MSRB opposes withdrawing its submission calculator (which tracks continuing bond disclosure)

The Municipal Securities Rulemaking Board does not want to withdraw a proposal to more visibly track the timeliness of secondary market disclosures in the midst of opposition from analysts and issuers.

In a letter filed to the Securities and Exchange Commission Thursday afternoon, the MSRB said the SEC should not reject its “submission calculator” despite criticism from muni market participants. The tweak to EMMA would help efforts to improve transparency in the market, the MSRB said.

“The MSRB believes the proposed rule change is complementary to such efforts and so the proposed enhancements should not be withdrawn or disapproved at this time in anticipation of the outcomes of ongoing industry initiatives,” said Gail Marshall, MSRB chief compliance officer.

The MSRB proposed the “submission calculator” in November and would show the number of days between the posting of an annual financial disclosure and the end date of the financial period. The calculation would be triggered once the submission is made on EMMA. It would not require extra work from issuers.