MSRB Seeks Comment on Expanded E-Delivery

The MSRB requested comment on draft amendments that would allow dealers to satisfy their disclosure delivery obligations for municipal fund securities by notifying customers that the official statement is available on the Electronic Municipal Market Access ("EMMA") website.

Under the draft amendments to MSRB Rule G-32 ("Disclosures In Connection With Primary Offerings"), the Board would replace the requirement that dealers physically deliver disclosure documents for municipal fund securities offerings - such as 529 savings plans, ABLE programs, and local government investment pools - with an electronic access standard. The change would extend to municipal fund securities the "access equals delivery" standard the MSRB applies to official statements for municipal debt securities. The request for comment follows a December 2024 concept release on modernizing the disclosure process.

According to the draft amendments, dealers would be permitted to notify customers of the availability of an official statement on the EMMA website and how to access it, rather than delivering a physical copy. Customers would retain the right to request a physical copy of the official statement.

For customers participating in periodic municipal fund security plans or non-periodic programs, dealers would have the option to provide notice of the availability of any new, supplemented, or amended official statement on EMMA, rather than sending a copy of the amended document. The draft amendments would also drop the requirement to disclose in writing the amount of any fee received as an agent for the issuer where the official statement already includes it. Dealers sending periodic statements would still have to report any change in that fee.

Comments are due by December 14, 2026.