MSRB Files With SEC To Collect Additional Municipal Securities Disclosures

Date: June 30, 2010

Contact:      Jennifer A. Galloway, Chief Communications Officer
                  (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) filed with the Securities and Exchange Commission (SEC) today a proposal to collect additional ongoing disclosures made by municipal securities issuers and obligated persons about their bonds.

The filing is in response to recent changes made by the SEC to Securities Exchange Act Rule 15c2-12, which prohibits the sale of most primary offering of municipal securities unless the underwriter determines that the issuer has agreed to disclose such information as annual financial statements and notices of certain events such as payment defaults and rating changes. Issuers provide these disclosures to the MSRB for dissemination to the public on its Electronic Municipal Market Access (EMMA) website.

Today's filing would modify the MSRB's EMMA submission and dissemination system to permit issuers to provide the new categories of disclosures established by the SEC's amendment to Rule 15c2-12 and to make such new categories of disclosures available to the public for free on the EMMA website. Read the complete filing.

The MSRB has requested an effective date for the proposal no later than December 1, 2010.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.