SEC Approves MSRB Rule G-45 as Modified by Amendment No. 1

The SEC approved on an accelerated basis the new MSRB Rule G-45 ("Reporting of Information on Municipal Fund Securities") in order to collect comprehensive data from the underwriters of 529 college savings plans, as well as amendments to MSRB Rules G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") and G-9 ("Preservation of Records").

MSRB Rule G-45 requires 529 plan underwriters to submit new information to the MSRB electronically, including information regarding the plan's assets, contributions, withdrawals, fee and cost structure, and performance. The rule establishes a semiannual reporting period, with the first submission of the additional information due by August 30, 2015, which is 60 days after the end of the first reporting period of January 1 to June 30, 2015. The amendments to Rules G-8 and G-9 would require underwriters to maintain the information reported on Form G-45 for six years.

The effective date for the rule change is February 24, 2015.

See: MSRB Press Release; MSRB Regulatory Notice; SEC Notice of Rule Change and Request for Comments on Amendment No. 1. Related news: MSRB Files Amendment to Previous Rule Proposal Consisting of New MSRB Rule G-45 and Amendments to Rules G-8 and G-9 Regarding College Savings Plans (February 14, 2014); SIFMA Comments on MSRB Rules Requiring Underwriters to Submit 529 College Savings Plans' Data (July 19, 2013).