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