Application of Access Equals Delivery Standard to Official Statement Dissemination

The Bond Market Association (TBMA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on the application of access equals delivery standard to official statement dissemination for new issue municipal securities, MSRB Notice 2006-19.  The proposal would implement an electronic system of primary market disclosure to promote significantly more effective and efficient delivery of material information to new issue customers and to the marketplace generally. TBMA believes that the key to success for implementation of a comparable system for the municipal marketplace is that the proposal meets the readily available, cost-effective standard, that it promotes efficiency in the market, that it meets criteria for “flow through” processing of information and that it provides customers a single location to access both primary and secondary market information.

*SIFMA is a product of the merger between the Securities Industry Association (SIA) and the Bond Market Association (TBMA) in 2006.