The Municipal Securities Rulemaking Board (“MSRB”) recently announced changes to its Electronic Municipal Market Access (“EMMA”) system which would provide an automatic calculation of the number of days between an issuer’s annual fiscal end date and the date the annual fiscal disclosure is submitted to the EMMA system. While the system currently shows the filing date for any submission, this change will more prominently display the number of days between the fiscal year end date and when the annual filing was submitted. The change will not calculate the number of days from when the filing is required to be submitted under an issuer’s continuing disclosure agreement, however. The change is expected to be fully implemented in July 2020.
The MSRB will host a free educational webinar on March 19, 2020 from 3:00pm to 4:00pm EDT to discuss the Submission Calculator and demonstrate other upcoming EMMA enhancements that will provide a “modification history” to indicate how a continuing disclosure filing has been amended over time. Registration for the webinar may be accessed via the following this link.
Please contact your HJ Sims banker if you have any questions or concerns regarding this upcoming change.