MSRB Updates Timing on Launch of New Services on EMMA

Date: May 6, 2009

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


Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB), which is awaiting approval from the Securities and Exchange Commission to launch a permanent primary market disclosure service and a continuing disclosure pilot program on the Electronic Municipal Market Access (EMMA) system, said today that it will not receive approval in time for the planned May 11, 2009 start date. 

The MSRB filed with the SEC on March 23, 2009 a proposed rule change to implement an electronic system for free public access to, among other things, primary market disclosure documents for the municipal securities market through its EMMA system (  In addition, on March 25, 2009, the MSRB filed a proposed rule change to establish a pilot phase of the continuing disclosure service of the EMMA system.   At the time, the MSRB requested approval to begin operation of both systems on or around May 11, 2009.  

Once SEC approval is received for the MSRB rule changes associated with the primary market disclosure and continuing disclosure service, the MSRB will notify the industry of the launch date of the EMMA permanent primary market disclosure service and the continuing disclosure pilot with a notice published on the MSRB website.

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.