MSRB Receives SEC Approval to Collect Additional Disclosures From Issuers

Date: August 27, 2010

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

MUNICIPAL SECURITIES RULEMAKING BOARD RECEIVES SEC APPROVAL
TO COLLECT ADDITIONAL MUNICIPAL SECURITIES DISCLOSURES FROM ISSUERS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that it has received approval from the Securities and Exchange Commission (SEC) to collect additional continuing disclosures made by municipal securities issuers and obligated persons in connection with existing municipal securities through its Electronic Municipal Market Access (EMMA) website. The approval is in connection with recent SEC amendments to Securities Exchange Act Rule 15c2-12.

SEC Rule15c2-12 prohibits the sale of most primary offerings of municipal securities unless the underwriter determines that the issuer has agreed to disclose certain information to investors over the life of the securities. The recent amendments to the rule removed the disclosure exemption for variable rate demand obligations and added certain event notices required to be disclosed under 15c2-12, among other changes.

Beginning December 1, 2010, the continuing disclosure service of EMMA will accept submissions of certain documents such as notices of bankruptcy or insolvency, and continuing disclosures for variable rate securities. Those disclosures will be made publicly available through EMMA.


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.