ARTICLE
13 December 2017

MSRB To Collect Additional Fee Data About College Savings And ABLE Programs

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Cadwalader, Wickersham & Taft LLP

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The SEC approved an MSRB proposal to amend MSRB Form G-45 to require the underwriters of (i) college savings plans implemented in accordance with Section 529 of the Internal Revenue Code...
United States Corporate/Commercial Law

The SEC approved an MSRB proposal to amend MSRB Form G-45 to require the underwriters of (i) college savings plans implemented in accordance with Section 529 of the Internal Revenue Code, and (ii) Achieving a Better Life Experience ("ABLE") programs (issued under the "ABLE Act") to report additional data on transactional fees. The amendments will become effective on June 30, 2018.

Under the amended Form G-45, covered underwriters will be required to submit applicable information regarding additional fees and expenses, including but not limited to:

  • account opening fees;
  • investment administration fees;
  • change in account owner fees;
  • cancellation/withdrawal fees;
  • rollover fees;
  • ATM fees;
  • foreign transaction fees; and
  • miscellaneous fees (not otherwise specified on Form G-45).

Underwriters of ABLE programs must begin submitting Form G-45 on August 29, 2018.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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