Investor’s Guide for ABLE Programs

The Municipal Securities Rulemaking Board (MSRB) is a self-regulatory organization charged with protecting investors, municipal entities, obligated persons and the public interest by promoting a fair and efficient municipal securities market.

Interests in ABLE programs are considered municipal securities under the federal securities laws and are regulated as municipal fund securities under MSRB rules. MSRB rules apply to dealers that act in the capacity of underwriters of ABLE programs and/or that sell interests in ABLE programs as well as to municipal advisors that engage in municipal advisory activities with the state sponsors of ABLE programs.

This Investor’s Guide is for educational purposes only; the MSRB does not provide legal, financial, investment, tax or benefits advice. This Investor’s Guide is considered accurate as of September 2019 and does not address any proposed changes in applicable laws or regulations, nor will this guide be updated to reflect any such changes. This Investor’s Guide is not intended to recommend or describe any particular ABLE program. Please consult a legal, financial, investment, tax and/or benefits advisor for such assistance.

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