The Municipal Securities Rulemaking Board (MSRB) is issuing interpretative guidance under MSRB Rule D-12, on the definition of “municipal fund security.” The interpretive guidance provides that interests in accounts created under the Achieving a Better Life Experience Act of 2014 (ABLE Act) may be municipal fund securities and that a broker, dealer or municipal securities dealer that effects transactions in ABLE programs may be subject to MSRB rules.
The ABLE Act permits states to create tax-advantaged savings programs, similar to 529 college savings plans, to help support individuals with disabilities in maintaining health, independence and quality of life.