Terms and Conditions

This website, msrb.org, including all subdomains and areas of this website, (the "Website") is administered by the Municipal Securities Rulemaking Board ("MSRB", “we”, "us" or "our"). Please read these Terms of Use (“Terms”) carefully because these Terms constitute a legally binding agreement between any person using the Website (“you”) and the MSRB. You may not use the Website (or Content or Services, as defined below) if you do not agree to these Terms. Your use of the Website, Content and/or Services acknowledges that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by and comply with these Terms. These Terms apply to your use of the Website, including any or all content (including text, information, data, reports, materials, graphics, audio, video, content, concepts, software, user interfaces, features, functionality, navigation, look and feel, designs, trademarks, trade names, trade dress and logos) on the Website (“Content”), as well as any services, software and applications, if any, provided on or available through the Website (“Services”), regardless of how you access it (for example, through the Internet or on a mobile device). These Terms include limitations on the MSRB’s and certain third parties’ liability, disclaimers of warranties and a submission to jurisdiction.

Use Restrictions 
You may only use the Website, Content and Services solely for the purposes permitted and as is expressly permitted in these Terms and otherwise in compliance with these Terms. All rights not expressly granted to you are reserved to the MSRB, its licensors and other respective owners, if any. The Website, Content and Services are to be used solely by you for your own internal purposes. The Website is intended for use only by individuals 13 years of age and older. You are not permitted to and shall not provide us with personal information if you are under 13 years of age.

You agree that you will not:

  • use Content or Services to develop or create a database to be sold, leased, furnished, licensed or otherwise exploited or made available (either commercially or free of charge).
  • use or allow others to use any data mining, crawling, “scraping”, robot or similar automated or data gathering or extraction method, or any manual process, to access, acquire, monitor or copy any portion of the Website, Content or Services, or otherwise systematically download or store Content (unless otherwise authorized by the MSRB).
  • make excessive requests for information or take any action that (i) imposes an unreasonable or disproportionately large load on the Website, (ii) in any way compromises Content, or speed or functionality of the Website, or (iii) introduces a virus or other malware to the Website or Services, including to interrupt, destroy, limit or otherwise negatively affect the Website or servers or networks connected to it, or use any device, software or routine to bypass any software or hardware that prohibits volume requests for information.
  • obtain through any means any materials or information on the Website that have not been intentionally made publicly available either by their public display on the Website or through their accessibility by a visible link on the Website.
  • violate, bypass or circumvent (i) restrictions in any robot inclusion headers on the Website or any other measures intended to limit or prevent access to the Website, Content or Services or (ii) the security of the Website or attempt to gain unauthorized access to the Website (or Content or Services) or to any computer systems or networks connected to any MSRB server, through hacking, password mining, unauthorized use of another’s password/credentials or any other means.
  • restrict, inhibit or interfere with use of the Website, Content or Services by any other person (including by hacking or defacing the Website).
  • post on, or distribute through, the Website any computer program that damages, interferes with, intercepts or collects any system, data or personal information of ours or any third party.
  • as is further described in the section “Copyright and Trademark Rights” below and subject to the various provisions in the Terms below relating to data or other Content provided by the MSRB’s licensors, make use of any trademarks, service marks, trade names or logos on the Website, or remove any copyright or other proprietary notices in the content.
  • infringe, misappropriate or violate the rights of any third party by your submission to the MSRB of any information.
  • use the Website, Content or Services in violation of any U.S. or foreign law, rule or regulation, including United States and foreign patent, trade secret, trademark, service mark and copyright laws.
Additionally, you acknowledge and agree that you (and not the MSRB) are responsible for obtaining and maintaining all telecommunications, broadband, and computer hardware, equipment, software and services needed for you to access and use the Website or Services, and paying all charges related thereto.

Copyright and Trademark Rights
You may view, print and make copies of Content, subject to these Terms. You may not, and shall not copy, reproduce, download, “screen scrape”, store, transmit, broadcast, publish, modify, create a derivative work from, display, perform, distribute, redistribute, sell, license, rent, lease or otherwise use, transfer (either in printed, electronic or other format) or exploit any such Content, in whole or in part, in any way that does not comply with these Terms without our prior written permission. To request permission to use any Content other than as expressly permitted in these Terms, please write to us at: Municipal Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC 20005, Attention: Communications, or email your request to MSRBSupport@msrb.org.

