Terms and Conditions

This Website is administered by the Municipal Securities Rulemaking Board ("MSRB", "us", "our" or "we"). The Website is to be used solely by parties ("Users" or "you") for their own internal purposes. By using the Website, you expressly accept and agree to comply with these Terms and Conditions of Use (“Terms”). You may not use the Website if you do not agree to these Terms. Therefore, please read these Terms carefully.

Using the Content and Material
You may view, print and make copies of the content and material presented on the Website, subject to all the provisions of these Terms, including but not limited to the provisions under the headings Use Restrictions and Proprietary Rights below. You may not copy, store, transmit, perform, broadcast, publish, reproduce, create a derivative work from, display, or distribute, sell, license, rent, lease or otherwise transfer (either in printed or electronic format) any such content or material in any way that does not comply with these Terms without our prior written permission. Further, you may not decompile, disassemble, reverse engineer or otherwise exploit the Website, without our prior written permission.  

The foregoing shall not restrict the rights of any broker, dealer or municipal securities dealer to make reasonable use of the MSRB’s rules, interpretations, and other information on this Website in compliance with its obligations under MSRB rules, including MSRB Rule G-29.  All requests for MSRB’s permission for any use of content and materials in this Website beyond the uses expressly provided for in these Terms must be in writing and should be sent to: Chief Communications Officer, Municipal Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC, 20005.

MSRB consents to your use of a hypertext link to this Website from your website (which consent is revocable at any time by MSRB in its sole discretion) only if you remain fully in compliance with each of the following conditions:  (a) you must display this Website in the same manner in which it would be displayed if the user of the link had directly accessed this Website without use of the link, and you may not display this Website within a frame of another website; (b) you may link solely to the main home page of this Website (www.msrb.org), to the main page of the Glossary of Municipal Securities Terms or to the main page that contains the State and Local Government Toolkit or to the Investor Toolkit and not to any other page or file within this website; (c) the link displayed on your website must be a text-only link marked as "MSRB Home Page" or "Municipal Securities Rulemaking Board Home Page" (or, if the link is to the Glossary of Municipal Securities Terms, the link must be marked as "MSRB Glossary of Municipal Securities Terms;" if the link is to the State and Local Government Toolkit, the link must be marked as “Municipal Securities Rulemaking Board State and Local Government Toolkit” or “MSRB State and Local Government Toolkit;” if the link is to the Investor Toolkit, the link must be marked as "Municipal Securities Rulemaking Board Investor Toolkit" or "MSRB Investor Toolkit") and may not include the MSRB logo or any other graphical design or text; (d) the appearance, position or other aspects of the link may not be such as to damage or dilute the goodwill associated with MSRB's name or trademarks; and (e) the appearance, position or other aspects of the link may not create the false appearance that you or any other entity is associated  with, sponsored by or otherwise endorsed by MSRB or that any activity engaged in by your or any other entity has been approved by the MSRB. The MSRB reserves the right to disconnect or otherwise disable any unauthorized hypertext links.

Use Restrictions
You may use the Website only for the purposes, and only in compliance with your obligations, stated in these Terms.

You agree that you will not use content retrieved from this Website, or the applications, materials or services accessible through the Website, to develop or create a database to be sold, leased, furnished, licensed or otherwise made available, either commercially or free of charge. You agree that you will not use or allow others to use any data mining, robot or similar automated or data gathering and extraction methods to access, acquire, monitor or copy any portion of the Website or the applications, materials or services accessible through the Website in bulk or to make excessive requests for information. You agree not to obtain through any means any materials or information on the Website that have not been intentionally made publicly available either by their public display on the Website or through their accessibility by a visible link on the Website. You also agree not to violate the restrictions in any robot inclusion headers on this Website or in any way bypass or circumvent any other measures employed to limit or prevent access to the Website or its content and not to violate the security of the Website or attempt to gain unauthorized access to the Website, materials, or services accessible through the Website or to any computer systems or networks connected to any MSRB server, through hacking, password mining or any other means. You further agree not to use any device, software or routine to bypass any software or hardware that prohibits volume requests for information. You will also not take any action that imposes an unreasonable or disproportionately large load on the Website or in any way compromises the content, speed or functionality of the Website. You may not post on, or distribute through, the Website any computer program that damages, interferes with, intercepts or collects any system, data or personal information of ours or any third party.

You shall comply with all applicable laws, rules and regulations, including, without limitation, United States and foreign patent, trademark, service mark and copyright laws. You may not use the Website in violation of any U.S. export law or regulation. The Website is intended for use only by individuals 13 years of age and older. You are not permitted to provide us with personal information if you are under 13 years of age, and we will not knowingly collect personal information from anyone under 13 years of age.

Proprietary Rights
As between us and you, all right, title and interest in and to the works of authorship and other content and material contained on the Website are owned, licensed or controlled by us. Nothing contained in these Terms grants you any of our, our affiliate’s or any third party’s proprietary rights. All of the content and material on the Website may be protected by copyright, trademark and other forms of proprietary rights. You may only use the content and material on the Website in a manner that is consistent with our, our affiliate’s and all third party’s copyrights, trademarks and other proprietary rights. Further, you may only use such content in the manner and for the purposes expressly permitted by these Terms.

