Series 51: LGIP Regulation And Disclosure

Taken from our Series 51 Online Guide

LGIP Regulation and Disclosure

While LGIPs are similar to mutual funds, they are not subject to regulation under the Investment Company Act. In particular, they generally do not have to register with the SEC, prepare a prospectus and official statement, or calculate net asset value on a daily basis. Municipal securities dealers that market LGIPs are also exempt from the Investment Company Act, but they must comply with MSRB rules.

Most LGIP participants invest directly through government personnel without the assistance of a municipal securities dealer. MSRB disc

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