Technical resources library

Links to important documents, developments, and government/private resources concerning higher education and college savings. (Premium Service members only.)

Industry & Regulatory

Links

»EMMA - Electronic Municipal Market Access - Municipal Securities Rulemaking Board source for 529 official disclosure statements.

»Municipal Securities Rulemaking Board - This links to the MSRB page for municipal fund securities (i.e. 529 plans). The MSRB is the self-regulatory organization that develops rules, subject to SEC approval, relating to the sale of municipal securities by dealers.

»FINRA - the FINRA web site provides 529 resources for broker-dealers and for investors.

»Securities and Exchange Commission - The SEC is the federal agency charged with regulating registered securities.

»College Savings Plans Network - CSPN is an affiliate of the National Association of State Treasurers formed to coordinate the activities of the states offering Section 529 college savings programs.

»Securities Industry and Financial Markets Association - SIFMA is a membership organization advancing the interests of approximately 600 securities firms, including many that sell 529 plans.

»Investment Company Institute - The ICI is the national association of mutual funds and other U.S. investment companies. It has been active in advancing the interests of its members including those involved in the 529 product offering, and promoting public understanding.

Documents & Releases

»MSRB Notice 2011-33 (JULY 19, 2011) - The MSRB request for comment on plan to collect information on 529 college savings plans.

»College Savings Plans Network Disclosure Principles Statement No. 5 - as adopted by CSPN on May 3, 2011.

»College Savings Plans Network Disclosure Principles Statement No. 4 - as adopted by CSPN on December 17, 2010.

»College Savings Plans Network Disclosure Principles Statement No. 3 - as adopted by CSPN on December 8, 2009.

»MSRB Notice 2007-05 (January 25, 2007) - The MSRB seeks comments on draft rule changes to establish an electronic access system for official statements.

»MSRB Notice 2006-26 (August 11, 2006) - The MSRB requests comments on draft amendments relating to Rule G-21 on advertising.

»MSRB Notice 2006-23 (August 7, 2006): Interpretation on Customer Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective

»MSRB Notice 2006-19 (July 27, 2006) - The MSRB seeks comments on the application of "Access Equals Delivery" standard to official statement dissemination for new issue municipal securities.

»MSRB Notice 2006-16 (June 15, 2006): SEC Approves Interpretative Notice on Customer Protection Obligations - New MSRB disclosure and suitability analysis requirements for 529 sales go into effect on August 8, 2006.

»MSRB 2006-13 (May 15, 2006): Interpretative Letter Relating to 529 College Savings Plan Advertisements - MSRB responds to inquiry regarding application of Rule G-21 and notes upcoming review of the issues raised.

»MSRB Notice 2006-07: re Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Notice describes the interpretation MSRB is submitting to SEC for approval.

»MSRB Notice 2005-28 and NASD Enforcement: Where We Have Been and Where We Are Headed - by Michael B. Koffler, Sutherland Asbill & Brennan LLP (Feb 2, 2006). Outline of presentation to the College Savings Foundation Forum.

»College Savings Plans Network Disclosure Principles Statement No. 2 - As adopted by the CSPN Board on July 26, 2005.

»Professors describe investors choosing high-fee 529 plans - Link to a summary of findings by Drs. Raquel Meyer Alexander and LeAnn Luna, assistant professors of account in the UNC Wilmington Cameron School of Business. Study indicates a problem in investor choice.

»Oversight Hearing on Section 529 College Savings Plans: High Fees, Inadequate Disclosure, Disparate State Tax Treatment and Questionable Broker Sales Practices - Senate Committee on Homeland Security & Governmental Affairs, Subcommittee on Federal Financial Management, Government Information, and International Security. Link to webcast and witness testimony. (September 30, 2004)

»College Savings Plans Network Disclosure Principles Statement No. 1 - as adopted by CSPN on December 2, 2004

»Investing for the Future: 529 State Tuition Savings Plans - U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises hearing (June 2, 2004). The opening statements and prepared testimony of witnesses can be found here. Also available are summaries of the hearing from the Securities Industry Association and the National Association of State Treasurers.

»SEC's Proposed Mutual Fund Disclosure Forms - the SEC's rule proposal issued on January 29, 2004, proposed forms, and special request for comments from investors. The new rule would require increased disclosure to 529 investors regarding costs and broker conflicts of interest.

»"May You Live in Interesting Times" - by Leonard Weiser-Varon, Commentary (February 2004), Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC. Discusses the Treasury Department proposals impacting 529 plans as well as the SEC's proposed changes to disclosure requirements.

»"Regulatory and Programmatic Impact of Structural Variations Among Section 529 College Savings Plans" - by Leonard Weiser-Varon, Commentary (July 2003), Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC. Describes the structural differences among 529 plans and how those differences impact the regulatory and distribution challenges facing the 529s.

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