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February 22, 2006 at 01:28 PM
The National Association of Securities Dealers is joining forces with the Municipal Securities Rulemaking Board to help students and their parents.
The NASD, Washington, a self-regulatory group for securities broker-dealers, and the MSRB, the agency that regulates the municipal bond market, have issued a formal joint statement emphasizing that they will work together to harmonize regulation of mutual funds and 529 college savings plans.
Although 529 plans often look to consumers as if they offer a menu of ordinary mutual funds, Congress put the plans under the jurisdiction of the MSRB.
In the joint statement, the MSRB says it will try to adopt 529 plan marketing rules that will be equivalent to future NASD mutual fund sales practices rules.
