What Are Continuing Disclosures?
Continuing disclosures consist of information about a municipal security that arises after the initial issuance of the bond. The disclosures generally reflect the financial or operating condition of the issuer over time, as well as specific events occurring after issuance that can have an impact on the ability of the issuer to repay the bond, the value of the bond if it is bought or sold prior to its maturity, the timing of repayment of principal, and any number of other key features of the bond. Each bond will have its own unique set of continuing disclosures, and not all types of continuing disclosures will apply to every bond.
Learn more about continuing disclosures here.
How Can Continuing Disclosure Documents Be Accessed?
The MSRB’s Electronic Municipal Market Access (EMMA®) website provides free access to continuing disclosure documents. EMMA is the official source for continuing disclosure documents produced in connection with municipal securities. Users may also obtain an electronic feed of continuing disclosure documents through the MSRB Continuing Disclosure Subscription Service.
MSRB Continuing Disclosure Reports
The MSRB publishes periodic reports on the type and timing of continuing disclosures submitted to the EMMA website.