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.
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