The MSRB proposed amending the organization’s Electronic Municipal Market Access (“EMMA”) system to more prominently display certain financial disclosures and related information.
Under the proposal, the Security Details pages of EMMA would provide, among other things:
- a link to annual financial information disclosures and/or the most recent fiscal period’s audited financial statement;
- a calculation of the number of days between when the first disclosure was posted for the fiscal period and the financial period’s end date for the same disclosure.
In an FAQ, the MSRB also provided information on how the information as to the timing of disclosure will be presented.
Cadwalader Wickersham & Taft LLP