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

 

MUNICIPAL SECURITIES RULEMAKING BOARD SEEKS SEC APPROVAL
FOR CONTINUING DISCLOSURE SUBSCRIPTION SERVICE
Publishes Preliminary Specifications for Subscription and
Document Submission Feeds

 

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) yesterday filed a request with the Securities and Exchange Commission (SEC) to establish a real-time subscription service for continuing disclosure documents that will be available on the MSRB's Electronic Municipal Market Access (EMMA) system beginning July 1, 2009.  The MSRB also is publishing preliminary specifications, which are subject to change, for the large-scale, electronic submission of continuing disclosure documents to EMMA and similar preliminary specifications for disseminating these documents through an electronic subscription feed.

The SEC filing and the publication of system specifications are the latest phases of the MSRB's effort to create an integrated collection of services on the EMMA web site (www.emma.msrb.org) that provide market transparency for investors.

Beginning July 1, 2009, EMMA will receive electronic submissions of, and will make publicly available, continuing disclosure documents and related information from municipal bond issuers, obligated persons and their agents.  The MSRB has proposed to the SEC to establish a real-time data stream subscription to the continuing disclosure service on EMMA beginning July 1, 2009 at a cost of $45,000 a year.  While individual documents will be available for free on EMMA, the subscription service would provide information vendors and others the opportunity to obtain a complete complement of documents in an electronic feed.

MSRB Notice 2009-14 provides a detailed explanation of EMMA's continuing disclosure subscription service and preliminary specifications for subscription and document submission feeds.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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