MSRB Notice 2013-18: Market Transparency Advisory
The MSRB has issued a market transparency advisory to provide guidance for those submitting financial disclosures to the Electronic Municipal Market Access ("EMMA") system pursuant to requirements of continuing disclosure agreements under SEC Rule 15c2-12 ("Municipal Securities Disclosure"). In particular, the market transparency advisory outlines the types of financial disclosures called for under Rule 15c2-12 and the manner in which to make the required disclosures. The advisory then goes on to suggest certain best practices as to how to make submissions to EMMA, as well as map the continuing disclosure obligations of Rule 15c-12 to the various types of municipal securities offerings. On a cautionary note, the advisory discusses the disciplinary action brought against the City of Harrisburg for failing to comply with the Rule.