The National Association of Securities Dealers and the Municipal Securities Rulemaking Board have issued a joint statement promising cooperation to harmonize mutual fund and 529 plan sales rules, as there is heightened concern over lack of regulatory consistency.

Mutual funds and 529 plans have the same types of characteristics and have some of the same sales practice issues, and the two regulatory bodies believe that the "harmonization of MSRB rules and NASD rules would further protect the investing public."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.