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Rating:New MSRB Rules Increase Broker Obligations Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, June 16, 2006

New MSRB Rules Increase Broker Obligations

by: Marie Glancy

Brokers marketing 529 college savings plans will have to disclose more to their customers starting August 7. The Municipal Securities Rulemaking Board sent out a notice Thursday that it last week received SEC approval for stricter controls.

According to the MSRB's specifications, brokers will be required to disclose the tax implications of out-of-state 529 plans to customers wishing to invest in them. They must also undertake "active suitability analyses" for any recommended 529 transactions, "based on appropriately weighted factors."

In another Thursday announcement, the body said the SEC approved the MSRB's definition of "solicitation" as it relates to Rules G-37 and G-38.  

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