Continuing disclosures consist of important information about a municipal security that arises after the initial issuance of the bond. This information generally reflects the financial or operating condition of the government or agency issuing the bond over time, as well as specific events occurring after issuance that may 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. This information is prepared by the state or local government or other agency issuing the bond. Each bond has its own unique set of continuing disclosures, and not all types of continuing disclosures apply to every bond.
Financial Information and Event Notices
Federal laws require issuers or others obligated to repay the bond to disclose annual financial or operational information on the MSRB’s EMMA website. Audited financial statements are also required if available. They must also report specific events that may have an impact on their ability to repay the bond. The MSRB provides educational resources for issuers on meeting the financial disclosure obligations. Read more about required financial and event disclosures.
Some issuers and obligated persons provide additional items of information after the initial issuance, either under contractual arrangements or as a matter of practice for display on EMMA. Read more about voluntary disclosures.
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.