MSRB Proposes New Fee for Underwriters of College Savings Plans

The MSRB filed a proposed rule change with the SEC that would impose an annual fee on underwriters for certain college savings plans.

The proposal would amend MSRB Rule A-13 to include a new underwriting fee on underwriters to "529 plans" (i.e., college savings plans implemented in accordance with Section 529 of the Internal Revenue Code). The fee would be assessed "at a rate of .0005% ($.005 per $1,000) of the total aggregate assets for a plan underwritten as of December 31 each year."

The MSRB filed the proposed rule change for immediate effectiveness and intends to issue the first relevant invoices under it in May 2018.