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Bond Accountability Commission 2 Recommendations Page 39

end of the fiscal year, as described below (the “annual filing undertaking”); 40 [and]

*** • uniform resource locator (URL) of the issuer’s or obligated person’s

Internet-based investor relations or other repository of financial/operating information.

Website One of the MSRB’s offered incentives would grant special recognition to an issuer, such as CMSD, for posting on the EMMA website the issuer’s uniform resource locater (“URL”). That would direct investors to the issuer’s website, where additional issuer information would be available for investors and the market.41 Currently, CMSD’s website does not contain a special page or section devoted to providing information about CMSD to the investment community or to the market. That information might include financial and operating information that is provided more frequently than annually, as well as information regarding specific developments.


In revising its proposal in Notice 2009-63, the MSRB added a temporary incentive for issuers willing to commit to submit annual financial information within 150 days after the end of fiscal year-ends. That incentive would expire on December 31, 2013. The MSRB also dropped a proposed incentive for recognition of issuers that receive a GFOA Certificate of Achievement for Excellence in Financial Reporting. We note that CMSD has received such an award. The MSRB would permit issuers to indicate in the submission process that their financial statements are Comprehensive Annual Financial Reports (“CAFRs”).


Issuers, such as CMSD, may also choose on a voluntary basis to file additional information with EMMA.

BAC2 Recomendations Final 04062010  
BAC2 Recomendations Final 04062010