MSRB to Host Webinars on 529, Advance Refunding EMMA Submissions

WASHINGTON — The Municipal Securities Rulemaking Board announced yesterday that it will host two webinars next week on submissions to EMMA of primary disclosures tied to 529 college savings plans and advance refunding documents.

The webinars, which will be held at 11 a.m. Eastern Daylight Time on Tuesday and Thursday, come after the board is set to launch the primary market disclosure component of its EMMA site on Monday. They also follow a series of webinars on the submissions process for more traditional primary market disclosures such as official statements.

The webinars on the submission of 529 plan and advance refunding documents will last about an hour, the MSRB said in its release. Pre-registration is required but there is no charge to attend.

Advance refunding documents generally describe the securities purchased with bond proceeds that are held in escrow in order to advance refund outstanding bonds. The underwriter is required to submit such documents, if they are generated, to the MSRB within five days of closing.

Meanwhile, in 529 plans where a broker-dealer has acted as a primary distributor, the dealer must provide investors with a copy of the plan disclosure document prepared by the issuer. Typically these documents include a prospectus and disclosure document that may be supplemented annually. Since the plans do not have CUSIPs because they are not bonds, the MSRB files them by state and program description, MSRB officials said.

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