SIA, ICI Ask for Revisions in MSRB's College Savings Programs Notice

Hume, Lynn
June 2003
Bond Buyer;6/10/2003, Vol. 344 Issue 31653, p5
Trade Publication
The United States Securities Industry Association and the Investment Company Institute (ICI) have each raised some concerns about the Municipal Securities Rulemaking Board's notice interpreting how the board's rules apply to marketing Section 529 college savings programs through employee payroll reduction programs. ICI said that if neither the broker-dealer with primary responsibility for distributing the plan nor the local brokers selling the plan have suitability obligations, then they should not have related record-keeping obligations under the board's Rule G-8 or supervisory responsibilities under the board's Rule G-27.


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