MSRB NOTICE 2009-36 (JUNE 25, 2009)

MSRB ANNOUNCES EMMA DATAPORT SUBMISSION SYSTEM OUTAGE ON FRIDAY, JUNE 26, 2009 AT 3:00 PM ET IN PREPARATION FOR THE LAUNCH OF THE CONTINUING DISCLOSURE SERVICE

The Municipal Securities Rulemaking Board (the “MSRB”) is alerting underwriters of new issue securities that the MSRB’s Electronic Municipal Market Access system (“EMMA”), used for purposes of submitting official statements and advance refunding documents to the MSRB under revised Rule G-32, will be off-line for scheduled maintenance from 3:00 PM ET on June 26, 2009 until 11:59 PM ET on June 28, 2009.[1] The MSRB will be upgrading EMMA for the July 1, 2009 roll-out of the permanent continuing disclosure service of EMMA.

Under Rule G-32(b), on disclosures in connection with primary offerings, underwriters are required to submit official statements, advance refunding documents, amendments and other related documents to EMMA. Some underwriters, for offerings sold late in the day on June 26, 2009, may have difficulty complying with the submission requirements of Rule G-32(b)(i)(A) with regard to the initiation of the submission process on the date of first execution due to the off-line maintenance of EMMA, scheduled to begin at 3:00 P.M. ET. The MSRB will inform the various enforcement agencies of the EMMA system outage and the potential for such outage to interfere with compliance with the Rule G-32(b)(i)(A) submission requirements. Underwriters unable to make any submissions on June 26, 2009, prior to the EMMA system outage, should make such submissions on Monday, June 29, 2009.

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.

June 25, 2009



[1] The EMMA web portal may also be unavailable for short periods during the deployment.