Glossary of Municipal Securities Terms


Disclosure of material information relating to municipal securities provided to the marketplace by the issuer of the securities or any other entity obligated with respect to the securities after the initial issuance of municipal securities. Such disclosures include, but are not limited to, annual financial information, certain operating information and notices about specified events affecting the issuer, the obligor, the municipal securities or the project financed. Such disclosures are required to be provided by the issuer or obligor to the MSRB’s EMMA system for the benefit of bondholders of the issuer’s securities under continuing disclosure agreements entered into as contemplated under SEC Rule 15c2-12 or on a voluntary basis. See: ANNUAL FINANCIAL INFORMATION; ELECTRONIC MUNICIPAL MARKET ACCESS SYSTEM; EVENT DISCLOSURE; OBLIGATED PERSON; RULE 15c2-12; SECONDARY MARKET DISCLOSURE.

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