The MSRB proposed to amend MSRB Form G-45 to require 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.
Under the proposed amendment, covered underwriters would be required to submit information on Form G-45 regarding additional fees and expenses, including, as applicable, any:
- account opening fees;
- investment administration fees;
- change in account owner fees;
- cancellation/withdrawal fees;
- rollover fees;
- ATM fees;
- foreign transaction fees; or
- miscellaneous fees (not otherwise specified on Form G-45).
The MSRB requested that the rule change become effective on June 30, 2018. Underwriters of ABLE programs must begin submitting Form G-45 on August 30, 2018 (for the reporting period that ends on June 30, 2018).
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