MSRB Updates Timing On Launch of New Services on the Electronic Municipal Market Access System (EMMA)

On March 23, 2009, the Municipal Securities Rulemaking Board (the “MSRB”) filed with the Securities and Exchange Commission (the “Commission”) 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 the MSRB’s Electronic Municipal Market Access system (“EMMA”).[1] The MSRB requested approval to commence operation of EMMA’s permanent primary market disclosure service, and to make related amendments to Rule G-32 and certain other MSRB rules effective, on the later of (i) May 11, 2009 or (ii) the date announced by the MSRB in a notice published on the MSRB website, which date shall be no earlier than ten business days after Commission approval and shall be announced no fewer than five business days in advance.

In addition, on March 25, 2009, the MSRB filed with the Commission a proposed rule change to establish a pilot phase of the continuing disclosure service of the EMMA system.[2] The MSRB requested approval to commence operation of the continuing disclosure pilot on May 11, 2009, or such later date to be announced by the MSRB in a notice published on the MSRB website, no later than thirty days after the Commission’s approval of the proposed rule change.

The Commission published both MSRB filings for comment at the beginning of April 2009.[3] The comment periods for both of the filings have recently lapsed. It has been determined that the implementation and launch of the EMMA permanent primary market disclosure service and the continuing disclosure pilot will not likely be approved with sufficient time to commence operations on May 11, 2009. Once the MSRB receives approval from the Commission for the proposed rule changes, the MSRB will provide notice of the implementation and launch date of the EMMA permanent primary market disclosure service and the continuing disclosure pilot. The date or dates will be announced by the MSRB by notice published on the MSRB website.

Questions about this notice may be directed to Leslie Carey, Associate General Counsel or Margaret C. Henry, Associate General Counsel or Ernesto A. Lanza, General Counsel.

May 6, 2009