| Test Program for the Electronic Submission of Continuing Disclosure Information to the MSRB |
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Test Program Announced The MSRB and the NCSHA are announcing the implementation of a test program for the electronic submission and dissemination of continuing disclosure information, including quarterly financial information
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Questions about this notice may be directed to Thomas A. Hutton, Director of MSIL.
The MSRB and the National Council of State Housing Agencies ("NCSHA") have announced the implementation of a test program for the electronic submission and dissemination of continuing disclosure information, including quarterly financial information. The NCSHA and a group of state housing financing agencies ("HFAs") have been working to develop an initiative in electronic dissemination of disclosure information. The MSRB has joined with the NCSHA and certain HFAs to test a mechanism through which electronic disclosure can be provided to the market. The test program ("CDINet Web Test") will allow certain HFAs to submit financial reports and material event notices, in Microsoft Word and Excel formats, to the MSRB’s CDINet Web Test through the use of a Web browser with a connection to the Internet. The MSRB will forward the test information electronically to recipients that have agreed to participate as Test Subscribers to CDINet Web Test. The MSRB emphasizes that CDINet Web Test is only a test program and the MSRB cannot be considered by Test Submitters or Test Subscribers to be officially broadcasting information for purposes of SEC Rule 15c2-12.
The MSRB and NCSHA are pleased to be participating in this test program. Electronic dissemination of disclosure information should result in faster dissemination of such information in a format that is easier to use by market participants. The MSRB intends to have the CDINet Web Test begin on May 24, 1999.
May 20, 1999
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