MSRB Publishes Report on Municipal Bond Continuing Disclosure Documents

Date: August 22, 2012

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

MSRB Publishes Report on Municipal Bond Continuing Disclosure Documents

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published a report summarizing the type and number of continuing disclosure documents for municipal securities submitted by issuers of municipal securities to the MSRB’s Electronic Municipal Market Access (EMMA®) website.

Continuing disclosures report the financial or operating condition of a municipal bond issuer over time, as well as specific events occurring after issuance that can have affect the ability of the issuer to repay the bond. The EMMA website has been the official repository for municipal security continuing disclosure documents since July 1, 2009.

Between July 2009 and June 2012, the MSRB received 396,091 continuing disclosure documents, according to the MSRB’s Continuing Disclosure Statistical Summary. On a month-over-month basis, the report shows fairly steady increases in most types of continuing disclosures submitted to the MSRB by municipal bond issuers and obligated persons.

Other highlights of the report include:

  • Financial and operating disclosures accounted for about 47 percent of all submitted disclosures submitted to the MSRB during the three-year period beginning in July 2009.
  • The State of California and its municipalities submitted most of the continuing disclosure documents to the MSRB, accounting for nearly 12 percent of all disclosures between July 2009 and June 2012. 
  • About 73 percent, or 153,092, of all event disclosures submitted from July 2009 through June 2012 were bond calls and 14 percent, or 28,509, were rating changes.    

The EMMA website is a centralized online database operated by the MSRB that provides free public access to official disclosure documents and trade data associated with municipal bonds issued in the United States. In addition to current credit rating information, the EMMA website also makes available real-time trade data and primary market and continuing disclosure documents for over one million outstanding municipal bonds, as well as current interest rate information, liquidity documents and other information for most variable rate municipal securities.

The MSRB also publishes an annual Fact Book and quarterly municipal securities statistics, which are available electronically on the MSRB’s website at  

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 21-member 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.