MSRB Data Access Fee Policy

The MSRB has established a Data Access Fee Policy regarding the provision of free and compensated information products and services.

• Data and Documents Free of Charge

The MSRB shall make available at no charge data and documents submitted to

the MSRB by municipal entities, obligated persons, brokers, dealers, municipal

securities dealers or municipal advisors, whether under existing or future rules

and information systems of the MSRB, which may be obtained directly from the

EMMA website using search, navigation and download functions consistent with

conventional web sites. Such data will include data available on the EMMA

website in a display format via the web, on an item by item basis or in small

MSRB-determined collections of related items (i.e., not in bulk); capable of being

sorted or filtered by the user in a manner sufficient to effectively retrieve the data

or document; intended for use by an individual investor; and not for resale or

redistribution.

• Data and Documents Subject to Charge

(a)       The MSRB may, in its sole discretion but subject to approval by the Securities and Exchange Commission (SEC), impose charges on any data or documents retrieved or made available through EMMA, the MSRB, Gateway, RTRS or SHORT web sites, or any similar web site to be created in the future, in the following manner or for the following users:

(i)         standard services where users customize the data or documents

retrieved through EMMA, or through the MSRB, Gateway, RTRS

or SHORT web sites, or any similar web site to be created in the

future;

(ii)        computer-to-computer, automated data feeds or similar services,

where the user enters into a subscription agreement with the

MSRB;

(iii)       redistribution for commercial purposes of data or documents

obtained under clauses (a)(i) or (ii).[1]

(b)        Notwithstanding the foregoing, the MSRB may, in its sole discretion,

reduce or waive charges otherwise applicable under section (a) above, in

the following manner or for the following users:

(i)         web content and data feeds made available to not-for-profit

organizations that use the data or documents to provide services

consistent with their stated charitable or other public purpose; and

(ii)        web content and data feeds made available under clauses (a)(i) or above to subscribers who are also information providers, in exchange for data that enhances EMMA or other current or future MSRB information systems or other regulatory purposes.