Voluntary Disclosure

Continuing disclosures consist of important information about a municipal security that arises after the initial issuance of the bond. While SEC Rule 15c2-12 requires dealers, when underwriting certain types of municipal securities, to ensure that the state or local government issuing the bonds enters into an agreement to provide certain information to the Municipal Securities Rulemaking Board about the securities on an ongoing basis, other information may be provided on a voluntary basis.

Voluntary posting of information by an issuer on EMMA provides timely access for bondholders, potential investors and other market participants to key information useful in assessing their current holdings of municipal securities or in making investment decisions regarding potential transactions in municipal securities. 

Additional Financial Information

  • Quarterly/monthly financial information
  • Timing of annual disclosure (120/150 days)
  • Change in fiscal year/timing of annual disclosure
  • Accounting standard (GAAP-GASB/FASB)
  • Change in accounting standard
  • Interim/additional financial information/operating data
  • Budget
  • Investment/debt/financial policy
  • Material provided to rating agency or credit/liquidity provider
  • Consultant reports
  • Other financial/operating data
  • Bank loan and alternative financing disclosures that are not required to be disclosed under an existing continuing disclosure agreement

Other Information

  • Timing of and accounting standard used for annual financial disclosure
  • Pre-sale documents, including preliminary official statements
  • Investor and rating agency presentations
  • Links to investor websites

Additional Event Notices

  • Amendment to continuing disclosure undertaking
  • Change in obligated person
  • Notice to investors pursuant to bond documents
  • Certain communications from the IRS (other than those included under SEC Rule 15c2-12)
  • Bid for auction rate or other securities
  • Capital or other financing plan
  • Litigation/enforcement action
  • Change of tender agent, remarketing agent, or other on-going party
  • Derivative or other similar transaction
  • Other event-based disclosures