You may link to the Website on your own website, or to a page or particular document on the Website, provided that:

(a) you shall not display the Website (or any Content) within a frame of another website;

(b) the link displayed on your website must be a text-only link;

(c) you shall make explicit that you are linking to msrb.org but you shall not use any of our logos or any other graphical design or text in your link (except per the second bullet below). Further:

  • if you link to a page or to a particular document on the Website, you may reflect the URL from the Website as the link on your website.
  • However, if you name the link on your website instead of only reflecting the URL, you must name it “Municipal Securities Rulemaking Board’s website” or “Link to the Municipal Securities Rulemaking Board’s website”;

(d) the look and feel of the link must not damage or dilute the goodwill associated with the MSRB’s name and trademarks; and

(e) no aspect of the link may create the false impression that you or anyone else is associated with, sponsored by or otherwise endorsed by the MSRB or that any activity engaged in by you or anyone else has been approved by the MSRB.

We may revoke our consent to any such link at any time, without prior notice. If we notify you that you may no longer link to the Website, or to a page or document, you must promptly (and, in any event, within three business days) remove such link from your website.

As between us and you, all right, title and interest in and to the works of authorship and other Content contained on the Website are owned, licensed or controlled by us. Nothing contained in these Terms grants you any of the MSRB’s or any third party’s proprietary rights. All of the Content may be protected by copyright, trademark and other forms of proprietary rights. You may only use the Content in a manner that is consistent with the MSRB’s and all third party’s copyrights, trademarks and other proprietary rights.

All rights in the product names, company names, trade names, logos, service marks, trade dress, slogans, and designs used on the Website, whether or not appearing in large print or with the trademark symbol, belong exclusively to the MSRB or its licensors and are protected from reproduction, imitation, dilution, or confusing or misleading uses under national and international trademark and copyright laws. The use or misuse of these trademarks or any materials, except as permitted herein, is expressly prohibited, and nothing stated or implied that confers on you any license or right under such trademarks or materials or under any patent or trademark of the MSRB or any third party. You shall promptly notify the MSRB at MSRBSupport@msrb.org if you know or suspect that someone has infringed the MSRB’s intellectual property.

“Municipal Securities Rulemaking Board”, "Electronic Municipal Market Access", "EMMA", “MyEMMA” and “MuniEdPro” and related logos are the trademarks, service marks or trade names of Municipal Securities Rulemaking Board. (The absence of a name, logo or other mark in the preceding list does not constitute a waiver of any and all intellectual property rights that the MSRB has established in any of its products, services, programs, features, service marks, service names or logos.) Other trademarks, names or logos used on the Website are property of their respective owners. You are not authorized to use any of the foregoing.

You acknowledge that the Website is Copyright © 2017 by the Municipal Securities Rulemaking Board and that the MSRB or its licensors own the copyright in the Content under the laws of the United States and other countries, and have reserved all rights in that work, other than to licensors IP.

Copyright © 2017 Municipal Securities Rulemaking Board. All Rights Reserved.

Use of Non-Personal Information Supplied by You
This section does not apply to information supplied by you to the Website that can identify you, which is covered by the MSRB's Privacy Policy.

If you supply the MSRB (or our contractors or agents) with any information, including but not limited to feedback, data, questions, comments or suggestions, it shall not be deemed confidential, and the MSRB shall have no obligation to keep it confidential. By submitting such information you hereby grant to the MSRB a worldwide, royalty-free, fully paid up, non-exclusive, perpetual, irrevocable, transferable and fully sublicensable license, without additional consideration to you or any third party, to copy, reproduce, store, disclose, display, distribute, redistribute, transfer, adapt, modify or otherwise use and exploit such information, in any format or media now known or hereafter developed, and for any purpose and in any manner. In furtherance and not in limitation of the preceding, the MSRB may use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever, including enhancing msrb.org or otherwise developing products and services based on or containing such information. The MSRB may use aggregated and statistical data derived from Website usage. You hereby represent and warrant that you have all necessary rights to grant the preceding license. You shall not infringe, misappropriate or violate the rights of anyone else by your submission to us of any information, feedback, data, questions, comments, suggestions or the like. Moreover, in certain circumstances, in light of the MSRB’s statutory obligations and role as a self-regulatory organization, the MSRB may share information provided by you with other governmental or regulatory organizations or agencies.

