On August 25, SIFMA submitted comments to the Securities and Exchange Commission (SEC) on the Municipal Securities Rulemaking Board’s (MSRB) proposed rule change to assess an underwriting fee on dealers that are underwriters of 529 college savings plans. SIFMA and its members strongly urged the SEC to institute disapproval proceedings regarding the filing in its current form, and does not believe the proposed fees as currently structured are appropriate, as they would stifle competition.