MSRB Issues Preliminary EMMA Specifications

The Municipal Securities Rulemaking Board yesterday issued preliminary specifications for submitting electronic municipal bond offering documents to the MSRB's Electronic Municipal Market Access system, as well as real-time subscriptions to primary market information posted on EMMA.

The board asked for comments on both sets of specifications and set a deadline of Oct. 24. It expects to publish final specifications "shortly thereafter," the MSRB said in a press release. It also plans to hold two informational calls on both preliminary specifications on Oct. 14 and 15.

The details outlined on EMMA submissions "support the document-collection side of MSRB's plan to implement a free, all-electronic access portal for municipal market disclosures" sometime during the winter, the release said.

In conjunction with the development of the specifications, the board is preparing to ask the Securities and Exchange Commission for permission to establish an "access equals delivery" standard for distribution of official statements that will allow broker-dealers to notify customers that offering documents are available on EMMA, in lieu of providing them with paper copies.

 

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