MSRB NOTICE 2009-34 (JUNE 18, 2009)


The Municipal Securities Rulemaking Board (the “MSRB”) received approval from the Securities and Exchange Commission (the “SEC”) to launch operations of the continuing disclosure service (the “continuing disclosure service”) of the MSRB’s Electronic Municipal Market Access system (“EMMA”).[1] The continuing disclosure service will receive electronic submissions of, and will make publicly available on the Internet on the EMMA website at, continuing disclosure documents and related information from issuers, obligated persons and their agents pursuant to continuing disclosure undertakings entered into consistent with Exchange Act Rule 15c2-12 (the “Exchange Act”) effective July 1, 2009.[2]  Voluntary submissions are currently accepted by the pilot phase of the continuing disclosure service.[3]


In conjunction with the launch of operations of the continuing disclosure service of EMMA, the MSRB will host webinars on June 25, 2009 at 2:30 pm ET and June 29, 2009 at 2:30 pm ET for issuers, obligated persons, and their designated agents. The webinars will provide an overview of the registration, confirmation and agent designation processes for the continuing disclosure service of EMMA and review frequently asked questions. The MSRB previously published final specifications for the upcoming automated submission interface of the continuing disclosure service of EMMA.[4]

The webinars will last approximately one hour. Pre-registration is required and must be completed via the link below. There is no charge to attend.

Webinars on Registration, Confirmation and Agent Designation Processes

June 25, 2009 2:30 pm ET.  To register, click here.

June 29, 2009 2:30 pm ET.  To register, click here.

The webinars are follow-ons to an earlier webinar that covered the submission process to the continuing disclosure service of EMMA. Content from that webinar is available here.

After registering, you will receive a confirmation email with a link to join the webinar session at its respective time.  Please click on the link approximately ten minutes before the session start time.  You will be directed to download the GoTo Webinar manager, and will then be given a Dial in Number, Access Code, and Audio PIN.  Please make sure to enter the Audio PIN so that you may be granted speaking privileges.  All attendees will automatically be muted upon entering the session.  If you would like to ask a question, please click on the hand tool to raise your hand.  The presenter will recognize your request and un-mute you to ask a question.  Due to the large volume of attendees, we are only able to un-mute 25 attendees at a time.  Please click on the hand tool to lower your hand if your question has already been answered. 

If you have any questions about connecting to GoTo Webinar, please contact our Meeting and Event Planner, Tina Hanachi, at 703-797-6600, or call GoTo Webinar technical support at 1-800-263-6317.

Questions about the topics covered at the conference calls may be directed to the MSRB’s Market Information Department at 703-797-6668.

June 18, 2009

[2] See Securities Exchange Act Release No. 34-59062 (December 5, 2008). Amendments to Rule 15c2-12, as adopted by the SEC, will require an underwriter to reasonably determine that the issuer or obligated person has undertaken, in a written agreement or contract for the benefit of the holders of the issuer’s municipal securities, to provide certain enumerated continuing disclosures to the MSRB, instead of to nationally recognized municipal securities information repositories and state information depositories, where applicable (as the rule currently provides). The continuing disclosure service of EMMA launches operations simultaneously with the effectiveness of such amendments to Rule 15c2-12.

[3]The pilot phase of the continuing disclosure service became effective on June 1, 2009.  See MSRB Notice 2009-27 (June 1, 2009) and Securities Exchange Act Release No. 59964 (May 21, 2009), 74 FR 25778 (May 29, 2009) (File No. SR-MSRB-2009-03). The MSRB also received SEC approval on June 3, 2009, to accept and to make publicly available on the EMMA website, voluntary electronic submissions of continuing disclosure documents provided other than in connection with the Exchange Act. See Exchange Act Release No. 34-60033 (June 3, 2009), 74 FR 27369 (June 9, 2009) (File No. SR-MSRB-2009-04). Such voluntary submissions will be in addition to continuing disclosure documents described in the Exchange Act and other disclosure documents specified in continuing disclosure undertakings but not specifically described in the Exchange Act.