Disclaimer and Limitation of Liability
THE WEBSITE, CONTENT AND SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE”, WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. THE MSRB EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT AND TITLE. YOUR USE OF THE WEBSITE, CONTENT AND/OR SERVICES IS AT YOUR SOLE RISK, AND YOU SHALL BEAR ALL RISK, RELATED COSTS AND LIABILITY AND BE RESPONSIBLE FOR YOUR USE. THE MSRB ASSUMES NO RESPONSIBILITY FOR ANY INTENTIONAL OR UNINTENTIONAL ERROR, OMISSION, INACCURACY, INCOMPLETENESS, UNAVAILABILITY, INTERRUPTION, DELAY, SLOW STREAMING, SLOW DOWNLOADING SPEED, OR UNAUTHORIZED ACCESS IN OR WITH RESPECT TO THE WEBSITE, CONTENT OR SERVICES OR FOR THE CONSEQUENCES OF USE THEREOF.

EXCEPT FOR CLAIMS THAT CANNOT BE EXCLUDED BY APPLICABLE LOCAL LAW, WE AND OUR AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, CONSULTANTS, LICENSORS AND THIRD-PARTY PROVIDERS SHALL NOT HAVE ANY LIABILITY, WHETHER IN TORT, CONTRACT OR OTHERWISE, TO YOU OR ANY THIRD PARTY FOR ANY REASON ARISING OUT OF, RELATING TO, IN CONNECTION WITH, OR RESULTING FROM THE WEBSITE, CONTENT OR SERVICES OR USE OF OR ACCESS TO THE THEM.

THE MSRB (AND ITS LICENSORS AND THIRD PARTY PROVIDERS) WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND (WHETHER UNDER CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY), INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES OR FOR SECURITY OF INFORMATION YOU PROVIDED OR UNAUTHORIZED INTERCEPTION OF ANY SUCH INFORMATION BY THIRD PARTIES, EVEN IF ADVISED IN ADVANCE OF SUCH DAMAGES OR LOSSES AND WHETHER OR NOT FORESEEABLE. YOUR SOLE AND EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE WEBSITE, CONTENT OR SERVICES, IS TO STOP USING THEM. THE MAXIMUM AGGREGATE LIABILITY OF THE MSRB FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, SHALL BE THE TOTAL AMOUNT, IF ANY, PAID BY YOU TO THE MSRB TO USE THE WEBSITE. THE PRECEDING LIMITATION OF LIABILTY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

IN FURTHERANCE, AND NOT IN LIMITATION, OF THE PRECEDING PROVISIONS OF THIS SECTION, IT IS NOTED THAT WE, OUR AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, CONSULTANTS, LICENSORS AND THIRD PARTY PROVIDERS SHALL NOT BE LIABLE OR RESPONSIBLE TO YOU OR ANYONE ELSE FOR ANY LOSSES, LIABILITIES, DAMAGES, COSTS, EXPENSES, SUITS, ACTIONS, PROCEEDINGS OR CLAIMS CAUSED BY, ARISING OUT OF, RELATING TO OR IN CONNECTION WITH: (A) ACTS, OMISSIONS, OCCURRENCES OR CONTINGENCIES BEYOND OUR OR THEIR REASONABLE CONTROL, INCLUDING SERVICE INTERRUPTIONS OR PERFORMANCE FAILURES, SUCH AS THOSE THAT RESULT FROM THE USE OF TELECOMMUNICATIONS FACILITIES THAT ARE OUTSIDE OUR CONTROL, INCLUDING THE INTERNET; (B) NEGLIGENCE, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN PROCURING, COMPILING, INTERPRETING, EDITING, WRITING, REPORTING OR DELIVERING ANY OF THE CONTENT AND, IF ANY, THE SERVICES; (C) LOST, STOLEN, LATE, CORRUPTED, MISDIRECTED, FAILED, INCOMPLETE OR DELAYED TRANSMISSIONS BY ANYONE USING THE WEBSITE, INCLUDING TECHNICAL MALFUNCTIONS, HUMAN ERROR, COMPUTER VIRUSES, LOST DATA TRANSMISSIONS, OMISSIONS, INTERRUPTIONS, DELETIONS, DEFECTS, HYPERLINK FAILURES OR LINE FAILURES OF ANY TELEPHONE NETWORK, COMPUTER EQUIPMENT, SOFTWARE OR ANY COMBINATION THEREOF; OR (E) DAMAGE TO YOUR COMPUTER SYSTEMS, EQUIPMENT, SOFTWARE, DATA OR OTHER TANGIBLE OR INTANGIBLE PROPERTY RESULTING FROM OR SUSTAINED IN CONNECTION WITH YOUR USE OF THE WEBSITE, CONTENT AND/OR SERVICES.  

