Alert June 25, 2009

EMMA Takes Over Continuing Disclosure

On July 1, 2009, the Electronic Municipal Market Access (EMMA) web-based platform will replace the current information repositories (including DisclosureUSA) as the filing service for all secondary market continuing disclosure filings. EMMA was designed and will be administered by the Municipal Securities Rulemaking Board in response to ongoing complaints about the inability of the current system to provide adequate dissemination of and access to disclosure data. EMMA also is expected to offer free access to official statements and trading information relating to municipal securities. On and after July 1, 2009, all issuers and other obligors subject to continuing disclosure obligations with respect to municipal securities issued after July 1, 1995, will be required to file continuing disclosure reports solely through EMMA.