MSRB Provides Access to the Full Universe of Disclosures for a Municipal Security

Date: June 16, 2015

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) has added a new feature to its Electronic Municipal Market Access (EMMA®) website that allows investors and others to access the full universe of disclosure information available for a municipal security in cases where new identification (CUSIP) numbers are assigned to portions of the bond after issuance. 

The EMMA website, which is the electronic source of all disclosure information for municipal securities, now links a municipal bond to any new CUSIPs assigned to portions of that bond. This new feature is helpful for investors in the newly created securities, as well as the issuer of the original security, who may want to refer to the official statement or other disclosures associated with the retired security. 

“We know that there are many EMMA users that want access to disclosures for partially refunded bonds and other securities connected with original bond issues,” said MSRB Executive Director Lynnette Kelly. “Digitally linking these new bonds to the retired security on EMMA solves the challenge of locating disclosures for these related securities.” 

Related securities are created when, for example, a bond is partially “called” in connection with a current refunding. In this case, the original CUSIP is retired and new CUSIPs are assigned to the refunded and unrefunded portions. Investors in the new securities may want to refer to the official statement or other disclosures associated with the retired security. To find these disclosures, investors can go to EMMA’s “Security Details” for a bond then click the “Related Securities” tab to find links to any new (or former) CUSIPs that may share disclosure information.

The EMMA website is the MSRB’s official repository for information on virtually all municipal securities. EMMA provides free public access to official disclosures, trade data, credit ratings, educational materials and other information about the municipal securities market. 

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.