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).

MSRB Optional Disclosure of Pre-Sale Documents to EMMA

On May 23, MSRB announced that municipal securities issuers may provide pre-sale documents for new bond issues directly to the public through the Electronic Municipal Market Access (EMMA) system. Issuers and other obligated persons may also voluntarily provide information concerning the timing and accounting standard used to prepare annual financials. Voluntary submissions will not relieve issuers from any submission obligations under MSRB rules. MSRB Release.

MSRB Transparency Standard for Municipal Variable Rate Securities

On May 16, the MSRB announced a new transparency standard for municipal variable rate securities. Under this standard, information will be made publicly available on EMMA that will allow investors to assess the level of demand, liquidity provisions, and auction procedures for such securities. MSRB Release.

MSRB Issuer Voluntary Disclosure

On March 23, the MSRB announced that, beginning May 23, it will accept from municipal issuers voluntary submissions of preliminary official statements and other related pre-sale documents, official statements and advance refunding documents, information relating to the preparation and submission of audited financial statements and hyperlinks to other disclosure information available from the issuer. Disclosures submitted to the MSRB will be made available on the EMMA web portal. MSRB Release.