MSRB receives SEC OK to start electronic disclosure service on June 1

New York, May 22 - The Municipal Securities Rulemaking Board said the Securities and Exchange Commission approved its planned EMMA system for providing free public access to primary market disclosure documents and a pilot of secondary market disclosure, both beginning June 1.

The approval allows the MSRB to provide an electronic system for free public access to primary market disclosure documents and transaction price information for the municipal securities market through EMMA, the Electronic Municipal Market Access system.

The primary market service will start on June 1.

Meanwhile, the MSRB will be allowed to run a continuing disclosure pilot to receive voluntary electronic submissions of disclosure documents and related information.

Included in the pilot will be annual financial information, audited financial statements, notices of certain material events, and notices of failures to provide annual financial information.

The secondary service will also start on June 1, moved up from the originally approved July 1.

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