SEC Approves Revised Semi-Annual Data Reporting Requirements For Section 529 Plan Underwriters

After initially putting the brakes on the MSRB's attempt to use underwriters of Section 529 college savings plans as its data-gathering team, the SEC has pressed the accelerator and approved an amended MSRB Rule G-45 requiring such underwriters to submit periodic electronic reports to the MSRB providing specified data regarding the applicable Section 529 plan.

The final rule requires semi-annual reporting on new Form G-45 regarding the plan's assets, asset allocations for each plan investment option, plan contributions, plan withdrawals, plan fees and costs and certain other information, and annual reporting on such form of performance data for each plan investment option.  The "accelerated" rule will become effective on February 24, 2015, with the first semi-annual report due by August 30, 2015.