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Contact: Jennifer A. Galloway
             (703) 797-6600
             jgalloway@msrb.org

MSRB REQUESTS COMMENT ON PROPOSAL TO COLLECT ADDITIONAL INFORMATION 
ON 529 COLLEGE SAVINGS PLANS 

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today issued a request for public comment on a proposal to collect and analyze market information on 529 college savings plans – investment programs established by states to assist families in saving for future higher education expenses.

The proposed MSRB rule would require securities firms that act as 529 plan underwriters, commonly referred to as primary distributors, to submit information on a quarterly basis to the MSRB about the plans, including basic identifying information about each 529 plan; total plan assets, contributions and distributions; percentage of automatic contributions; types of strategies and underlying portfolios; fees and expenses; and performance data, among other information.

The MSRB would review and analyze this information to gain a better understanding of the size, growth, characteristics and risks of the 529 plan market and of specific plans. 

“Gathering additional market information will help the MSRB evaluate whether further safeguards are necessary for the families who use 529 plans to save for college expenses,” said MSRB Executive Director Lynnette Kelly.

Currently, the MSRB’s Electronic Municipal Market Access (EMMA®) system displays 529 plan disclosure documents.

Comments should be submitted no later than September 14, 2012.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. MSRB is overseen by the Securities and Exchange Commission and Congress.

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