MSRB Begins Planning for the Continuing Disclosure Component
of the New Electronic Municipal Market Access System, or EMMA

Alexandria, VA -- Today, the Municipal Securities Rulemaking Board published a notice announcing its intention to undertake initial steps toward incorporating secondary market disclosure information, known as continuing disclosures, provided by issuers and their agents under Securities and Exchange Commission Rule 15c2-12 into the MSRB’s planned new Internet-based information system for the municipal securities market.  This new system, to be known as the Electronic Municipal Market Access system, or EMMA, will provide, when fully operational, free real-time public access to all primary market, secondary market and trade price data for municipal securities submitted to the MSRB.  The notice seeks comment on certain basic elements relating to the incorporation of continuing disclosures into EMMA.  Comments are due by February 25, 2008.

The MSRB previously filed a proposal with the SEC to establish a pilot system that would provide free public access to official statements, advance refunding documents and real-time trade information.  This pilot system is expected to become operational on or about March 10, 2008, subject to SEC approval.  SEC Chairman Christopher Cox recently expressed support for the MSRB’s plans to create a centralized disclosure utility for the municipal securities market and instructed SEC staff to prepare a proposal to amend Rule 15c2-12 to provide that municipal securities issuers file their continuing disclosures centrally with the MSRB, rather than with multiple repositories as under the current rule.  The MSRB intends to make continuing disclosures provided under Rule 15c2-12 publicly available through the EMMA website upon the adoption by the SEC of the necessary changes to Rule 15c2-12.

A copy of the notice is attached and will soon be available at the MSRB’s web site at www.msrb.org.