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

MSRB FILES WITH SEC TO COLLECT ADDITIONAL MUNICIPAL SECURITIES DISCLOSURES

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) filed with the Securities and Exchange Commission (SEC) today a proposal to collect additional ongoing disclosures made by municipal securities issuers and obligated persons about their bonds.

The filing is in response to recent changes made by the SEC to Securities Exchange Act Rule 15c2-12, which prohibits the sale of most primary offering of municipal securities unless the underwriter determines that the issuer has agreed to disclose such information as annual financial statements and notices of certain events such as payment defaults and rating changes. Issuers provide these disclosures to the MSRB for dissemination to the public on its Electronic Municipal Market Access (EMMA) website.

Today's filing would modify the MSRB's EMMA submission and dissemination system to permit issuers to provide the new categories of disclosures established by the SEC's amendment to Rule 15c2-12 and to make such new categories of disclosures available to the public for free on the EMMA website. Read the complete filing.

The MSRB has requested an effective date for the proposal no later than December 1, 2010.

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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