MSRB Recognized for Commitment to Municipal Market Disclosure

Date: May 3, 2011

Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today it has received an award from the National Association of State Treasurers' State Debt Management Network in recognition of the MSRB's commitment to excellence in municipal market disclosure, including the MSRB's continued enhancements to its Electronic Municipal Market Access (EMMA) website. The award was presented to the MSRB by the Honorable Nancy Kopp, Maryland State Treasurer and NAST’s Legislative Committee Chair, at the association’s treasury management symposium in Atlanta on May 2. MSRB Director of Market Leadership, Ritta McLaughlin, accepted the award on behalf of the MSRB.

“EMMA is a work in progress, with the MSRB continuing to refine and expand the site’s capabilities, but already it is helping improve access to disclosure information for investors,” said Treasurer Kopp. “The members of NAST and SDMN appreciate this progress and want to commend the MSRB for its excellent work on EMMA.”

MSRB Executive Director Lynnette Kelly Hotchkiss said, “We are honored that such an important and influential organization in the municipal market has given the MSRB this recognition. We are as committed as ever to EMMA and the improvements it is making to municipal market disclosure and are grateful for the support of NAST and SDMN.”

The SDMN is a professional organization of issuers and managers of state debt that brings together public officials from all branches of state government to share information on issuance, management and oversight of public debt. The SDMN was developed through an association with the National Association of State Treasurers. NAST promotes education and the exchange of ideas and develops standards of excellence and influences public policy for the benefit of the citizens of the states.

EMMA is a centralized online database that provides free public access to official disclosure documents associated with municipal bonds issued in the United States. EMMA also provides real-time trade data for approximately 1.5 million outstanding municipal bonds and current interest rates for auction rate securities and variable rate demand obligations. EMMA provides transparency of information for investors in this important financial market and makes it easy — and free — for them to access bond disclosures and pricing data that can inform investment decisions. Information available on EMMA includes snapshots of daily trade data based on security size, sector, maturity and source of repayment, educational material about bonds and their associated documents, and a comprehensive glossary of municipal bond terms.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.