MSRB modifies 529 data-collection proposal

The Municipal Securities Rulemaking Board (MSRB) has modified its proposal for a new rule, Rule G-45, that would require underwriters of 529 plans to submit data regarding their plans to the MSRB. The revised proposal seeks submissions on a semi-annual basis, not quarterly, except for performance data that would be submitted annually.

The new rule would go into effect one year from the date of approval of the SEC, and underwriters would be given 60 days following the end of each reporting period to submit the required data.

MSRB has reiterated that the purpose of the data collection is for MSRB internal purposes and the data would not be made public on the EMMA system without first going through more rulemaking and public comment.

The deadline for submitting comments on the rule proposal is December 21, 2012.
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