MSRB Makes Continuing Disclosure Monthly Statistics Available on EMMA

Date: March 19, 2013

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today began providing on its Electronic Municipal Market Access (EMMA®) website statistics on the number and type of disclosure filings that issuers of municipal securities make available to investors throughout the life of a bond.

These documents consist of important information about a municipal bond that arises after the initial issuance of the bond, such as annual financial information, bond calls and credit rating changes, for example. The continuing disclosure statistics on the EMMA website represent monthly volumes since 2010, categorized by types of disclosure. The disclosures themselves are also available on the EMMA website.

“Municipal securities investors and other market participants now have access to detailed information on the volume and types of continuing disclosure submissions,” said MSRB Executive Director Lynnette Kelly. “This is another significant step the MSRB has made to increase the availability of municipal market information to investors.”

The continuing disclosure statistics are available under the Market Statistics pages on the EMMA website. The dynamic format allows users to easily view, graph and compare different types of disclosures on a monthly basis for the last three years. In addition to the new continuing disclosure data, the Market Statistics section includes summaries of municipal trades and new issues of municipal securities as reported to the MSRB.

The MSRB’s EMMA website is a centralized online database that provides free public access to more than 800,000 official disclosure documents and trade data associated with municipal bonds issued in the United States. The EMMA website makes available real-time trade prices, primary market and continuing disclosure documents, and current credit ratings for more than one million outstanding securities, as well as current interest rate information, liquidity documents and other information for most variable rate municipal securities.

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.