Rankings, Volatility Ratings, and Municipal Fund Securities

What this video covers

• How the Financial Industry Regulatory Authority (FINRA) rankings rule requires an independent Ranking Entity, and the narrow exception for fund-created rankings based on independent performance measurements
• How fund age determines one-year, five-year, and ten-year total-return rankings, including the one-year minimum and the yield-based exception
• Why a bond fund's volatility rating measures net asset value (NAV) sensitivity to market conditions, must never be labeled a risk rating, and must use objective, quantifiable factors
• Which disclosures must accompany a bond fund volatility rating, including the issuing entity, issue date, methodology, compensation, measured risks, and no-guarantee statement
• Which municipal fund securities fall under the Municipal Securities Rulemaking Board (MSRB) Municipal Communications Rule: 529 plans, local government investment pools (LGIPs), and Achieving a Better Life Experience (ABLE) accounts
• When municipal fund securities advertisements require written approval by a principal before first use, and when a 529 advertisement needs an out-of-state disclosure
• How the Securities and Exchange Commission (SEC) municipal-securities disclosure framework separates underwriter statements from issuer continuing disclosures filed through the Electronic Municipal Market Access system (EMMA)