In two comment letters filed with the Securities and Exchange Commission (SEC), the Securities Industry and Financial Markets Association (SIFMA) expressed its support for establishing a continuing disclosure service in connection with the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access (EMMA) system. Under SEC’s proposal, the MSRB would act as the sole repository to receive required continuing disclosure documents from municipal issuers, which would be posted on the EMMA website. SIFMA also supports the SEC’s proposed amendments to Rule 15c2-12 which are necessary to accommodate the continuing disclosure service.
“We fully support the SEC’s proposals and believe having the MSRB act as the sole repository for continuing disclosure documents will promote market efficiency, protect investors and assist the compliance obligations of market participants and the regulatory oversight responsibilities of regulators,” said Leslie Norwood, managing director and associate general counsel at the Securities Industry and Financial Markets Association.
SIFMA notes several benefits of the proposals, chiefly that it allows free and efficient access by investors, market participants and regulators to a single internet site of the MSRB to review primary market official statements, corresponding continuing disclosure and real time price information. In addition, the availability of continuing disclosure information from a single source would simplify compliance with regulatory requirements.
SIFMA also recommends the SEC address the status of existing references to other information repositories, noting that there would be an increase in inefficiency and compliance costs if an issuer is subject to both the new and the old systems.
Read letters:
Comment Letter on Release No. 34-58256; File No. SR-MSRB-2008-05, Relating to Proposed MSRB Continuing Disclosure Service
Comment Letter on Release No. 34-58255; File No. S7-21-08, Related to Proposed Amendments to Rule 15c2-12
