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Contact:      Jennifer A. Galloway, Chief Communications Officer
                  (703) 797-6600
                  jgalloway@msrb.org

MSRB FILES WITH SEC TO COLLECT ADDITIONAL MUNICIPAL SECURITIES DISCLOSURES

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) filed with the Securities and Exchange Commission (SEC) today a proposal to collect additional ongoing disclosures made by municipal securities issuers and obligated persons about their bonds.

The filing is in response to recent changes made by the SEC to Securities Exchange Act Rule 15c2-12, which prohibits the sale of most primary offering of municipal securities unless the underwriter determines that the issuer has agreed to disclose such information as annual financial statements and notices of certain events such as payment defaults and rating changes. Issuers provide these disclosures to the MSRB for dissemination to the public on its Electronic Municipal Market Access (EMMA) website.

Today's filing would modify the MSRB's EMMA submission and dissemination system to permit issuers to provide the new categories of disclosures established by the SEC's amendment to Rule 15c2-12 and to make such new categories of disclosures available to the public for free on the EMMA website. Read the complete filing.

The MSRB has requested an effective date for the proposal no later than December 1, 2010.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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