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MSRB Webinars for EMMA Continuing Disclosure Submission Process; Changes to Small Issuer Continuing Disclosure Exception

Public Finance Update Elizabeth S. Blutstein, Julianna Ebert, Brian G. Lanser, Ann M. Murphy, Jeff Peelen, Jennifer V. Powers, Michael L. Roshar, Rebecca A. Speckhard, Bridgette DeToro, Allison M. Buchanan

As many of you know, on and after July 1, 2009, all continuing disclosure filings will need to be submitted only to the Municipal Securities Rulemaking Board (MSRB), through the Electronic Municipal Market Access System (EMMA) available at www.emma.msrb.org.

MSRB Webinars for EMMA Continuing Disclosure Submission Process

The MSRB has recently announced that it will be holding webinars for the purpose of providing an overview of the submission process for continuing disclosure filings through EMMA and to discuss frequently asked questions.

"Upon Request" Small Issuer Continuing Disclosure Exception Ending on July 1

For municipal financings issued on and after July 1, 2009, the "upon request" continuing disclosure exception for small issuers will cease to exist. Issuers with less than $10,000,000 in outstanding municipal obligations, who previously only needed to file financial information and other operating data upon request, will need to annually file financial information and operating data that is customarily prepared and publicly available for municipal obligations issued on and after July 1, 2009.

If you have questions about continuing disclosure requirements generally or about the new changes to continuing disclosure requirements and EMMA, please contact any of the Quarles & Brady public finance attorneys listed here.

Quarles & Brady LLP Public Finance Group