MSRB NOTICE 2009-24 (MAY 27, 2009)


Today, the Municipal Securities Rulemaking Board (the “MSRB”) is reminding underwriters of new issue securities that the MSRB’s existing electronic submission system, known as the e-OS System, used for purposes of submitting official statements and advance refunding documents to the MSRB under Rule G-36, is being discontinued effective at noon Eastern Time, today, May 27, 2009. The e-OS System is being discontinued in connection with the transition to the MSRB’s Electronic Municipal Market Access system (“EMMA”), which will commence operation on a permanent basis on June 1, 2009, and Rule G-36 will be rescinded as of June 1, 2009.[1]

Under revised Rule G-32(e), on disclosures in connection with primary offerings, any submission to the MSRB of an official statement, advance refunding document or amendment thereto becoming due under Rule G-36 prior to June 1, 2009 may be held by the underwriter for submission to EMMA on or prior to June 2, 2009. Underwriters are urged to hold any submissions required under Rule G-36 that cannot be made prior to the e-OS System shut down until the launch of the EMMA submission system on Monday, June 1, 2009, as permitted under the transition provisions of revised Rule G-32(e), at which time all submissions must be made electronically.

Questions about this notice may be directed to Leslie Carey, Associate General Counsel, Margaret C. Henry, Associate General Counsel, or Ernesto A. Lanza, General Counsel.

May 27, 2009

[1] The MSRB received approval from the Securities and Exchange Commission to implement the primary market disclosure service through EMMA effective June 1, 2009. See Exchange Act Release No. 59966 (May 21, 2009). See also MSRB Notice 2009-22 (May 22, 2009).