WASHINGTON - The Municipal Securities Rulemaking Board has asked the Securities and Exchange Commission to delay by roughly six months, to July 1, 2009, the implementation of the proposed continuing disclosure component of EMMA so that muni issuers and others will have more time to familiarize themselves with it through a pilot system.

The board also asked the commission to push back until Jan. 1, 2010, the date when muni issuers and others will be required to submit documents in word-searchable PDF files to the continuing disclosure system. Though all filings to the system must be PDFs, the original proposal did not require that they be word searchable until the first calendar quarter at least nine months after the SEC approved changes to its Rule 15c2-12 on disclosure.

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