be made by no later than 60 days following the end of each semi-annual reporting period. Performance data will be submitted annually by no later than 60 days following the end of the reporting period ending on December 31.

See: MSRB Regulatory Notice 2014-03. Related news: SEC Approves MSRB Rule G-45 as Modified by Amendment No. 1 (February 24, 2014).