WASHINGTON - The Municipal Securities Rulemaking Board is proposing that the Securities and Exchange Commission allow it to begin operating the secondary market disclosure component of its EMMA system by Jan. 1, 2009, if the SEC is able to adopt proposed changes to its Rule 15c2-12 that would designate EMMA as a free, centralized repository for such disclosures by then.

The MSRB made the request in a filing submitted to the SEC last week in conjunction with a commission proposal to alter 15c2-12 to substitute EMMA for the four nationally recognized municipal securities information repositories, or NRMSIRs.

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