Continuing disclosures provide investors with ongoing information about municipal securities, including annual financial or other operating information about the issuer and notices of specific events that may have an impact on the value of the bonds. Timely and complete continuing disclosure contributes to the transparency of the market and the ability of investors to make informed decisions.
The MSRB created the Electronic Municipal Market Access (EMMA®) website in 2009 to improve the availability of this information to investors. The EMMA website established for the first time a free, electronic library of disclosure documents from municipal bond issuers across the country—all readily available in a single location.
Issuers provide disclosures to the public through the EMMA website. Some annual and event-based disclosures are required under Securities and Exchange Commission Rule 15c2-12. Read the MSRB’s fact sheet on SEC Rule 15c2-12. Other disclosures can be made on a voluntary basis. Read the MSRB’s regulatory notice encouraging issuers to provide voluntary disclosure information on bank loans on EMMA.
The MSRB provides online training to help issuers use the EMMA website to submit continuing disclosures. The MSRB is conducting education and outreach to help state and local governments that issue bonds understand and meet their disclosure obligations to investors.
The MSRB’s long-range plan for market transparency
includes enhancing the EMMA website to improve the way continuing disclosures are submitted and displayed.