The Municipal Securities Rulemaking Board has long been interested in disclosure issues in both the primary and secondary municipal securities markets. It seeks through its rules to ensure that dealers have all necessary information about issuers and their securities so that investors are dealt with fairly and sold suitable securities at a fair price. To assist in this effort, the Board developed its Municipal Securities Information Library® (MSIL®) system1  to provide official statements and continuing disclosure information to the market electronically in a cost-effective manner.

            The last ten years have seen many improvements in disclosure brought about by SEC regulations, as well as the voluntary efforts of issuers, dealers, analysts, investors and attorneys. Recently, however, market participants have informed the Board that more should be done to further improve municipal securities disclosure. The Board also is aware of the work of a number of market participants to address these concerns.

            In order to provide an opportunity for various segments of the municipal securities market to come together to discuss issues of concern and possible solutions, the Board will host a forum on disclosure. The forum will be held on November 11 and 12, 1998, in Washington, D. C. The forum will consist of sessions focusing on various aspects of disclosure in the market. This includes the content and format of both primary and secondary market disclosure documents and the timing of preparation and delivery of such documents to the marketplace and the ultimate investor.

            The Board welcomes written views on disclosure issues and plans to provide as many segments of the market as possible with an opportunity to present their views at the forum. The Board plans to publish a report that will include these written submissions, as well as the discussions at the forum, so that the community as a whole can benefit from the exchange of views. It is the Board’s hope that the forum will act as a springboard for action in areas of concern to the market.

            Plans for the forum are currently being finalized. The Board welcomes input from all market participants and will provide a more detailed agenda in the near future.


August 14, 1998

1       Municipal Securities Information Library and MSIL are registered trademarks of the Board.



Copyright 2000 Municipal Securities Rulemaking Board. All Rights Reserved. Terms and Conditions of Use.