MSRB Files Request to Establish Continuing Disclosure Subscription Service

Date: April 23, 2009

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

Publishes Preliminary Specifications for Subscription and
Document Submission Feeds

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) yesterday filed a request with the Securities and Exchange Commission (SEC) to establish a real-time subscription service for continuing disclosure documents that will be available on the MSRB's Electronic Municipal Market Access (EMMA) system beginning July 1, 2009.  The MSRB also is publishing preliminary specifications, which are subject to change, for the large-scale, electronic submission of continuing disclosure documents to EMMA and similar preliminary specifications for disseminating these documents through an electronic subscription feed.

The SEC filing and the publication of system specifications are the latest phases of the MSRB's effort to create an integrated collection of services on the EMMA web site ( that provide market transparency for investors.

Beginning July 1, 2009, EMMA will receive electronic submissions of, and will make publicly available, continuing disclosure documents and related information from municipal bond issuers, obligated persons and their agents.  The MSRB has proposed to the SEC to establish a real-time data stream subscription to the continuing disclosure service on EMMA beginning July 1, 2009 at a cost of $45,000 a year.  While individual documents will be available for free on EMMA, the subscription service would provide information vendors and others the opportunity to obtain a complete complement of documents in an electronic feed.

MSRB Notice 2009-14 provides a detailed explanation of EMMA's continuing disclosure subscription service and preliminary specifications for subscription and document submission feeds.

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.