147:(SEC) through its Rule 15c2-12 are made freely available to the general public. The EMMA continuing disclosure service provides access to audited financial statements, default notices, taxability notices, notices of rating changes, and approximately 30 additional categories of financial and other updates relating to municipal securities. The MSRB and SEC continue to work toward expanding the types and timeliness of disclosures available through EMMA.
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system, although EMMA provides additional items of information beyond the base disclosures provided by EDGAR, such as trade prices, interest rates, market statistics and educational materials. The collection of disclosure documents available through EMMA for municipal securities is not identical to
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disclosures and related financial data in the United States. EMMA provides free on-line access to centralized new issue municipal securities disclosure documents (known as official statements), on-going continuing disclosures for all municipal securities, escrow deposit agreements for advance
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EMMA's disclosure collection operates in coordination with the MSRB's investor protection rules mandating that securities firms and banks selling municipal securities to customers provide them with complete disclosure of all important information about the investment. EMMA also is the central
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what is available through EDGAR for registered offerings of corporate or other securities since municipal securities and their state & local governmental issuers are afforded broad exemptions from most provisions of the federal securities laws (such as the
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refundings (i.e., refinancings) of outstanding bonds, real-time municipal bond trade price information, interest rates and auction results for municipal auction rate securities (the first free source for this kind of information on the
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Public access to the integrated collection of primary market and secondary market disclosure provided through EMMA parallels the centralized disclosure currently available for securities offerings by public companies through the SEC's
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market) and interest rate reset information for variable rate demand obligations, together with daily statistics on trading activity and investor education materials.
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397:"Press Release: SEC Votes to Propose Rules Enhancing Municipal Securities Disclosure; 2009-161; July 15, 2009"
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MSRB Seeks to
Provide Investors With Additional Disclosure Information, July 15, 2009
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information utility through which municipal securities disclosures mandated by the
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291:"EMMA Electronic Municipal Market Access - About the information available"
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213:"EMMA Electronic Municipal Market Access - Refunding Information"
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309:"EMMA Electronic Municipal Market Access - Market Statistics"
239:"EMMA Electronic Municipal Market Access - Recent Trades"
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335:"EMMA Electronic Municipal Market Access - Overview"
265:"EMMA Electronic Municipal Market Access - ARS data"
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130:(MSRB), serves as the official source for
456:Financial regulation in the United States
191:"About the Information Available on EMMA"
106:Learn how and when to remove this message
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42:Please improve this article by adding
128:Municipal Securities Rulemaking Board
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55:"Electronic Municipal Market Access"
145:Securities and Exchange Commission
120:Electronic Municipal Market Access
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293:. July 29, 2009. Archived from
162:Securities Exchange Act of 1934
166:Investment Company Act of 1940
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44:secondary or tertiary sources
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126:) system, operated by the
461:Local government finance
137:auction rate securities
158:Securities Act of 1933
31:relies excessively on
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315:on December 28, 2008
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132:municipal securities
360:MSRB Notice 2009-42
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172:References
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164:and the
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