Glossary of Municipal Securities Terms

SECONDARY MARKET DISCLOSURE

Disclosure by or on behalf of an issuer or any obligated persons of outstanding municipal securities following the initial issuance of municipal securities of information material to an investment decision relating to such securities. Secondary market disclosures provided under continuing disclosure agreements as well as other continuing disclosures are posted on the Electronic Municipal Market Access (EMMA) system. See: CONTINUING DISCLOSURE; ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) SYSTEM; RULE 15c2-12.

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