MSRB Extends Deadline for First Submissions of 529 College Savings Plan Data

Date: June 30, 2015

Contact: Jennifer A. Galloway, Chief Communications Officer
              (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that it is extending by 60 days the date the first submissions of information about 529 college savings plans are due to the MSRB under its Rule G-45. Recently adopted Rule G-45 requires underwriters of 529 college savings plans to provide the MSRB with information regarding their plans’ assets, contributions, withdrawals, fees and cost structure. The first submissions are now due October 28, 2015. 

Rule G-45 established semiannual reporting periods of January-June and July-December, with information required to be submitted to the MSRB’s Electronic Municipal Market Access (EMMA®) system 60 days after the end of each reporting period. Additional data on investment option performance is due on an annual basis, beginning with information for calendar year 2015. The first semiannual submissions would have been due in August 2015. All other due dates for future submissions under Rule G-45 remain unchanged.

“Feedback from an industry user group that the MSRB convened has been essential to the development of the submission process for 529 college savings plan information,” said MSRB Executive Director Lynnette Kelly. “To help ease the initial burden on industry participants and ensure that we receive complete and accurate information, the MSRB is doubling the amount of time that underwriters of 529 college savings plans have to make their first semiannual submissions.”

By collecting and analyzing reliable information, the MSRB will be better able to understand the market and the manner in which assets are invested. The information will not, at this time, be disseminated publicly, though the MSRB plans to consider at a later date what information may be of benefit to investors. The EMMA website currently displays 529 plan disclosure documents to provide investors with free, online access to information to make informed investment decisions.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.