Next week, the MSRB will be requesting industry and public input on its regulation of the municipal securities market to ensure that its rules reflect current market practices.

There is still time to register for the MSRB's education and outreach seminar for municipal market participants in Los Angeles, California on January 22, 2013. The seminar will provide updates on the MSRB's rulemaking for dealers and advisors, as well as its recent municipal market transparency initiatives.

The MSRB will also host seminars in Dallas and Boston during 2013.

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There are more than 100 different 529 college savings plans available to investors nationwide.

Find information about individual plans.

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Highlight of the Month

MSRB Continues to Make 529 Plans a Priority

The MSRB's current proposal to collect additional information on 529 college savings plans is still open for comment. Access to more complete information will advance the MSRB's efforts to regulate these plans and the overall 529 plan market. The MSRB protects investors by regulating the entities that underwrite 529 plans.

The MSRB's Electronic Municipal Market Access (EMMA®) website displays 529 plan disclosure documents to provide investors with free, electronic access to information to make informed investment decisions.

Read the current rulemaking proposal.

New and Noteworthy

Broker's Brokers Effective Date

New rules for broker's brokers take effect December 22, 2012.

Read the new rules.

MSRB Seeks Comment on Proposal to Improve Investor Access to Preliminary Official Statements

The MSRB has requested public comment on a concept proposal that would promote broader and earlier investor access to information about new issues of municipal securities.

The MSRB has proposed increasing the availability of preliminary official statements for all investors on its EMMA website and would require underwriters to submit preliminary official statements to EMMA by the end of the day the underwriter receives it from a municipal securities issuer.

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Market Statistics

Individual Investor Holdings of Municipal Securities Drop in Third Quarter of 2012

According to the Federal Reserve's Flow of Funds Account released on December 6, 2012, direct holdings of municipal securities by households, or individual investors, dropped from 49 percent to 47 percent in the third quarter, the lowest level since 2006. When including investments through mutual funds, individual investors accounted for 70 percent of all municipal securities holdings in the third quarter, down from 71 percent in the second quarter.

For municipal new issuance and trading activity, continuing disclosures or variable rate resets, visit the MSRB's EMMA website.

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Regulatory Roundup

MSRB Seeks Public Comment on Proposal to Improve Investor Access to Preliminary Official Statements
(December 12, 2012)
>Comments must be submitted by February 8, 2013.

MSRB Extends Implementation of Date of Inter-Dealer Regulatory Dollar Price Reporting Requirement
(November 29, 2012)

MSRB Amends Proposal to Collect 529 College Savings Plan Information (November 23, 2012)
>Comments must be submitted by December 21, 2012.

MSRB Requests Comment on Provisions of Draft Proposal to Limit Dealers from Providing Bondholder Consents
(November 21, 2012)
>Comments must be submitted by December 21, 2012.

MSRB Revises Series 53 Study Outline (November 16, 2012)

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