WASHINGTON - The Municipal Securities Rulemaking Board yesterday asked the Securities and Exchange Commission to approve rule changes that would allow it to begin fully operating primary market disclosure and trade price transparency systems on its EMMA site around May 11, culminating years of work to move to an all-electronic system for the primary market.

If approved, the Electronic Municipal Market Access site, which has been operating as a pilot since last March, would become the "official public distribution channel" for preliminary and final official statements, advance refunding and escrow documents, and other information such as price data, the board said. Individual submissions would be available on the site for free or in a real-time subscription stream for $20,000 a year.

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