The Municipal Securities Rulemaking Board announced yesterday that it will not be able to launch its primary market disclosure "access-equals-delivery" system or its continuing disclosure test pilot on May 11, citing filing and approval delays.

MSRB general counsel Ernesto Lanza said that May 11 ultimately proved "unfeasible," given that public comment periods for both proposals only recently expired. Comments for the continuing disclosure pilot were due on April 27 and for access-equals-delivery on Tuesday. The Securities and Exchange Commission must approve the proposals before they can take effect.

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