On May 26th, the SEC approved the Municipal Securities Rulemaking Board's proposal relating to Rule G-32, on Disclosures in Connection with Primary Offerings, Form G-32, and the Primary Market Disclosure and Primary Market Subscription Services of the MSRB's Electronic Municipal Market Access (EMMA) System. The proposal requires underwriters of primary offerings of municipal securities to submit to the EMMA system, as part of their primary offering submission obligation under Rule G-32(b), certain key items of information relating to continuing disclosure undertakings made by issuers and other obligated persons in connection with such primary offerings. SEC Release No. 34-62182.