Enhancing EMMA for Issuers

The Electronic Municipal Market Access (EMMA®) website has served the municipal securities market for more than a decade by providing unparalleled access to data and information. The MSRB continues to ensure a productive user experience and the availability of market data and information for all stakeholders. To assist issuers of municipal securities that submit to the MSRB essential information about their bonds for investors and other market participants, we simplified the submission process based on substantive feedback from the issuer community. The enhancements aim to improve the quality of indexing data for disclosure documents, integrate relevant tools and resources for issuers throughout the submission process and modernize the submission interface. Explore EMMA enhancements for issuers.

The submission process enhancements are the culmination of a three-part initiative to enhance EMMA for issuers. We’ve already made improvements to help give issuers them more control and flexibility in presenting information to bondholders.

In February 2019 we updated EMMA to accept and display two new required disclosure types under SEC Rule 15c2-12.  

Read the infographic.

Long-term Vision for EMMA

Promoting transparency in the municipal securities market is part of the mission of the Municipal Securities Rulemaking Board (MSRB). Our Electronic Municipal Market Access (EMMA®) website is designed to support a transparent market and serve the evolving information and decision-making needs of market participants and the public. EMMA provides free data, disclosures and interactive tools that promote a fair and efficient municipal securities market. Enhancing the availability of pricing-related market data by creating a Central Transparency Platform (CTP) on EMMA and helping market participants comply with regulatory obligations are future-state goals.

EMMA Guiding Principles

To achieve the vision for EMMA, the MSRB must evaluate and prioritize many possible investments, developments and improvements. These guiding principles are intended to aid the MSRB in determining the future development of and investment in EMMA.

  • Promote fair municipal security transactions and support investment and issuance decisions by making comprehensive pricing and disclosure information readily available at no cost;
  • Facilitate efficient access to and submission of municipal market data, disclosures and information through an interface that is intuitive and dynamic;
  • Prioritize potential enhancements based on the public interest, cost, benefit, and size of target audience; and
  • Ensure that data storage and delivery are reliable and secure without sacrificing availability.