SEC Approves MSRB's Municipal Securities Library Despite Objections Of NASACT, GFOA


The Securities and Exchange Commission last Thursday approved the Municipal Securities Rulemaking Board's operation of a central electronic repository for descriptive information on municipal securities. The Municipal Securities Information Library (MSIL) will electronically store disclosure documents from issuers and underwriters of municipal securities, and distribute them to investors and information vendors for a fee.

The MSRB had also hoped to win approval for delivery of ongoing disclos