The Financial Industry Regulatory Authority has issued Regulatory Notice 09-35 recommending that firms engaged in municipal securities business review and, if necessary, modify their policies and procedures in light of changes to the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access system (EMMA) and changes to MSRB Rule G-32 (governing disclosures in connection with new issues) and MSRB Rule G-36 (relating to the delivery of official statements).  

Effective July 1, EMMA includes continuing disclosures submitted by municipal bond issuers and became the sole entity designated by the Securities and Exchange Commission as a nationally recognized municipal securities information repository. The changes reflect recent amendments to Rule 15c2-12(d)(2) of the Securities Exchange Act of 1934, as amended. The amendments also modified the small issuer exemption in Rule 15c2-12(d)(2), and municipal securities underwriters and dealers may need to amend their existing policies and procedures with respect to small offerings.  

The changes to MSRB Rule G-32 and MSRB Rule G-36, effective as of June 1, authorize the MSRB to launch EMMA as its primary municipal market disclosure service, allow the MSRB to implement an “access equals delivery” standard for dissemination of official statements, consolidate MSRB Rule G-32 and the official statement filing requirements of MSRB Rule G-36 into new MSRB Rule G-32, implement new requirements when an issue of municipal securities is exempt from Rule 15c2-12 and replace Forms G-36 (Official Statements) and G-36 (Advance Refunding Documents) with new Form G-32.  

Click here to read Regulatory Notice 09-35.