On May 1, the municipal market's Bank Loan Disclosure Task Force, which consists of a number of municipal market participants, released a report that provides guidance to municipal bond issuers and their financial advisors and legal counsel in determining whether to disclose the incurrence of debt in the form of bank loans (often referred to as "NBQ", or non-bank qualified, loans). Generally, only publicly offered transactions are required to be disclosed through the posting of information with the Electronic Municipal Market Access website (EMMA), which is maintained by the Municipal Securities Rulemaking Board, under rules issued by the Securities Exchange Commission. While these NBQ loans do not need to be disclosed on EMMA, this task force has outlined various factors that should be considered in determining whether such information should be voluntarily posted.