Advanced Search

Recent Commentary

MSRB Receives SEC Approval to Alter Disclosure Rules on EMMA

In late August, the SEC approved MSRB's proposed amendments, enhancing municipal securities disclosure. The additional requirements for muni issuers on MSRB's Electronic Municipal Market Access (EMMA) system, reflect changes to the 1989, Securities Exchange Act Rule 15c2-12, which fosters greater transparency in the muni markets. Rule changes, effective December 1, 2010, generally include the following:

  • expansion of rule to include VRDOs or variable rate demand obligations issued after December 1, 2010;
  • disclosures of events that may adversely affect a bond's tax exemption (to includes BABs);
  • eliminate need for "materiality" determination, while expanding disclosure of important events; and
  • establishing a more specific filing deadline of within 10 days for specified events.

For specific details of changes to SEC Rule 15c2-12, click here for SEC Fact Sheet.