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

MUNICIPAL SECURITIES RULEMAKING BOARD RECEIVES SEC APPROVAL
TO COLLECT ADDITIONAL MUNICIPAL SECURITIES DISCLOSURES FROM ISSUERS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that it has received approval from the Securities and Exchange Commission (SEC) to collect additional continuing disclosures made by municipal securities issuers and obligated persons in connection with existing municipal securities through its Electronic Municipal Market Access (EMMA) website. The approval is in connection with recent SEC amendments to Securities Exchange Act Rule 15c2-12.

SEC Rule15c2-12 prohibits the sale of most primary offerings of municipal securities unless the underwriter determines that the issuer has agreed to disclose certain information to investors over the life of the securities. The recent amendments to the rule removed the disclosure exemption for variable rate demand obligations and added certain event notices required to be disclosed under 15c2-12, among other changes.

Beginning December 1, 2010, the continuing disclosure service of EMMA will accept submissions of certain documents such as notices of bankruptcy or insolvency, and continuing disclosures for variable rate securities. Those disclosures will be made publicly available through EMMA.

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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