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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) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.

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