WASHINGTON - The Securities and Exchange Commission on Friday approved June 1 start dates for two Municipal Securities Rulemaking Board systems that form key parts of the board's EMMA central disclosure repository.

The SEC approved the access-equals-delivery system for primary market disclosures and trade data, which will allow dealers to electronically post official statements in lieu of sending paper copies to investors, unless paper copies are specifically requested. The documents will be displayed on EMMA, which stands for Electronic Municipal Market Access.

The SEC also approved a pilot secondary market disclosure system for EMMA that issuers and investors can test before SEC rule changes go into effect July 1 that will require its use. Changes to Rule 15c2-12 on disclosure make EMMA the sole nationally recognized municipal securities information repository, replacing four existing national repositories.

The MSRB originally had sought a May 11 start date for both systems, but delayed them earlier this month, citing filing and approval delays. Earlier this week, the board announced that it had reached a memorandum of understanding with CUSIP Global Services over the use of Cusip identifiers on EMMA. The move resolved a low-key legal dispute that may have threatened to delay the rollout of EMMA.

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