Use of Non-Personal Information Supplied by You
This section does not apply to information supplied by you to the Website that can identify you, which is covered by the MSRB's Privacy Policy.

If you supply us with any information, including but not limited to feedback, data, questions, comments, suggestions or the like, such information shall not be deemed confidential. All such submissions, whether through the Website or by mail, email, telephone or otherwise, shall be deemed our property. By submitting such information you assign to us all worldwide right, title and interest in and to such information. We may use such information in any way we choose and are not liable for any use or disclosure of such information. We have no obligation to keep such information confidential. We are free to reproduce, use, disclose and distribute such information to others. We are free to use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever, including but not limited to developing and using, on msrb.org or otherwise, products and services based on or containing such information.  Moreover, in certain circumstances, based on our statutory obligations and role as a self-regulatory organization, we may be obligated to share information provided by you to other regulatory organizations or agencies.

You may only submit materials that are your own original work. You shall not infringe, misappropriate or violate the rights of anyone else by your submission to us of any feedback, data, questions, comments, suggestions or the like.

Disclaimer and Limitation of Liability
We are providing the Website and the content and material on the Website without warranties or representations and on an "as is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. You shall bear all risk, related costs and liability and be responsible for your use of all content and material on the Website. We assume no responsibility for the consequences of any intentional or unintentional error, omission, inaccuracy, incompleteness or untimeliness in or with respect to any of the content and material on the Website. We and our affiliates, officers, directors, employees, agents, consultants and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the website.

We cannot and do not guarantee, represent or warrant that the Website or its content and material is compatible with your computer system. Further, we cannot and do not guarantee, represent or warrant that the Website or its content and material will be free of harmful or destructive computer programs, such as viruses, worms, Trojan horses or disabling devices. You alone are responsible for implementing safeguards to protect the security and integrity of your computer system. You are also responsible for the entire cost of any service, repairs or connections of and to your computer system that may be necessary as a result of your use of the Website.

You shall defend, indemnify and hold us harmless from and against all losses, claims, threatened claims, liabilities, damages, costs and expenses, including reasonable attorney’s fees, of any kind that arise from your use or misuse of the Website, including, but not limited to, your non-compliance with these Terms or your violation of any third-party rights.

Leaving the Website
After leaving the Website, whether via a link contained on the Website or through the use of your web browser or some other navigational tool, the information you view is not provided by us. We are not responsible for the content at any other website. We make no guarantees, representations or warranties as to any content or material at any other website, including websites that may be reached by links on the Website.

Modification of the Website
We may at any time modify, suspend or discontinue the Website (or any part thereof) with or without notice, for any reason. We have no liability to you or to any third party for any modification, suspension or discontinuance of the Website. We have no obligation to maintain the Website on a frequent or timely basis.

Changes to these Terms and Conditions of Use
We may revise these Terms at any time. You are bound by any changes to these Terms upon our posting of such changes on the Website. You should check these Terms often to make certain that you are aware of the most current Terms. On and after the date updated Terms are posted on the Website, your use of the Website will be governed by such updated Terms.

Violations of these Terms and Conditions of Use
We may seek all remedies available to us at law and in equity for your violation of these Terms. One remedy we may pursue is to block your access to the Website. Further, your violation of these Terms shall be considered a breach of contract. We may investigate suspected violations of these Terms. We shall be allowed to cooperate with: (a) law enforcement authorities in the investigation of suspected criminal violations; (b) system administrators at Internet service providers, networks or computing facilities; and (c) third party vendors in order to enforce these Terms. Such cooperation may include providing Users’ IP addresses or other identifying information to the law enforcement authorities, third party vendors or system administrators. We may disclose any information we think necessary to comply with all applicable law, regulation, legal process or governmental request.

Governing Law
These Terms shall be governed by and construed in accordance with federal law and the laws of the District of Columbia, without regard to any principles of conflicts of law. Any action at law or in equity that arises out of or relates to these Terms and the Website shall be filed only in a court of competent jurisdiction located in Washington, DC.

Complete Agreement
These Terms represent the entire agreement between you and us relating to your use of the Website and the content and material on the Website.

If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted so as to reasonably effect the intent of the parties. Any such invalid or unenforceable provisions in these Terms shall be deemed replaced with valid and enforceable provisions that, to the extent possible, fulfill the business purposes and intent of such invalid and unenforceable provisions. In addition and without limiting the foregoing paragraph, some U.S. states and foreign countries may provide rights in addition to those provided in the above Disclaimer and Limitation of Liability section or do not allow the exclusion or limitation of implied warranties or liability for incidental or consequential damages. Therefore, the limitations set forth in the above Disclaimer and Limitation of Liability section may not apply to you or there may be state or country specific provisions that superseded such limitations. Any provision of the above Disclaimer and Limitation of Liability section that is declared invalid shall be deemed severable and shall not affect the validity or enforceability of the remainder.

Trademark and Copyright Notices
"Municipal Securities Rulemaking Board," "Electronic Municipal Market Access" and "EMMA" are either registered or unregistered trademarks of Municipal Securities Rulemaking Board.