WE AND OUR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONSULTANTS AND LICENSORS MAKE, AND HAVE MADE, NO RECOMMENDATIONS REGARDING ANY OF THE SECURITIES OR OTHER INVESTMENT VEHICLES IDENTIFIED, REFERRED TO OR DESCRIBED ON THE WEBSITE.

WE CANNOT AND DO NOT GUARANTEE, REPRESENT OR WARRANT THAT THE WEBSITE, CONTENT OR SERVICES ARE COMPATIBLE WITH YOUR COMPUTER SYSTEM. FURTHER, WE CANNOT AND DO NOT GUARANTEE, REPRESENT OR WARRANT THAT THE WEBSITE, CONTENT OR SERVICES WILL BE FREE OF HARMFUL OR DESTRUCTIVE COMPUTER PROGRAMS, SUCH AS VIRUSES, WORMS, TROJAN HORSES OR DISABLING DEVICES. YOU ALONE ARE RESPONSIBLE FOR IMPLEMENTING SAFEGUARDS TO PROTECT THE SECURITY AND INTEGRITY OF YOUR COMPUTER SYSTEM. YOU ARE ALSO RESPONSIBLE FOR THE ENTIRE COST OF ANY SERVICE, REPAIRS OR CONNECTIONS OF AND TO YOUR COMPUTER SYSTEM THAT MAY BE NECESSARY AS A RESULT OF YOUR USE OF THE WEBSITE, CONTENT OR SERVICES. 

Indemnification
Except to the extent prohibited under applicable law, you shall indemnify, defend and hold harmless the MSRB and its directors, officers, employees, consultants, contractors, service providers and agents from and against all suits, actions, proceedings and claims (whether threatened or actual), and all losses, liabilities, damages, judgments, costs and expenses (including reasonable attorneys’ fees) arising out of, relating to or in connection with: (a) your use (or misuse) of and access to the Website, Content and/or Services; (b) any violation of these Terms by you; (c) any violation of applicable law, rule or regulation by you; (d) any claim that any information provided by you to the MSRB in connection with the Website, including Content, caused damage to, infringed upon, misappropriated or otherwise violated the rights of a third party, including infringement, misappropriation or other violation of third-party intellectual property rights, or violation of any right of privacy; and/or (e) any dispute that you have with any third party relating to or in connection with the Website, Content and/or Services. The MSRB reserves the right, at its own cost, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with the MSRB in asserting any available defenses and in the conduct of such defense.

Leaving the Website; Links to Other Sites
After leaving the Website, whether via a link contained on the Website or through the use of your web browser or some other navigational tool, the information you view is not provided by us. We are not responsible for, have no control over and do not review the content at any other website. We make no guarantees, representations or warranties as to any content or material or any other aspects of any other website, including websites that may be reached by links on the Website. A link to a third-party website does not imply sponsorship, approval, affiliation or endorsement by the MSRB of the linked third party website or of that third party’s products or services. Your use of links to third party websites at your own risk, and the MSRB shall not be responsible or liable, directly or indirectly, for any damage or loss cause or alleged to have been caused by, relate to or in connection with use of or reliance on any third-party websites, or content or goods/services available on or through any third-party website(s). Third-party websites typically have their own terms, conditions, agreements, requirements or the like relating to their access and use, and you would be subject to those of that website once you go on it.

