MSRB seeks SEC OK to launch new issue disclosure service June 1

By Angela McDaniels

Tacoma, Wash., May 19 - The Municipal Securities Rulemaking Board has submitted a request to the Securities and Exchange Commission for approval to launch its permanent electronic disclosure service for new issues of municipal bonds beginning June 1, according to a board news release.

Municipals dealers will be required to provide to the MSRB municipal bond official statements and advance refunding documents in electronic format, and the MSRB will post these on its Electronic Municipal Market Access web site at emma.msrb.org for immediate, free public access.

The board said the request follows the resolution of an outstanding issue regarding the use of some third-party proprietary data on EMMA.

The board already has SEC approval to collect and post continuing disclosures from municipal bond issuers in electronic format beginning July 1. These documents include annual financial and operating information about issuers, audited financial statements and notices of material events.

MSRB has also asked for SEC approval to establish a month-long pilot phase for the continuing disclosure service on EMMA that would also begin on June 1. During this phase, issuers and others will be able to make submissions to EMMA of continuing disclosure documents on a voluntary basis.

The board expects that the legacy electronic submission process known as the e-OS System will be discontinued in connection with the new EMMA facility.

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