MSRB Adds Continuing Disclosure Search Function on EMMA

Date: October 23, 2009

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

Complements E-mail Alert for Continuing Disclosures

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today announced a set of improvements to its Electronic Municipal Market Access (EMMA) website, including a new feature that allows investors to search for specific continuing disclosure documents. Continuing disclosures are documents that bond issuers prepare throughout the life of a bond. EMMA provides free access to disclosure documents for about 1.2 million municipal securities, daily trade data, market statistics and data on auction rate securities and variable rate demand obligations. 

Each day, the MSRB collects several hundred new documents such as annual financial filings and other material event notices from bond issuers, and posts them on EMMA's continuing disclosure section. Investors can now use a dedicated search function to find a particular continuing disclosure document using a combination of search criteria such as date of posting, issuer name, state, CUSIP number and category of filing.  Click here for instructions on using the new continuing disclosure search function.

An existing feature on EMMA allows investors who follow particular securities to receive an e-mail alert every time a disclosure document is posted against that security.  Click here for instructions on signing up for e-mail alerts.

Other enhancements put in place today improve the EMMA document submission process used by dealers and issuers.  These enhancements include safeguards to prevent erroneous submissions to EMMA as well as improved ability for submitters to print a record of information submitted to EMMA.  In addition, issuers that have created groups of securities are now able to update the list of securities contained in these groups.

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.