MSRB delays effective date for dissemination service proposal

By Sheri Kasprzak

New York, April 22 - The Municipal Securities Rulemaking Board has delayed the effective date of its planned rule change that would require underwriter participation in the New Issue Information Dissemination Service, a notice said Tuesday.

The board originally set June 30 as the effective date for the proposal, which was filed with the Securities and Exchange Commission earlier this month. The effective date will now be Sept. 30.

"The amendment addresses concerns raised by commentators that the originally proposed June 30, 2008 effective date would not provide adequate time for dealer testing of NIIDS," the notice said.

"The MSRB believes that the new effective date of Sept. 30, 2008 will address commentators' concerns and will allow for the additional time necessary for implementation of NIIDS."

The NIIDS system will be provided through the Depository Trust and Clearing Corp.

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