MSRB Files Immediately Effective Proposed Rule Change Regarding EMMA System, RTRS, and SHORT System

The MSRB filed an immediately effective rule proposal with the SEC relating to the MSRB's Electronic Municipal Market Access ("EMMA") system, Real-time Transaction Reporting System ("RTRS"), and Short-Term Obligation Rate Transparency System ("SHORT System").

The proposed rule change consists of (i) fee increases for several of the MSRB's subscription services, (ii) revisions to the EMMA, RTRS, and SHORT System facilities language to clarify or otherwise provide that the MSRB may waive fees for these subscription services for non-profit organizations and for organizations providing approved free services and products to the MSRB for use on EMMA, (iii) revisions to the EMMA Continuing Disclosure Service facilities language regarding fees and disclosure requirements for National Recognized Statistical Rating Organizations ("NRSROs"), and (iv) revisions to the RTRS Historical Transaction Data Product facilities language to clarify that the purchase price of the product does not include sales tax, in order to harmonize the language for that product with the existing language of the EMMA, SHORT and other RTRS facilities.

The implementation date of the rule change will be April 1, 2014. Comments will be due 21 days after the publication of the rule filing in the Federal Register.

See:Text of the Proposed Rule Change. Related news: MSRB Proposes Amendments to Its EMMA Fee System (Regulatory Notice 2014-06) (March 3, 2014).