MSRB requests SEC approval of operational date for proposed municipals disclosure service

By Sheri Kasprzak

New York, Nov. 6 - The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve July 1, 2009 as the operational date for its proposed Electronic Municipal Market Access System, the board said in a statement Thursday.

The system, according to the MSRB, would provide timely disclosure on bond offerings.

The board has also requested that the SEC delay the requirement that continuing disclosure documents be submitted as word-searchable portable document format files until Jan. 1, 2010.

"Several commentators, in response to the continuing disclosure proposal, requested additional time to prepare to use the continuing disclosure service to meet submission requirements under continuing disclosure undertakings and to make documents available as word-searchable PDF files," said an MSRB statement.

Connected to the proposed effective dates, the MSRB said it expects to propose the implementation of a pilot continuing disclosure component of the system that would permit voluntary or test submissions of continuing disclosure documents before the effective date.

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