MSRB Proposes Changes to Reporting Information on Municipal Fund Securities

The MSRB proposed amending the data elements that dealers are required to report on MSRB Form G-45 (under MSRB Rule G-45).

Currently, the MSRB requires dealers to report information electronically on MSRB Form G-45 when acting as underwriters for college savings plans implemented in accordance with Section 529 of the Internal Revenue Code. The information on this form includes plan-descriptive information, aggregate plan information and investment option information.

Dealers that underwrite Achieving a Better Life Experience ("ABLE") programs (issued under the "ABLE Act") are scheduled to begin reporting similar information electronically via Form G-45, beginning with the reporting period that ends on June 30, 2018.

The MSRB proposed to (i) clarify the program management fee reporting requirement in order to account for variance presented by management fees that are assessed by underlying mutual funds rather than 529 or ABLE programs, and (ii) introduce three new data elements: the benchmark return percent, performance data by asset class, and the investment option closing date.

Comments on the proposed amendments must be submitted by September 21, 2017. To submit comments, click here.