WASHINGTON - As part of the transition to its EMMA system, the Municipal Securities Rulemaking Board yesterday discontinued an electronic submission system known as e-OS, which was used for dealers to submit official statements and advance refunding documents under Rule G-36 on official statements.
Beginning Monday, dealers will be required to submit these primary market disclosure documents through EMMA, which stands for Electronic Municipal Market Access. Previously, they could send paper copies to the board or file them electronically through e-OS.
Dealers that are supposed to submit OS' and advance refunding documents this week can hold their submissions until the new primary market disclosure system, also known as access-equals-delivery, launches Monday.
But MSRB general counsel Ernesto Lanza said that if dealers send paper copies this week and they do not arrive at the MSRB until next week, the board may ask the dealers for electronic copies.
Lanza said that 75% of primary-market disclosures are already submitted electronically through e-OS, so the transition to access-equals-delivery, or AED, should be smooth.
Monday's start of AED also coincides with the elimination of Rule G-36, after the board received approval to fold G-36 submission requirements into an amended Rule G-32 on new-issue disclosures.