Modification of the Website
At any time and in the MSRB’s sole discretion, the MSRB may (in whole or in part) modify, suspend or discontinue the Website, Content or Services without notice, for any reason. We shall have no liability to you or to any third party for any modification, suspension or discontinuance.

Changes to these Terms
We may revise these Terms from time to time, without prior notice. You are bound by any changes to these Terms upon our posting of such changes on the Website. You should check these Terms often to make certain that you are aware of the most current Terms. Your access to or use of the Website acknowledges that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by them, and your continued access or use after the posting of a revised version of these Terms conclusively shall constitute your acceptance of and agreement to it as revised. On and after the date updated Terms are posted on the Website, your use of the Website will be governed by such updated Terms.

Violations of these Terms
The remedies available to the MSRB in these Terms are cumulative and in addition to any others available to the MSRB. The MSRB may seek all remedies available to it at law and in equity for any violation of these Terms. The MSRB may suspend, terminate or block your access to the Website (in whole or in part) for any violation or suspected violation as we determine, without notice to you. Your violation of these Terms shall be considered a breach of contract.

We may investigate suspected violations of these Terms. In addition, we shall be allowed to cooperate with: (a) law enforcement authorities in the investigation of suspected criminal violations; (b) financial regulators, including the U.S. Securities and Exchange Commission; (c) system administrators at Internet service providers, networks or computing facilities; and (d) licensors and/or third-party vendors in order to enforce these Terms. You consent that such cooperation may include providing information relating to you and/or your use of the Website, including without limitation email address, IP address or other identifying information, to law enforcement authorities, financial regulators, third-party licensors, vendors or system administrators. Further, we may disclose any information we think necessary to comply with all applicable law, regulation, subpoena or other legal process or governmental or regulatory request. 

Governing Law; Submission to Jurisdiction
These Terms shall be governed by and construed in accordance with federal law and the laws of the District of Columbia, without regard to any principles of conflicts of law. You agree that any action arising out of, relating to or in connection with the Website, Content, Services, and/or these Terms shall be brought in a court of competent jurisdiction located in Washington, DC, and you further irrevocably submit to the exclusive jurisdiction of such court and waive any objection to jurisdiction and venue (including on the basis of forum non-conveniens).

You acknowledge that any breach of any of the section above titled “Use Restrictions” or “Copyright and Trademark Rights” would cause immediate and irreparable harm to the MSRB for which monetary damages would not adequately compensate and that, in addition to all other remedies available at law or in equity, the MSRB shall be entitled to injunctive relief without proof of damages or the posting of bond or other security in the event of such a breach or threatened breach.

Complete Agreement; Survival; Severability; Assignment; Headings, Interpretation
These Terms, together with the Privacy Policy, constitute the entire agreement between you and us relating to your use of the Website and Content and, if any, Services. Provisions of these Terms which by their nature should survive termination of your access to our use of Website (or any Content or Services) shall survive, including this sentence and Sections titled “Use Restrictions”, “Copyright and Trademark Rights”, “Indemnification”, “Disclaimers and Limitation of Liability” and “Governing Law”.

If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted to reasonably effect the intent of the parties. Any such invalid or unenforceable provisions in these Terms shall be deemed replaced with valid and enforceable provisions that, to the extent possible, fulfill the business purposes and intent of such invalid and unenforceable provisions.

In addition and without limiting the preceding paragraph, some U.S. states and foreign countries may provide rights in addition to those provided in the above “Disclaimers and Limitation of Liability” section or do not allow the exclusion or limitation of implied warranties or liability for incidental or consequential damages. Therefore, the limitations set forth in the above Disclaimer and Limitation of Liability section may not apply to you in whole or in part or there may be state or country specific provisions that superseded such limitations in whole or in part. Any provision of the above Disclaimer and Limitation of Liability section that is declared invalid shall be deemed severable and shall not affect the validity or enforceability of the remainder.

You may not assign or transfer these Terms, or assign, transfer or sublicense any or all of your rights or obligations under these Terms, and any attempted assignment, transfer or sublicense shall be null and void. 

Any heading or section title contained herein is for convenience of reference only and shall not affect the meaning or interpretation of these Terms. The terms “include” and “including” are deemed to include the phrase “without limitation” immediately thereafter.


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