WASHINGTON - The Securities and Exchange Commission has approved a request from the Municipal Securities Rulemaking Board that will allow its EMMA system to begin collecting issuers' voluntary filings of non-required financial or operating data as well as event-based disclosures on July 1, the same day the board launches the system's permanent continuing disclosure component.

The voluntary filings may go beyond the types of continuing disclosure documents issuers are required to file under Rule 15c2-12. The SEC rule generally restricts broker-dealers from underwriting new securities unless the issuer has contractually agreed to disclose annual financial and operating information as well as notices of about 12 types of material events, including rating changes and the failure to timely file annual financial information.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.