The Municipal Securities Rulemaking Board (MSRB) is asking for input on proposed changes to an electronic access system for distributing official statements for new bond offerings.
New rules, outlined in detail in MSRB Notice 2007-05, involve posting official statements online in place of delivering paper copies. The electronic access system – called the MSIL/Access System – is designed to increase the efficiency and reduce costs associated with distributing official statements. It will be built within the framework of the MSRB’s Municipal Securities Information Library (MSIL).
The existing MSIL system will serve as the central collection facility for submitting the official statements, while one or more online portals would provide access to these statements.
The MSRB is asking for input on such issues as the appropriate length of time to require an issuer’s URL to remain unchanged, the parameters that should be considered in determining the suitability of an electronic format for submitting documents, and the length of time the official statements should remain available past the new issue disclosure period.
Comments should be submitted by March 12, 2007.