MSRB seeks to implement primary market disclosure through EMMA system

By Sheri Kasprzak

New York, March 23 - The Municipal Securities Rulemaking Board said Monday it has proposed a rule change with the Securities and Exchange Commission to implement its Electronic Municipal Market Access system for primary municipal market disclosure documents and transaction price information.

The move would terminate the existing pilot EMMA facility and suspend submissions of official statements and associated documents.

The rule change, according to the MSRB, would establish EMMA's permanent primary market disclosure service for electronic submission and public availability on the system's internet portal. The documents that could be accessed through the site include official statements, advance refunding documents and related primary documents and information.

The change, an MSRB statement said, would also establish transparency by making transaction data publicly available on EMMA and real-time subscriptions to the primary market document collection.

The rule change would be effective the later of May 11 or the date announced by the MSRB in a notice published on the board's web site, which will be no earlier than 10 business days after SEC approval.

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