MSRB asks SEC to approve new broker 529 rules

The Municipal Securities Rulemaking Board (MSRB) has filed a new interpretation on customer protection obligations relating to the marketing of 529 plans with the SEC (Notice 2006-07, see link below). The interpretation describes a new set of disclosure obligations on dealers when recommending an out-of-state 529 plan. These obligations will be much easier to satisfy than the plan comparison requirements proposed in May 2005 by MSRB (Notice 2005-28) but not adopted.
The new interpretation describes the expectation that the College Savings Plans Network will develop a website containing a centralized databank of 529 detail for comparison purposes.
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