MSRB releases draft specs on new bond information system

By Cristal Cody

Tupelo, Miss., Sept. 24 - The Municipal Securities Rulemaking Board released preliminary specifications Wednesday for submitting electronic municipal bond documents to the board's Electronic Municipal Market Access System.

The draft also outlines the technical requirements for vendors and others that want to purchase a subscription to primary market documents and other information, including advance refunding disclosures and PDF files of official statements.

The board plans to hold informational calls on the specifications on Oct. 14 and Oct. 15.

The draft submission and subscription specifications are available online at www.msrb.org/msrb1/whatsnew/2008-40.asp.

The MSRB will accept comments on the specifications through Oct. 24.

The board also plans to ask the Securities and Exchange Commission for permission to establish an access equals delivery standard for distribution of official statements on the system.

The standard allows broker-dealers to notify clients that the documents are available online instead of providing printed copies.

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