MSRB Proposed Rules on Subscription Services

On February 27, the MSRB filed with the SEC two proposed rule changes that would establish subscription access to historical information and documents submitted to: (i) the MSRB Short-Term Obligation Rate Transparency (SHORT) system (which provides information and documents for municipal auction rate securities and variable rate demand obligations) and (ii) the MSRB Electronic Municipal Market Access (EMMA) system (which provides access to primary market disclosure documents and information for the municipal securities market).  The proposed rule changes will be effective upon approval by the SEC.  MSRB Release (SHORT).  MSRB Release (EMMA).