MSRB NOTICE 2010-08 (MARCH 18, 2010)


Individual investors are a focus of the core investor protection efforts of the Municipal Securities Rulemaking Board (the “MSRB”).  This notice provides brokers, dealers and municipal securities dealers (“dealers”) with materials they can use to educate investors about municipal securities through the MSRB’s Electronic Municipal Market Access (“EMMA”) website, which provides free municipal documents and data. 

EMMA, at, provides official statements for new issue municipal securities, real-time trade data, interest rates for auction rate securities and variable rate demand obligations, and continuing disclosures made by municipal securities issuers under SEC rules or on a voluntary basis.  In addition, EMMA’s investor-focused Education Center includes helpful information about municipal securities and a glossary of municipal securities terms.

Dealers may want to direct investors to the EMMA website, at, refer them to the links below for additional information, or post the links on dealer websites:

In addition to these materials, MSRB also has produced a press-ready EMMA statement insert that can be reprinted by dealers for mailing to investors or for inclusion with a trade confirmation or periodic statement.  This EMMA statement insert is available in two formats: a formatted version that could be reprinted or offered electronically as well as a press-ready version that could be professionally reprinted or incorporated into other publications.  The EMMA statement insert is available at the links below:

If you have any questions about these educational materials, please contact Jennifer Galloway, Chief Communications Officer, or Justin R. Pica, Director of Uniform Practice Policy at 703-797-6600.  Other questions about EMMA should be directed to the MSRB’s Market Information Department at 703-797-6668.

March 18, 2010