State and Local Government Toolkit

The MSRB's State and Local Government Toolkit provides information for state and local governments about municipal bond issuance and required disclosures, and about using the Electronic Municipal Market Access (EMMA®) website. The MSRB provides these resources as part of its mission to protect municipal entities.

NEW Tips and Tools for Making Financial Disclosures   

Learn more about making timely and complete financial and other disclosures to investors as required by SEC Rule 15c2-12. These and other voluntary disclosures are submitted to the MSRB for posting on the EMMA website.


Understanding Disclosure Requirements   

Using EMMA to Submit Disclosures

Learning about Municipal Bond Issuance

State and local governments rely on the municipal securities market to raise money to finance projects for their citizens. Issuing bonds generally requires municipal governments to hire financial professionals to help. 

Issuance Process 

Using the EMMA Website

The MSRB's EMMA website is the official source for municipal disclosures and market data. State and local governments can use EMMA to communicate with investors and monitor trading of their bonds.

  • EMMA User Guide
    This guide is a starting point for state and local governments new to the EMMA website.

Other Resources:

Using EMMA Trade Monitor

The EMMA Trade Monitor is a no-cost resource that allows state and local governments to quickly and easily download into a spreadsheet key data on the price, yield and amount of the secondary market trade activity of their municipal bonds.

Other Resouces:

Learn about the MSRB
The Municipal Securities Rulemaking Board (MSRB) protects investors, municipal entities and the public interest by promoting a fair and efficient municipal market, regulating firms that engage in municipal securities and advisory activities and promoting market transparency. 

Other Resources: