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


MUNICIPAL SECURITIES RULEMAKING BOARD UPDATES
TIMING ON LAUNCH OF NEW SERVICES ON EMMA

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB), which is awaiting approval from the Securities and Exchange Commission to launch a permanent primary market disclosure service and a continuing disclosure pilot program on the Electronic Municipal Market Access (EMMA) system, said today that it will not receive approval in time for the planned May 11, 2009 start date. 

The MSRB filed with the SEC on March 23, 2009 a proposed rule change to implement an electronic system for free public access to, among other things, primary market disclosure documents for the municipal securities market through its EMMA system (www.emma.msrb.org).  In addition, on March 25, 2009, the MSRB filed a proposed rule change to establish a pilot phase of the continuing disclosure service of the EMMA system.   At the time, the MSRB requested approval to begin operation of both systems on or around May 11, 2009.  

Once SEC approval is received for the MSRB rule changes associated with the primary market disclosure and continuing disclosure service, the MSRB will notify the industry of the launch date of the EMMA permanent primary market disclosure service and the continuing disclosure pilot with a notice published on the MSRB website.

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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